Form 8-K
8-K — ASURE SOFTWARE INC
Accession: 0001104659-26-116616
Filed: 2026-10-16
Period: 2026-10-15
CIK: 0000884144
SIC: 7373 (SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN)
Item: Entry into a Material Definitive Agreement
Item: Termination of a Material Definitive Agreement
Item: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item: Unregistered Sales of Equity Securities
Item: Other Events
Item: Financial Statements and Exhibits
Documents
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 15, 2026
ASURE SOFTWARE, INC.
(Exact name of registrant as specified
in its charter)
Delaware
1-34522
74-2415696
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
405 Colorado Street, Suite 1800 Austin,
Texas
78701
(Address of principal executive offices)
(Zip Code)
512-437-2700
(Registrant’s Telephone Number,
including Area Code)
None
(Former address)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section
12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which
registered
Common Stock, $0.01 par value
ASUR
The Nasdaq Capital Market
Series A Junior Participating Preferred Share Purchase Rights
N/A
N/A
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act (§240.12b-2
of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01. Entry into a Material Definitive Agreement.
On October 15, 2026, Asure Software, Inc. (the “Company”)
entered into a Credit Agreement (the “Credit Agreement”) dated October 15, 2026, by and among the Company as the Borrower,
certain subsidiaries of the Company as Guarantors, MUFG Bank, LTD (“MUFG”), as administrative agent, and the lenders from
time to time party thereto (such lenders collectively with MUFG, the “Lenders”).
Under the Credit Agreement, the Company may borrow
up to $115 million from the Lenders (the “Senior Credit Facility”), comprising a (i) $85.0 million (the “Initial
Loan Balance”) term loan facility, all of which was drawn by the Company on October 15, 2026 (the “Closing Date”), (ii) $10.0
million five-year revolving credit facility (the “Revolving Facility”), and (iii) $20.0 million delayed-draw term loan facility
(the “DDTL Facility”). After the Closing Date, the Company is permitted to incur (a) additional term loans under a new term
facility to be included in the Senior Credit Facility and/or (b) increases in the Revolving Credit Facility, in an aggregate principal
amount not to exceed $30 million, subject to the terms and conditions set forth in the Credit Agreement. As of the date hereof, the Company
has not drawn any amounts under the Revolving Facility or the DDTL Facility, and no letters of credit have been issued under the Credit
Agreement.
The Company will begin to make principal payments on the Initial Loan
Balance in quarterly installments beginning on April 1, 2027, such that 2.5% of the Initial Loan Balance will be paid in the first year,
5.0% of the Initial Loan Balance will be paid in each of the second and third year, and 7.5% of the Initial Loan Balance will be paid
in each of the fourth and fifth year, with the last payment being made on October 1, 2031, and the remaining Initial Loan Balance paid
on the October 15, 2031 (the “Maturity Date”). The Company may, upon notice to MUFG pursuant to the Credit Agreement, voluntarily
prepay amounts loaned under the Credit Agreement in whole or in part without premium or penalty, subject to certain conditions set forth
therein.
Subject to the conditions set forth in the Credit
Agreement, the Revolving Facility is available through October 15, 2031 and the DDTL Facility is available through October 15, 2028.
The interest rates that the Company will be charged
under the Senior Credit Facility is generally equal to the Term SOFR (as defined in the Credit Agreement’) plus the Applicable
Rate (as defined in the Credit Agreement) or, at the the Company’s option, the Base Rate (as defined in the Credit Agreement ) plus
the Applicable Rate. The Applicable Rate generally adjusts quarterly based on the Company’s Consolidated Net Leverage Ratio. With
respect to Term SOFR loans, the Borrower may select interest periods of one, three or six months. For the Initial Loan Balance, the Company
selected a three month interest period for Term SOFR. The Initial Loan Balance is a Term SOFR Loan and the interest rate to be charged
during the initial three month interest period is 7.04249%, calculated on the basis of a year of 360 days and actual days elapsed, reflecting
a rate based on Term SOFR plus three percent (3.00%), as provided in the Credit Agreement.
The Company is subject to customary events of default as described
in the Credit Agreement, including insolvency of the Company, breaches of certain covenants and representations and warranties, and failures
to pay. In such event, and for so long as it continues, the outstanding loan balance will bear interest at a rate per annum, subject to
certain exceptions set forth in the Credit Agreement, (i) equal to two percent (2.00%) in excess of the rate otherwise applicable thereto,
and (ii) with respect to any loan for which a rate is not specified or available, a rate per annum equal to the Base Rate (as defined
in the Credit Agreement), plus (a) the Applicable Rate for revolving loans that are Base Rate Loans (as defined in the Credit Agreement),
plus (b) two percent (2.00%), in each case, to the fullest extent permitted by applicable law.
Under the Credit Agreement, the Company
covenants to maintain a (i) Consolidated Net Leverage Ratio (as defined in the Credit Agreement), as tested quarterly, no greater
than 3.50 to 1.00 (subject to certain conditions set forth therein), and (ii) Consolidated Fixed Charge Coverage Ratio (as defined
in the Credit Agreement), as tested quarterly, of not less than 1.25 to 1.00. The Senior Credit Facility is secured by substantially
all of the assets of the Company.
The Company will use the net proceeds of the amounts received at Closing
to (i) repay all of its obligations under the MC Credit Agreement (as defined below) and Note (as defined below), (ii) for the payment
of transaction fees in connection with entry into the Credit Agreement and (iii) Permitted Acquisitions (as defined in the Credit Agreement),
including the acquisition of the assets of the SEUS Seller (as defined below) described in Item 8.01. The Company will use the proceeds
of any amounts loaned after the closing for the payment of consideration in connection with Permitted Acquisitions and working capital
needs.
The foregoing description of the Credit Agreement
does not purport to be complete and is qualified in its entirety by reference to the full and complete terms of the Credit Agreement,
a copy of which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 1.02
Termination of a Material Agreement.
In connection with the entry by the Company into
the Credit Agreement, the Company terminated the Credit, Security and Guaranty Agreement (the “MC Credit Agreement”), by and
among the Company, Asure Operations LLC, Asure Customer & IP Holdco LLC, Asure Payroll Tax Management LLC, Asure Benefits Management
LLC, Asure Treasury Management, LLC, MidCap Financial Trust (“MidCap”) and the lenders thereto and the secured promissory
note (the “Note”) with MidCap, evidencing its obligations under the MC Credit Agreement. In
connection with the termination, the Company paid to MidCap for the benefit of lenders under the MC Credit Agreement an aggregate amount
of approximately $62.6 million (the “Payoff Amount”) in full payment of its outstanding obligations under the MC Credit
Agreement and Note. The Payoff Amount represented approximately $60.2 million outstanding of principal
and interest on the unpaid principal balance, prepayment and termination fees in the amount of $2.4 million and an immaterial amount of
fees and other expenses due to MidCap.
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 is incorporated
herein by reference into this Item 2.03.
Item 3.02
Unregistered Sales of Equity Securities.
On
October 15, 2026, the Company issued 1,206,141 shares (the “Issued Shares”) of its Common Stock, $0.01 par value (the
“Common Stock”), to the SEUS Seller (as defined below) as part of the purchase price consideration paid in connection with
the acquisition of certain assets owned by the SEUS Seller. The Issued Shares were valued at $8.29 per share, or an aggregate of $10,000,000.
The issuance and sale of the Issued Shares in connection with the acquisition is exempt from the registration requirements of the Securities
Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Rule 506(b) of Regulation D thereunder.
Item 8.01
Other Events.
On October 15, 2026, the Company acquired certain assets of a payroll
processing business primarily located in the southeastern United States (the “SEUS Seller”). The aggregate purchase price
that the Company paid for these assets was $26.5 million, apportioned as follows: (i) $13.5 million in cash at closing; (ii) the
delivery of a promissory note in the amount of $3.0 million, which matures on April 15, 2028 and accrues interest at a rate of three percent
(3.00%); and (iii) the Issued Shares. The purchase price for the acquisition is subject to future adjustments to the purchase price,
including working capital. The information set forth under Item 3.02 is incorporated herein by reference in its entirety.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
10.1*
Credit Agreement, dated October 15, 2026, by and among Asure Software, Inc. as the Borrower, certain subsidiaries of the Borrower, MUFG Bank, LTD, and the Lender Parties.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
*
Certain schedules and similar attachments to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company undertakes to furnish supplementally a copy of all omitted schedules and attachments to the Securities and Exchange Commission upon its request.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
ASURE SOFTWARE, INC.
Dated: October 15, 2026
By:
/s/ Patrick Goepel
Chief Executive Officer
EX-10.1 — EXHIBIT 10.1
EX-10.1
Filename: tm2627663d1_ex10-1.htm · Sequence: 2
Exhibit 10.1
Execution Version
CREDIT AGREEMENT
Dated as of October 15, 2026
among
ASURE SOFTWARE, INC.,
as the Borrower,
CERTAIN SUBSIDIARIES
OF THE BORROWER PARTY HERETO,
as the Guarantors,
MUFG BANK, LTD.,
as Administrative Agent, Swingline Lender and L/C
Issuer,
and
THE LENDERS PARTY HERETO
************************************************
MUFG BANK, LTD.,
as Sole Lead Arranger and Sole Bookrunner
TABLE OF CONTENTS
Page
Article I DEFINITIONS AND ACCOUNTING TERMS
6
1.01
Defined Terms
6
1.02
Other Interpretive Provisions
46
1.03
Accounting Terms
47
1.04
Rounding
48
1.05
Times of Day
48
1.06
Letter of Credit Amounts
48
1.07
Interest Rates
48
1.08
UCC Terms
49
Article II COMMITMENTS AND CREDIT EXTENSIONS
49
2.01
Loans
49
2.02
Borrowings, Conversions and Continuations of Loans
49
2.03
Letters of Credit
51
2.04
Swingline Loans
60
2.05
Prepayments
63
2.06
Termination or Reduction of Commitments
65
2.07
Repayment of Loans
66
2.08
Interest and Default Rate
67
2.09
Fees
68
2.10
Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
69
2.11
Evidence of Debt
69
2.12
Payments Generally; Administrative Agent’s Clawback
70
2.13
Sharing of Payments by Lenders
72
2.14
Cash Collateral
73
2.15
Defaulting Lenders
74
2.16
Increase in Commitments
76
Article III TAXES, YIELD PROTECTION AND ILLEGALITY
79
3.01
Taxes
79
3.02
Illegality
83
3.03
Inability to Determine Rates
84
3.04
Increased Costs
86
3.05
Compensation for Losses
88
3.06
Mitigation Obligations; Replacement of Lenders
88
3.07
Survival
88
Article IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
89
4.01
Conditions of Initial Credit Extension
89
4.02
Conditions to all Credit Extensions
91
Article V REPRESENTATIONS AND WARRANTIES
92
5.01
Existence, Qualification and Power
92
5.02
Authorization; No Contravention
93
5.03
Governmental Authorization; Other Consents
93
5.04
Binding Effect
93
5.05
Financial Statements; No Material Adverse Effect
93
5.06
Litigation
94
5.07
No Default
94
5.08
Ownership of Property
94
5.09
Environmental Matters
94
5.10
Insurance
95
5.11
Taxes
96
5.12
ERISA Compliance
96
5.13
Margin Regulations; Investment Company Act
96
5.14
Disclosure
97
5.15
Compliance with Laws, Regulatory Required Permits and Material Contractual Agreements
97
5.16
Solvency
98
5.17
Casualty, Etc.
98
5.18
Sanctions Concerns and Anti-Corruption Laws
98
5.19
Regulatory Matters
98
5.20
Subsidiaries; Equity Interests; Loan Parties
99
5.21
Collateral Representations
99
5.22
Affected Financial Institutions
100
5.23
Covered Entities
101
5.24
Beneficial Ownership Certification
101
5.25
Intellectual Property; Licenses; Etc.
101
5.26
Labor Matters
101
5.27
Designation as Senior Indebtedness
101
5.28
Material Agreements
101
5.29
Outbound Investment Rule
102
5.30
Data Privacy and Cybersecurity
102
5.31
Benefits Administration and ERISA
102
Article VI AFFIRMATIVE COVENANTS
103
6.01
Financial Statements
103
6.02
Certificates; Other Information
104
6.03
Notices
107
6.04
Payment of Obligations
108
6.05
Preservation of Existence, Etc.
108
6.06
Maintenance of Properties
108
6.07
Maintenance of Insurance
109
6.08
Compliance with Laws
110
6.09
Books and Records
110
6.10
Inspection Rights
110
6.11
Use of Proceeds
111
6.12
Covenant to Guarantee Obligations
111
6.13
Covenant to Give Security
111
6.14
Anti-Corruption Laws; Sanctions
112
6.15
Cash Management
112
6.16
Further Assurances
112
6.17
Post-Closing Matters
113
6.18
Compliance with Environmental Laws; Preparation of Environmental Reports
113
6.19
Approvals and Authorizations
113
6.20
Pari Passu Ranking
113
6.21
Material Agreements
113
6.22
Regulatory Matters
113
2
6.23
Data Privacy and Cybersecurity
114
6.24
Benefits Administration
114
Article VII NEGATIVE COVENANTS
114
7.01
Liens
115
7.02
Indebtedness
116
7.03
Investments
118
7.04
Fundamental Changes
120
7.05
Dispositions
121
7.06
Restricted Payments
122
7.07
Change in Nature of Business
123
7.08
Transactions with Affiliates
123
7.09
Burdensome Agreements
123
7.10
Use of Proceeds
123
7.11
Financial Covenants
124
7.12
Amendments of Organization Documents; Fiscal Year; Legal Name, State of Formation; Form of Entity; Accounting Changes
124
7.13
Sale and Leaseback Transactions
124
7.14
Sanctions
124
7.15
Anti-Corruption Laws
124
7.16
Payments and Modifications of Subordinated Debt
125
7.17
Amendment, Etc. of Indebtedness
125
7.18
Amendment, Etc. of Material Agreements
125
7.19
Customer Funds Account
125
7.20
Outbound Investment Rule
126
Article VIII EVENTS OF DEFAULT AND REMEDIES
126
8.01
Events of Default
126
8.02
Remedies upon Event of Default
129
8.03
Application of Funds
130
Article IX ADMINISTRATIVE AGENT
131
9.01
Appointment and Authority
131
9.02
Rights as a Lender
132
9.03
Exculpatory Provisions
132
9.04
Reliance by Administrative Agent
133
9.05
Delegation of Duties
134
9.06
Resignation of Administrative Agent
134
9.07
Non-Reliance on Administrative Agent, the Arranger and the Other Lenders
135
9.08
No Other Duties, Etc.
136
9.09
Administrative Agent May File Proofs of Claim; Credit Bidding
136
9.10
Collateral and Guaranty Matters
137
9.11
Secured Cash Management Agreements and Secured Hedge Agreements
138
9.12
Certain ERISA Matters
139
9.13
Recovery of Erroneous Payments
139
Article X CONTINUING GUARANTY
142
10.01
Guaranty
142
10.02
Rights of Lenders
142
10.03
Certain Waivers
143
10.04
Obligations Independent
143
10.05
Subrogation
143
3
10.06
Termination; Reinstatement
143
10.07
Stay of Acceleration
144
10.08
Condition of Borrower
144
10.09
Appointment of Borrower
144
10.10
Right of Contribution
144
10.11
Keepwell
144
Article XI MISCELLANEOUS
145
11.01
Amendments, Etc.
145
11.02
Notices; Effectiveness; Electronic Communications
147
11.03
No Waiver; Cumulative Remedies; Enforcement
149
11.04
Expenses; Indemnity; Damage Waiver
150
11.05
Payments Set Aside
152
11.06
Successors and Assigns
152
11.07
Treatment of Certain Information; Confidentiality
157
11.08
Right of Setoff
158
11.09
Interest Rate Limitation
159
11.10
Integration; Effectiveness
159
11.11
Survival of Representations and Warranties
159
11.12
Severability
159
11.13
Replacement of Lenders
160
11.14
Governing Law; Jurisdiction; Etc.
161
11.15
Waiver of Jury Trial
162
11.16
Subordination
162
11.17
No Advisory or Fiduciary Responsibility
162
11.18
Electronic Execution; Electronic Records; Counterparts
163
11.19
USA Patriot Act Notice
164
11.20
Acknowledgement and Consent to Bail-In of Affected Financial
Institutions
164
11.21
Acknowledgement Regarding Any Supported QFCs
165
4
BORROWER PREPARED SCHEDULES
Schedule 5.10
Insurance
Schedule 5.20(a)
Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments
Schedule 5.20(b)
Loan Parties
Schedule 5.21(b)
Intellectual Property
Schedule 5.21(c)
Documents,Instrument, and Tangible Chattel Paper
Schedule 5.21(d)(i)
Deposit Accounts& Securities Accounts
Schedule 5.21(d)(ii)
Electronic Chattel Paper& Letter-of-Credit Rights
Schedule 5.21(e)
Commercial Tort Claims
Schedule 5.21(f)
Pledged Equity Interests
Schedule 5.21(g)
Properties
Schedule 5.28
Material Agreement
Schedule 7.01
Existing Liens
Schedule 7.02
Existing Indebtedness
Schedule 7.03
Existing Investments
ADMINISTRATIVE AGENT PREPARED SCHEDULES
Schedule 1.01(a)
Certain Addresses for Notices
Schedule 1.01(b)
Initial Commitments and Applicable Percentages
Schedule 1.01(e)
Subordinated Existing Holdover Notes
Schedule 6.17
Post-Closing Matters
EXHIBITS
Exhibit A
Form of Administrative Questionnaire
Exhibit B
Form of Assignment and Assumption
Exhibit C
Form of Compliance Certificate
Exhibit D
Form of Joinder Agreement
Exhibit E
Form of Loan Notice
Exhibit F
Form of Permitted Acquisition Certificate
Exhibit G
Form of Revolving Note
Exhibit H
Form of Secured Party Designation Notice
Exhibit I
Form of Solvency Certificate
Exhibit J
Form of Swingline Loan Notice
Exhibit K
Form of Notice of Loan Prepayment
Exhibit L
Form of Officer’s Certificate
Exhibit M
Forms of U.S. Tax Compliance Certificates
Exhibit N-1
Form of Term A Note
Exhibit N-2
Form of DD Term Note
Exhibit O
Form of Landlord Waiver
Exhibit P
Form of Closing Date Certificate
Exhibit Q
Form of Authorization to Share Insurance Information
Exhibit R
Form of Letter of Credit Report
Exhibit S
Form of Notice of Additional L/C Issuer
5
CREDIT AGREEMENT
This CREDIT AGREEMENT
is entered into as of October 15, 2026, among ASURE SOFTWARE, INC., a Delaware corporation (the “Borrower”),
the Guarantors (defined herein), the Lenders (defined herein), and MUFG BANK, LTD., as Administrative Agent, Swingline Lender
and L/C Issuer.
PRELIMINARY STATEMENTS:
WHEREAS, the Loan Parties
(as hereinafter defined) have requested that the Lenders, the Swingline Lender and the L/C Issuer make loans and other financial accommodations
to the Loan Parties in an aggregate amount of up to $115,000,000.
WHEREAS, the Lenders,
the Swingline Lender and the L/C Issuer have agreed to make such loans and other financial accommodations to the Loan Parties on the terms
and subject to the conditions set forth herein.
NOW THEREFORE, in consideration
of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:
Article I
DEFINITIONS
AND ACCOUNTING TERMS
1.01 Defined
Terms.
As used in this Agreement,
the following terms shall have the meanings set forth below:
“Acquisition”
means the acquisition, whether through a single transaction or a series of related transactions, of (a) a majority of the Voting
Stock or other controlling ownership interest in another Person (including the purchase of an option, warrant or convertible or similar
type security to acquire such a controlling interest at the time it becomes exercisable by the holder thereof), whether by purchase of
such equity or other ownership interest or upon the exercise of an option or warrant for, or conversion of securities into, such equity
or other ownership interest, or (b) assets of another Person which constitute all or substantially all of the assets of such Person
or of a division, line of business or other business unit of such Person.
“Additional Secured
Obligations” means (a) all obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges
and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest, expenses and fees that accrue after the commencement by
or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in
such proceeding, regardless of whether such interest, expenses and fees are allowed claims in such proceeding; provided that Additional
Secured Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.
“Adjusted Covenant
Period” has the meaning specified in Section 7.11(b).
“Administrative
Agent” means MUFG (or any designated branch offices or affiliates) in its capacity as administrative agent under any of
the Loan Documents, or any successor administrative agent.
6
“Administrative
Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 1.01(a) with respect to such currency, or such other address or account with
respect to such currency as the Administrative Agent may from time to time notify the Borrower and the Lenders.
“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit A or any other form
approved by the Administrative Agent.
“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified.
“Aggregate Adjustment
Cap” means with respect to the add-backs pursuant to clauses (b)(v), (b)(vi), (b)(vii), (b)(ix)(B) and
(b)(xi) of the definition of Consolidated EBITDA, that the amounts so added back pursuant to such clauses shall not exceed, in any
period, an aggregate amount equal to 30% of Consolidated EBITDA (calculated prior to giving effect to such adjustments and all other permitted
addbacks and adjustments).
“Aggregate Commitments”
means the Commitments of all the Lenders.
“Agreement”
means this Credit Agreement, including all schedules (including the borrower-prepared and administrative agent-prepared schedules attached
hereto), exhibits and annexes hereto.
“Anti-Terrorism
Law” means any Applicable Laws relating to terrorism or terrorism financing, including Executive Order No. 13224, the
laws administered by the OFAC, or similar Laws of the United States or other applicable jurisdictions from time to time in effect.
“Applicable Law”
means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.
“Applicable Percentage”
means (a) in respect of the Term A Facility, with respect to any Term A Lender at any time, the percentage (carried out to the ninth
decimal place) of the Term A Facility represented by (i) on or prior to the Closing Date, such Term A Lender’s Term A Commitment
at such time and (ii) thereafter, the outstanding principal amount of such Term A Lender’s Term A Loans at such time, and
(b) in respect of the Revolving Facility, with respect to any Revolving Lender at any time, the percentage (carried out to the ninth
decimal place) of the Revolving Facility represented by such Revolving Lender’s Revolving Commitment at such time, subject to adjustment
as provided in Section 2.15, and (c) in respect of the DD Term Facility, with respect to any DD Term Lender at any time,
the percentage (carried out to the ninth decimal place) of the DD Term Facility represented by (i) the sum of (x) at
any time during the Availability Period in respect of such Facility, such DD Term Lender’s DD Term Commitment at such time and
(y) the outstanding principal amount of such DD Term Lender’s DD Term Loans and (ii) thereafter, the outstanding principal
amount of such DD Term Lender’s DD Term Loans at such time. If the Commitment of all of the Lenders to make Loans and the obligation
of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Commitments have
expired, then the Applicable Percentage of each Lender in respect of the applicable Facility shall be determined based on the Applicable
Percentage of such Lender in respect of Facility most recently in effect, giving effect to any subsequent assignments and to any Lender’s
status as a Defaulting Lender at the time of determination. The Applicable Percentage of each Lender in respect of each Facility is set
forth opposite the name of such
7
Lender on Schedule 1.01(b) or in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto or in any documentation executed by such Lender pursuant to Section 2.16, as applicable.
“Applicable Rate”
means, for any day, the rate per annum set forth below opposite the applicable level then in effect (based on the Consolidated Net Leverage
Ratio), it being understood that the Applicable Rate for (a) Revolving Loans that are Base Rate Loans shall be the percentage set
forth under the column “Base Rate”, (b) Revolving Loans that are Term SOFR Loans shall be the percentage set forth under
the column “Term SOFR & Letter of Credit Fee”, (c) the Letter of Credit Fee shall be the percentage set forth
under the column “Term SOFR & Letter of Credit Fee”, (d) that portion of the Term Loan comprised of Base Rate
Loans shall be the percentage set forth under the column “Base Rate”, (e) that portion of the Term Loan comprised of
Term SOFR Loans shall be the percentage set forth under the column “Term SOFR & Letter of Credit Fee”, and (f) the
Commitment Fee shall be the percentage set forth under the column “Commitment Fee”:
Level
Consolidated Net
Leverage Ratio
Term SOFR &
Letter of Credit Fee
Base Rate
Commitment
Fee
Level 1
< 1.25 to 1.00
2.75%
1.75%
0.350%
Level 2
> 1.25 to 1.00 but
< 2.00 to 1.00
3.00%
2.00%
0.400%
Level 3
> 2.00 to 1.00 but
< 2.75 to 1.00
3.25%
2.25%
0.500%
Level 4
> 2.75 to 1.00
3.50%
2.50%
0.500%
Any increase or decrease in
the Applicable Rate resulting from a change in the Consolidated Net Leverage Ratio shall become effective as of the first (1st) Business
Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided that
if a Compliance Certificate is not delivered when due in accordance with Section 6.02(a), then, upon request of the Required
Lenders, pricing level 4 shall apply, in each case as of the first (1st) Business Day after the date on which such Compliance Certificate
was required to have been delivered and in each case shall remain in effect until the first (1st) Business Day following the date on which
such Compliance Certificate is delivered.
Notwithstanding anything to
the contrary contained in this definition, (i) the determination of the Applicable Rate for any period shall be subject to the provisions
of Section 2.10(b) and (ii) the initial Applicable Rate shall be set at pricing level 2 until the first (1st) Business
Day immediately following the date a Compliance Certificate is delivered to the Administrative Agent pursuant to Section 6.02(a) for
the first full fiscal quarter to occur following the Closing Date. Any adjustment in the Applicable Rate shall be applicable to all Credit
Extensions then existing or subsequently made or issued.
The Applicable Rate set forth
above shall be increased as, and to the extent, required by Section 2.16.
8
“Applicable Revolving
Percentage” means with respect to any Revolving Lender at any time, such Revolving Lender’s Applicable Percentage
in respect of the Revolving Facility at such time.
“Appropriate Lender”
means, at any time, (a) with respect to any Facility, a Lender that has a Commitment with respect to such Facility or holds a Loan
under such Facility at such time, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if any
Letters of Credit have been issued pursuant to Section 2.03, the Revolving Lenders and (c) with respect to the Swingline
Sublimit, (i) the Swingline Lender and (ii) if any Swingline Loans are outstanding pursuant to Section 2.04(a),
the Revolving Lenders.
“Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate
of an entity that administers or manages a Lender.
“Arranger”
means MUFG, in its capacity as sole lead arranger and sole bookrunner.
“Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any
party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form
of Exhibit B or any other form (including an electronic documentation form generated by use of an electronic platform) approved
by the Administrative Agent.
“Attributable
Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic
Lease Obligation, the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable agreement
or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other
agreement or instrument were accounted for as a Capitalized Lease and (c) all Synthetic Debt of such Person.
“Audited Financial
Statements” means the audited Consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended
December 31, 2025 and the related Consolidated statements of income or operations, Shareholders’ Equity and cash flows for
such fiscal year of the Borrower and its Subsidiaries, including the notes thereto, included in the Borrower’s annual report on
Form 10-K dated February 26, 2026, as filed with the SEC.
“Authorization
to Share Insurance Information” means the authorization substantially in the form of Exhibit Q (or such other
form as required by each of the Loan Party’s insurance companies).
“Availability
Period” means (a) in respect of the Revolving Facility, the period from and including the Closing Date to the earliest
of (i) the Maturity Date, (ii) the date of termination of the Revolving Commitments pursuant to Section 2.06, and
(iii) the date of termination of the Commitment of each Revolving Lender to make Revolving Loans and of the obligation of the L/C
Issuer to make L/C Credit Extensions pursuant to Section 8.02 and (b) in respect of the DD Term Facility, the period
from and including the Closing Date to the earliest of (i) the date that falls twenty-four (24) months after the Closing Date, (ii) the
Maturity Date and (iii) the date of termination of the DD Term Commitments of the respective DD Term Lenders to make DD Term Loans
pursuant to Section 8.02.
“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of
any liability of an Affected Financial Institution.
“Bail-In
Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU
of the European Parliament and of the Council of the European Union,
9
the implementing law, rule, regulation 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).
“Base Rate”
means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%,
(b) the rate of interest in effect for such day as publicly announced from time to time by MUFG as its “prime rate,”
and (c) the Term SOFR plus 1.00%, subject to the interest rate floors set forth therein; provided that if the Base
Rate shall be less than 1.00%, such rate shall be deemed 1.00% for purposes of this Agreement. The “prime rate” is a rate
set by MUFG based upon various factors including MUFG’s costs and desired return, general economic conditions and other factors,
and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such
prime rate announced by MUFG shall take effect at the opening of business on the day specified in the public announcement of such change.
If the Base Rate is being used as an alternate rate of interest pursuant to Section 3.03, then the Base Rate shall be the
greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.
“Base Rate Loan”
means a Loan that bears interest based on the Base Rate. All Base Rate Loans are available to the Borrower in Dollars.
“Beneficial Ownership
Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.
“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.
“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.
“Benefits Administration
Services” means any services provided by any Loan Party or any Subsidiary thereof to any Customer that involve the administration,
recordkeeping, processing, or management of employee benefit plans (as defined in Section 3(3) of ERISA), including, without
limitation, 401(k) plans, health and welfare plans, defined benefit plans, cafeteria plans under Section 125 of the Code, flexible
spending accounts, health savings accounts, and any other employee benefit arrangements.
“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of
such party.
“Borrower”
has the meaning specified in the introductory paragraph hereto.
“Borrower Materials”
has the meaning specified in Section 6.02(p).
“Borrowing”
means a Revolving Borrowing, a Term A Borrowing, a DD Term Borrowing, or a Swingline Borrowing, as the context may require.
“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in
fact closed in, the state where the Administrative Agent’s Office is located.
10
“Capital Expenditures”
means, with respect to any Person for any period, any expenditure in respect of the purchase or other acquisition of any fixed or capital
asset (excluding normal replacements and maintenance which are properly charged to current operations).
“Capitalized Lease”
means any lease that has been or is required to be, in accordance with GAAP, recorded, classified and accounted for as a capitalized lease
or financing lease.
“Capitalized Software
Costs” means, as of any date of determination, in respect of any Person, expenditures related to software development capitalized
on the balance sheet of such Person, rather than expensed immediately, in accordance with GAAP and consistent with past practices.
“Cash Collateralize”
means to deposit in a Controlled Account or pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or
more of the L/C Issuer or Swingline Lender (as applicable) or the Lenders, as Collateral for L/C Obligations, the in respect of Swingline
Loans, or obligations of the Revolving Lenders to fund participations in respect of L/C Obligations or Swingline Loans (as the context
may require), (a) cash or deposit account balances, (b) backstop letters of credit entered into on terms, from issuers and in
amounts satisfactory to the Administrative Agent and the L/C Issuer, and/or (c) if the Administrative Agent and the L/C Issuer or
Swingline Lender shall agree, in their sole discretion, other credit support, in each case, in Dollars and pursuant to documentation in
form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer or the Swingline Lender (as applicable). “Cash
Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such Cash Collateral and
other credit support.
“Cash Equivalents”
means any of the following types of Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all
Liens (other than Permitted Liens):
(a) readily
marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof
having maturities of not more than three hundred sixty (360) days from the date of acquisition thereof; provided that the full
faith and credit of the United States is pledged in support thereof;
(b) time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender
or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking
subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia, and
is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause
(c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities
of not more than ninety (90) days from the date of acquisition thereof;
(c) commercial
paper issued by any Person organized under the laws of any state of the United States and rated at least “Prime-1” (or the
then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities
of not more than one hundred eighty (180) days from the date of acquisition thereof;
(d) Investments,
classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered
under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from
either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity
described in clauses (a), (b) and (c) of this definition; and
11
(e) solely
with respect to Sections 7.03(a) and 7.03(o), other Investments made in accordance with the Borrower’s investment
policy, as approved by the Borrower’s board of directors and in effect from time to time, and approved in writing by the Administrative
Agent (such approval not to be unreasonably withheld or delayed).
“Cash Management
Agreement” means any agreement that is not prohibited by the terms hereof to provide treasury or cash management services,
including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards), funds
transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation
and reporting and trade finance services and other cash management services.
“Cash Management
Bank” means any Person in its capacity as a party to a Cash Management Agreement that, (a) at the time it enters into
a Cash Management Agreement with a Loan Party or any Subsidiary, is a Lender or an Affiliate of a Lender, or (b) at the time it (or
its Affiliate) becomes a Lender, is a party to a Cash Management Agreement with a Loan Party or any Subsidiary, in each case in its capacity
as a party to such Cash Management Agreement (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be
a Lender); provided that for any of the foregoing to be included as a “Secured Cash Management Agreement” on any date
of determination by the Administrative Agent, the applicable Cash Management Bank (other than the Administrative Agent or an Affiliate
of the Administrative Agent) must have delivered a Secured Party Designation Notice to the Administrative Agent prior to such date of
determination.
“CFC”
means a Person that is a controlled foreign corporation under Section 957 of the Code in which the Borrower or any 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 Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority or (c) 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, (i) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith or in the implementation thereof and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date
enacted, adopted, issued or implemented.
“Change of Control”
means an event or series of events by which:
(a) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as
trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership”
of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the
passage of time (such right, an “option right”)), directly or indirectly, of 35% or more of the equity securities of
the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower
12
on a fully-diluted basis (and taking
into account all such securities that such “person” or “group” has the right to acquire pursuant to any option
right); or
(b) during
any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of
the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day
of such period, (ii) whose election or nomination to that board or equivalent governing body was nominated, appointed or approved
(either by a specific vote or approval of a proxy statement issued by the Borrower on behalf of its entire board of directors in which
such individual is named as a nominee for director) by individuals referred to in clause (i) above constituting at the time
of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination
to that board or other equivalent governing body was nominated, appointed or approved (either by a specific vote or approval of a proxy
statement issued by the Borrower on behalf of its entire board of directors in which such individual is named as a nominee for director)
by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination
at least a majority of that board or equivalent governing body; or
(c) a
“change of control” or any comparable term under, and as defined in, any Subordinated Debt Document or other significant debt
shall have occurred.
“Client Plan”
means any employee benefit plan (as defined in Section 3(3) of ERISA) or any plan described in Section 4975(e)(1) of
the Code sponsored, maintained, or contributed to by any Customer of any Loan Party or any Subsidiary thereof for which any Loan Party
or any Subsidiary thereof provides Benefits Administration Services.
“Client Data”
means any data or information (including personally identifiable information, protected health information, payroll data, tax information,
benefits information, and employment records) that any Loan Party or any Subsidiary thereof collects, processes, stores, transmits, or
otherwise handles on behalf of any Customer in connection with the provision of payroll, human resources, benefits administration, tax
processing, or related services.
“Closing Date”
means the date hereof.
“CME”
means CME Group Benchmark Administration Limited.
“Code”
means the Internal Revenue Code of 1986, as amended.
“Collateral”
means all of the “Collateral” referred to in the Collateral Documents and all of the other property that is to be subject
to Liens in favor of the Administrative Agent for the benefit of the Secured Parties.
“Collateral Access
Agreement” means any landlord waiver or other agreement, in form and substance reasonably satisfactory to the Administrative
Agent, between the Administrative Agent and any third party (including any bailee, consignee, customs broker, or other similar Person)
in possession of any Collateral or any landlord of any real property where any Collateral is located, as such landlord waiver or other
agreement may be amended, restated, supplemented or otherwise modified from time to time, including such landlord waiver substantially
in the form of Exhibit O.
“Collateral Documents”
means, collectively, the Security Agreement, the Qualifying Control Agreements, each Joinder Agreement, each of the collateral assignments,
security agreements, pledge agreements, account control agreements or other similar agreements delivered to the Administrative Agent
13
pursuant to Section 6.13, and each
of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the
benefit of the Secured Parties.
“Commitment”
means a Term A Commitment, DD Term Commitment, a Revolving Commitment or an Incremental Commitment, as the context may require.
“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.
“Communication”
means this Agreement, any Loan Document and any document, any amendment, approval, consent, information, notice, certificate, request,
written statement, written disclosure or authorization related to any Loan Document.
“Compliance Certificate”
means a certificate substantially in the form of Exhibit C.
“Conforming Changes”
means, with respect to the use, administration of or any conventions associated with SOFR or any proposed Successor Rate or Term SOFR,
as applicable, any conforming changes to the definitions of “Base Rate”, “SOFR”, “Term SOFR” and “Interest
Period”, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational
matters (including, for the avoidance of doubt, the definitions of “Business Day” and “U.S. Government Securities Business
Day”, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate,
in the discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate(s) and to permit
the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative
Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for
the administration of such rate exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary
in connection with the administration of this Agreement and any other Loan Document).
“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.
“Consolidated”
means, when used with reference to financial statements or financial statement items of the Borrower and its Subsidiaries or any other
Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.
“Consolidated
EBITDA” has the meaning as defined in the Compliance Certificate.
“Consolidated
Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) (i) Consolidated EBITDA,
less (ii) the aggregate amount of all non-financed cash Capital Expenditures, less (iii) without duplication, any Capitalized
Software Costs to (b) the sum of (i) Consolidated Interest Charges to the extent paid in cash, (ii) the aggregate principal
amount of all regularly scheduled redemptions or regularly scheduled repurchases of outstanding debt for borrowed money or regularly scheduled
principal payments (determined without giving effect to any reduction of such scheduled principal payments resulting from the application
of any voluntary or optional prepayments made during such period), but excluding any such payments to the extent refinanced through the
incurrence of additional Indebtedness otherwise expressly permitted under Section 7.02, (iii) the aggregate amount of
all Restricted Payments paid in cash (other than with respect to a Restricted Payment made pursuant to any Subordinated Existing Holdover
Notes or any Subordinated Unsecured Seller Notes) and (iv) the aggregate amount of federal, state, local and foreign income taxes
paid in cash, in each case, of or by the Borrower and its Subsidiaries for the most recently completed Measurement Period.
14
“Consolidated
Funded Indebtedness” means, as of any date of determination, for the Borrower and its Subsidiaries on a Consolidated basis,
the sum of, without duplication: (a) the outstanding principal amount of all obligations, whether current or long-term, for
borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments; (b) all purchase money Indebtedness; (c) the amount drawn and unpaid under issued and outstanding letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; (d) all obligations
in respect of the deferred purchase price of property or services (other than (w) working capital and similar adjustments, hold-back
amounts, and escrow amounts, (x) trade accounts payable in the ordinary course of business and either not past due for more than
ninety (90) days or being contested in good faith and for which adequate reserves have been provided with respect to such disputed payable,
(y) accruals for payroll and other liabilities, including deferred compensation arrangements, in each case, accrued in the ordinary
course of business and (z) Contingent Acquisition Consideration, solely to the extent not due and payable), (e) all Attributable
Indebtedness; (f) all obligations to purchase, redeem, retire, defease or otherwise make any payment prior to the Maturity Date in
respect of any Disqualified Equity Interests or any warrant, right or option to acquire such Disqualified Equity Interest, valued, in
the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued
and unpaid dividends, (g) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified
in clauses (a) through (f) above of Persons other than the Borrower or any Subsidiary; and (h) all Indebtedness
of the types referred to in clauses (a) through (g) above of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is a general partner or joint
venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary.
“Consolidated
Interest Charges” means, for any Measurement Period, the sum of (a) all interest, premium payments, debt discount,
fees, charges and related expenses in connection with borrowed money or in connection with the deferred purchase price of assets, in each
case to the extent treated as interest in accordance with GAAP, (b) all interest paid or payable with respect to discontinued operations
that is treated as interest in accordance with GAAP and (c) the portion of rent expense under Capitalized Leases that is treated
as interest in accordance with GAAP, in each case, of or by the Borrower and its Subsidiaries on a Consolidated basis for the most recently
completed Measurement Period.
“Consolidated
Net Income” means, at any date of determination, the net income (or loss) of the Borrower and its Subsidiaries on a Consolidated
basis for the most recently completed Measurement Period; provided that Consolidated Net Income shall exclude:
(a) unusual and infrequent
gains for such Measurement Period,
(b) the net income of
any Subsidiary during such Measurement Period to the extent that the declaration or payment of dividends or similar distributions by such
Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law
applicable to such Subsidiary during such Measurement Period, except that the Borrower’s equity in any net loss of any such Subsidiary
for such Measurement Period shall be included in determining Consolidated Net Income,
(c) any income (or loss)
for such Measurement Period of any Person if such Person is not a Subsidiary, except that the Borrower’s equity in the net income
of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually
distributed by such Person during such Measurement Period to the Borrower or a Subsidiary as a dividend or other distribution (and in
the case of a dividend or other distribution to a Subsidiary, such Subsidiary is not precluded from further distributing such amount to
the Borrower as described in clause (b) of this proviso),
15
(d) the cumulative effect
of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such Measurement
Period whether effected through a cumulative effect adjustment or a retroactive application, in each case, in accordance with GAAP, and
(e) any non-cash charge,
expense or other impact attributable to application of the purchase or recapitalization method of accounting (including the total amount
of depreciation and amortization, cost of sales or other non-cash expense resulting from the write-up of assets to the extent resulting
from such purchase or recapitalization accounting adjustments).
“Consolidated
Net Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of
such date, less domestic Unrestricted Cash as of such date in an amount not to exceed 50% of Consolidated EBITDA for the most recently
completed Measurement Period, to (b) Consolidated EBITDA of the Borrower and its Subsidiaries on a consolidated basis for the most
recently completed Measurement Period.
“Contingent Acquisition
Consideration” means any earnout obligation or similar deferred or contingent obligation of the Borrower or any of its Subsidiaries
incurred or created in connection with a Permitted Acquisition.
“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which
such Person is a party or by which it or any of its property is bound.
“Cybersecurity
Incident” means any (a) unauthorized access to, or disclosure of, any Client Data or other confidential or proprietary
information of any Loan Party or any Subsidiary, (b) unauthorized acquisition, destruction, modification, disclosure, encryption,
or denial of use of any Client Data or any information technology systems of any Loan Party or any Subsidiary, (c) ransomware attack,
(d) phishing or social engineering attack resulting in unauthorized access to Client Data or information technology systems of any
Loan Party or any Subsidiary, or (e) other security breach, cyber-attack, or similar event affecting any information technology systems
of any Loan Party or any Subsidiary or any Client Data.
“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.
“Controlled Account”
means each Deposit Account and Securities Account that is subject to a Qualifying Control Agreement.
“Cost of Acquisition”
means, with respect to any Acquisition, as at the date of entering into any agreement therefor, the sum of the following (without duplication):
(a) the value of the Equity Interests of the Borrower or any Subsidiary to be transferred in connection with such Acquisition, (b) the
amount of any cash or Cash Equivalents and the fair market value of other property (excluding property described in clause (a) and
the unpaid principal amount of any debt instrument) given as consideration in connection with such Acquisition, (c) the amount (determined
by using the face amount or the amount payable at maturity, whichever is greater) of any Indebtedness incurred, assumed or acquired by
the Borrower or any Subsidiary in connection with such Acquisition, (d) all additional purchase price amounts in the form of Contingent
Acquisition Consideration that should be recorded on the financial statements of the Borrower and its Subsidiaries in accordance with
GAAP in connection with such Acquisition, (e) all amounts paid in respect of covenants not to compete and consulting agreements that
should be recorded on the financial statements of the Borrower and its Subsidiaries in accordance with GAAP, and other affiliated contracts
in connection with such Acquisition, and (f) the aggregate fair market value of all other consideration given
16
by the Borrower or any Subsidiary in connection
with such Acquisition. For purposes of determining the Cost of Acquisition for any transaction, the Equity Interests of the Borrower shall
be valued in accordance with GAAP.
“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).
“Credit Extension”
means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.
“Customer”
means a Person that purchases or licenses any Loan Party’s services or software in the ordinary course of business, in each case
pursuant to a bona fide, third party transaction with a Person that is not an Affiliate of the Borrower or that, if an Affiliate of the
Borrower, in a transaction that would not constitute an Affiliate transaction prohibited by Section 7.08 or otherwise pursuant
to the terms of this Agreement.
“Customer Funds
Account” means any segregated Deposit Account or Securities Account of a Loan Party or any Subsidiary thereof to the extent
that (a) such Deposit Account or Securities Account is used solely for the purpose of holding cash or Cash Equivalents on behalf
of, and as a custodian with respect to, any Customers for purposes of making payments to employees and/or tax payments or payments of
withholding taxes required under any applicable laws on behalf of such Customers, including those laws concerning F.I.C.A., F.U.T.A.,
and state disability, or otherwise under the terms of the Loan Party or any Subsidiary’s agreement with such Customer entered into
in the ordinary course of business, (b) Borrower has provided notice to Administrative Agent of the establishment and designation
of such Deposit Account or Securities Account as a Customer Funds Account by the date that is thirty (30) days following the establishment
of such Deposit Account or Securities Account, and (c) the Loan Parties are in compliance with the provisions of this Agreement,
including in Section 7.03 and Section 7.19, with respect to such Deposit Account or Securities Account.
“Daily Simple
SOFR” with respect to any applicable determination date means the SOFR published on the Federal Reserve Bank of New York’s
website (or any successor source) two (2) U.S. Government Securities Business Days prior to such date of determination; provided
that if the rate is not published prior to 11:00 a.m. on such U.S. Government Securities Business Day then Daily Simple SOFR shall
be determined on the first U.S. Government Securities Business Day immediately prior thereto.
“Data Privacy
and Cybersecurity Laws” means all Applicable Laws relating to privacy, data protection, data security, cybersecurity, data
breach notification, and the collection, use, storage, processing, disclosure, transfer, and protection of personal data or personally
identifiable information, including, without limitation, the California Consumer Privacy Act (CCPA), the California Privacy Rights Act
(CPRA), the Gramm-Leach-Bliley Act, the Health Insurance Portability and Accountability Act (HIPAA), the Health Information Technology
for Economic and Clinical Health Act (HITECH), applicable state data breach notification laws, the Federal Trade Commission Act (to the
extent applicable to data privacy and cybersecurity), and any comparable state, federal, or foreign Laws.
“DD Term Borrowing”
means a borrowing consisting of simultaneous DD Term Loans of the same Type and, in the case of Term SOFR Loans, having the same Interest
Period made by each of the DD Term Lenders pursuant to Section 2.01(c).
“DD Term Commitment”
means, as to each DD Term Lender, its obligation to make DD Term Loans to the Borrower pursuant to Section 2.01(c) in
an aggregate principal amount at any one time
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outstanding not to exceed the amount set forth
opposite such DD Term Lender’s name on Schedule 1.01(b) under the caption “DD Term Commitment” or opposite
such caption in the Assignment and Assumption pursuant to which such DD Term Lender becomes a party hereto, as applicable, as such amount
may be adjusted from time to time in accordance with this Agreement. The DD Term Commitment of all of the DD Term Lenders on the Closing
Date shall be $20,000,000.
“DD Term Conversion
Amount” means the aggregate amount of DD Term Loans outstanding on the applicable DD Term Conversion Date which were not
outstanding and previously converted to the amortization in respect of Term A Loans on a prior DD Term Conversion Date pursuant to Section 2.07(b).
“DD Term Conversion
Date” means each date that is (a) the first anniversary of the Closing Date and (b) the second anniversary of
the Closing Date.
“DD Term Facility”
means, at any time, (a) at any time during the Availability Period in respect of such Facility, the sum of (i) the aggregate
amount of the DD Term Commitments at such time and (ii) the aggregate principal amount of the DD Term Loans of all DD Term Lenders
outstanding at such time and (b) thereafter, the aggregate principal amount of the DD Term Loans of all DD Term Lenders outstanding
at such time.
“DD Term Lender”
means (a) at any time on or prior to the Closing Date, any Lender that has a DD Term Commitment at such time, (b) at any time
during the Availability Period in respect of the DD Term Facility, any Lender that has a DD Term Commitment or that holds DD Term Loans
at such time and (c) at any time after the Availability Period in respect of the DD Term Facility, any Lender that holds DD Term
Loans at such time.
“DD Term Loan”
means an advance made by any DD Term Lender under the DD Term Facility.
“DD Term Note”
means a promissory note made by the Borrower in favor of a DD Term Lender evidencing DD Term Loans made by such DD Term Lender, substantially
in the form of Exhibit N-2.
“Debt Issuance”
means the issuance by any Loan Party or any Subsidiary of any Indebtedness other than Indebtedness permitted under Section 7.02.
“Debtor Relief
Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect.
“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.
“Default Rate”
means (a) with respect to any Obligation for which a rate is specified, a rate per annum equal to two percent (2.00%) in excess of
the rate otherwise applicable thereto, and (b) with respect to any Obligation for which a rate is not specified or available, a rate
per annum equal to the Base Rate plus the Applicable Rate for Revolving Loans that are Base Rate Loans plus two percent
(2.00%), in each case, to the fullest extent permitted by Applicable Law.
“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.
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“Defaulting Lender”
means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within
two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative
Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent
to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing)
has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer, the Swingline Lender or any other Lender any other
amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within
two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the L/C Issuer or the Swingline
Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect
(unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position
is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three
(3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative
Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding
under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the
benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of
a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any
Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is
a Defaulting Lender under any one or more of clauses (a) through (d) above, and the effective date of such status,
shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b))
as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by
the Administrative Agent to the Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such determination.
“Designated Jurisdiction”
means any country or territory to the extent that such country or territory is the subject of any Sanction. As of the Closing Date, Designated
Jurisdictions include (but are not limited to) Crimea, the so-called Donetsk People’s Republic, and the so-called Luhansk People’s
Republic.
“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback
Transaction) of any property by any Loan Party or Subsidiary (or the granting of any option or other right to do any of the foregoing,
including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights
and claims associated therewith).
“Disqualified
Equity Interest” means, with respect to any Person, any Equity Interest which, by its terms (or by the terms of any security
or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition,
(a) matures or is mandatorily redeemable (other than solely for Equity Interests that are not Disqualified Equity Interests and cash
in lieu of fractional shares), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, asset sale
or similar event so long as any rights of the holders thereof upon the occurrence of a change of control,
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asset sale or similar event shall be subject to
the prior repayment in full in cash of the Loans and all other Obligations (other than contingent indemnification obligations not then
due) and the termination of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Equity
Interests that are not Disqualified Equity Interests and cash in lieu of fractional shares or as a result of a change of control, asset
sale or similar event 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 in cash of the Loans and all other Obligations (other than contingent indemnification obligations
not then due) and the termination of the Commitments), in whole or in part, (c) provides for scheduled cash payments of dividends
or (d) is or becomes convertible into, or exchangeable for, Indebtedness or any other Equity Interests that would constitute
Disqualified Equity Interests, in the case of clauses (a) through (d), prior to the date that is ninety one (91) days
after the Maturity Date at the time of the issuance of such Equity Interests; provided that if such Equity Interests are issued
pursuant to a plan for the benefit of the officers, directors, managers, employees or consultants of such Person or its Subsidiaries or
by any such plan to such officers, directors, managers or consultants or employees, such Equity Interests shall not constitute Disqualified
Equity Interests solely because they may be required to be repurchased by such Person or its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations or as a result of the termination, death or disability of any applicable natural person.
“Dollar”
and “$” mean lawful money of the United States.
“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which
is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent.
“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution
Authority” means any public administrative authority or any Person entrusted with public administrative authority of any
EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Electronic Copy”
shall have the meaning specified in Section 11.18.
“Electronic Record”
and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as
it may be amended from time to time.
“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 11.06 (subject to such consents, if any, as may
be required under Section 11.06(b)(iii)).
“Environment”
means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources
such as wetland, flora and fauna.
“Environmental
Laws” means any and all federal, state, local, and foreign statutes, laws (including common law), regulations, standards,
ordinances, rules, judgments, interpretations, orders, decrees, permits, agreements or governmental restrictions relating to pollution
or the protection of the Environment or human health (to the extent related to exposure to Hazardous Materials), including those relating
to the manufacture, generation, handling, transport, storage, treatment, Release or threat of Release of Hazardous Materials, air emissions
and discharges to waste or public systems.
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“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation,
fines, penalties or indemnities) whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute
or common law, directly or indirectly relating to (a) any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) Release or threatened
Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is
assumed or imposed with respect to any of the foregoing.
“Environmental
Permit” means any permit, certification, registration, approval, identification number, license or other authorization required
under any Environmental Law.
“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on
any date of determination.
“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.
“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Sections 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).
“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or any ERISA Affiliate from
a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer”
as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that
a Multiemployer Plan is insolvent; (d) the filing of a notice of intent to terminate, or the treatment of a Pension Plan amendment
as a termination, in any case under Section 4041(e) or 4041A of ERISA; (e) the institution by the PBGC of proceedings to
terminate a Pension Plan or to appoint a trustee to administer any Pension Plan; (f) the determination that any Pension Plan is considered
an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303,
304 and 305 of ERISA; (g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent
under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate or (h) a failure by the Borrower or any ERISA Affiliate
to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the failure
by the Borrower or any ERISA Affiliate to make any required contribution to a Multiemployer Plan.
“Erroneous Payment”
has the meaning specified in Section 9.13(a).
“Erroneous Payment
Deficiency Assignment” has the meaning specified in Section 9.13(d).
“Erroneous Payment
Impacted Class” has the meaning specified in Section 9.13(d).
“Erroneous Payment
Return Deficiency” has the meaning specified in Section 9.13(d).
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“Erroneous Payment
Subrogation Rights” has the meaning specified in Section 9.13(d).
“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
person), as in effect from time to time.
“Event of Default”
has the meaning specified in Section 8.01.
“Excluded Account”
means (a) segregated Deposit Accounts into which there is deposited no funds other than those intended solely to cover wages and
payroll for employees of a Loan Party for a period of service no longer than two payroll periods at any time (and related contributions
to be made on behalf of such employees to health and benefit plans) plus balances for outstanding checks for wages and payroll from prior
periods, (b) segregated Deposit Accounts constituting employee withholding accounts and contain only funds deducted from pay otherwise
due to employees for services rendered to be applied toward the tax obligations of such employees, (c) each Customer Funds Account,
(d) other segregated Deposit Accounts constituting trust, fiduciary and escrow accounts in which there is not maintained at any point
in time funds on deposit greater than $250,000 in the aggregate for all such accounts, and (e) segregated Deposit Accounts or Securities
Accounts holding cash or Cash Equivalents described in clauses (e) and (f) of the definition Permitted Liens (and subject to
the cap set forth therein); provided that the accounts described in clauses (a) through (e) above shall be used solely for the
purposes described in such clauses.
“Excluded Property”
means, with respect to any Loan Party, (a) any lease, license, contract, permit, letter of credit, purchase money arrangement, instrument
or agreement to which any Loan Party is a party or any of its rights or interests thereunder if and to the extent that the grant of such
security interest shall constitute a result in (i) the abandonment, invalidation or unenforceability of any right, title or interest
of any Loan Party therein or (ii) result in a breach or termination pursuant to the terms of, or default under, any such lease, license,
contract, permit, letter of credit, purchase money arrangement, instrument or agreement; (b) any governmental licenses or state or
local franchises, charters and authorizations, to the extent that Administrative Agent may not validly possess a security interest in
any such license, franchise, charter or authorization under applicable Law; (c) any asset which is subject to a purchase money Lien
or Capital Lease permitted hereunder to the extent the granting of a security interest in such asset is prohibited pursuant to the terms
of the contract governing such purchase money Lien or Capital Lease; (d) Excluded Accounts; and (e) any “intent-to-use”
trademarks or service mark applications for which an amendment to allege use or statement of use has not been filed under 15 U.S.C. §
1051 Section 1(c) or Section 1(d), respectively or if filed, has not been deemed in conformance with 15 U.S.C. § 1051(a) or
examined and accepted, respectively by the United States Patent and Trademark Office; provided that (x) any such limitation
described in the foregoing clauses (a) and (b) on the security interests granted hereunder shall apply only to the extent that
any such prohibition could not be rendered ineffective pursuant to the UCC or any other applicable Law (including Sections 9-406, 9-407
and 9-408 of the UCC) or principles of equity, (y) in the event of the termination or elimination of any such prohibition or the
requirement for any consent contained in such contract, agreement, permit, lease or license or in any applicable Law, to the extent sufficient
to permit any such item to become Collateral hereunder, or upon the granting of any such consent, or waiving or terminating any requirement
for such consent, a security interest in such contract, agreement, permit, lease, license, franchise, authorization or asset shall be
automatically and simultaneously granted hereunder and shall be included as Collateral hereunder, and (z) all rights to payment of
money due or to become due pursuant to, and all products and Proceeds (and rights to the Proceeds) from the sale of, any Excluded Property
shall be and at all times remain subject to the security interests created by this Agreement (unless such Proceeds would independently
constitute Excluded Property).
“Excluded Subsidiary”
means (a) any CFC, (b) any FSHCO, (c) any subsidiary that is held directly or indirectly by a CFC or FSHCO and (d) any
Immaterial Subsidiary.
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“Excluded Swap
Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the
Guaranty of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any Guarantee thereof) is
or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the
application or official interpretation thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 10.11 and
any other “keepwell”, support or other agreement for the benefit of such Loan Party and any and all guarantees of such Loan
Party’s Swap Obligations by other Loan Parties) at the time the Guaranty of such Loan Party, or grant by such Loan Party of a Lien,
becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one Swap
Contract, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swap Contracts for which such
Guaranty or Lien is or becomes excluded in accordance with the first sentence of this definition.
“Excluded Taxes”
means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to
a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in
each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the
case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that
are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the
account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under
Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Sections
3.01(b) or (d), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before
such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such
Recipient’s failure to comply with Section 3.01(f) and (d) any U.S. federal withholding Taxes imposed pursuant
to FATCA.
“Extraordinary
Receipt” means any cash received by or paid to or for the account of any Person not in the ordinary course of business in
respect of pension plan reversions, proceeds of insurance (other than proceeds of business interruption insurance to the extent such proceeds
constitute compensation for lost earnings and proceeds of Involuntary Dispositions) and indemnity payments; provided that an Extraordinary
Receipt shall not include cash receipts from proceeds of insurance or indemnity payments to the extent that such proceeds, awards or payments are
received by any Person in respect of any third party claim against such Person and applied to pay (or to reimburse such Person for its
prior payment of) such claim and the costs and expenses of such Person with respect thereto.
“Facility”
means the Term A Facility, DD Term Facility, or the Revolving Facility, as the context may require.
“Facility Termination
Date” means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments have terminated,
(b) all Obligations have been paid in full (other than contingent indemnification obligations), and (c) all Letters of Credit
have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to the Administrative
Agent and the L/C Issuer shall have been made).
“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.
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“FATCA”
means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements
entered into pursuant to Section 1471(b)(1) of the Code, as of the date of this Agreement (or any amended or successor version
described above) and any intergovernmental agreement (and related fiscal or regulatory legislation, or related official rules or
practices) implementing the foregoing.
“Federal Funds
Rate” means, for any day, a floating rate equal to the weighted average of the rates on overnight federal funds transactions
among members of the Federal Reserve System, as determined by Administrative Agent in its sole discretion, which determination shall be
final, binding and conclusive (absent manifest error).
“Fee Letter”
means the letter agreement, dated September 2, 2026, among the Borrower and the Administrative Agent.
“F.I.C.A.”
means the Federal Insurance Contributions Act, as amended.
“Foreign Lender”
means, (a) if the Borrower is a “United States Person” as defined in Section 7701(a)(30) of the Code, a Lender that
is not a “United States Person” as defined in Section 7701(a)(30) of the Code, and (b) if the Borrower is not a
“United States Person” as defined in Section 7701(a)(30) of the Code, a Lender that is resident or organized under the
laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United
States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.
“Foreign Obligor”
means a Loan Party that is a Foreign Subsidiary.
“Foreign Subsidiary”
means any Subsidiary that is organized under the laws of a jurisdiction other than the United States, a State thereof or the District
of Columbia.
“F.U.T.A.”
means the Federal Unemployment Tax Act, as amended.
“FRB”
means the Board of Governors of the Federal Reserve System of the United States.
“Fronting Exposure”
means, at any time there is a Defaulting Lender that is a Revolving Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s
Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation
obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with
respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline Loans other than Swingline Loans as
to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized
in accordance with the terms hereof.
“FSHCO”
means any Subsidiary substantially all of the assets of which constitute the Equity Interests of CFCs.
“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its activities.
“GAAP”
means generally accepted accounting principles in the United States set forth from time to time in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards
24
Board (or agencies with similar functions of comparable
stature and authority within the accounting profession) including, without limitation, the FASB Accounting Standards Codification, that
are applicable to the circumstances as of the date of determination, consistently applied and subject to Section 1.03.
“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without limitation,
the Financial Conduct Authority, the Prudential Regulation Authority and any supra-national bodies such as the European Union or the European
Central Bank).
“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of
guaranteeing any Indebtedness of the kind described in clauses (a) through (g) of the definition thereof or other
obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly
or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services
for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness
or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or
level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation,
or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation
of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any
Lien on any assets of such Person securing any Indebtedness of the kind described in clauses (a) through (g) of
the definition thereof or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed or expressly
undertaken by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount
of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a
corresponding meaning.
“Guaranteed Obligations”
has the meaning set forth in Section 10.01.
“Guarantors”
means, collectively, (a) the Subsidiaries of the Borrower as are or may from time to time become parties to this Agreement pursuant
to Section 6.12, and (b) with respect to Additional Secured Obligations owing by any Loan Party or any of its Subsidiaries
and any Swap Obligation of a Specified Loan Party (determined before giving effect to Sections 10.01 and 10.11) under the
Guaranty, the Borrower.
“Guaranty”
means, collectively, the Guarantee made by the Guarantors under Article X in favor of the Secured Parties, together with each
other guaranty delivered pursuant to Section 6.12.
“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, natural gas, natural gas liquids, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon
gas, toxic mold, infectious or medical wastes and all other substances, wastes, chemicals, pollutants, contaminants or compounds of any
nature in any form regulated pursuant to any Environmental Law.
“Hedge Bank”
means any Person in its capacity as a party to a Swap Contract that, (a) at the time it enters into a Swap Contract not prohibited
under Articles VI or VII, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes
a Lender, is a party to a Swap Contract not prohibited under
25
Articles VI or VII, in each case,
in its capacity as a party to such Swap Contract (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to
be a Lender); provided that in the case of a Secured Hedge Agreement with a Person who is no longer a Lender (or Affiliate of a
Lender), such Person shall be considered a Hedge Bank only through the stated termination date (without extension or renewal) of such
Secured Hedge Agreement and provided further that for any of the foregoing to be included as a “Secured Hedge Agreement”
on any date of determination by the Administrative Agent, the applicable Hedge Bank (other than the Administrative Agent or an Affiliate
of the Administrative Agent) must have delivered a Secured Party Designation Notice to the Administrative Agent prior to such date of
determination.
“Immaterial Subsidiary”
means any Subsidiary that is not a Material Subsidiary.
“Increase Effective
Date” has the meaning assigned to such term in Section 2.16.
“Incremental Commitments”
means Incremental Revolving Commitments and/or the Incremental Term Commitments.
“Incremental Revolving
Commitment” has the meaning assigned to such term in Section 2.16.
“Incremental Revolving
Loans” means any loans made pursuant to any Incremental Revolving Commitments.
“Incremental Term
Commitment” has the meaning assigned to such term in Section 2.16.
“Incremental Term
Loan Maturity Date” has the meaning assigned to such term in Section 2.16(b).
“Incremental Term
Loans” means any loans made pursuant to any Incremental Term Commitments.
“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:
(a) all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;
(b) all
direct or contingent obligations of such Person arising under letters of credit, bankers’ acceptances, bank guaranties, surety bonds
and similar instruments;
(c) net
obligations of such Person under any Swap Contract;
(d) all
obligations (including, without limitation, Contingent Acquisition Consideration) of such Person to pay the deferred purchase price of
property or services (other than (x) trade accounts payable in the ordinary course of business and either not past due for more than
ninety (90) days or being contested in good faith and for which adequate reserves have been provided with respect to such disputed payable,
(y) accruals for payroll and other liabilities, including deferred compensation arrangements, in each case, accrued in the ordinary
course of business and (z) Contingent Acquisition Consideration solely to the extent not required by GAAP to be recorded as a liability
of such Person);
(e) indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising
under conditional sales
26
or other title retention agreements),
whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;
(f) all
Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all Synthetic Debt of such
Person;
(g) all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Disqualified Equity Interest
of such Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference
plus accrued and unpaid dividends; and
(h) all
Guarantees of such Person in respect of any of the foregoing.
For all purposes hereof, the
Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is
expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be
the Swap Termination Value thereof as of such date.
“Indemnified Taxes”
means all (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.
“Indemnitee”
has the meaning specified in Section 11.04(b).
“Information”
has the meaning specified in Section 11.07(a).
“Intellectual
Property” has the meaning set forth in the Security Agreement.
“Intercompany
Debt” has the meaning specified in Section 7.02(d).
“Interest Payment
Date” means, (a) as to any Term SOFR Loan, the last day of each Interest Period applicable to such Loan and the Maturity
Date; provided that if any Interest Period for a Term SOFR Loan exceeds three (3) months, the respective dates that fall every
three (3) months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate
Loan or Swingline Loan, first Business Day following the end of each March, June, September and December and the Maturity Date
of the Facility under which such Loan was made (with Swingline Loans being deemed made under the Revolving Facility for purposes of this
definition).
“Interest Period”
means as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a
Term SOFR Loan and ending on the date one (1), three (3) or six (6) months thereafter, as selected by the Borrower in its Loan
Notice (in the case of each requested Interest Period, subject to availability); provided that:
(a) any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless,
in the case of a Term SOFR Loan such Business Day falls in another calendar month, in which case such Interest Period shall end on the
next preceding Business Day;
(b) any
Interest Period pertaining to a Term SOFR Loan that begins on the last Business Day of a calendar month (or on a day for which there is
no numerically corresponding
27
day in the calendar month at the end
of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;
(c) no
Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made; and
(d) at
the Borrower’s request, the initial Interest Period commencing on the Closing Date may be shortened or lengthened for a period of
time acceptable to the Administrative Agent in order for the period to align with the first principal payment date required pursuant to
Section 2.07(a).
“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or
other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of indebtedness of, or purchase or other acquisition of any other indebtedness or interest in, another Person (including any partnership
or joint venture interest in such other Person and any arrangement pursuant to which the investor guaranties Indebtedness of such other
Person), or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person which
constitute all or substantially all of the assets of such Person or of a division, line of business or other business unit of such Person.
For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested (measured at the time made), without
adjustment for subsequent increases or decreases in the value of such Investment but giving effect to any returns or distributions of
capital or repayment of principal actually received in cash by such Person with respect thereto (but only to the extent that the aggregate
amount of all such returns, distributions and repayments with respect to such Investment does not exceed the principal amount of such
Investment).
“Involuntary Disposition”
means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any property of any Loan Party
or any Subsidiary.
“IRS”
means the United States Internal Revenue Service.
“ISP”
means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof
as may be in effect at such time).
“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered
into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit.
“Joinder Agreement”
means a joinder agreement substantially in the form of Exhibit D executed and delivered in accordance with the provisions
of Section 6.12.
“Laws”
means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties,
requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law.
“L/C
Advance” means, with respect to each Revolving Lender, such Lender’s funding of its participation in any L/C Borrowing
in accordance with its Applicable Revolving Percentage. All L/C Advances shall be denominated in Dollars.
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“L/C
Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed
on the date when made or refinanced as a Revolving Borrowing. All L/C Borrowings shall be denominated in Dollars.
“L/C
Commitment” means the commitment of the L/C Issuer to issue Letters of Credit hereunder. The initial amount of the L/C Commitment
is $5,000,000 with respect to MUFG. The L/C Commitment of the L/C Issuer may be modified from time to time by agreement between the L/C
Issuer and the Borrower, and notified to the Administrative Agent.
“L/C
Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof,
or the increase of the amount thereof.
“L/C Disbursements”
means a payment made by the L/C Issuer pursuant to any Letter of Credit.
“L/C
Issuer” means (a) initially, MUFG, or (b) such other Lender selected by the Borrower pursuant to Section 2.03(p) from
time to time to issue such Letter of Credit (provided that no Lender shall be required to become an L/C Issuer pursuant to this clause
(b) without such Lender’s consent), or any successor issuer thereof or (c) any Lender selected by the Borrower (with the
prior consent of the Administrative Agent) to replace a Lender who is a Defaulting Lender at the time of such Lender’s appointment
as an L/C Issuer (provided that no Lender shall be required to become an L/C Issuer pursuant to this clause (c) without such Lender’s
consent), in each case, through itself or through one of its designated Affiliates or branch offices, in its capacity as issuer of Letters
of Credit hereunder, or any successor issuer of Letters of Credit hereunder.
“L/C
Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters
of Credit plus the aggregate of all Unreimbursed Amounts (including all L/C Borrowings). For purposes of computing the amount available
to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.
For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still
be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.
“Lender”
means each of the Persons identified as a “Lender” on the signature pages hereto, each other Person that becomes a “Lender”
in accordance with this Agreement and, their successors and assigns and, unless the context requires otherwise, includes the Swingline
Lender.
“Lender Party”
means collectively, the Lenders, the Swingline Lender and the L/C Issuer.
“Lending Office”
means, as to the Administrative Agent, the L/C Issuer or any Lender, the office or offices of such Person described as such in such Person’s
Administrative Questionnaire, or such other office or offices as such Person may from time to time notify the Borrower and the Administrative
Agent; which office may include any Affiliate of such Person or any domestic or foreign branch of such Person or such Affiliate.
“Letter of Credit”
means any standby letter of credit issued hereunder.
“Letter of Credit
Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time
to time in use by the L/C Issuer.
“Letter of Credit
Fee” has the meaning specified in Section 2.03(l).
29
“Letter of Credit
Report” means a certificate substantially the form of Exhibit R or any other form approved by the Administrative
Agent.
“Letter of Credit
Sublimit” means, as of any date of determination, an amount equal to the lesser of (a) $5,000,000 and (b) the
Revolving Facility. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Facility.
“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge, or preference,
priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property
and any financing lease having substantially the same economic effect as any of the foregoing).
“Loan”
means an extension of credit by a Lender to the Borrower under Article II in the form of a Term A Loan, a DD Term Loan, a
Revolving Loan or a Swingline Loan.
“Material Cybersecurity
Incident” means any Cybersecurity Incident that (a) involves Client Data affecting 10,000 or more individuals, (b) results
in or requires notification to any Governmental Authority or affected individuals under any Applicable Law, (c) results in a claim,
demand, inquiry, or investigation by any Governmental Authority, (d) involves the payment or potential payment of any ransom or similar
demand, (e) results in a material disruption of any Loan Party’s or any Subsidiary’s business operations, (f) could
reasonably be expected to result in liability, costs, or expenses to the Loan Parties and their Subsidiaries in excess of $5,000,000 in
the aggregate, or (g) could reasonably be expected to result in a Material Adverse Effect.
“Loan Documents”
means, collectively, (a) this Agreement, (b) the Notes, (c) the Guaranty, (d) the Collateral Documents, (e) the
Fee Letter, (f) each Issuer Document, (g) each Joinder Agreement, (h) any agreement creating or perfecting rights in Cash
Collateral pursuant to the provisions of Section 2.14, and (i) all other certificates, agreements, documents and instruments
executed and delivered, in each case, by or on behalf of any Loan Party pursuant to the foregoing (but specifically excluding any Secured
Hedge Agreement or any Secured Cash Management Agreement) and any amendments, restatements, modifications or supplements thereto or to
any other Loan Document or waivers hereof or to any other Loan Document; provided that for purposes of Section 11.01,
“Loan Documents” shall mean this Agreement, the Guaranty and the Collateral Documents.
“Loan Notice”
means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Term
SOFR Loans pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit E or such other form
as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall
be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.
“Loan Parties”
means, collectively, the Borrower and each Guarantor.
“Master Agreement”
has the meaning set forth in the definition of “Swap Contract.”
“Material Adverse
Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, assets,
properties, liabilities (actual or contingent) or financial condition of the Loan Parties and their Subsidiaries taken as a whole; or
(b) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan Document, or of the
ability of any Loan Party to perform its obligations under any Loan Document to which it is a party or (c) a material adverse effect
30
upon the legality, validity, binding effect or
enforceability against any Loan Party of any Loan Document to which it is a party.
“Material Agreement”
means any agreement which if breached or terminated would reasonably be expected to result in a Material Adverse Effect and required to
be filed with the SEC under applicable securities laws.
“Material Subsidiary”
means any Subsidiary of the Borrower that, together with its Subsidiaries, (a) generates more than 5% of Consolidated EBITDA on a
Pro Forma Basis for the four (4) fiscal quarter period most recently ended or (b) has total assets (including Equity Interests
in other Subsidiaries and excluding investments that are eliminated in consolidation) of equal to or greater than 5% of the total assets
of the Borrower and its Subsidiaries, on a consolidated basis as of the end of the most recent four (4) fiscal quarters; provided,
however, that if at any time there are Subsidiaries which are not classified as “Material Subsidiaries” but which collectively
(i) generate more than 10% of Consolidated EBITDA on a Pro Forma Basis or (ii) have total assets (including Equity Interests
in other Subsidiaries and excluding investments that are eliminated in consolidation) of equal to or greater than 10% of the total assets
of the Borrower and its Subsidiaries on a Consolidated basis, then the Borrower shall promptly designate one or more of such Subsidiaries
(other than any Subsidiary that is an Excluded Subsidiary pursuant to clauses (a) through (c) of such definition) as Material
Subsidiaries and cause any such Subsidiaries to comply with the provisions of Section 6.12 such that, after such Subsidiaries
become Guarantors hereunder, the Subsidiaries (other than any Subsidiary that is an Excluded Subsidiary pursuant to clauses (a) through
(c) of such definition) that are not Guarantors shall (A) generate less than 10% of Consolidated EBITDA and (B) have total
assets of less than 10% of the total assets of the Borrower and its Subsidiaries on a Consolidated basis.
“Maturity Date”
means October 15, 2031; provided that, in each case, if such date is not a Business Day, the Maturity Date shall be the next
preceding Business Day.
“Measurement Period”
means, as of any date of determination, the period of four (4) consecutive fiscal quarters ended on or immediately prior to such
date for which financial statements of the Borrower and its Subsidiaries have been delivered to the Administrative Agent hereunder.
“Minimum Collateral
Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or Deposit Account balances, an
amount equal to 105% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time
and (b) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion.
“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.
“MUFG”
means MUFG Bank, Ltd. and its successors.
“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower
or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been
obligated to make contributions.
“Net Cash Proceeds”
means the aggregate cash or Cash Equivalents proceeds received by the Borrower or any Subsidiary in respect of any Disposition, Debt Issuance,
Extraordinary Receipt or Involuntary Disposition, net of (a) direct costs incurred in connection therewith (including, without limitation,
legal, accounting and investment banking fees and sales commissions), (b) taxes paid or payable as a result thereof and (c) in
the case of any Disposition or any Involuntary Disposition, the amount necessary to retire any Indebtedness secured by a Permitted Lien
(ranking senior to any Lien of the Administrative Agent) on the related property; it being understood that “Net Cash Proceeds”
shall include,
31
without limitation, any cash or Cash Equivalents
received upon the sale or other disposition of any non-cash consideration received by the Borrower or any Subsidiary in any Disposition,
Debt Issuance or Involuntary Disposition.
“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
Lenders or all affected Lenders, in accordance with the terms of Section 11.01 and (b) has been approved by the Required
Lenders.
“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.
“Note”
means a Term A Note, DD Term Note or a Revolving Note, as the context may require.
“Notice of Additional
L/C Issuer” means a certificate substantially the form of Exhibit S or any other form approved
by the Administrative Agent.
“Notice of Loan
Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit K
or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer.
“Obligations”
means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document
or otherwise with respect to any Loan, or Letter of Credit (including any Erroneous Payment Subrogation Rights) and (b) all costs
and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges and disbursements of
counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due,
now existing or hereafter arising and including interest, expenses and fees that accrue after the commencement by or against any Loan
Party or any Affiliate thereof pursuant to any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest, expenses and fees are allowed claims in such proceeding; provided that, without limiting the
foregoing, the Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.
“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.
“Officer’s
Certificate” means a certificate substantially the form of Exhibit L or any other form approved by the Administrative
Agent.
“Organization
Documents” means, (a) with respect to any corporation, the charter or certificate or articles of incorporation or articles
of association, the bylaws and any change of name certificate (or equivalent or comparable constitutive documents with respect to any
non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization
and operating agreement or limited liability company agreement (or equivalent or comparable documents with respect to any non-U.S. jurisdiction);
(c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other
applicable agreement of formation or organization (or equivalent or comparable documents with respect to any non-U.S. jurisdiction), and
(d) with respect to all entities, any agreement, instrument, filing or notice with respect thereto filed in connection with its formation
or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization (or equivalent or comparable
documents with respect to any non-U.S. jurisdiction).
32
“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient
and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction
pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 3.06).
“Outbound Investment
Rules” means the regulations administered and enforced, together with any related public guidance issued, by the United
States Treasury Department under U.S. Executive Order 14105 of August 9, 2023, or any similar law or regulation; as of the Closing
Date, and as codified at 31 C.F.R. § 850.101 et seq.
“Outstanding Amount”
means (a) with respect to Term A Loans, DD Term Loans, Revolving Loans and Swingline Loans on any date, the aggregate outstanding
principal amount thereof after giving effect to any Borrowings and prepayments or repayments of Term A Loans, DD Term Loans, Revolving
Loans and Swingline Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the
amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes
in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed
Amounts.
“Participant”
has the meaning specified in Section 11.06(d).
“Participant Register”
has the meaning specified in Section 11.06(d).
“Patriot Act”
has the meaning specified in Section 11.19.
“Payment Recipient”
has the meaning specified in Section 9.13(a).
“PBGC”
means the Pension Benefit Guaranty Corporation.
“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum funding standards with respect to Pension Plans and
set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.
“Pension Plan”
means any employee pension benefit plan (including a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any
ERISA Affiliate or with respect to which the Borrower or any ERISA Affiliate has any liability and is either covered by Title IV of ERISA
or is subject to the minimum funding standards under Section 412 of the Code or Section 302 of ERISA.
“Permit”
means all licenses, certificates, accreditations, authorizations, franchises, qualifications, registrations, permits, consents and approvals
of a Loan Party issued or required under Laws applicable to the business of the Loan Parties or any of their Subsidiaries or necessary
in the manufacturing, importing, exporting, possession, ownership, warehousing, marketing, promoting, sale, labeling, furnishing, distribution
or delivery of goods or services under Laws applicable to the business of the Loan Parties or
33
any of their Subsidiaries. Without limiting the
generality of the foregoing, “Permit” includes all Regulatory Required Permits.
“Permitted Acquisition”
means an Acquisition by the Borrower or any of its Subsidiaries (the Person or division, line of business or other business unit of the
Person to be acquired in such Acquisition shall be referred to herein as the “Target”), in each case that is
a type of business (or assets used in a type of business) permitted to be engaged in by the Borrower and its Subsidiaries pursuant to
the terms of this Agreement, in each case so long as:
(a) no
Event of Default shall then exist or would exist after giving effect thereto;
(b) the
Loan Parties shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect to the Acquisition
and the transactions related thereto (including the assumption or incurrence of any indebtedness in connection therewith) on a Pro Forma
Basis, the Consolidated Net Leverage Ratio shall be no greater than 0.50:1.00 inside the then-applicable covenant set forth in Section 7.11
(after giving effect to any step-up for such Permitted Acquisition, as set forth in Section 7.11(b)), calculated using the
same Measurement Period used to determine Pro Forma Compliance;
(c) the
Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the closing of such Acquisition)
a first priority perfected security interest (subject to Permitted Liens), to extent required by the Collateral Documents, in all property
constituting Collateral (including, without limitation, Equity Interests) acquired with respect to the Target in accordance with the terms
of Section 6.13 and the Target, if a Person, shall have executed a Joinder Agreement in accordance with, and to the extent
required by, the terms of Section 6.12;
(d) with
respect to an Acquisition or series of related Acquisitions where the Cost of Acquisition paid or payable in connection therewith is greater
than $7,500,000, the Administrative Agent and the Lenders shall have received (i) not less than ten (10) days (or such
shorter period as the Administrative Agent may reasonably agree) prior to the consummation of any such Acquisition (x) a description
of the material terms of such Acquisition, (y) audited financial statements (or, if unavailable, management-prepared financial statements)
of the Target for its two most recent fiscal years and for any fiscal quarters ended within the fiscal year to date, and (z) with
respect to any Acquisition or series of related Acquisitions for which the Cost of Acquisition paid or payable in connection therewith
is greater than $20,000,000, for the ensuing four (4) fiscal quarters after such Acquisition or series of Acquisitions, Consolidated
projected income statements of the Borrower and its Subsidiaries (giving effect to such Acquisition), and (ii) not less than five
(5) Business Days prior to the consummation of any such Permitted Acquisition, a Permitted Acquisition Certificate, executed by a
Responsible Officer of the Borrower certifying that such Permitted Acquisition complies with the requirements of this Agreement;
(e) except
with respect to an Acquisition of a Customer or Customer’s assets, the Target shall have earnings before interest, taxes, depreciation
and amortization for its most recent fiscal year and its most recent interim fiscal quarter completed within forty-five (45) days prior
to the acquisition date, and after giving effect to any pro forma adjustments reasonably acceptable to the Administrative Agent, in an
amount greater than $0;
(f) the
business acquired in connection with such Acquisition (i) is not engaged, directly or indirectly, in any line of business other than
the businesses in which the Loan Parties are engaged on the Closing Date or any business activities that are substantially similar, related,
or incidental thereto or (ii) is a Customer of a Loan Party;
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(g) no
Loan Party shall, as a result of or in connection with any such Acquisition, assume or incur any direct or contingent liabilities (whether
relating to environmental, tax, litigation, or other matters) that could have a Material Adverse Effect;
(h) such
Acquisition shall not be a “hostile” Acquisition and shall have been approved by the board of directors (or equivalent) and/or
shareholders (or equivalent) of the applicable Loan Party and the Target;
(i) all
transactions in connection with such Acquisition shall be consummated in accordance with Applicable Laws;
(j) [reserved];
(k) no
Indebtedness or Liens (other than Permitted Indebtedness or Permitted Liens, including Permitted Indebtedness and Permitted Liens of any
new Subsidiary which becomes a Loan Party in accordance with this definition) are assumed or created in connection with such Acquisition;
(l) unless
Administrative Agent shall otherwise consent in writing (in its sole discretion), (x) if the Acquisition is an equity purchase or
merger, the Target and its subsidiaries must have as their jurisdiction of formation a state within the United States or the District
of Columbia, and (y) if the Acquisition is an asset purchase, all or substantially all of the assets so acquired shall be located
within the United States;
(m) the
consideration payable by the Loan Parties and their Subsidiaries in connection with such Acquisition shall consist solely of (x) noncash
Equity Interests (other than Disqualified Equity Interests) in Borrower, (y) cash and Cash Equivalents and/or (z) the issuance
by the applicable Loan Party of Subordinated Debt from the Target;
(n) with
respect to any such Acquisition of assets that do not become Collateral or of any Equity Interests of a Person that does not become a
Loan Party hereunder, the aggregate Cost of Acquisition of all such Acquisitions does not exceed $10,000,000 in any fiscal year.
“Permitted Acquisition
Certificate” means a certificate substantially the form of Exhibit F or any other form approved by the Administrative
Agent.
“Permitted Liens”
has the meaning set forth in Section 7.01.
“Permitted Transfers”
means (a) Dispositions of inventory in the ordinary course of business; (b) Dispositions of property to the Borrower or any
Subsidiary; provided that if the transferor of such property is a Loan Party then the transferee thereof must be a Loan Party;
(c) Dispositions of accounts receivable in connection with the collection, settlement or compromise thereof; (d) licenses, sublicenses,
leases or subleases granted to others not interfering in any material respect with the business of the Borrower and its Subsidiaries;
(e) the sale or disposition of Cash Equivalents for fair market value, (f) the abandonment, expiration, cancellation, non-renewal
or discontinuance of intellectual property rights, which, in the reasonable business judgment of the Borrower, is not material to the
business of the Borrower and its Subsidiaries, taken as a whole, (g) the termination, unwinding or settlement of any Swap Contract,
(h) the use or transfer of cash in a manner that is not prohibited by this Agreement, (i) Dispositions permitted by Section 7.13
and (j) to the extent constituting a Disposition, Permitted Liens.
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“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.
“Plan”
means any employee pension benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan) that is subject
to Title IV of ERISA, maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any ERISA
Affiliate is required to contribute on behalf of any of its employees.
“Platform”
has the meaning specified in Section 6.02(o).
“Pledged Equity”
has the meaning specified in the Security Agreement.
“Pro Forma Basis”
and “Pro Forma Effect” means, for any Disposition of all or substantially all of a division or a line of business
or for any Acquisition, whether actual or proposed, for purposes of determining compliance with the financial covenants set forth in Section 7.11,
each such transaction or proposed transaction shall be deemed to have occurred on and as of the first day of the relevant Measurement
Period, and the following pro forma adjustments shall be made:
(a) in
the case of an actual or proposed Disposition, all income statement items (whether positive or negative) attributable to the line of business
or the Person subject to such Disposition shall be excluded from the results of the Borrower and its Subsidiaries for such Measurement
Period;
(b) in
the case of an actual or proposed Acquisition, income statement items (whether positive or negative) attributable to the property, line
of business or the Person subject to such Acquisition shall be included in the results of the Borrower and its Subsidiaries for such Measurement
Period;
(c) interest
accrued during the relevant Measurement Period on, and the principal of, any Indebtedness repaid or to be repaid or refinanced in such
transaction shall be excluded from the results of the Borrower and its Subsidiaries for such Measurement Period; and
(d) any
Indebtedness actually or proposed to be incurred or assumed in such transaction shall be deemed to have been incurred as of the first
day of the applicable Measurement Period, and interest thereon shall be deemed to have accrued from such day on such Indebtedness at the
applicable rates provided therefor (and in the case of interest that does or would accrue at a formula or floating rate, at the rate in
effect at the time of determination) and shall be included in the results of the Borrower and its Subsidiaries for such Measurement Period.
“Pro Forma Compliance”
means, with respect to any transaction, that such transaction does not cause, create or result in a Default after giving Pro Forma Effect,
based upon the results of operations for the most recently completed Measurement Period to (a) such transaction and (b) all
other transactions which are contemplated or required to be given Pro Forma Effect hereunder that have occurred on or after the first
day of the relevant Measurement Period.
“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time
to time.
“Public Lender”
has the meaning specified in Section 6.02(p).
36
“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 in Section 11.21.
“Qualified ECP
Guarantor” means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such time as
an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible
contract participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Qualifying Control
Agreement” means an agreement, among a U.S. Loan Party, a depository institution or securities intermediary and the Administrative
Agent, which agreement is in form and substance reasonably acceptable to the Administrative Agent and which provides the Administrative
Agent with “control” (as such term is used in Article 9 of the UCC) over the U.S. Deposit Account(s) or Securities
Account(s) described therein.
“Rate Determination
Date” means two (2) Business Days prior to the commencement of such Interest Period (or such other day as is generally
treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative Agent; provided
that, to the extent such market practice is not administratively feasible for the Administrative Agent, then “Rate Determination
Date” means such other day as otherwise reasonably determined by the Administrative Agent).
“Recipient”
means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder.
“Register”
has the meaning specified in Section 11.06(c).
“Regulation U”
means Regulation U of the FRB, as in effect from time to time and all official rulings and interpretations thereunder or thereof.
“Regulatory Required
Permit” means any and all licenses, registrations, approvals and permits issued by any applicable Governmental Authority
necessary or required by applicable Law for any Loan Party or Subsidiary to conduct money transmission, payroll and payroll tax processing,
benefits brokerage services, insurance brokerage services, third party administrator services or any other financial services or related
licensable activity related to the business.
“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors, consultants, service providers and representatives of such Person and of such Person’s Affiliates.
“Release”
means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection or leaching
into the Environment, or into, from or through any building, structure or facility.
“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period
has been waived.
“Request for Credit
Extension” means (a) with respect to a Borrowing, conversion or continuation of Term A Loans, DD Term Loans, or Revolving
Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a
Swingline Loan, a Swingline Loan Notice.
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“Required Lenders”
means, at any time, at least two (2) Lenders that are not Affiliates having Total Credit Exposures representing more than 50% of
the Total Credit Exposures of all Lenders at such time. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining
Required Lenders at any time; provided that, the amount of any participation in any Swingline Loan and Unreimbursed Amounts that
such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by
the Lender that is the Swingline Lender or the L/C Issuer, as the case may be, in making such determination; provided further that,
this definition is subject to Section 3.03.
“Rescindable Amount”
has the meaning set forth in Section 2.12(b)(ii).
“Resignation Effective
Date” has the meaning set forth in Section 9.06(a).
“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Responsible Officer”
means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party set
forth on the incumbency certificate delivered pursuant to Section 4.01(b) (or such other incumbency certificate delivered to
the Administrative Agent after the Closing Date) and, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01(b),
the directors, secretary or any assistant secretary of a Loan Party. Any document delivered hereunder that is signed by a Responsible
Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action
on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.
To the extent reasonably requested by the Administrative Agent, each Responsible Officer will provide an incumbency certificate and to
the extent reasonably requested by the Administrative Agent, appropriate authorization documentation, in form and substance satisfactory
to the Administrative Agent.
“Restricted Payment”
means (a) any dividend or other distribution, direct or indirect, on account of any shares (or equivalent) of any class of Equity
Interests of the Borrower or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund
or similar payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class of Equity
Interests of the Borrower or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or to obtain
the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Equity Interests of any Loan Party
or any of its Subsidiaries, now or hereafter outstanding and (d) any payment with respect to any Contingent Acquisition Consideration.
“Revolving Borrowing”
means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Term SOFR Loans having the same Interest
Period made by each of the Revolving Lenders pursuant to Section 2.01.
“Revolving Commitment”
means, as to each Revolving Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01,
(b) purchase participations in L/C Obligations, and (c) purchase participations in Swingline Loans, in an aggregate principal
amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.01(b) under
the caption “Revolving Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The Revolving
Commitment of all of the Revolving Lenders on the Closing Date shall be $10,000,000.
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“Revolving Exposure”
means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Loans and such Lender’s
participation in L/C Obligations and Swingline Loans at such time.
“Revolving Facility”
means, at any time, the aggregate amount of the Revolving Lenders’ Revolving Commitments at such time.
“Revolving Lender”
means, at any time, (a) so long as any Revolving Commitment is in effect, any Lender that has a Revolving Commitment at such time
or (b) if the Revolving Commitments have terminated or expired, any Lender that has a Revolving Loan or a participation in L/C Obligations
or Swingline Loans at such time.
“Revolving Loan”
has the meaning specified in Section 2.01(b).
“Revolving Note”
means a promissory note made by the Borrower in favor of a Revolving Lender evidencing Revolving Loans or Swingline Loans, as the case
may be, made by such Revolving Lender, substantially in the form of Exhibit G.
“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and any successor thereto.
“Sale and Leaseback
Transaction” means, with respect to any Loan Party or any Subsidiary, any arrangement, directly or indirectly, with any
Person whereby such Loan Party or such Subsidiary shall sell or transfer any property used or useful in its business, whether now owned
or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same
purpose or purposes as the property being sold or transferred.
“Sanction(s)”
means any sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations
Security Council, the Hong Kong Monetary Authority, the European Union, His Majesty’s Treasury (“HMT”),
or other relevant sanctions authority.
“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.
“Secured Cash
Management Agreement” means any Cash Management Agreement between the any Loan Party and any of its Subsidiaries and any
Cash Management Bank.
“Secured Hedge
Agreement” means any interest rate, currency, foreign exchange, or commodity Swap Contract required by or not prohibited
under Article VI or VII between any Loan Party and any of its Subsidiaries and any Hedge Bank.
“Secured Obligations”
means all Obligations and all Additional Secured Obligations.
“Secured Parties”
means, collectively, the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks, the Cash Management Banks, the Indemnitees
and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05.
“Secured Party
Designation Notice” means a notice from any Lender or an Affiliate of a Lender substantially in the form of Exhibit H.
39
“Securities Act”
means the Securities Act of 1933, including all amendments thereto and regulations promulgated thereunder.
“Security Agreement”
means the security and pledge agreement, dated as of the Closing Date, executed in favor of the Administrative Agent by each of the Loan
Parties.
“Shareholders’
Equity” means, as of any date of determination, consolidated shareholders’ equity of the Borrower and its Subsidiaries
as of such date, determined in accordance with GAAP.
“SOFR”
means the Secured Overnight Financing Rate as administered by SOFR Administrator.
“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator).
“SOFR
Scheduled Unavailability Date” has the meaning specified in Section 3.03(b)(ii).
“Solvency Certificate”
means a solvency certificate in substantially in the form of Exhibit I.
“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the
fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person,
(b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe
that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such
Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s
property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent
obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time
shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that
can reasonably be expected to become an actual or matured liability.
“Specified Laws”
means, collectively, (a) F.I.C.A.; (b) F.U.T.A.; (c) all applicable Laws regarding money transmission, payroll processing,
payment processing, and other financial services; (d) all consumer protection statutes, including the Dodd-Frank Wall Street Reform
and Consumer Protection Act, 12 U.S.C. 5301 et seq., including but not limited to any prohibitions for deceptive, unfair, and abusive
acts and practices, as well as all enumerated statutes under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (e) the
Health Insurance Portability and Accountability Act of 1996; (f) all applicable Laws related to the licensing, permitting, or other
authorizing of financial products or services; (g) Anti-Terrorism Laws; (h) all applicable Data Privacy and Cybersecurity Laws;
and (i) any state or local analogues to such laws, together with, in each case, all regulations issued by any applicable Governmental
Authority with respect thereto.
“Specified Loan
Party” means any Loan Party that is not then an “eligible contract participant” under the Commodity Exchange
Act (determined prior to giving effect to Section 10.11).
“Specified Permitted
Acquisition” means a Permitted Acquisition, the total consideration (including maximum potential total amount of all deferred
payment obligations (including earn-outs) and Indebtedness assumed or incurred) for which equals or exceeds $75,000,000.
“Subordinated
Debt” means any Indebtedness of Loan Parties incurred pursuant to (a) Subordinated Existing Holdover Notes Documents
so long as such Indebtedness remains unsecured, not
40
guaranteed and subordinated to the Liens granted
in favor of Administrative Agent and the Lenders securing the Secured Obligations and all payments in respect of such Indebtedness remains
subordinated to the payment in full of the Secured Obligations pursuant to a subordination agreement or subordination provisions in the
applicable Subordinated Existing Holdover Notes of which Administrative Agent is an express third party beneficiary, which subordination
provisions are in form and substances reasonably satisfactory to Administrative Agent, (b) Subordinated Unsecured Seller Notes Documents
so long as such Debt remains unsecured, not guaranteed and subordinated to the Liens granted in favor of Administrative Agent and the
Lenders securing the Obligations and all payments in respect of such Indebtedness remains subordinated to the payment in full of the Obligations
pursuant to a subordination agreement or subordination provisions in the applicable Subordinated Unsecured Seller Notes Documents of which
Administrative Agent is an express third party beneficiary, which subordination provisions are in form and substances reasonably satisfactory
to Administrative Agent and (c) the terms of the other Subordinated Debt Documents and with the prior written consent of Administrative
Agent, all of which documents must be in form and substance acceptable to Administrative Agent in its sole discretion.
“Subordinated
Debt Documents” means each of (a) the Subordinated Existing Holdover Notes Documents, (b) the Subordinated Unsecured
Seller Notes Documents and (c) any other documents evidencing and/or securing Indebtedness governed by a Subordination Agreement,
all of which documents must be in form and substance acceptable to Administrative Agent in its sole discretion.
“Subordinated
Existing Holdover Notes” means those certain subordinated unsecured promissory notes identified on Schedule 1.01(e) (in
each case as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof or after the date hereof
in accordance with the terms of such Subordinated Existing Holdover Note and not in violation of this Agreement or any other financing
document).
“Subordinated
Existing Holdover Notes Documents” means (a) the Subordinated Existing Holdover Notes and (b) each other document
or instrument executed by any Loan Party or Subsidiary thereof in respect of the Subordinated Existing Holdover Notes or the obligation
thereunder.
“Subordinated
Unsecured Seller Notes” means each unsecured subordinated promissory note issued by a Loan Party to a seller in connection
with a Permitted Acquisition and such promissory note is either (a) in the form of Subordinated Existing Holdover Notes or (b) in
form and substance acceptable to the Administrative Agent in its sole discretion.
“Subordinated
Unsecured Seller Notes Documents” means (a) the Subordinated Unsecured Seller Notes and (b) each other document
or instrument executed by any Loan Party or Subsidiary thereof in respect of the Subordinated Unsecured Seller Notes or the obligation
thereunder.
“Subordination
Agreement” means each agreement between Administrative Agent and another creditor of Loan Parties, as the same may be amended,
supplemented, restated or otherwise modified from time to time in accordance with the terms thereof, pursuant to which the Indebtedness
owing from any Loan Party and/or the Liens securing such Indebtedness granted by any Loan Party to such creditor are subordinated in any
way to the Secured Obligations and the Liens created under the Collateral Documents, the terms and provisions of such Subordination Agreements
to have been agreed to by and be acceptable to Administrative Agent in the exercise of its sole discretion.
“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of
the shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly
through one or more
41
intermediaries, or both, by such Person. Unless
otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Borrower.
“Successor Rate”
has the meaning specified in Section 3.03(b).
“Supported QFC”
has the meaning specified in Section 11.21.
“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and
all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form
of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement.
“Swap Obligations”
means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap”
within the meaning of Section 1a(47) of the Commodity Exchange Act.
“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date
referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined
in good faith by the Borrower in accordance with the terms thereof based upon one or more mid-market or other readily available quotations
provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).
“Swingline Borrowing”
means a borrowing of a Swingline Loan pursuant to Section 2.04.
“Swingline Lender”
means MUFG, in its capacity as provider of Swingline Loans, or any successor swingline lender hereunder.
“Swingline Loan”
has the meaning specified in Section 2.04(a).
“Swingline Loan
Notice” means a notice of a Swingline Borrowing pursuant to Section 2.04(b), which shall be substantially in
the form of Exhibit J or such other form as approved by the Administrative Agent (including any form on an electronic platform
or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible
Officer of the Borrower.
“Swingline Sublimit”
means an amount equal to the lesser of (a) $5,000,000 and (b) the Revolving Facility. The Swingline Sublimit is part of, and
not in addition to, the Revolving Facility.
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“Synthetic Debt”
means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions entered
into by such Person that are intended to function primarily as a borrowing of funds but are not otherwise included in the definition of
“Indebtedness” or as a liability on the Consolidated balance sheet of such Person and its Subsidiaries in accordance with
GAAP.
“Synthetic Lease
Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention
lease, or (b) an agreement for the use or possession of property (including Sale and Leaseback Transactions), in each case, creating
obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person,
would be characterized as the indebtedness of such Person (without regard to accounting treatment).
“Target”
has the meaning set forth in the definition of “Permitted Acquisition.”
“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Term A Borrowing”
means a borrowing consisting of simultaneous Term A Loans of the same Type and, in the case of Term SOFR Loans, having the same Interest
Period made by each of the Term A Lenders pursuant to Section 2.01(a).
“Term A Commitment”
means, as to each Term A Lender, its obligation to make Term A Loans to the Borrower pursuant to Section 2.01(a) in an
aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term A Lender’s name on
Schedule 1.01(b) under the caption “Term A Commitment” or opposite such caption in the Assignment and Assumption
pursuant to which such Term A Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement. The Term A Commitment of all of the Term A Lenders on the Closing Date shall be $85,000,000.
“Term A Facility”
means, at any time, (a) on or prior to the Closing Date, the aggregate amount of the Term A Commitments at such time and (b) thereafter,
the aggregate principal amount of the Term A Loans of all Term A Lenders outstanding at such time.
“Term A Lender”
means (a) at any time on or prior to the Closing Date, any Lender that has a Term A Commitment at such time and (b) at any time
after the Closing Date, any Lender that holds Term A Loans at such time.
“Term A Loan”
means an advance made by any Term A Lender under the Term A Facility.
“Term A Note”
means a promissory note made by the Borrower in favor of a Term A Lender evidencing Term A Loans made by such Term A Lender, substantially
in the form of Exhibit N-1.
“Term Borrowing”
means a Term A Borrowing or a DD Term Borrowing, as the context may require.
“Term Commitment”
means the Term A Commitment or the DD Term Commitment, as the context may require.
“Term Facility”
means the Term A Facility or the DD Term Facility, as the context may require.
43
“Term Lender”
means a Term A Lender or a DD Term Lender, as the context may require.
“Term Loan”
means Term A Loan or a DD Term Loan, as the context may require.
“Term SOFR” means:
(a) for
any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the Term SOFR Screen Rate two (2) U.S. Government
Securities Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that
if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the
first U.S. Government Securities Business Day immediately prior thereto; and
(b) for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate two (2) U.S.
Government Securities Business Days prior to such date with a term of one month commencing that day; provided that if the rate is not
published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government
Securities Business Day immediately prior thereto;
provided that if the Term SOFR determined
in accordance with either of the foregoing provisions (a) or (b) of this definition would otherwise be less than zero, the Term
SOFR shall be deemed zero for purposes of this Agreement.
“Term SOFR Loan”
means a Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.
“Term SOFR Replacement
Date” has the meaning specified in Section 3.03(b).
“Term SOFR Screen
Rate” means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the Administrative
Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations
as may be designated by the Administrative Agent from time to time).
“Threshold Amount”
means an amount equal to $10,000,000.
“Total Credit
Exposure” means, as to any Lender at any time, the unused Commitments, Revolving Exposure and Outstanding Amount of all
Term Loans of such Lender at such time.
“Total Revolving
Exposure” means, as to any Revolving Lender at any time, the unused Commitments and Revolving Exposure of such Revolving
Lender at such time.
“Total Revolving
Outstandings” means, as of any date of determination, the aggregate Outstanding Amount of all Revolving Loans, Swingline
Loans and L/C Obligations as of such date.
“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Term SOFR Loan.
“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of
perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code
as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code
as in effect from time to time in such other
44
jurisdiction for purposes of the provisions hereof relating to such perfection, effect
of perfection or non-perfection or priority.
“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated
by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to
time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.
“UK Resolution
Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.
“United States”
and “U.S.” mean the United States of America.
“Unreimbursed
Amount” has the meaning specified in Section 2.03(f).
“Unrestricted
Cash” means, as of any date of determination, the aggregate amount of cash and Cash Equivalents of the Loan Parties that
(i) do not appear (and are not required to appear) as “restricted” on the consolidated balance sheet of such Loan Party
(unless such appearance is related to the Liens granted to the Administrative Agent to secure the Secured Obligations), (ii) are
not subject to any Lien in favor of any person other than (A) the perfected security interest of the Administrative Agent and (B) bankers’
liens arising in connection with depository relations or Securities Accounts entered into in the ordinary course of business and (iii) are
otherwise generally available for use by such Loan Parties, in each case, solely to the extent any such cash and Cash Equivalents are
(or would be) included on the balance sheet of such Loan Parties, in each case, as of such date of determination. For the avoidance of
doubt, no amounts held in, or required to be held in, any Excluded Accounts shall be considered Unrestricted Cash for the purposes of
this Agreement.
“U.S. Government
Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the
Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire
day for purposes of trading in United States government securities.
“U.S.
Loan Party” means any Loan Party that is organized under the laws of the United States, any state thereof for the District
of Columbia.
“U.S.
Person” means any United States citizen, lawful permanent resident, entity organized under the laws of the United States
or any jurisdiction within the United States, including any foreign branch of any such entity, or any person in the United States.
“U.S. Special
Resolution Regimes” has the meaning specified in Section 11.21.
“U.S.
Tax Compliance Certificate” has the meaning specified in Section 3.01(f)(ii)(B)(3).
“Voting Stock”
means, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies,
entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right to so vote
has been suspended by the happening of such contingency.
“Write-Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the
45
Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United
Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the
form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all
or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
1.02 Other
Interpretive Provisions.
With reference to this Agreement
and each other Loan Document, unless otherwise specified herein or in such other Loan Document:
(a) The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document (including the Loan Documents and any Organization Document)
shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, modified,
extended, restated, replaced or supplemented from time to time (subject to any restrictions on such amendments, 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 “hereto,” “herein,” “hereof” and “hereunder,”
and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not
to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits
and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan
Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory rules, regulations,
orders and provisions consolidating, amending, replacing or interpreting such law and any reference to any law, rule or regulation
shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified, extended, restated, replaced or supplemented
from time to time, and (vi) 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. Any and all references to “L/C Issuer” regardless of whether preceded by the term “a”, “any”,
“each of”, “all”, “and/or”, or any other similar term shall be deemed to refer, as the context requires,
to each and every (and/or any, one or all) parties constituting a L/C Issuer, individually and/or in the aggregate.
(b) In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from and
including;” the words “to” and “until” each mean “to but excluding;” and the word “through”
means “to and including.”
(c) Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this
Agreement or any other Loan Document.
(d) Any
reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term,
shall be deemed to apply to a division of
46
or by a limited liability company, or an allocation of assets to a series of a limited
liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation,
amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any
division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability
company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).
1.03 Accounting
Terms.
(a) Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent, generally and in all material
respects, with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding
the foregoing, (a) for purposes of determining compliance with any covenant (including the computation of any financial covenant)
contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal
amount thereof, and the effects of FASB ASC 825 and FASB ASC 470–20 on financial liabilities shall be disregarded, and (b) any
obligations of a Person that are or would have been treated as operating leases for purposes of GAAP prior to the implementation of Financial
Accounting Standards Board ASU No. 2016-02, Leases (Topic 842) and any interpretations thereof (“ASU 842”) shall continue
to be accounted for as operating leases for purposes of all financial definitions, calculations and covenants for purpose of this Agreement
(other than for purposes of the delivery of financial statements prepared in accordance with GAAP), notwithstanding the fact that such
obligations are required in accordance with ASU 842 to be treated as capitalized lease or finance lease obligations in accordance with
GAAP.
(b) Changes
in GAAP. If at any time any change in GAAP (or in the application thereof) would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent,
the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof
in light of such change in GAAP (or in the application thereof) (subject to the approval of the Required Lenders); provided that,
until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein
(or in the application thereof) and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements
and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations
of such ratio or requirement made before and after giving effect to such change in GAAP (or in the application thereof).
(c) Consolidation
of Variable Interest Entities. All references herein to Consolidated financial statements of Borrower and its Subsidiaries or to the
determination of any amount for Borrower and its Subsidiaries on a Consolidated basis or any similar reference shall, in each case, be
deemed to include each variable interest entity that Borrower is required to consolidate pursuant to FASB ASC 810 as if such variable
interest entity were a Subsidiary as defined herein.
(d) Pro
Forma Treatment. Each Disposition of all or substantially all of a line of business, and each Acquisition, by the Borrower and its
Subsidiaries that is consummated during any Measurement Period shall, for purposes of determining compliance with the financial
47
covenants set forth in Section 7.11
and for purposes of determining the Applicable Rate, be given Pro Forma Effect as of the first day of such Measurement Period.
(e) Calculation
Timing. For purposes of determining the permissibility of any action, change, transaction, or other event (each of the foregoing,
a “Proposed Event”) that requires a calculation of any financial ratio or test (including, without limitation,
Section 7.11, any Consolidated Net Leverage Ratio test, any Consolidated Fixed Charge Coverage Ratio test, and/or the amount
of Consolidated EBITDA), such financial ratio or test shall be calculated at the time such action is taken, such change is made, such
transaction is consummated or such event occurs, as the case may be (any such time, the “Reference Time”). No
Default or Event of Default shall be deemed to have occurred as a result of the Proposed Event having occurred notwithstanding the fact
that a change in such financial ratio or test occurred after the applicable Reference Time which would have otherwise made the Proposed
Event impermissible hereunder.
1.04 Rounding.
Any financial ratios required
to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or
down to the nearest number (with a rounding-up if there is no nearest number).
1.05 Times
of Day.
Unless otherwise specified,
all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).
1.06 Letter
of Credit Amounts.
Unless otherwise specified
herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such
time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document
related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall
be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum
stated amount is in effect at such time.
1.07 Interest
Rates.
The Administrative Agent
does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the
administration, submission or any other matter related to any reference rate referred to herein or with respect to any rate
(including, for the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an
alternative or replacement for or successor to any such rate (including, without limitation, any Successor Rate) (or any component
of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes. The Administrative Agent and its
affiliates or other related entities may engage in transactions or other activities that affect any reference rate referred to
herein, or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of
any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Borrower.
The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any reference rate
referred to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or
any component of any of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to the
Borrower, any Lender or any other person or entity for damages of any kind,
48
including direct or indirect, special, punitive,
incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in
equity), for any error or other action or omission related to or affecting the selection, determination, or calculation of any rate
(or component thereof) provided by any such information source or service.
1.08 UCC
Terms.
Capitalized terms used herein
that are defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the context otherwise indicates,
have the meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of determination,
to the UCC then in effect.
Article II
COMMITMENTS
AND CREDIT EXTENSIONS
2.01 Loans.
(a) Term
A Borrowing. Subject to the terms and conditions set forth herein, each Term A Lender severally agrees to make a single loan to the
Borrower, in Dollars, on the Closing Date in an amount not to exceed such Term A Lender’s Applicable Percentage of the Term A Facility.
The Term A Borrowing shall consist of Term A Loans made simultaneously by the Term A Lenders in accordance with their respective Applicable
Percentage of the Term A Facility. Term A Borrowings repaid or prepaid may not be reborrowed. Term A Loans may be Base Rate Loans or Term
SOFR Loans, as further provided herein.
(b) Revolving
Borrowings. Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make loans (each such
loan, a “Revolving Loan”) to the Borrower, in Dollars, from time to time, on any Business Day during the Availability
Period for the Revolving Facility, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving
Commitment; provided, however, that after giving effect to any Revolving Borrowing, (i) the Total Revolving
Outstandings shall not exceed the Revolving Facility, and (ii) the Revolving Exposure of any Lender shall not exceed such Revolving
Lender’s Revolving Commitment. Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other
terms and conditions hereof, the Borrower may borrow Revolving Loans, prepay under Section 2.05, and reborrow under this Section 2.01(b).
Revolving Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.
(c) DD
Term Borrowing. Subject to the terms and conditions set forth herein, each DD Term Lender severally agrees to make up to three (3) DD
Term Loans time to time, on any Business Day during the Availability Period for the DD Term Facility, in an aggregate amount not to exceed
such DD Term Lender’s Applicable Percentage of the DD Term Facility. Each DD Term Borrowing shall consist of DD Term Loans made
simultaneously by the DD Term Lenders in accordance with their respective Applicable Percentage of the DD Term Facility. DD Term Borrowings
repaid or prepaid may not be reborrowed. DD Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.
2.02 Borrowings,
Conversions and Continuations of Loans.
(a) Notice
of Borrowing. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Term SOFR Loans
shall be made upon the Borrower’s
49
irrevocable notice to the Administrative Agent, which may be given by (A) telephone or
(B) a Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative
Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 12:00
p.m. (i) three (3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of
Term SOFR Loans or of any conversion of Term SOFR Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of
Base Rate Loans. Each Borrowing of, conversion to or continuation of Term SOFR Loans shall be in a principal amount of $5,000,000 or
a whole multiple of $1,000,000 in excess thereof (or, in connection with any conversion or continuation of a Term Loan, if less, the
entire principal thereof then outstanding). Except as provided in Sections 2.03(f) and 2.04(c), each Borrowing of
or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or,
in connection with any conversion or continuation of a Term Loan, if less, the entire principal thereof then outstanding). Each Loan
Notice shall specify (i) the applicable Facility and whether the Borrower is requesting a Borrowing, a conversion of Loans from
one Type to the other, or a continuation of Loans, as the case may be, under such Facility, (ii) the requested date of the
Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans
to be borrowed, converted or continued, and (iv) the Type of Loans to be borrowed or to which existing Loans are to be
converted, (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type
of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the
applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be
effective as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Loans. If the Borrower
requests a Borrowing of, conversion to, or continuation of Term SOFR Loans in any such Loan Notice, but fails to specify an Interest
Period, it will be deemed to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a
Swingline Loan may not be converted to a Term SOFR Loan.
(b) Advances.
Following receipt of a Loan Notice for a Facility, the Administrative Agent shall promptly notify each Appropriate Lender of the amount
of its Applicable Percentage under such Facility of the applicable Loans, and if no timely notice of a conversion or continuation is provided
by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described
in Section 2.02(a). In the case of a Borrowing, each Appropriate Lender shall make the amount of its Loan available to the
Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business
Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and,
if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received
available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower
on the books of MUFG with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided that if, on the date the Loan Notice
with respect to a Revolving Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of a Revolving
Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available
to the Borrower as provided above.
(c) Term
SOFR Loans. Except as otherwise provided herein, a Term SOFR Loan may be continued or converted only on the last day of an Interest
Period for such Term SOFR Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Term SOFR
Loans without the consent of the Required Lenders, and the Required Lenders may demand that any or all of the outstanding Term SOFR Loans
be converted immediately to Base Rate Loans.
50
(d) Interest
Rates. Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive
and binding on the Borrower and the Lenders in the absence of manifest error.
(e) Interest
Periods. After giving effect to all Term Borrowings, all conversions of Term Loans from one Type to the other, and all continuations
of Term Loans as the same Type, there shall not be more than eight (8) Interest Periods in effect in respect of the Term Facility.
After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and all continuations
of Revolving Loans as the same Type, there shall not be more than eight (8) Interest Periods in effect in respect of the Revolving
Facility.
(f) Cashless
Settlement Mechanism. Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all
or the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms
of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent, and such Lender.
(g) Conforming
Changes. With respect to SOFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time
and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes
will become effective without any further action or consent of any other party to this Agreement or any other Loan Document; provided
that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming
Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective.
2.03 Letters
of Credit.
(a) The
L/C Commitment. Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Section 2.01,
the Borrower may request that the L/C Issuer, in reliance on the agreements of the Revolving Lenders set forth in this Section 2.03,
issue, at any time and from time to time during the Availability Period, Letters of Credit denominated in Dollars for its own account
or the account of any of its Subsidiaries in such form as is acceptable to the Administrative Agent and the L/C Issuer in its reasonable
determination. Letters of Credit issued hereunder shall constitute utilization of the Revolving Commitments.
(b) Notice
of Issuance, Amendment, Extension, Reinstatement or Renewal.
(i) To
request the issuance of a Letter of Credit (or the amendment of the terms and conditions, extension of the terms and conditions,
extension of the expiration date, or reinstatement of amounts paid, or renewal of an outstanding Letter of Credit), the Borrower
shall deliver (or transmit by electronic communication, if arrangements for doing so have been approved by the L/C Issuer) to the
L/C Issuer selected by it and to the Administrative Agent not later than 12:00 p.m. at least two (2) Business Days (or
such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion)
prior to the proposed issuance date or date of amendment, as the case may be a notice requesting the issuance of a Letter of Credit,
or identifying the Letter of Credit to be amended, extended, reinstated or renewed, and specifying the date of issuance, amendment,
extension, reinstatement or renewal (which shall be a Business Day), the date on which such Letter of Credit is to expire (which
shall comply with clause (d) of this Section 2.03), the amount of such Letter of Credit, the name and
address of the
51
beneficiary thereof, the purpose and nature of the requested Letter of Credit and such other information as shall be
necessary to prepare, amend, extend, reinstate or renew such Letter of Credit. If requested by the L/C Issuer, the Borrower also
shall submit a Letter of Credit Application and reimbursement agreement on the L/C Issuer’s standard form in connection with
any request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the
terms and conditions of any form of Letter of Credit Application and reimbursement agreement or other agreement submitted by the
Borrower to, or entered into by the Borrower with, the L/C Issuer relating to any Letter of Credit, the terms and conditions of this
Agreement shall control.
(c) Limitations
on Amounts, Issuance and Amendment. A Letter of Credit shall be issued, amended, extended, reinstated or renewed only if (and
upon issuance, amendment, extension, reinstatement or renewal of each Letter of Credit the Borrower shall be deemed to represent and warrant
that), after giving effect to such issuance, amendment, extension, reinstatement or renewal (w) the aggregate amount of the outstanding
Letters of Credit issued by the L/C Issuer shall not exceed its L/C Commitment, (x) the aggregate L/C Obligations shall not exceed
the Letter of Credit Sublimit, (y) the Revolving Exposure of any Lender shall not exceed its Revolving Commitment and (z) the
Total Revolving Exposure shall not exceed the total Revolving Commitments.
(i) The
L/C Issuer shall not be under any obligation to issue any Letter of Credit if:
(A) any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer
from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from,
the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the L/C Issuer with respect to
the Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder)
not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable
on the Closing Date and which the L/C Issuer in good faith deems material to it;
(B) the
issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;
(C) except
as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount less than $500,000;
(D) any
Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery of Cash
Collateral, satisfactory to the L/C Issuer (in its reasonable discretion) with the Borrower or such Lender to eliminate the L/C Issuer’s
actual or potential Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with respect to the Defaulting Lender arising
from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which the L/C
Issuer has actual or potential Fronting Exposure, as it may elect in its reasonable discretion; or
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(E) the
Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder.
(ii) The
L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time
to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not
accept the proposed amendment to the Letter of Credit.
(d) Expiration
Date. Each Letter of Credit shall have a stated expiration date no later than the earlier of (i) the date twelve (12) months
after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration date thereof, whether automatic
or by amendment, twelve (12) months after the then-current expiration date of such Letter of Credit) and (ii) the date that is five
(5) Business Days prior to the Maturity Date.
(e) Participations.
(i) By
the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount or extending the expiration date thereof),
and without any further action on the part of the L/C Issuer or the Lenders, the L/C Issuer hereby grants to each Revolving Lender, and
each Revolving Lender hereby acquires from the L/C Issuer, a participation in such Letter of Credit equal to such Lender’s Applicable
Revolving Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Revolving Lender acknowledges and
agrees that its obligation to acquire participations pursuant to this clause (e) in respect of Letters of Credit is absolute,
unconditional and irrevocable and shall not be affected by any circumstance whatsoever, including any amendment, extension, reinstatement
or renewal of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments.
(ii) In
consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely, unconditionally and irrevocably agrees to
pay to the Administrative Agent in Dollars, for account of the L/C Issuer, such Lender’s Applicable Percentage of each L/C Disbursement
made by the L/C Issuer not later than 1:00 p.m. on the Business Day specified in the notice provided by the Administrative Agent
to the Revolving Lenders pursuant to Section 2.03(f) until such L/C Disbursement is reimbursed by the Borrower or at
any time after any reimbursement payment is required to be refunded to the Borrower for any reason, including after the Maturity Date.
Such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each such payment shall be made in the
same manner as provided in Section 2.02 with respect to Loans made by such Lender (and Section 2.02 shall apply,
mutatis mutandis, to the payment obligations of the Revolving Lenders pursuant to this Section 2.03), and the Administrative
Agent shall promptly pay to the L/C Issuer the amounts so received by it from the Lenders. Promptly following receipt by the Administrative
Agent of any payment from the Borrower pursuant to Section 2.03(f), the Administrative Agent shall distribute such payment
to the L/C Issuer or, to the extent that the Revolving Lenders have made payments pursuant to this clause (e) to reimburse
the L/C Issuer, then to such Lenders and the L/C Issuer as their interests may appear. Any payment made by a Lender pursuant to this clause
(e) to reimburse the L/C Issuer for any L/C Disbursement shall not constitute a Loan and shall not relieve the Borrower of its
obligation to reimburse such L/C Disbursement.
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(iii) Each
Revolving Lender further acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect
such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit at each time such
Lender’s Commitment is amended pursuant to the operation of Section 2.16, as a result of an assignment in accordance
with Section 11.06 or otherwise pursuant to this Agreement.
(iv) If
any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid
by such Lender pursuant to the foregoing provisions of this Section 2.03(e), then, without limiting the other provisions of
this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such
amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in
accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily
charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the
amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Revolving Borrowing or L/C Advance in respect
of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (e)(iv) shall be conclusive absent manifest error.
(f) Reimbursement.
If the L/C Issuer shall make any L/C Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the L/C Issuer in respect
of such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement not later than 1:00 p.m. on
(i) the Business Day that the Borrower receives notice of such L/C Disbursement in the currency in which such L/C Disbursement was
made if such notice is received prior to 10:00 a.m. or (ii) the Business Day immediately following the day that the Borrower
receives such notice, if such notice is not received prior to such time, provided that, if such L/C Disbursement is not less than $1,000,000,
the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 or Section 2.04
that such payment be financed with a Borrowing of a Base Rate Loan or a Swingline Loan in an equivalent amount and, to the extent so financed,
the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Borrowing of Base Rate Loans or
Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the
L/C Disbursement, the payment then due from the Borrower in respect thereof (the “Unreimbursed Amount”) and
such Lender’s Applicable Percentage thereof. Promptly upon receipt of such notice, each Revolving Lender shall pay to the Administrative
Agent its Applicable Percentage of the Unreimbursed Amount pursuant to Section 2.03(e)(ii), subject to the amount of the unutilized
portion of the aggregate Revolving Commitments. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(f) may
be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect
the conclusiveness or binding effect of such notice.
(g) Obligations
Absolute. The Borrower’s obligation to reimburse L/C Disbursements as provided in clause (f) of this Section 2.03
shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of:
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(i) any
lack of validity or enforceability of this Agreement, any other Loan Document or any Letter of Credit, or any term or provision herein
or therein;
(ii) the
existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against
any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be
acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such
Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;
(iii) any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient
in any respect or any statement in such draft or other document being untrue or inaccurate in any respect;
(iv) waiver
by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Borrower or any waiver
by the L/C Issuer which does not in fact materially prejudice the Borrower;
(v) honor
of a demand for payment presented electronically even if such Letter of Credit required that demand be in the form of a draft;
(vi) any
payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of,
or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC or
the ISP, as applicable;
(vii) payment
by the L/C Issuer under a Letter of Credit against presentation of a draft or other document that does not comply strictly with the terms
of such Letter of Credit; or
(viii) any
other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.03,
constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.
(h) Examination.
The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event
of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the L/C
Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such
notice is given as aforesaid.
(i) Liability.
None of the Administrative Agent, the Lenders, the L/C Issuer, or any of their Related Parties shall have any liability or
responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the L/C Issuer or any payment
or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any
error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or
relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of
technical terms, any error in translation or any consequence arising from causes beyond the control of the L/C Issuer; provided
that the foregoing shall not be construed to excuse the L/C Issuer from liability to the Borrower to the extent of any direct
damages (as opposed to consequential damages, claims in respect of which are hereby
55
waived by the Borrower to the extent permitted
by Applicable Law) suffered by the Borrower that are caused by the L/C Issuer’s failure to exercise care when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly
agree that, in the absence of gross negligence or willful misconduct on the part of the L/C Issuer (as finally determined by a court
of competent jurisdiction), the L/C Issuer shall be deemed to have exercised care in each such determination, and that:
(i) the
L/C Issuer may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment thereto with a certified
true copy marked as such or waive a requirement for its presentation;
(ii) the
L/C Issuer may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without
responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation
of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit and without regard to any
non-documentary condition in such Letter of Credit;
(iii) the
L/C Issuer shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents
are not in strict compliance with the terms of such Letter of Credit; and
(iv) this
sentence shall establish the standard of care to be exercised by the L/C Issuer when determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by Applicable Law,
any standard of care inconsistent with the foregoing).
Without limiting the foregoing, none of
the Administrative Agent, the Lenders, the L/C Issuer, or any of their Related Parties shall have any liability or responsibility by reason
of (A) any presentation that includes forged or fraudulent documents or that is otherwise affected by the fraudulent, bad faith,
or illegal conduct of the beneficiary or other Person, (B) the L/C Issuer declining to take-up documents and make payment, (C) against
documents that are fraudulent, forged, or for other reasons by which that it is entitled not to honor, (D) following a Borrower’s
waiver of discrepancies with respect to such documents or request for honor of such documents or (E) the L/C Issuer retaining proceeds
of a Letter of Credit based on an apparently applicable attachment order, blocking regulation, or third-party claim notified to the L/C
Issuer.
(j) Applicability
of ISP. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued by it, the rules of
the ISP shall apply to each standby Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrower
for, and the L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer
required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement,
including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or
in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance
and Trade – International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice,
whether or not any Letter of Credit chooses such law or practice.
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(k) Benefits.
The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and the L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in Article IX
with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to
be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as
used in Article IX included the L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided
herein with respect to the L/C Issuer.
(l) Letter
of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its
Applicable Revolving Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit
equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing
the daily amount available to be drawn under any standby Letter of Credit, the amount of such Letter of Credit shall be determined in
accordance with Section 1.06. Letter of Credit Fees shall be (i) payable on the first Business Day following the end
of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit
and (ii) accrued through and including the last day of each calendar quarter in arrears. If there is any change in the Applicable
Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable
Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary
contained herein, upon the request of the Required Lenders that are Revolving Lenders, while any Event of Default exists, all Letter of
Credit Fees shall accrue at the Default Rate.
(m) Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to the L/C Issuer for its own account
a fronting fee with respect to each Letter of Credit, at the rate per annum equal to 0.125%, computed on the daily amount available to
be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable no later than the tenth
Business Day after the end of each March, June, September and December in the most recently-ended quarterly period (or
portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of
Credit, on the Maturity Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter
of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower
shall pay directly to the L/C Issuer, for its own account, the customary issuance, presentation, amendment and other processing fees,
and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees
and standard costs and charges are due and payable on demand and are nonrefundable.
(n) Disbursement
Procedures. The L/C Issuer for any Letter of Credit shall, within the time allowed by Applicable Laws or the specific terms of the
Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under such Letter of
Credit. The L/C Issuer shall promptly after such examination notify the Administrative Agent and the Borrower in writing of such demand
for payment if the L/C Issuer has made or will make an L/C Disbursement thereunder; provided that any failure to give or delay
in giving such notice shall not relieve the Borrower of its obligation to reimburse the L/C Issuer and the Lenders with respect to any
such L/C Disbursement.
(o) Interim
Interest. If the L/C Issuer for any standby Letter of Credit shall make any L/C Disbursement, then, unless the Borrower shall reimburse
such L/C Disbursement in full on the
57
date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day
from and including the date such L/C Disbursement is made to but excluding the date that the Borrower reimburses such L/C Disbursement,
at the rate per annum then applicable to Base Rate Loans; provided that if the Borrower fails to reimburse such L/C Disbursement
when due pursuant to clause (f) of this Section 2.03, then Section 2.08(b) shall apply.
Interest accrued pursuant to this clause (p) shall be for account of the L/C Issuer, except that interest accrued on and
after the date of payment by any Lender pursuant to clause (f) of this Section 2.03 to reimburse the L/C
Issuer shall be for account of such Lender to the extent of such payment.
(p) Replacement
and Resignation of the L/C Issuer.
(i) The
L/C Issuer may be replaced at any time by written agreement between the Borrower, the Administrative Agent, the replaced L/C Issuer and
the successor L/C Issuer. The Administrative Agent shall notify the Lenders of any such replacement of the L/C Issuer. At the time any
such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer pursuant
to Section 2.03(m). From and after the effective date of any such replacement, (i) the successor L/C Issuer shall have
all the rights and obligations of an L/C Issuer under this Agreement with respect to Letters of Credit to be issued by it thereafter and
(ii) references herein to the term “L/C Issuer” shall be deemed to include such successor or any previous L/C Issuer,
or such successor and all previous L/C Issuer, as the context shall require. After the replacement of the L/C Issuer hereunder, the replaced
L/C Issuer shall remain a party hereto and shall continue to have all the rights and obligations of an L/C Issuer under this Agreement
with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.
(ii) Any
L/C Issuer may resign at any time by giving thirty (30) days’ prior notice to the Administrative Agent, the Lenders and the Borrower.
After the resignation of a L/C Issuer hereunder, the retiring L/C Issuer shall remain a party hereto and shall continue to have all the
rights and obligations of an L/C Issuer under this Agreement and the other Loan Documents with respect to Letters of Credit issued by
it prior to such resignation, but shall not be required to issue additional Letters of Credit or to extend, renew or increase the outstanding
Letter of Credit.
(q) Cash
Collateralization.
(i) If
any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative
Agent or the Required Lenders that are Revolving Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders
with L/C Obligations representing at least 66-2/3% of the total L/C Obligations) demanding the deposit of Cash Collateral pursuant
to this clause (q), the Borrower shall immediately deposit into an account established and maintained on the books and
records of the Administrative Agent (the “Collateral Account”) an amount in cash equal to 105% of the
total L/C Obligations as of such date plus any accrued and unpaid interest thereon, provided that the obligation to
deposit such Cash Collateral shall become effective immediately, and such deposit shall become immediately due and payable, without
demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (f) of Section 8.01.
Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the
Borrower under this Agreement. In addition, and without limiting the foregoing or clause (d) of this Section 2.03,
if any L/C Obligations remain outstanding after
58
the expiration date specified in said clause (d), the Borrower shall
immediately deposit into the Collateral Account an amount in cash equal to 105% of such L/C Obligations as of such date plus
any accrued and unpaid interest thereon.
(ii) The
Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the Collateral Account.
Other than any interest earned on the investment of such deposits, which investments shall be made at the option and reasonable discretion
of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits,
if any, on such investments shall accumulate in the Collateral Account. Moneys in the Collateral Account shall be applied by the Administrative
Agent to reimburse the L/C Issuer for L/C Disbursements for which it has not been reimbursed, together with related fees, costs, and customary
processing charges, and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower
for the L/C Obligations at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with
L/C Obligations representing 66-2/3% of the total L/C Obligations), be applied to satisfy other obligations of the Borrower under this
Agreement. If the Borrower is required to provide an amount of Cash Collateral hereunder as a result of the occurrence of an Event of
Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three (3) Business Days after
all Events of Default have been cured or waived.
(r) Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations
of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse, indemnify and compensate the L/C Issuer hereunder
for any and all drawings under such Letter of Credit as if such Letter of Credit had been issues solely for the account of the Borrower.
The Borrower irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of
the obligations of such Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters
of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial
benefits from the businesses of such Subsidiaries.
(s) L/C
Issuer Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, each L/C Issuer shall, in addition
to its notification obligations set forth elsewhere in this Section 2.03, provide the Administrative Agent a Letter of Credit
Report, as set forth below:
(i) reasonably
prior to the time that such L/C Issuer issues, amends, renews, increases or extends a Letter of Credit, the date of such issuance, amendment,
renewal, increase or extension and the stated amount of the applicable Letters of Credit after giving effect to such issuance, amendment,
renewal or extension (and whether the amounts thereof shall have changed);
(ii) on
each Business Day on which such L/C Issuer makes a payment pursuant to a Letter of Credit, the date and amount of such payment;
(iii) on
any Business Day on which the Borrower fails to reimburse a payment made pursuant to a Letter of Credit required to be reimbursed to such
L/C Issuer on such day, the date of such failure and the amount of such payment;
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(iv) on
any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued
by such L/C Issuer; and
(v) for
so long as any Letter of Credit issued by an L/C Issuer is outstanding, such L/C Issuer shall deliver to the Administrative Agent (A) on
the last Business Day of each calendar month, (B) at all other times a Letter of Credit Report is required to be delivered pursuant
to this Agreement, and (C) on each date that (1) an L/C Credit Extension occurs or (2) there is any expiration, cancellation
and/or disbursement, in each case, with respect to any such Letter of Credit, a Letter of Credit Report appropriately completed with the
information for every outstanding Letter of Credit issued by such L/C Issuer.
(t) Additional
L/C Issuers. Any Lender hereunder may become an L/C Issuer upon receipt by the Administrative Agent of a fully executed Notice of
Additional L/C Issuer which shall be signed by the Borrower, the Administrative Agent and each L/C Issuer. Such new L/C Issuer shall provide
its L/C Commitment in such Notice of Additional L/C Issuer and upon the receipt by the Administrative Agent of the fully executed Notice
of Additional L/C Issuer, the defined term L/C Commitment shall be deemed amended to incorporate the L/C Commitment of such new L/C Issuer.
(u) Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof
shall control.
2.04 Swingline
Loans.
(a) The
Swingline. Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements of the other
Lenders set forth in this Section 2.04, may in its sole discretion make loans to the Borrower (each such loan, a “Swingline
Loan”). Each such Swingline Loan may be made, subject to the terms and conditions set forth herein, to the Borrower, in
Dollars, from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding
the amount of the Swingline Sublimit; provided that (i) after giving effect to any Swingline Loan, (A) the Total Revolving
Outstandings shall not exceed the Revolving Facility at such time, (B) the Revolving Exposure of any Revolving Lender at such time
shall not exceed such Lender’s Revolving Commitment and (C) the aggregate outstanding principal amount of Swingline Loans shall
not exceed the Swingline Sublimit, (ii) the Borrower shall not use the proceeds of any Swingline Loan to refinance any outstanding
Swingline Loan, and (iii) the Swingline Lender shall not be under any obligation to make any Swingline Loan if it shall determine
(which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting
Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04,
prepay under Section 2.05, and reborrow under this Section 2.04. Each Swingline Loan shall bear interest only
at a rate based on the Base Rate plus the Applicable Rate. Immediately upon the making of a Swingline Loan, each Revolving Lender shall
be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline Lender a risk participation in such Swingline
Loan in an amount equal to the product of such Revolving Lender’s Applicable Revolving Percentage times the amount of such Swingline
Loan.
(b) Borrowing
Procedures. Each Swingline Borrowing shall be made upon the Borrower’s irrevocable notice to the Swingline Lender and the
Administrative Agent, which may be given by: (i) telephone or (ii) a Swingline Loan Notice; provided that any
telephonic notice must be confirmed immediately by delivery to the Swingline Lender and the Administrative Agent of a Swingline Loan
Notice. Each such Swingline Loan Notice must be received by the Swingline
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Lender and the Administrative Agent not later than 1:00
p.m. on the requested borrowing date, and shall specify (A) the amount to be borrowed, which shall be a minimum of
$250,000, and (B) the requested date of the Borrowing (which shall be a Business Day). Promptly after receipt by the Swingline
Lender of any Swingline Loan Notice, the Swingline Lender will confirm with the Administrative Agent (by telephone or in writing)
that the Administrative Agent has also received such Swingline Loan Notice and, if not, the Swingline Lender will notify the
Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swingline Lender has received notice (by
telephone or in writing) from the Administrative Agent (including at the request of any Revolving Lender) prior to 2:00 p.m. on
the date of the proposed Swingline Borrowing (1) directing the Swingline Lender not to make such Swingline Loan as a result of
the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (2) that one or more of
the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions
hereof, the Swingline Lender may make the amount of its Swingline Loan available to the Borrower at its office by crediting the
account of the Borrower on the books of the Swingline Lender in immediately available funds.
(c) Refinancing
of Swingline Loans.
(i) The
Swingline Lender at any time in its sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes
the Swingline Lender to so request on its behalf), that each Revolving Lender make a Base Rate Loan in an amount equal to such Lender’s
Applicable Revolving Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in writing (which written
request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02,
without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized
portion of the Revolving Facility and the conditions set forth in Section 4.02. The Swingline Lender shall furnish the Borrower
with a copy of the applicable Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Lender shall
make an amount equal to its Applicable Revolving Percentage of the amount specified in such Loan Notice available to the Administrative
Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable
Swingline Loan) for the account of the Swingline Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the
day specified in such Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving Lender that so makes funds available
shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received
to the Swingline Lender.
(ii) Notwithstanding
anything to the contrary in the foregoing, if for any reason any Swingline Loan cannot be refinanced by such a Revolving Borrowing in
accordance with Section 2.04(c)(i) (including, without limitation, the failure to satisfy the conditions set forth in
Section 4.02), the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be
a request by the Swingline Lender that each of the Revolving Lenders fund its risk participation in the relevant Swingline Loan and each
Revolving Lender’s payment to the Administrative Agent for the account of the Swingline Lender pursuant to Section 2.04(c)(i) shall
be deemed payment in respect of such participation.
(iii) If
any Revolving Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in
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Section 2.04(c)(i),
the Swingline Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount
with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Swingline Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the
Swingline Lender in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Swingline Lender in connection with the foregoing. If such Lender pays such
amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the
relevant Revolving Borrowing or funded participation in the relevant Swingline Loan, as the case may be. A certificate of the
Swingline Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause
(c)(iii) shall be conclusive absent manifest error.
(iv) Each
Revolving Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swingline Loans pursuant to
this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swingline Lender, the Borrower or any
other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or (C) any other occurrence, event or
condition, whether or not similar to any of the foregoing; provided that each Revolving Lender’s obligation to make Revolving
Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than
delivery by the Borrower of a Loan Notice). No such funding of risk participations shall relieve or otherwise impair the obligation of
the Borrower to repay Swingline Loans, together with interest as provided herein.
(d) Repayment
of Participations.
(i) At
any time after any Revolving Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline Lender receives
any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Revolving Lender its Applicable Revolving
Percentage thereof in the same funds as those received by the Swingline Lender.
(ii) If
any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to be returned by the
Swingline Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into
by the Swingline Lender in its discretion), each Revolving Lender shall pay to the Swingline Lender its Applicable Revolving Percentage
thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned,
at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swingline
Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this
Agreement.
(e) Interest
for Account of Swingline Lender. The Swingline Lender shall be responsible for invoicing the Borrower for interest on the Swingline
Loans. Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance
such Revolving Lender’s Applicable Revolving Percentage of any Swingline Loan, interest in respect of such Applicable Revolving
Percentage shall be solely for the account of the Swingline Lender.
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(f) Payments
Directly to Swingline Lender. The Borrower shall make all payments of principal and interest in respect of the Swingline Loans directly
to the Swingline Lender.
2.05 Prepayments.
(a) Optional.
(i) The
Borrower may, upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of Loan Prepayment,
at any time or from time to time voluntarily prepay DD Term Loans, Term A Loans and Revolving Loans in whole or in part without premium
or penalty, subject to Section 3.05; provided that, unless otherwise agreed by the Administrative Agent (i) such
notice must be received by the Administrative Agent not later than 12:00 p.m. (A) two (2) Business Days prior to any date
of prepayment of Term SOFR Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Term SOFR Loans
shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) any prepayment of Base
Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the
entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of
Loans to be prepaid and, if Term SOFR Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will
promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment
(based on such Lender’s Applicable Percentage in respect of the relevant Facility). If such notice is given by the Borrower, the
Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein;
provided that such notice may be conditional on the effectiveness of a replacement credit agreement (or other similar document)
or the receipt of proceeds of the issuance of Indebtedness or some other identifiable event or condition and may be revoked by the Borrower
(by written notice to the Administrative Agent at least one (1) Business Day prior to the specified effective date). Any prepayment
of any Term SOFR Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required
pursuant to Section 3.05. Each prepayment of the outstanding Term Loans pursuant to this Section 2.05(a) shall
be applied to the principal repayment installments thereof in inverse order of maturity. Subject to Section 2.15, such prepayments
shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities.
(ii) The
Borrower may, upon notice to the Swingline Lender pursuant to delivery to the Swingline Lender of a Notice of Loan Prepayment (with a
copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swingline Loans in whole or in part without premium
or penalty; provided that, unless otherwise agreed by the Swingline Lender, (A) such notice must be received by the Swingline
Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall
be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess hereof (or, if less, the entire principal thereof
then outstanding). Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the
Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein;
provided that such notice may be conditional on the effectiveness of a replacement credit agreement (or other similar document)
or the receipt of proceeds of the issuance of Indebtedness or some other identifiable event or condition and may be revoked by the
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Borrower (by written notice to the Administrative
Agent at least one (1) Business Day prior to the specified effective date).
(b) Mandatory.
(i) Dispositions
and Involuntary Dispositions. The Borrower shall prepay the Term Loans and/or Cash Collateralize the L/C Obligations as hereinafter
provided in an aggregate amount equal to 100% of the Net Cash Proceeds received by any Loan Party or any Subsidiary from all Dispositions
(other than Permitted Transfers) and Involuntary Dispositions within three (3) days of the date of such Disposition or Involuntary
Disposition; provided, however, that so long as no Default shall have occurred and be continuing, such Net Cash Proceeds
shall not be required to be so applied at the election of the Borrower (as notified by the Borrower to the Administrative Agent on
or prior to the date of such Disposition or Involuntary Disposition) to the extent such Loan Party or such Subsidiary reinvests all or
any portion of such Net Cash Proceeds in like assets or other assets useful to the business of the Borrower and its Subsidiaries (but
specifically excluding current assets as classified by GAAP) within one hundred eighty (180) days after the receipt of such Net Cash Proceeds;
provided that, if such Net Cash Proceeds shall have not been so reinvested within such period, such Net Cash Proceeds shall be
immediately applied to prepay the Loans and/or Cash Collateralize the L/C Obligations.
(ii) Debt
Issuance. Immediately upon the receipt by the Borrower or any Subsidiary of the Net Cash Proceeds of any Debt Issuance, the Borrower
shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter provided in an aggregate amount equal to 100% of such
Net Cash Proceeds.
(iii) Extraordinary
Receipts. Within three (3) days of receipt by any Loan Party or any Subsidiary of any Extraordinary Receipt received by or paid
to or for the account of any Loan Party or any of its Subsidiaries, and not otherwise included in clauses (i) or (ii) of
this Section 2.05(b), the Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter provided
in an aggregate principal amount equal to 100% of all Net Cash Proceeds received therefrom.
(iv) Application
of Payments. Each prepayment of Loans pursuant to the foregoing provisions of clauses (i) through (iii) of this Section 2.05(b) shall
be applied first to the principal repayment installments of the Term Loan in inverse order of maturity, including, without limitation,
the final principal repayment installment on the Maturity Date, and second to the Revolving Facility in the manner set forth in clause
(vi) of this Section 2.05(b). Subject to Section 2.15, such prepayments shall be paid to eh Lenders in
accordance with their respective Applicable Percentages in respect of the relevant Facilities.
(v) Revolving
Outstandings. If for any reason the Total Revolving Outstandings at any time exceed the Revolving Facility at such time, the Borrower
shall immediately prepay Revolving Loans, Swingline Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations in an aggregate
amount equal to such excess; provided that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant
to this Section 2.05(b) unless, after the prepayment of the Revolving Loans and Swingline Loans, the Total Revolving
Outstandings exceed the Revolving Facility at such time.
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(vi) Application
of Other Payments. Except as otherwise provided in Section 2.15, prepayments of the Revolving Facility made pursuant to
this Section 2.05(b), first, shall be applied ratably to the L/C Borrowings and the Swingline Loans, second,
shall be applied to the outstanding Revolving Loans, and third, shall be used to Cash Collateralize the remaining L/C Obligations.
Within the parameters of the
applications set forth above, prepayments pursuant to this Section 2.05(b) shall be applied first to Base Rate Loans
and then to Term SOFR Loans in direct order of Interest Period maturities. All prepayments under this Section 2.05(b) shall
be subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal
amount prepaid through the date of prepayment.
2.06 Termination
or Reduction of Commitments.
(a) Optional.
The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Facility, the Letter of Credit Sublimit or the Swingline
Sublimit, or from time to time permanently reduce the Revolving Facility, the Letter of Credit Sublimit or the Swingline Sublimit; provided
that (i) any such notice shall be received by the Administrative Agent not later than 12:00 p.m. five (5) Business Days
prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or
any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Revolving Facility
if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Revolving
Facility, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully
Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swingline Sublimit if, after giving effect thereto
and to any concurrent prepayments hereunder, the Outstanding Amount of Swingline Loans would exceed the Swingline Sublimit. In addition,
during the Availability Period in respect of the DD Term Facility, the Borrower may, upon notice to the Administrative Agent as set forth
above, from time to time terminate (in whole or in part) the unused portion of the aggregate DD Term Commitments.
(b) Mandatory.
(i) The
aggregate Term A Commitments shall be automatically and permanently reduced to zero on the date of the Term A Borrowing.
(ii) The
aggregate DD Term Commitments shall be automatically and permanently reduced (A) by the amount of any DD Term Loan made on such date
and (B) to zero on the last day of the Availability Period for the DD Term Facility.
(iii) If
after giving effect to any reduction or termination of Revolving Commitments under this Section 2.06, the Letter of Credit
Sublimit or the Swingline Sublimit exceeds the Revolving Facility at such time, the Letter of Credit Sublimit or the Swingline Sublimit,
as the case may be, shall be automatically reduced by the amount of such excess.
(c) Application
of Commitment Reductions; Payment of Fees.
(i) The
Administrative Agent will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit, Swingline
Sublimit or the Revolving Commitment under this Section 2.06. Upon any reduction of the Revolving
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Commitments, the
Revolving Commitment of each Revolving Lender shall be reduced by such Lender’s Applicable Revolving Percentage of such
reduction. All fees in respect of the Revolving Facility accrued until the effective date of any termination of the Revolving
Facility shall be paid on the effective date of such termination.
(ii) The
Administrative Agent will promptly notify the Lenders of any termination or reduction of the unused portion of the aggregate DD Term Commitments
under this Section 2.06. Upon any reduction of the unused portion of the aggregate DD Term Commitments, the DD Term Commitment
of each DD Term Lender shall be reduced by such Lender’s ratable portion of such reduction. All fees in respect of the DD Term Facility
accrued until the effective date of any termination of the DD Term Facility shall be paid on the effective date of such termination.
2.07 Repayment
of Loans.
(a) Term
A Loans. The Borrower shall repay to the Term A Lenders on the first Business Day following the end of each fiscal quarter of the
Borrower (commencing with the fiscal quarter beginning April 1, 2027) an amount equal to the percentage of the aggregate principal
amount of Term A Loans advanced on the Closing Date (as such amount may be increased pursuant to Section 2.07(b)) for each
fiscal quarter indicated below, unless accelerated sooner pursuant to Section 8.02
Payment Dates
Principal Repayment
Installments
April 1, 2027
0.625%
July 1, 2027
0.625%
October 1, 2027
0.625%
January 1, 2028
0.625%
April 1, 2028
1.25%
July 1, 2028
1.25%
October 1, 2028
1.25%
January 1, 2029
1.25%
April 1, 2029
1.25%
July 1, 2029
1.25%
October 1, 2029
1.25%
January 1, 2030
1.25%
April 1, 2030
1.875%
July 1, 2030
1.875%
October 1, 2030
1.875%
January 1, 2031
1.875%
April 1, 2031
2.50%
July 1, 2031
2.50%
October 1, 2031
2.50%
provided, however,
that (i) the final principal repayment installment of the Term A Loans shall be repaid on the Maturity Date and in any event
shall be in an amount equal to the aggregate principal amount of all Term A Loans outstanding on such date, (ii) if any
principal repayment installment to be made by the Borrower (other than principal repayment installments on Term SOFR Loans) shall
come due on a day other than a Business Day, such principal repayment installment shall be due on the next succeeding Business Day,
and such extension of time shall be reflected in
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computing interest or fees, as the case may be and (iii) if any principal
repayment installment to be made by the Borrower on a Term SOFR Loan shall come due on a day other than a Business Day, such
principal repayment installment shall be extended to the next succeeding Business Day unless the result of such extension would be
to extend such principal repayment installment into another calendar month, in which event such principal repayment installment
shall be due on the immediately preceding Business Day.
(b) DD
Term Loans. From and after each DD Term Conversion Date, the DD Term Conversion Amount on such date shall automatically become part
of, and subject to, the amortization schedule in respect of the Term A Loans and the Borrower shall, from and after such date, make, from
and after such date, the payments required in Section 2.07(a) in respect of such DD Term Conversion Amount (in addition
to the payments required in respect of the Term A Loan), unless accelerated sooner pursuant to Section 8.02; provided,
however, that (i) the final principal repayment installment of the DD Term Loans shall be repaid on the Maturity Date and
in any event shall be in an amount equal to the aggregate principal amount of all DD Term Loans outstanding on such date, (ii) if
any principal repayment installment to be made by the Borrower (other than principal repayment installments on Term SOFR Loans) shall
come due on a day other than a Business Day, such principal repayment installment shall be due on the next succeeding Business Day, and
such extension of time shall be reflected in computing interest or fees, as the case may be and (iii) if any principal repayment
installment to be made by the Borrower on a Term SOFR Loan shall come due on a day other than a Business Day, such principal repayment
installment shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such principal
repayment installment into another calendar month, in which event such principal repayment installment shall be due on the immediately
preceding Business Day.
(c) Revolving
Loans. The Borrower shall repay to the Revolving Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans
outstanding on such date.
(d) Swingline
Loans. The Borrower shall repay each Swingline Loan on or before the earlier to occur of (i) the date ten (10) Business
Days after such Loan is made and (ii) the Maturity Date.
2.08 Interest
and Default Rate.
(a) Interest.
Subject to the provisions of Section 2.08(b), (i) each Term SOFR Loan under such Facility shall bear interest on the
outstanding principal amount thereof for each Interest Period from the applicable Borrowing date at a rate per annum equal to the Term
SOFR for such Interest Period plus the Applicable Rate under such Facility; (ii) each Base Rate Loan under a Facility shall bear
interest on the outstanding principal amount thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Rate for such Facility; and (iii) each Swingline Loan shall bear interest on the outstanding principal amount
thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate for the Revolving Facility plus the Applicable Rate.
To the extent that any calculation of interest or any fee required to be paid under this Agreement shall be based on (or result in) a
calculation that is less than zero, such calculation shall be deemed zero for purposes of this Agreement.
(b) Default
Rate.
(i) While
any Event of Default of the type referred to in clauses (a), (f) or (g) of Section 8.01
exists, all outstanding Obligations (including Letter of Credit Fees) shall
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accrue at a fluctuating interest rate per annum at all
times equal to the Default Rate to the fullest extent permitted by Applicable Laws.
(ii) If
any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to
any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders
such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by Applicable Laws.
(iii) Upon
the request of the Required Lenders, while any Event of Default exists (including a payment default), all outstanding Obligations (including
Letter of Credit Fees) may accrue at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent
permitted by Applicable Laws.
(iv) Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.
(c) Interest
Payments. Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other
times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.
2.09 Fees.
In addition to certain fees
described in Section 2.03:
(a) Commitment
Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage,
a commitment fee in Dollars equal to the Applicable Rate times the actual daily amount by which the Revolving Facility exceeds
the sum of (x) the Outstanding Amount of Revolving Loans and (y) the Outstanding Amount of L/C Obligations, subject to
adjustment as provided in Section 2.15. For the avoidance of doubt, the Outstanding Amount of Swingline Loans shall not be
counted towards or considered usage of the Revolving Facility for purposes of determining the commitment fee, in each case, subject to
adjustment as provided in Section 2.15. In addition, the Borrower shall pay to the Administrative Agent for the account of
each DD Term Lender in accordance with its Applicable Percentage of the DD Term Facility, a commitment fee equal to the Applicable Rate
times the actual daily amount of the aggregate DD Term Commitments. The commitment fee shall accrue at all times during the Availability
Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable
quarterly in arrears on the first Business Day following each March, June, September and December, commencing with the first such
date to occur after the Closing Date, and, in the case of the commitment fee with respect to the Revolving Facility, on the last day of
the Availability Period for the Revolving Facility or, in the case of the commitment fee with respect to the DD Term Facility, on the
last day of the Availability Period for the DD Term Facility. The commitment fee shall be calculated quarterly in arrears, and if there
is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate
separately for each period during such quarter that such Applicable Rate was in effect.
(b) Other
Fees.
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(i) The
Borrower shall pay to the Administrative Agent and the Arranger in Dollars for its own account fees in the amounts and at the times specified
in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.
(ii) The
Borrower shall pay to the Lenders in Dollars such fees as shall have been separately agreed upon in writing in the amounts and at the
times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.
2.10 Computation
of Interest and Fees; Retroactive Adjustments of Applicable Rate.
(a) Computation
of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to Term
SOFR) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of
fees and interest shall be made on the basis of a three hundred sixty (360) day year and actual days elapsed (which results in more fees
or interest, as applicable, being paid than if computed on the basis of a 365 day year). Interest shall accrue on each Loan for the day
on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid,
provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest
for one (1) day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding
for all purposes, absent manifest error.
(b) Financial
Statement Adjustments or Restatements. If, as a result of any restatement of or other adjustment to the financial statements of the
Borrower and its Subsidiaries or for any other reason, the Borrower, or the Lenders determine that (i) the Consolidated Net Leverage
Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Net
Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to
pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by
the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under
the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the L/C
Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of
interest and fees actually paid for such period. This clause (b) shall not limit the rights of the Administrative Agent, any
Lender or the L/C Issuer, as the case may be, under any provision of this Agreement to payment of any Obligations hereunder at the Default
Rate or under Article VIII. The Borrower’s obligations under this clause (b) shall survive the termination
of the Aggregate Commitments and the repayment of all other Obligations hereunder.
2.11 Evidence
of Debt.
(a) Maintenance
of Accounts. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such
Lender in the ordinary course of business. The Administrative Agent shall maintain the Register in accordance with Section 11.06(c).
The accounts or records maintained by each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions
made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall
not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the
Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the Register, the Register
shall control in the absence of manifest error. Upon the
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request of any Lender made through the Administrative Agent, the Borrower
shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans
in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if
applicable), amount, currency and maturity of its Loans and payments with respect thereto.
(b) Maintenance
of Records. In addition to the accounts and records referred to in Section 2.11(a), each Lender and the Administrative
Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations
in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts and records maintained by the Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall
control in the absence of manifest error.
2.12 Payments
Generally; Administrative Agent’s Clawback.
(a) General.
All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative
Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars
and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly
distribute to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable share as provided herein)
of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative
Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue
to accrue. Subject to Section 2.07(a) and as otherwise specifically provided for in this Agreement, if any payment to
be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and
such extension of time shall be reflected in computing interest or fees, as the case may be.
(b) (i) Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to
the proposed date of any Borrowing of Term SOFR Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 1:00 p.m. on
the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing,
the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02
(or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time
required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.
In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the
applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in
immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower
to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the
greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in
connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base
Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period,
the
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Administrative Agent shall promptly
remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable
Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any
payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make
such payment to the Administrative Agent.
(ii) Payments
by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior
to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the
Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or the L/C Issuer, as the case may be, the amount
due. With respect to any payment that the Administrative Agent makes for the account of the Lenders or the L/C Issuer hereunder as to
which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies
(such payment referred to as the “Rescindable Amount”): (1) the Borrower has not in fact made such payment;
(2) the Administrative Agent has made a payment in excess of the amount so paid by the Borrower (whether or not then owed); or (3) the
Administrative Agent has for any reason otherwise erroneously made such payment; then each of the Appropriate Lenders or the L/C Issuer,
as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to
such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount
is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
A notice of the
Administrative Agent to any Lender or the Borrower with respect to any amount owing under this clause (b) shall be conclusive,
absent manifest error.
(c) Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender
as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative
Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance
with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without
interest.
(d) Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Term Loans or Revolving Loans, to fund participations in Letters
of Credit and Swingline Loans and to make payments pursuant to Section 11.04(c) are several and not joint. The failure
of any Lender to make any Loan, to fund any such participation or to make any payment under Section 11.04(c) on any date
required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.04(c).
(e) Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or
to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.
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(f) Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing (other than Swingline Borrowings) shall be
made from the Appropriate Lenders, each payment of fees under Section 2.09 and Section 2.03 shall be made for
account of the Appropriate Lenders, and each termination or reduction of the amount of the Commitments shall be applied to the respective
Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Borrowing shall be allocated
pro rata among the Lenders according to the amounts of their respective Commitments (in the case of the making of Revolving Loans) or
their respective Loans that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each
payment or prepayment of principal of Loans by the Borrower shall be made for account of the Appropriate Lenders pro rata in accordance
with the respective unpaid principal amounts of the Loans held by them; and (iv) each payment of interest on Loans by the Borrower
shall be made for account of the Appropriate Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable
to the respective Appropriate Lenders.
(g) Insufficient
Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts
of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest
and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to
such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of principal and L/C Borrowings then due to such parties.
2.13 Sharing
of Payments by Lenders.
If any Lender shall, by exercising
any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any of the Facilities
due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to
the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount
of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time)
of payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan
Documents at such time obtained by all the Lenders at such time or (b) Obligations in respect of any of the Facilities owing (but
not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according
to the proportion of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the
aggregate amount of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the
other Loan Documents at such time) of payments on account of the Obligations in respect of the Facilities owing (but not due and payable)
to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time, then, in each case
under clauses (a) and (b) above, the Lender receiving such greater proportion shall (A) notify the Administrative Agent
of such fact, and (B) purchase (for cash at face value) participations in the Loans and sub-participations in L/C Obligations and
Swingline Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall
be shared by the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the Facilities then due and payable
to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that:
(i) if
any such participations or sub-participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations or sub-participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest;
and
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(ii) the
provisions of this Section 2.13 shall not be construed to apply to (A) any payment made by or on behalf of the Borrower
pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence
of a Defaulting Lender), (B) the application of Cash Collateral provided for in Section 2.14, or (C) any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or sub-participations in L/C
Obligations or Swingline Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate thereof (as
to which the provisions of this Section 2.13 shall apply).
Each Loan Party consents to
the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.
2.14 Cash
Collateral.
(a) Obligation
to Cash Collateralize. At any time there shall exist a Defaulting Lender, within one Business Day following the written request of
the Administrative Agent or the L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C Issuer’s
Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.15(a)(iv) and any
Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. Additionally, if the Administrative
Agent notifies the Borrower at any time that the Outstanding Amount of all L/C Obligations at such time exceeds 105% of the Letter of
Credit Sublimit then in effect, then within two (2) Business Days after receipt of such notice, the Borrower shall provide Cash Collateral
for the Outstanding Amount of the L/C Obligations in an amount not less than the amount by which the Outstanding Amount of all L/C Obligations
exceeds the Letter of Credit Sublimit.
(b) Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to
(and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders,
and agrees to maintain, a first priority security interest in all such cash, Deposit Accounts and all balances therein, and all other
property so provided as Collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which
such Cash Collateral may be applied pursuant to Section 2.14(c). If at any time the Administrative Agent determines that Cash
Collateral is subject to any right or claim of any Person other than the Administrative Agent or the L/C Issuer as herein provided, or
that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the
Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such
deficiency (determined in the case of Cash Collateral provided pursuant to Section 2.15(a)(v), after giving effect to Section 2.15(a)(v) and
any Cash Collateral provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject
to deposit) shall be maintained in one or more Controlled Accounts at MUFG. The Borrower shall pay on demand therefor from time to time
all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement
of Cash Collateral.
(c) Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.14
or Sections 2.03, 2.05, 2.15 or 8.02 in respect of Letters of Credit shall be held and applied to the
satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided
by
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a Revolving Lender that is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash
Collateral was so provided, prior to any other application of such property as may be provided for herein.
(d) Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released
promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by
the termination of Defaulting Lender status of the applicable Revolving Lender (or, as appropriate, its assignee following compliance
with Section 11.06(b)(vi))) or (ii) the determination by the Administrative Agent and the L/C Issuer that there exists
excess Cash Collateral; provided that (A) any such release shall be without prejudice to, and any disbursement or other transfer
of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable provisions
of the Loan Documents, and (B) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be
released but instead held to support future anticipated Fronting Exposure or other obligations.
2.15 Defaulting
Lenders.
(a) Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time
as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:
(i) Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 11.01.
(ii) Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or
received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or
times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such
Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by such Defaulting Lender to the L/C Issuer or the Swingline Lender hereunder; third, to Cash Collateralize the
L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.14; fourth,
as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth,
if so determined by the Administrative Agent and the Borrower, to be held in a Deposit Account and released pro rata in order to
(A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and
(B) Cash Collateralize the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to
future Letters of Credit issued under this Agreement, in accordance with Section 2.14; sixth, to the
payment of any amounts owing to the Lenders, the L/C Issuer or Swingline Lender as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, the L/C Issuer or the Swingline Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of
Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of
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its obligations under this Agreement;
and eighth, to such Defaulting Lender or as otherwise as may be required under the Loan Documents in connection with any
Lien conferred thereunder or directed by a court of competent jurisdiction; provided that if (x) such payment is a payment
of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate
share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02
were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders
on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such
time as all Loans and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Lenders pro rata in accordance
with the Commitments hereunder without giving effect to Section 2.15(a)(v). Any payments, prepayments or other amounts paid
or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant
to this Section 2.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto.
(iii) Certain
Fees.
(A) Fees.
No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during which that
Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have
been paid to that Defaulting Lender).
(B) Letter
of Credit Fees. Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender
is a Defaulting Lender only to the extent allocable to its Applicable Revolving Percentage of the stated amount of Letters of Credit for
which it has provided Cash Collateral pursuant to Section 2.14.
(C) Defaulting
Lender Fees. With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or
(B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to
such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swingline Loans that has been
reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to the L/C Issuer and the Swingline
Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s
or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of any
such fee.
(iv) Reallocation
of Applicable Revolving Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in
L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable
Revolving Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation
does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment.
Subject to Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from that Lender having become a
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Defaulting Lender, including any claim
of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
(v) Cash
Collateral, Repayment of Swingline Loans. If the reallocation described in clause (a)(v) above cannot, or can only partially,
be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under Applicable Law, (A) first,
prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (B) second, Cash Collateralize
the L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.14.
(b) Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the L/C Issuer agree in writing that a Lender is
no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified
in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that
Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions
as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit
and Swingline Loans to be held pro rata by the Lenders in accordance with their Revolving Commitments (without giving effect to Section 2.15(a)(iv)),
whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect
to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided further
that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
(c) New
Swingline Loans/Letters of Credit. So long as any Revolving Lender is a Defaulting Lender, (i) the Swingline Lender shall not
be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline
Loan and (ii) the L/C Issuer shall not be required to issue, extend, increase, reinstate or renew any letter of Credit unless it
is satisfied that it will have no Fronting Exposure after giving effect thereto.
2.16 Increase
in Commitments.
The Borrower may
by written notice to the Administrative Agent elect to request (x) prior to the Maturity Date, an increase to the existing Revolving
Commitments (each, an “Incremental Revolving Commitment”) and/or (y) the establishment of one or more new term
loan commitments (each, an “Incremental Term Commitment”), by an aggregate amount not in excess of $30,000,000. Each
such notice shall specify (i) the date (each, an “Increase Effective Date”) on which the Borrower proposes that
the Incremental Commitments shall be effective, which shall be a date not less than ten (10) Business Days after the date on which
such notice is delivered to the Administrative Agent and (ii) the identity of each Eligible Assignee to whom the Borrower proposes
any portion of such Incremental Commitments be allocated and the amounts of such allocations; provided that any existing Lender
approached to provide all or a portion of the Incremental Commitments may elect or decline, in its sole discretion, to provide such Incremental
Commitment. Each Incremental Commitment shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof;
provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the aggregate limit in
respect of Incremental Commitments set forth in above. The Borrower may not obtain an Incremental Commitment more than three (3) times
during the term of this Agreement.
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(a) Conditions.
The Incremental Commitments shall become effective as of the Increase Effective Date; provided that:
(i) each
of the conditions set forth in Section 4.02 shall be satisfied or waived;
(ii) no
Default or Event of Default shall have occurred and be continuing or would result from the borrowings to be made on the Increase Effective
Date;
(iii) the
representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects
on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall have been true and correct in all material respects as of such earlier date, and except that for purposes
of this Section 2.16(a), the representations and warranties contained in Section 5.05(a) and Section 5.05(b) shall
be deemed to refer to the most recent financial statements furnished pursuant to clauses (a) and (b), respectively,
of Section 6.01;
(iv) on
a Pro Forma Basis (assuming that all existing Commitments and any such Incremental Commitments are fully drawn), the Borrower shall be
in compliance with each of the covenants set forth in Section 7.11 as of the end of the latest fiscal quarter for which internal
financial statements are available;
(v) the
Borrower shall make any breakage payments in connection with any adjustment of Revolving Loans pursuant to Section 3.05;
(vi) the
Borrower shall deliver or cause to be delivered officer’s certificates and legal opinions of the type delivered on the Closing Date
to the extent reasonably requested by, and in form and substance reasonably satisfactory to, the Administrative Agent and the Lenders
holding Incremental Commitments; and
(vii) (A) upon
the reasonable request of any Lender made at least five (5) Business Days prior to the Increase Effective Date, the Borrower shall
have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested
in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without
limitation, the PATRIOT Act, in each case at least three (3) Business Days prior to the Increase Effective Date and (B) at least
three (3) Business Days prior to the Increase Effective Date, any Loan Party that qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership Certification
in relation to such Loan Party.
Notwithstanding the foregoing, no Lender
will be required or otherwise obligated to provide any portion of such Incremental Term Loan or Incremental Revolving Commitment.
(b) Terms
of New Loans and Commitments. The terms and provisions of Loans made pursuant to Incremental Commitments shall be as follows:
(i) terms
and provisions of Incremental Term Loans shall be, except as otherwise set forth herein or in the Increase Joinder, identical to the Term
Loans except with respect to interest rate and upfront fees (it being understood that Incremental Term Loans may be a part of the Term
Loans) and to the extent that the terms and provisions of
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Incremental Term Loans are not identical
to the Term Loans (except to the extent permitted by clause (iii), (iv) or (v) below) they shall be reasonably
satisfactory to the Administrative Agent; provided that in any event the Incremental Term Loans must comply with clauses (iii),
(iv) and (v) below;
(ii) the
terms and provisions of Revolving Loans made pursuant to new Commitments shall be identical to the Revolving Loans except with respect
to interest rate, unused fees and upfront fees; provided that in any event the Incremental Revolving Loans must comply with clause
(v) below;
(iii) the
weighted average life to maturity of any Incremental Term Loans shall be no shorter than the remaining weighted average life to maturity
of the then existing Term Loans;
(iv) the
maturity date of Incremental Term Loans (the “Incremental Term Loan Maturity Date”) shall not be earlier than the then
Maturity Date; and
(v) the
Applicable Rate for Incremental Term Loans and Incremental Revolving Commitment shall be determined by the Borrower and the Lenders of
the Incremental Term Loans and Incremental Revolving Commitment, as applicable; provided that (I) in the event that the Applicable
Rate for any Incremental Term Loan is greater than the Applicable Rate for the Term Loans by more than fifty (50) basis points, then the
Applicable Rate for the Term Loans shall be increased to the extent necessary so that the Applicable Rate for the Incremental Term Loans
is equal to the Applicable Rate for the Term Loans and (II) in the event that the Applicable Rate for any Incremental Revolving Commitment
is greater than the Applicable Rate for Revolving Loans by more than fifty (50) basis points then the Applicable Rate for the Revolving
Loans shall be increased to the extent necessary so that the Applicable Rate for the Incremental Revolving Commitments is equal to the
Applicable Rate for the Revolving Loans; provided, further, that in determining the Applicable Rate applicable to the Loans
and the Incremental Commitments, (x) upfront fees payable by the Borrower to the Lenders of the Loans or the Incremental Commitments
in the primary syndication thereof shall be included; (y) customary arrangement or commitment fees payable to the Arranger (or its
respective affiliates) in connection with the Loans or to one (1) or more arrangers (or their affiliates) of the Incremental Commitments
shall be excluded; and (z) if the Term SOFR or Base Rate “floor” for the Incremental Commitments is greater than the
Term SOFR or Base Rate “floor,” respectively, for the existing Loans, the difference between such floor for the Incremental
Commitments and the existing Loans shall be equated to an increase in the Applicable Rate for purposes of this clause (v).
The Incremental Commitments shall be
effected by a joinder agreement (the “Increase Joinder”) executed by the Borrower, the Administrative Agent and each
Lender making such Incremental Commitment, in form and substance reasonably satisfactory to each of them. Notwithstanding the provisions
of Section 11.01, the Increase Joinder may, without the consent of any other Lenders, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the
provisions of this Section 2.16. In addition, unless otherwise specifically provided herein, all references in Loan Documents
to Revolving Loans or Term Loans shall be deemed, unless the context otherwise requires, to include references to Revolving Loans made
pursuant to Incremental Revolving Commitments and Incremental Term Loans that are Term Loans, respectively, made pursuant to
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this Agreement. This Section 2.16
shall supersede any provisions in Section 2.13 or Section 11.01 to the contrary.
(c) Adjustment
of Revolving Credit Loans. To the extent the Commitments being increased on the relevant Increase Effective Date are Incremental Revolving
Commitments, then each Revolving Lender that is acquiring an Incremental Revolving Commitment on the Increase Effective Date shall make
a Revolving Loan, the proceeds of which will be used to prepay the Revolving Loans of the other Revolving Lenders immediately prior to
such Increase Effective Date, so that, after giving effect thereto, the Revolving Loans outstanding are held by the Revolving Lenders
pro rata based on their Revolving Commitments after giving effect to such Increase Effective Date. If there is a new borrowing of Revolving
Loans on such Increase Effective Date, the Revolving Lenders after giving effect to such Increase Effective Date shall make such Revolving
Loans in accordance with Section 2.01(b).
(d) Making
of New Term Loans. On any Increase Effective Date on which new Commitments for Term Loans are effective, subject to the satisfaction
of the foregoing terms and conditions, each Lender of such new Commitment shall make a Term Loan to the Borrower in an amount equal to
its new Commitment.
(e) Equal
and Ratable Benefit. The Loans and Commitments established pursuant to this clause (e) shall constitute Loans and
Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without
limiting the foregoing, benefit equally and ratably from the Guarantees and security interests created by the Collateral Documents, except
that the new Loans may be subordinated in right of payment or the Liens securing the new Loans may be subordinated, in each case, to the
extent set forth in the Increase Joinder. The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure
and/or demonstrate that the Lien and security interests granted by the Collateral Documents continue to be perfected under the UCC or
otherwise after giving effect to the establishment of any such class of Term Loans or any such new Commitments.
Article III
TAXES, YIELD PROTECTION AND ILLEGALITY
3.01 Taxes.
(a) Defined
Terms. For purposes of this Section 3.01, the term “Applicable Law” includes FATCA and the term “Lender”
includes any L/C Issuer.
(b) Payments
Free of Taxes; Obligation to Withhold; Payments on Account 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 Laws.
If any Applicable Laws (as determined in the good faith discretion of an applicable withholding agent) require the deduction or withholding
of any Tax from any such payment by the applicable withholding agent, then: (i) 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; (ii) the Borrower, if any Loan Party is the applicable withholding agent, will promptly forward
to the Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing such payment
to such Governmental Authority; and (iii), if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall
be increased as necessary so that after any required withholding or the making of all required deductions (including
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deductions applicable to additional
sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no
such withholding or deduction been made.
(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 the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
(d) Tax
Indemnifications.
(i) Each
of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof
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 3.01) payable or paid by such Recipient or required to
be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent),
or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. Each of the Loan
Parties shall also, and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof
within ten (10) days after demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative
Agent as required pursuant to Section 3.01(d)(ii) below.
(ii) Each
Lender shall, and does hereby, severally indemnify and shall make payment in respect thereof within ten (10) days after demand therefor,
(A) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party
has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties
to do so), (B) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 11.06(d) relating to the maintenance of a Participant Register and (C) the
Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender, in each case, that are
payable or paid by the Administrative Agent or a Loan Party in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing
to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this clause (d)(ii).
(e) Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority, as provided in this
Section 3.01, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of any return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.
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(f) Status
of Lenders; Tax Documentation.
(i) Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, if reasonably requested by the Borrower
or the Administrative Agent, such Lender shall deliver such other documentation prescribed by Applicable Law or reasonably requested by
the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.01(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal
or commercial position of such Lender.
(ii) Without
limiting the generality of the foregoing, in the event that the Borrower is a “United States Person” as defined in Section 7701(a)(30)
of the Code,
(A) any
Lender that is a “United States Person” as defined in Section 7701(a)(30) of the Code shall deliver to the Borrower and
the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of the Borrower or the Administrative Agent), executed 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 the Borrower and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following
is applicable:
(1) in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed copies of IRS Form W–8BEN–E (or W–8BEN, as applicable)
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W–8BEN–E (or
W–8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty;
(2) executed
copies of IRS Form W–8ECI;
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(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 M–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 the 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 W–8BEN, as applicable); or
(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–E (or W–8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit M–2
or Exhibit M–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 M–4
on behalf of each such direct and indirect partner;
(C) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies (or originals,
as required) of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the
Administrative Agent to determine the withholding or deduction required to be made; and
(D) if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law
and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable
Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount
to deduct and withhold from such payment. Solely for the purposes of this clause (f)(ii)(D), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement.
(iii) Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete
or inaccurate in any respect, it
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shall update such form or certification
or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.
(g) Treatment
of Certain Refunds. Unless required by Applicable Laws, at no time shall the Administrative Agent have any obligation to file for
or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from
funds paid for the account of such Lender. If any Recipient determines, in its reasonable discretion exercised in good faith, that it
has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid
additional amounts pursuant to this Section 3.01, it shall pay to such Loan Party an amount equal to such refund (but only
to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 3.01 with respect
to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, as the case
may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided
that each Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to such Loan Party (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (g), in no event will the applicable
Recipient be required to pay any amount to such Loan Party pursuant to this clause (g) the payment of which would place the
Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This clause (g) shall not be construed to require any Recipient to make available
its tax returns (or any other information relating to its Taxes that it deems confidential) to any Loan Party or any other Person.
(h) Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all other Obligations.
3.02 Illegality.
(a) If
any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any
Lender or its applicable Lending Office to make, maintain or fund or charge interest with respect to any Credit Extension, or to determine
or charge interest rates based upon SOFR or Term SOFR, then, upon notice thereof by such Lender to the Borrower (through the Administrative
Agent), (i) any obligation of such Lender to make or continue Term SOFR Loans or to convert Base Rate Loans to Term SOFR Loans shall
be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate
on which is determined by reference to the Term SOFR component of the Base Rate, the interest rate on which Base Rate Loans of such Lender
shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component of
the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to
such determination no longer exist. Upon receipt of such notice, (A) the Borrower shall, upon demand from such Lender (with a copy
to the Administrative Agent), prepay or, if applicable, convert all Term SOFR Loans of such Lender to Base Rate Loans (the interest rate
on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
reference to the Term SOFR component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully
continue to maintain such Term SOFR Loan
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to such day, or immediately, if such
Lender may not lawfully continue to maintain such Term SOFR Loans and (B) if such notice asserts the illegality of such Lender determining
or charging interest rates based upon SOFR, the Administrative Agent shall during the period of such suspension compute the Base Rate
applicable to such Lender without reference to the Term SOFR component thereof until the Administrative Agent is advised in writing by
such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon SOFR. Upon any such prepayment
or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts
required pursuant to Section 3.05.
(b) If,
in any applicable jurisdiction, the Administrative Agent, the L/C Issuer or any Lender determines that any Law has made it unlawful, or
that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent, the L/C Issuer or any Lender to (i) perform
any of its obligations hereunder or under any other Loan Document, (ii) to fund, hold a commitment or maintain its participation
in any Loan or Letter of Credit or (iii) issue, make, maintain, fund or charge interest or fees with respect to any Credit Extension
such Person shall promptly notify the Administrative Agent, then, upon the Administrative Agent notifying the Borrower, and until such
notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge interest or fees with respect
to any such Credit Extension shall be suspended, and to the extent required by Applicable Law, cancelled. Upon receipt of such notice,
the Loan Parties shall, (A) repay that Person’s participation in the Loans or other applicable Obligations on the last day
of the Interest Period for each Loan or other Obligation occurring after the Administrative Agent has notified the Borrower or, if earlier,
the date specified by such Person in the notice delivered to the Administrative Agent (being no earlier than the last day of any applicable
grace period permitted by Applicable Law), (B) to the extent applicable to the L/C Issuer, Cash Collateralize that portion of applicable
L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized and (C) take
all reasonable actions requested by such Person to mitigate or avoid such illegality.
3.03 Inability
to Determine Rates.
(a) Inability
to Determine SOFR. If in connection with any request for a Term SOFR Loan or a conversion of Base Rate Loans to Term SOFR Loans or
a continuation of any of such Loans, as applicable, (i) the Administrative Agent determines (which determination shall be conclusive
absent manifest error) that (A) no Successor Rate has been determined in accordance with Section 3.03(b), and the circumstances
under clause (i) of Section 3.03(b) or the SOFR Scheduled Unavailability Date has occurred, or (B) adequate
and reasonable means do not otherwise exist for determining Term SOFR for any requested Interest Period with respect to a proposed Term
SOFR Loan or in connection with an existing or proposed Base Rate Loan, or (ii) the Administrative Agent or the Required Lenders
determine that for any reason that Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Loan does not adequately
and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each
Lender.
Thereafter, (x) the obligation
of the Lenders to make or maintain Term SOFR Loans, or to convert Base Rate Loans to Term SOFR Loans, shall be suspended (to the extent
of the affected Term SOFR Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence
with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining the Base Rate shall
be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in clause
(ii) of this Section 3.03(a), until the Administrative Agent upon instruction of the Required Lenders) revokes such notice.
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Upon receipt of such notice, (i) the
Borrower may revoke any pending request for a Borrowing of, or conversion to, or continuation of Term SOFR Loans (to the extent of the
affected Term SOFR Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing
of Base Rate Loans in the amount specified therein and (ii) any outstanding Term SOFR Loans shall be deemed to have been converted
to Base Rate Loans immediately at the end of their respective applicable Interest Period.
(b) Replacement
of SOFR or SOFR Successor Rate. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, but without
limiting Sections 3.03(a) and (b) above, if the Administrative Agent determines (which determination shall be
conclusive and binding upon all parties hereto absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent
(with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have determined
(which determination likewise shall be conclusive and binding upon all parties hereto absent manifest error), that:
(i) adequate
and reasonable means do not exist for ascertaining one month, three month and six month interest periods of Term SOFR, including, without
limitation, because the Term SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to
be temporary; or
(ii) CME
or any successor administrator of the Term SOFR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent
or such administrator with respect to its publication of Term SOFR, in each case acting in such capacity, has made a public statement
identifying a specific date after which one month, three month and six month interest periods of Term SOFR or the Term SOFR Screen Rate
shall or will no longer be representative or made available, or permitted to be used for determining the interest rate of U.S. dollar
denominated syndicated loans, or shall or will otherwise cease, provided that, at the time of such statement, there is no successor administrator
that is satisfactory to the Administrative Agent, that will continue to provide such representative interest periods of Term SOFR after
such specific date (the latest date on which one month, three month and six month interest periods of Term SOFR or the Term SOFR Screen
Rate are no longer representative or available permanently or indefinitely, the “SOFR Scheduled Unavailability Date”);
then, on a date and time determined
by the Administrative Agent (any such date, the “Term SOFR Replacement Date”), which date shall be at the end
of an Interest Period or on the relevant Interest Payment Date, as applicable, for interest calculated and, solely with respect to clause
(ii) above, no later than the SOFR Scheduled Unavailability Date, Term SOFR will be replaced hereunder and under any Loan Document
with Daily Simple SOFR for any payment period for interest calculated that can be determined by the Administrative Agent, in each case,
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the “SOFR
Successor Rate”).
If the SOFR Successor Rate is Daily
Simple SOFR, all interest payments will be payable on a monthly basis.
Notwithstanding anything to the contrary
herein, (i) if the Administrative Agent determines that Daily Simple SOFR is not available on or prior to the Term SOFR Replacement
Date or (ii) if the events or circumstances of the type described in Section 3.03(b)(i) or (ii) have occurred with
respect to the Successor Rate then in effect, then in each case, the Administrative Agent and the Borrower may amend this Agreement solely
for purposes of replacing Term SOFR or any then current
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Successor Rate in accordance with this Section 3.03 at the end of any Interest Period, relevant
interest payment date or payment period for interest calculated, as applicable, with an alternative benchmark rate giving due
consideration to any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated and
agented in the United States for such alternative benchmark and, in each case, including any mathematical or other adjustments to
such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated credit
facilities syndicated and agented in the United States for such benchmark. For the avoidance of doubt, any such proposed rate and
adjustments, shall constitute a “Successor Rate”. Any such amendment shall become effective at 5:00 p.m. on the
fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless,
prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such
Required Lenders object to such amendment.
(c) Successor
Rate. The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of
any Successor Rate.
Any Successor Rate shall be applied
in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible
for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent.
Notwithstanding anything else herein,
if at any time any Successor Rate as so determined would otherwise be less than zero percent, the Successor Rate will be deemed to be
zero percent for the purposes of this Agreement and the other Loan Documents.
In connection with the implementation
of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything
to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without
any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected,
the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably
promptly after such amendment becomes effective.
(d) For
purposes of this Section 3.03, those Lenders that either have not made, or do not have an obligation under this Agreement
to make, the relevant Loans in Dollars shall be excluded from any determination of Required Lenders.
3.04 Increased
Costs.
(a) Increased
Costs Generally. If any Change in Law shall:
(i) impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, any Lender or the L/C Issuer;
(ii) subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (e) 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
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(iii) impose
on any Lender or the L/C Issuer or any applicable interbank market any other condition, cost or expense affecting this Agreement or Term
SOFR 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 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 the L/C 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 the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such
Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts
as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.
(b) Capital
Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending
Office of such Lender or such Lender’s or the L/C 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 the L/C Issuer’s capital or on the capital
of such Lender’s or the L/C 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 the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies
and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy), then from time to
time the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate
such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction suffered.
(c) Certificates
for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender
or the L/C Issuer or its holding company, as the case may be, as specified in clause (a) or (b) of this Section 3.04
and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the
case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.
(d) Delay
in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions
of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation,
provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this
Section 3.04 for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that
such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or the L/C 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 nine (9) month period referred to above shall be extended to
include the period of retroactive effect thereof).
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3.05 Compensation
for Losses.
Upon demand of any Lender
(with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense incurred by it as a result of:
(a) any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest
Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);
(b) any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any
Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower;
(c) any
assignment of a Term SOFR Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower
pursuant to Section 11.13;
including any loss of anticipated profits
and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable
to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by
such Lender in connection with the foregoing.
3.06 Mitigation
Obligations; Replacement of Lenders.
(a) Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.04, or requires the Borrower to pay
any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender
or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at
the request of the Borrower, such Lender or the L/C Issuer shall, as applicable, 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 or the L/C Issuer, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the
notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer,
as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as
the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection
with any such designation or assignment.
(b) Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01
and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 3.06(a),
the Borrower may replace such Lender in accordance with Section 11.13.
3.07 Survival.
All of the Borrower’s
obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations
hereunder, resignation of the Administrative Agent and the Facility Termination Date.
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Article IV
CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS
4.01 Conditions
of Initial Credit Extension.
The obligation of the L/C
Issuer and each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:
(a) Execution
of Credit Agreement; Loan Documents. The Administrative Agent shall have received (i) counterparts of this Agreement, executed
by a Responsible Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for the account of each Lender requesting
a Note, a Note executed by a Responsible Officer of the Borrower, (iii) counterparts of the Security Agreement and each other Collateral
Document, executed by a Responsible Officer of the applicable Loan Parties and a duly authorized officer of each other Person party thereto,
as applicable and (iv) counterparts of any other Loan Document, executed by a Responsible Officer
of the applicable Loan Party and a duly authorized officer of each other Person party thereto.
(b) Officer’s
Certificate. The Administrative Agent shall have received an Officer’s Certificate dated the Closing Date, certifying as to
the Organization Documents of each Loan Party (which, to the extent filed with a Governmental Authority, shall be certified as of a recent
date by such Governmental Authority), the board or committee or shareholder resolutions of the governing body of each Loan Party, the
good standing, existence or its equivalent of each Loan Party and of the incumbency (including specimen signatures) of the Responsible
Officers of each Loan Party.
(c) Legal
Opinions of Counsel. The Administrative Agent shall have received an opinion or opinions (including, if requested by the Administrative
Agent, local counsel opinions) of counsel for the Loan Parties, dated the Closing Date and addressed to the Administrative Agent and the
Lenders, in form and substance acceptable to the Administrative Agent.
(d) Reserved.
(e) Personal
Property Collateral. The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent:
(i) (A) searches
of UCC filings, in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each jurisdiction where any Collateral
is located or where a filing would need to be made in order to perfect the Administrative Agent’s security interest in the Collateral,
copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens and (B) tax
lien, judgment, execution and bankruptcy searches;
(ii) searches
of ownership of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright filings as requested
by the Administrative Agent in order to perfect the Administrative Agent’s security interest in the Intellectual Property;
(iii) completed
UCC financing statements, for each appropriate jurisdiction as is necessary, in the Administrative Agent’s reasonable discretion,
to perfect the Administrative Agent’s security interest in the Collateral;
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(iv) stock
or membership certificates, if any, evidencing the Pledged Equity and undated stock or transfer powers duly executed in blank; in each
case to the extent such Pledged Equity is certificated;
(v) to
the extent required to be delivered, filed, registered or recorded pursuant to the terms and conditions of the Collateral Documents,
all instruments, documents and chattel paper in the possession of any of the Loan Parties, together with any notices, allonges or assignments
as may be necessary or appropriate to create and perfect the Administrative Agent’s and the Lenders’ security interest in
the Collateral;
(vi) Qualifying
Control Agreements satisfactory to the Administrative Agent to the extent required to be delivered pursuant to Section 6.13;
(vii) Collateral
Access Agreements satisfactory to the Administrative Agent to the extent required to be delivered pursuant to Section 6.13;
and
(viii) a
customary perfection certificate, executed by a Responsible Officer of the Borrower.
(f) Liability,
Casualty, Property, Terrorism and Business Interruption Insurance. The Administrative Agent shall have received copies of insurance
policies, declaration pages, certificates, and endorsements of insurance or insurance binders evidencing liability, casualty, property,
terrorism and business interruption insurance meeting the requirements set forth herein or in the Collateral Documents or as required
by the Administrative Agent. The Loan Parties shall have delivered to the Administrative Agent an Authorization to Share Insurance Information.
(g) Solvency
Certificate. The Administrative Agent shall have received a Solvency Certificate signed by a Responsible Officer of the Borrower certifying
that the Borrower, individually, is, and the Loan Parties and their Subsidiaries on a Consolidated basis, taken as a whole, are Solvent
after giving effect to the initial Borrowings under the Loan Documents and the other transactions contemplated hereby.
(h) Material
Adverse Effect. There shall not have occurred, since December 31, 2025, any event or condition that has had, or could be reasonably
expected, either individually or in the aggregate, to have, a Material Adverse Effect.
(i) Closing
Date Certificate. The Administrative Agent shall have received a certificate or certificates executed by a Responsible Officer of
the Borrower as of the Closing Date, as to certain matters, substantially in the form of Exhibit P.
(j) Seller
Notes. The Administrative Agent shall have received copies of the Subordinated Existing Holdover Notes Documents which shall be subordinated
to the Secured Obligations on terms reasonably satisfactory to the Administrative Agent.
(k) Loan
Notice. The Administrative Agent shall have received a Loan Notice with respect to the Loans to be made on the Closing Date.
(l) Existing
Indebtedness of the Loan Parties. All of the existing Indebtedness for borrowed money of the Borrower and its Subsidiaries (other
than Indebtedness permitted to exist pursuant to Section 7.02), shall be repaid in full and all security interests related
thereto shall be terminated on or prior to the Closing Date.
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(m) No
Litigation. There shall be no actions, suits, investigations or proceedings pending or, to the knowledge of the Loan Parties, threatened
in writing in any court or before any arbitrator or Governmental Authority that could reasonably be expected to have a Material Adverse
Effect.
(n) Anti-Money-Laundering;
Beneficial Ownership. Upon the reasonable request of any Lender at least seven (7) days prior to the Closing Date, the Borrower
shall have provided to such Lender at least three (3) Business Days prior to the Closing Date, and such Lender shall be reasonably
satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and
anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, and any Loan Party that qualifies as
a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests,
a Beneficial Ownership Certification in relation to such Loan Party at least three (3) Business Days prior to the Closing Date.
(o) Consents.
The Administrative Agent shall have received evidence that all boards of directors, shareholder, governmental and material third party
consents and approvals necessary or, in the opinion of the Administrative Agent, desirable, in connection with the entering into of this
Agreement and the transactions related thereto have been obtained.
(p) Fees
and Expenses. The Administrative Agent and the Lenders shall have received all fees and expenses, if any, owing pursuant to the Fee
Letter and Section 2.09.
(q) Material
Agreements. The Administrative Agent shall have received true and complete copies of all Material Agreements.
(r) Due
Diligence. The Lenders shall have completed a due diligence investigation of the Borrower and its Subsidiaries in scope, and with
results, satisfactory to the Lenders.
(s) Other
Documents. All other documents provided for herein or which the Administrative Agent or any other Lender may reasonably request or
require.
(t) Additional
Information. Such additional information and materials which the Administrative Agent and/or any Lender shall reasonably request or
require.
Without limiting the generality
of the provisions of Section 9.04, for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document
or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative
Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.
4.02 Conditions
to all Credit Extensions.
The obligation of each Lender
and the L/C Issuer to honor any Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other
Type, or a continuation of Term SOFR Loans) is subject to the following conditions precedent:
(a) Representations
and Warranties. The representations and warranties of the Borrower and each other Loan Party contained in Article V
or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith,
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shall (i) with respect to representations
and warranties that contain a materiality qualification, be true and correct on and as of the date of such Credit Extension and (ii) with
respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects
on and as of the date of such Credit Extension, except that, for purposes of this Section 4.02, the representations and warranties
contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant
to Sections 6.01(a) and (b), respectively.
(b) Default.
No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.
(c) Request
for Credit Extension. The Administrative Agent and, if applicable, the L/C Issuer or the Swingline Lender shall have received a Request
for Credit Extension in accordance with the requirements hereof.
(d) DD
Term Facility. In respect of any Request for Credit Extension under the DD Term Facility, the Borrower shall have delivered a certificate
signed by a Responsible Officer of the Borrower, certifying, on a Pro Forma Basis (after giving effect to such requested DD Term Loans),
that the Borrower shall be in compliance with the financial covenants set forth in Section 7.11, calculated as of the end
of the latest fiscal quarter for which internal financial statements are available.
Each Request for Credit Extension
(other than a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Term SOFR Loans) submitted by
the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have
been satisfied on and as of the date of the applicable Credit Extension.
Article V
REPRESENTATIONS
AND WARRANTIES
Each Loan Party represents
and warrants to the Administrative Agent and the Lenders, as of the date made or deemed made, that:
5.01 Existence,
Qualification and Power.
Each Loan Party and each of
its Subsidiaries (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction
of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations,
consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations
under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under
the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification
or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not
reasonably be expected to have a Material Adverse Effect. The copy of the Organization Documents of each Loan Party provided to the Administrative
Agent pursuant to the terms of this Agreement is a true and correct copy of each such document, each of which is valid and in full force
and effect.
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5.02 Authorization;
No Contravention.
The execution, delivery and
performance by each Loan Party of each Loan Document to which such Person is or is to be a party have been duly authorized by all necessary
corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization
Documents; (b) conflict with or result in any breach or contravention of, or the creation of (or the requirement to create) any Lien
under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person
or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority
or any arbitral award to which such Person or its property is subject; or (c) violate any Applicable Law.
5.03 Governmental
Authorization; Other Consents.
No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required
in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any
other Loan Document, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the
perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof (subject to
Permitted Liens) to the extent required thereby) or (d) the exercise by the Administrative Agent or any Lender of its rights under
the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, other than (i) authorizations,
approvals, actions, notices and filings which have been duly obtained and (ii) filings to perfect the Liens created by the Collateral
Documents.
5.04 Binding
Effect.
This Agreement has been, and
each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.
This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such
Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of
equity.
5.05 Financial
Statements; No Material Adverse Effect.
(a) Audited
Financial Statements. The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Borrower
and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in Shareholders’ Equity for
the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly
noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries
as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.
(b) Quarterly
Financial Statements. The unaudited Consolidated balance sheet of the Borrower and its Subsidiaries dated June 30, 2026 and
the related Consolidated statements of income or operations, Shareholders’ Equity and cash flows for the fiscal quarter ended on
that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein, and (ii) fairly present the financial condition of the Borrower and its Subsidiaries as of the date thereof
and their results of operations, cash flows
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and changes in Shareholders’ Equity
for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal
year-end audit adjustments.
(c) Material
Adverse Effect. Since the date of the balance sheet included in the Audited Financial Statements (and, in addition, after delivery
of the most recent annual audited financial statements in accordance with the terms hereof, since the date of such annual audited financial
statements), there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.
(d) Forecasted
Financials. The Consolidated forecasted balance sheet, statements of income and cash flows of the Borrower and its Subsidiaries delivered
pursuant to Section 4.01 or Section 6.01 were prepared in good faith on the basis of the assumptions stated therein,
which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented, at the time
of delivery, the Borrower’s best estimate of its future financial condition and performance.
5.06 Litigation.
There are no actions, suits,
proceedings, claims or disputes pending or, to the knowledge of the Loan Parties after due and diligent investigation, threatened or contemplated,
at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any Subsidiary or against any
of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document or any of the
transactions contemplated hereby, or (b) either individually or in the aggregate could reasonably be expected to have a Material
Adverse Effect.
5.07 No
Default.
Neither any Loan Party nor
any Subsidiary thereof is in default under or with respect to, or a party to, any Contractual Obligation that could, either individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result
from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
5.08 Ownership
of Property.
Each Loan Party and each of
its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or
used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.
5.09 Environmental
Matters.
(a) Except
as could not, individually or in the aggregate, reasonably be expected to result in any Material Adverse Effect on any of the Loan Parties
or any of their respective subsidiaries:
(i) (A) None
of the properties currently or formerly owned, leased or operated by any Loan Party or any of its Subsidiaries is listed or formally proposed
for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; (B) there
are no, and to the best knowledge of the Loan Parties and their Subsidiaries never have been any underground or above-ground storage tanks
or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials
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are being or have been treated, stored
or disposed on any property currently owned, leased or operated by any Loan Party or any of its Subsidiaries or, to the best of the knowledge
of the Loan Parties, on any property formerly owned, leased or operated by any Loan Party or any of its Subsidiaries; (C) there is
no and never has been any asbestos or asbestos-containing material on, at or in any property currently owned, leased or operated by any
Loan Party or any of its Subsidiaries; (D) Hazardous Materials have not been released on, at, under or from any property currently
or formerly owned, leased or operated by any Loan Party or any of its Subsidiaries or any property by or on behalf, or otherwise arising
from the operations, of any Loan Party or any of its Subsidiaries; and (E) no Loan Party or any of its Subsidiaries has become subject
to any Environmental Liability or knows of any facts or circumstances that could reasonably be expected to give rise to any Environmental
Liability;
(ii) (A) Neither
any Loan Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with other potentially
responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened Release of Hazardous
Materials at, on, under, or from any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority
or the requirements of any Environmental Law; and (B) all Hazardous Materials generated, used, treated, handled or stored at, or
transported to or from, any property currently or formerly owned, leased or operated by any Loan Party or any of its Subsidiaries have
been disposed of in a manner which could not reasonably be expected to result in liability to any Loan Party or any of its Subsidiaries;
(iii) The
Loan Parties and their respective Subsidiaries: (A) are, and within the period of all applicable statutes of limitation have been,
in compliance with all applicable Environmental Laws; (B) hold all Environmental Permits (each of which is in full force and effect)
required for any of their current or intended operations or for any property owned, leased, or otherwise operated by any of them; (C) are,
and within the period of all applicable statutes of limitation have been, in compliance with all of their Environmental Permits; (D) to
the extent within the control of the Loan Parties and their respective Subsidiaries, will timely renew and comply with each of their Environmental
Permits and any additional Environmental Permits that may be required of any of them, and timely comply with any current, future or potential
Environmental Law; and (E) are not aware of any requirement proposed for adoption or implementation under any Environmental Law.
(b) The
Loan Parties and their respective Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental
Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses,
operations and properties, and as a result thereof the Borrower has reasonably concluded that such Environmental Laws and claims could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
5.10 Insurance.
The properties of the Borrower
and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts
(after giving effect to any self-insurance compatible with the following standards), with such deductibles and covering such risks as
are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the applicable Loan
Party or the applicable Subsidiary operates. The general liability, casualty, property, terrorism and business interruption insurance
coverage of the Loan Parties as in effect on the
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Closing Date, and as of the last date such Schedule
was required to be updated in accordance with Sections 6.02, 6.12 and 6.13, is outlined as to carrier, policy number,
expiration date, type, amount and deductibles on Schedule 5.10 and such insurance coverage complies with the requirements set forth
in this Agreement and the other Loan Documents.
5.11 Taxes.
Each Loan Party and each of
its Subsidiaries have timely filed (after all allowable extensions) all (a) federal, and state, provincial and territorial income
taxes and (b) other tax returns and reports required to be filed, and have timely paid and remitted all federal, and state, provincial
and territorial income and other Taxes (whether or not shown on a tax return), including in its capacity as a withholding agent, levied
or imposed upon it or its properties, income or assets otherwise due and payable, except, in the case of clause (b), (x) those which
are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in
accordance with GAAP and (y) to the extent failure to do so could not reasonably be expected to have a Material Adverse Effect. There
is no proposed tax assessment against any Loan Party or any Subsidiary that would, if made, have a Material Adverse Effect, nor is there
any tax sharing agreement applicable to the Borrower or any Subsidiary.
5.12 ERISA
Compliance.
(a) Each
Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state laws, other
than any noncompliance that, in the aggregate, would not result in a Material Adverse Effect.
(b) There
are no pending or, to the knowledge of the Loan Parties, threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction
or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to
result in a Material Adverse Effect.
(c) No
ERISA Event has occurred, or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability
is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect.
(d) Neither
the Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to, or liability under,
any active or terminated Pension Plan.
(e) The
Borrower represents and warrants as of the Closing Date that the Borrower is not using “plan assets” (within the meaning of
Section 3(42) of ERISA or otherwise) of one or more Plans with respect to the Borrower’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement.
5.13 Margin
Regulations; Investment Company Act.
(a) Margin
Regulations. Neither the Borrower nor any of its Subsidiaries is engaged or will engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U), or extending credit for the purpose of purchasing
or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more
than twenty-five percent (25%) of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a Consolidated
basis) subject to the provisions of Section 7.01 or Section 7.05 or subject to any restriction
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contained in any agreement or instrument
between the Borrower or any of its Subsidiaries and any Lender or any Affiliate of any Lender relating to Indebtedness and within the
scope of Section 8.01(e) will be margin stock.
(b) Investment
Company Act. None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required to be registered as an
“investment company” under the Investment Company Act of 1940.
5.14 Disclosure.
The Borrower has disclosed
to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its
Subsidiaries or any other Loan Party is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other information furnished (in writing)
by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and
the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case as modified or supplemented by
other information so furnished) contained, when furnished, any material misstatement of fact or omitted to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with
respect to projected financial information, each Loan Party represents only that such information was prepared in good faith based upon
assumptions believed to be reasonable at the time, it being recognized by the Lenders that such financial information as it relates to
future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may
differ from the projected results set forth therein by a material amount.
5.15 Compliance
with Laws, Regulatory Required Permits and Material Contractual Agreements.
(a) Each
Loan Party and each Subsidiary thereof is in compliance with the requirements of all Applicable Laws (including all applicable Specified
Laws) and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (i) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted
or (ii) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect.
(b) Each
Loan Party will, and will cause each Subsidiary to perform in all material respects its obligations under Material Agreements to which
it is a party.
(c) Each
Loan Party and each Subsidiary thereof holds all Regulatory Required Permits in those jurisdictions where a Regulatory Required Permit
is required by applicable Law for the operation of the business and such Regulatory Required Permits are in full force and effect. Each
Loan Party and each Subsidiary thereof is in material compliance with the requirements applicable to the Loan Party or Subsidiary as a
holder of each Regulatory Required Permit, including, without limitation, regulatory reporting requirements and compliance with Anti-Terrorism
Laws, as applicable. Each Loan Party and each Subsidiary thereof will maintain each Regulatory Required Permit held by the Loan Party
or Subsidiary, except with respect to any Regulatory Required Permit (i) issued by a Governmental Authority in a state or states
that do not, as of the applicable date of determination, individually or collectively account for more than ten percent (10%) of the revenue
of the Loan Parties and their consolidated Subsidiaries, as determined in accordance with GAAP as of such date of determination, or (ii) the
loss of which could not
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reasonably be expected to result in
a Material Adverse Effect; provided that no Loan Party or any Subsidiary thereof is conducting or will conduct business in any jurisdiction
without the applicable Regulatory Required Permits in effect.
5.16 Solvency.
The Borrower, individually,
is, and the Loan Parties and their Subsidiaries on a Consolidated basis, taken as a whole, are, Solvent.
5.17 Casualty,
Etc.
Neither the businesses nor
the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor
dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance)
that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
5.18 Sanctions
Concerns and Anti-Corruption Laws.
(a) Sanctions
Concerns. No Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries, any director, officer,
employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by one or more individuals
or entities that are (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated
Nationals or HMT’s Consolidated List of Financial Sanctions Targets, or any similar list enforced by any other relevant sanctions
authority or (iii) located, organized or resident in a Designated Jurisdiction. The Borrower and its Subsidiaries have conducted
their businesses in compliance with all applicable Sanctions and have instituted and maintained policies and procedures designed to promote
and achieve compliance with such Sanctions.
(b) Anti-Corruption
Laws. The Loan Parties and their Subsidiaries have conducted their business in compliance in all material respects with the United
States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other applicable anti-corruption legislation in other jurisdictions,
and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.
5.19 Regulatory
Matters.
No Loan Party, nor any Subsidiary
thereof, is subject to any proceeding, suit or, to any Loan Party’s knowledge, investigation by any federal, state or local government
or quasi-governmental body, agency, board or authority or any other administrative or investigative body, which could reasonably be expected
to result in the revocation, transfer, surrender, suspension of any Permits (including Regulatory Required Permits) of any Loan Party
or any Subsidiary thereof, which revocation, transfer, surrender or suspension could reasonably be expected to (a) result in a Material
Adverse Effect, or (b) require the Loan Parties and their subsidiaries to cease material operations in or with respect to a state
or states that do not, as of the applicable date of determination, individually or collectively account for more than ten percent (10%)
of the revenue of the Loan Parties and their consolidated Subsidiaries, as determined in accordance with GAAP as of such date of determination.
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5.20 Subsidiaries;
Equity Interests; Loan Parties.
(a) Subsidiaries,
Joint Ventures, Partnerships and Equity Investments. Set forth on Schedule 5.20(a), is the following information which is true
and complete in all respects as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with
Sections 6.02, 6.12 and 6.13: (i) a complete and accurate list of all Subsidiaries, joint ventures and
partnerships and other equity investments of the Loan Parties as of the Closing Date and as of the last date such Schedule was required
to be updated in accordance with Sections 6.02, 6.12 and 6.13, and (ii) the percentage of outstanding shares
of each class of Equity Interests owned by the Loan Parties and their Subsidiaries. The outstanding Equity Interests in all Subsidiaries
are validly issued, fully paid and non-assessable and are owned free and clear of all Liens. There are no outstanding subscriptions, options,
warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’
qualifying shares) of any nature relating to the Equity Interests of any Loan Party (other than the Borrower) or any Subsidiary thereof,
except as contemplated in connection with the Loan Documents.
(b) Loan
Parties. Set forth on Schedule 5.20(b) is a complete and accurate list of all Loan Parties, showing as of the Closing
Date, or as of the last date such Schedule was required to be updated in accordance with Sections 6.02, 6.12 and 6.13,
(as to each Loan Party) (i) the exact legal name, (ii) any former legal names of such Loan Party in the four (4) months
prior to the Closing Date, (iii) the jurisdiction of its incorporation or organization, as applicable, (iv) the type of organization,
(v) the jurisdictions in which such Loan Party is qualified to do business, (vi) the address of its chief executive office,
(vii) the address of its principal place of business, (viii) its U.S. federal taxpayer identification number or, in the case
of any non-U.S. Loan Party that does not have a U.S. taxpayer identification number, its unique identification number issued to it by
the jurisdiction of its incorporation or organization, (ix) the organization identification number, (x) ownership information
(e.g., publicly held or if private or partnership, the owners and partners of each of the Loan Parties) and (xi) the
industry or nature of business of such Loan Party.
5.21 Collateral
Representations.
(a) Collateral
Documents. The provisions of the Collateral Documents are effective to create in favor of the Administrative Agent for the benefit
of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Permitted Liens) on all right, title and interest
of the respective Loan Parties in the Collateral described therein. Except for filings completed prior to the Closing Date and as contemplated
hereby and by the Collateral Documents, no filing or other action will be necessary to perfect or protect such Liens.
(b) Intellectual
Property. Set forth on Schedule 5.21(b), as of the Closing Date and as of the last date such Schedule was required
to be updated in accordance with Sections 6.02, 6.12 and 6.13, is a list of all registered or issued Intellectual
Property (including all applications for registration or issuance) owned by each of the Loan Parties (including the name/title, current
owner, registration or application number, and registration or application date and such other information as reasonably requested by
the Administrative Agent).
(c) Documents, Instrument,
and Tangible Chattel Paper. Set forth on Schedule 5.21(c), as of the Closing Date and as of the last date such Schedule
5.21(c) was required to be updated in accordance with Sections 6.02, 6.12 and 6.13, is a description
of all Documents, Instruments, and Tangible Chattel Paper (each as defined in the UCC) of the Loan Parties (including the Loan Party
owning such Document, Instrument and Tangible Chattel Paper and such other information as reasonably requested by the Administrative
Agent).
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(d) Deposit
Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, and Securities Accounts.
(i) Set
forth on Schedule 5.21(d)(i), as of the Closing Date and as of the last date such Schedule 5.21(d)(i) was
required to be updated in accordance with Sections 6.02 and 6.13, is a description of all Deposit Accounts and Securities
Accounts of the Loan Parties, including the name of (A) the applicable Loan Party, (B) in the case of a Deposit Account, the
depository institution and average amount held in such Deposit Account and whether such account is a zero balance account or a payroll
account, and (C) in the case of a Securities Account, the securities intermediary or issuer and the average aggregate market value
held in such Securities Account, as applicable.
(ii) Set
forth on Schedule 5.21(d)(ii), as of the Closing Date and as of the last date such Schedule 5.21(d)(ii) was
required to be updated in accordance with Sections 6.02, 6.12 and 6.13, is a description of all Electronic Chattel
Paper (as defined in the UCC) and Letter-of-Credit Rights (as defined in the UCC) of the Loan Parties, including the name of (A) the
applicable Loan Party, (B) in the case of Electronic Chattel Paper (as defined in the UCC), the account debtor and (C) in the
case of Letter-of-Credit Rights (as defined in the UCC), the issuer or nominated person, as applicable.
(e) Commercial
Tort Claims. Set forth on Schedule 5.21(e), as of the Closing Date and as of the last date such Schedule 5.21(e) was
required to be updated in accordance with Sections 6.02, 6.12 and 6.13, is a description of all Commercial Tort
Claims (as defined in the UCC) of the Loan Parties (detailing such Commercial Tort Claim in such detail as reasonably requested by the
Administrative Agent).
(f) Pledged
Equity Interests. Set forth on Schedule 5.21(f), as of the Closing Date and as of the last date such Schedule 5.21(f) was
required to be updated in accordance with Sections 6.02, 6.12 and 6.13, is a list of (i) all Pledged Equity
and (ii) all other Equity Interests required to be pledged to the Administrative Agent pursuant to the Collateral Documents (in each
case, detailing the Grantor (as defined in the Security Agreement), the Person whose Equity Interests are pledged, the number of shares
of each class of Equity Interests, the certificate number and percentage ownership of outstanding shares of each class of Equity Interests
and the class or nature of such Equity Interests (i.e., voting, non-voting, preferred, etc.)).
(g) Properties.
Set forth on Schedule 5.21(g), as of the Closing Date and as of the last date such Schedule 5.21(g) was required
to be updated in accordance with Sections 6.02, 6.12 and 6.13, is a list of (A) each headquarter location
of the Loan Parties, (B) each other location where any significant administrative or governmental functions are performed, (C) each
other location where the Loan Parties maintain any books or records (electronic or otherwise) and (D) each location where any personal
property Collateral is located at any premises owned or leased by a Loan Party (in each case, including (1) an indication if such
location is leased or owned, (2), if leased, the name of the lessor, and if owned, the name of the Loan Party owning such property, (3) the
address of such property (including, the city, county, state and zip code) and (4) to the extent owned, the approximate fair market
value of such property).
5.22 Affected
Financial Institutions.
No Loan Party is an Affected
Financial Institution.
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5.23 Covered
Entities.
No Loan Party is an Affected
Covered Entity.
5.24 Beneficial
Ownership Certification.
The information included in
the Beneficial Ownership Certification, if applicable, is true and correct in all respects.
5.25 Intellectual
Property; Licenses; Etc.
Each Loan Party and each of
its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights,
trade secrets, know-how, franchises, licenses and other intellectual property rights that are material to the operation of their respective
businesses, without, to Loan Parties’ knowledge, conflict with the rights of any other Person. To the best knowledge of the Borrower,
neither the operation of the business, nor any product, service, process, method, substance, part or other material now used, or now contemplated
to be used, by any Loan Party or any of its Subsidiaries infringes, misappropriates or otherwise violates upon any rights held by any
other Person. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of any Loan Party, threatened
in writing, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. To the best
knowledge of the any Loan Party, there has been no unauthorized use, access, interruption, modification, corruption or malfunction of
any information technology assets or systems (or any information or transactions stored or contained therein or transmitted thereby) owned
or used by any Loan Party or any of its Subsidiaries, which, either individually or in the aggregate, would reasonably be expected to
have a Material Adverse Effect.
5.26 Labor
Matters.
There are no collective bargaining
agreements or Multiemployer Plans covering the employees of the Borrower or any of its Subsidiaries as of the Closing Date and neither
the Borrower nor any Subsidiary has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the
last five (5) years preceding the Closing Date.
5.27 Designation
as Senior Indebtedness.
The Obligations constitute
“Designated Senior Indebtedness” or any similar designation (with respect to indebtedness that has the maximum rights as “senior
debt”) under and as defined in any agreement governing any Subordinated Debt and the subordination provisions set forth in each
such agreement are legally valid and enforceable against the parties thereto.
5.28 Material
Agreements.
All Material Agreements to
which any Loan Party or any Subsidiary is a party or is bound as of the date of this Agreement are listed on Schedule 5.28. No Loan Party
or any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained
in (a) any Material Agreement to which it is a party or (b) any agreement or instrument evidencing or governing Indebtedness.
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5.29 Outbound
Investment Rule.
Neither the Borrower nor any
of its Subsidiaries is a ‘covered foreign person’ as that term is used in the Outbound Investment Rules. Neither the Borrower
nor any of its Subsidiaries currently engages, or has any present intention to engage in the future, directly or indirectly, in (i) a
“covered activity” or a “covered transaction”, as each such term is defined in the Outbound Investment Rules,
(ii) any activity or transaction that would constitute a “covered activity” or a “covered transaction”, as
each such term is defined in the Outbound Investment Rules, if the Borrower or such Subsidiary were a U.S. Person or (iii) any other
activity that would cause Administrative Agent or any Lender to be in violation of the Outbound Investment Rules or cause Administrative
Agent or any Lender to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.
5.30 Data
Privacy and Cybersecurity.
(a) Except
as could not reasonably be expected to have a Material Adverse Effect, since January 1, 2024, no Loan Party or any Subsidiary thereof
has experienced any Material Cybersecurity Incident, and no Loan Party or any Subsidiary thereof has received any written notice or complaint
from any Governmental Authority alleging any material violation of any Data Privacy and Cybersecurity Law.
(b) Each
Loan Party and each Subsidiary thereof (i) is in compliance in all material respects with all applicable Data Privacy and Cybersecurity
Laws, (ii) has implemented and maintains commercially reasonable administrative, technical, and physical safeguards, policies, and
procedures designed to protect Client Data and the confidentiality, integrity, and availability of its information technology systems
(a “Cybersecurity Program”), (iii) has implemented and maintains commercially reasonable written policies
and procedures for responding to and recovering from Cybersecurity Incidents, and (iv) maintains an incident response plan that is
designed to ensure timely notification of any Material Cybersecurity Incident to the Administrative Agent.
5.31 Benefits
Administration and ERISA.
(a) To
the extent that any Loan Party or any Subsidiary thereof acts as a fiduciary (as defined in Section 3(21) of ERISA) with respect
to any Client Plan, each such Loan Party and Subsidiary (i) has discharged and is discharging its fiduciary duties with respect to
such Client Plan in accordance with ERISA and any other applicable Law, (ii) has not engaged in any transaction with respect to any
Client Plan which would subject such Loan Party or Subsidiary to any material tax or penalty on prohibited transactions imposed by Section 4975
of the Code or the sanctions imposed under Title I of ERISA, and (iii) has not breached any fiduciary responsibility that has resulted
or could reasonably be expected to result in a Material Adverse Effect.
(b) Each
Loan Party and each Subsidiary thereof that provides Benefits Administration Services (i) maintains all required fidelity bonds with
respect to such services, (ii) is in compliance in all material respects with all applicable reporting, disclosure, and recordkeeping
requirements of ERISA, the Code, and applicable regulations of the Department of Labor, (iii) is not the subject of any pending or,
to the knowledge of the Loan Parties, threatened investigation, audit, or enforcement action by the Department of Labor, the Internal
Revenue Service, or any other Governmental Authority with respect to any Client Plan that could reasonably be expected to result in a
Material Adverse Effect, and (iv) has implemented commercially reasonable policies and procedures to ensure the proper handling of
Client Plan assets and data.
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Article VI
AFFIRMATIVE
COVENANTS
Each of the Loan Parties
hereby covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, such Loan Party shall, and shall
cause each of its Subsidiaries to:
6.01 Financial
Statements.
Deliver to the Administrative
Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:
(a) Audited
Financial Statements. As soon as available, but in any event within ninety (90) days after the end of each fiscal year of the Borrower
(or, if earlier, fifteen (15) days after the date required to be filed with the SEC (without giving effect to any extension permitted
by the SEC)) (commencing with the fiscal year ended December 31, 2026), a Consolidated balance sheet of the Borrower and its Subsidiaries
as at the end of such fiscal year, and the related Consolidated statements of income or operations, changes in Shareholders’ Equity
and cash flows for such fiscal year, setting forth in each case 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 reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance
with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception
or any qualification or exception as to the scope of such audit (other than any exception or explanatory paragraph, but not a qualification,
with respect to, or resulting from, the maturity of the Loans hereunder occurring within one year from the time such opinion is delivered).
(b) Quarterly
Financial Statements.
(i) As
soon as available, but in any event within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal
year of the Borrower (or, if earlier, five (5) days after the date required to be filed with the SEC (without giving effect to any
extension permitted by the SEC)) (commencing with the fiscal quarter ended September 30, 2026), a Consolidated balance sheet of the
Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related Consolidated statements of income or operations, changes
in Shareholders’ Equity and cash flows for such fiscal quarter and for the portion of the Borrower fiscal year then ended, 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, all in reasonable detail and prepared in accordance with GAAP and including management discussion
and analysis of operating results inclusive of operating metrics in comparative form, certified by the chief executive officer, chief
financial officer, treasurer or controller who is a Responsible Officer of the Borrower as fairly presenting the financial condition,
results of operations, Shareholders’ Equity and cash flows of the Borrower and its Subsidiaries, subject only to normal year-end
audit adjustments and the absence of footnotes.
(ii) As
soon as available, but in any event within forty-five (45) days after the end of each of the fourth fiscal quarters of each fiscal year
of the Borrower (commencing with the fiscal quarter ended December 31, 2026), an unaudited management-prepared consolidated balance
sheet of the Borrower and its Subsidiaries as at the end of such fiscal
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quarter, and the related consolidated statements of income or
operations for such fiscal quarter, without footnotes, certified by the chief executive officer, chief financial officer, treasurer or
controller who is a Responsible Officer of the Borrower.
(c) Business
Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal year of the Borrower,
an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts prepared by management
of the Borrower, in form satisfactory to the Administrative Agent, of Consolidated balance sheet and statements of income or operations
and cash flows of the Borrower and its Subsidiaries on an annual basis for the immediately following fiscal year.
As to any information contained in materials furnished
pursuant to Section 6.02(e), the Borrower shall not be separately required to furnish such information under Section 6.01(a) or
(b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials
described in Sections 6.01(a) and (b) above at the times specified therein.
6.02 Certificates;
Other Information.
Deliver to the Administrative
Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:
(a) Compliance
Certificate. Concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing
with the delivery of the financial statements for the fiscal quarter ended September 30, 2026), a duly completed Compliance Certificate
signed by the chief executive officer, chief financial officer, treasurer or controller which is a Responsible Officer of the Borrower.
Unless the Administrative Agent or a Lender requests executed originals, delivery of the Compliance Certificate may be by electronic communication
including fax or email and shall be deemed to be an original and authentic counterpart thereof for all purposes.
(b) Updated
Schedules. Concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(a), the following
updated Schedules (which may be attached to the Compliance Certificate) to the extent required to make the representation related to such
Schedule true and correct as of the date of such Compliance Certificate: Schedules 5.10, 5.20(a), 5.20(b), 5.21(b),
5.21(c), 5.21(d)(i), 5.21(d)(ii), 5.21(e), 5.21(f), and 5.21(g).
(c) Calculations.
Concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(a) required to be delivered
with the financial statements referred to in Section 6.01(a), a certificate (which may be included in such Compliance Certificate)
including the amount of all Restricted Payments paid in cash (other than Restricted Payments permitted by Sections 7.06(d) and
(f)), Investments made pursuant to Sections 7.03(b), (c), (g) and (p), Dispositions made
pursuant to Section 7.05(j), non-financed Capital Expenditures that were made during the prior fiscal year and amounts received
in connection with any Extraordinary Receipts during the prior fiscal year.
(d) Changes
in Entity Structure. Within ten (10) days prior to any merger, consolidation, dissolution or other change in entity form of any
Loan Party or any of its Subsidiaries permitted pursuant to the terms hereof, provide notice of such change in entity structure to the
Administrative Agent, along with such other information as reasonably requested by the Administrative Agent. Provide notice to the Administrative
Agent, not less than five (5) days prior (or such extended period of time as agreed to by the Administrative Agent) of any change
in any Loan Party’s legal name, state of organization, or form of organization.
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(e) Audit
Reports; Management Letters; Recommendations. Promptly after any request by the Administrative Agent or any Lender, copies of any
detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board
of directors) of any Loan Party by independent accountants in connection with the accounts or books of any Loan Party or any of its Subsidiaries,
or any audit of any of them.
(f) Annual
Reports; Etc. Promptly after the same are available, copies of each annual report, proxy or financial statement or other report or
communication sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration
statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange
Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent
pursuant hereto.
(g) Debt
Securities Statements and Reports. Promptly after the furnishing thereof, copies of any statement or report furnished to any holder
of debt securities of any Loan Party or of any of its Subsidiaries by such Loan Party or Subsidiary, if applicable, pursuant to the terms
of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01
or any other clause of this Section 6.02.
(h) SEC
Notices. Promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof,
copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning
any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan
Party or any Subsidiary thereof.
(i) Notices.
Not later than five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of all notices, requests
and other documents (including amendments, waivers and other modifications) so received under or pursuant to any instrument, indenture,
loan or credit or similar agreement regarding or related to any breach or default by any party thereto or any other event that could materially
impair the value of the interests or the rights of any Loan Party or otherwise have a Material Adverse Effect and, from time to time upon
request by the Administrative Agent, such information and reports regarding such instruments, indentures and loan and credit and similar
agreements as the Administrative Agent may reasonably request.
(j) Environmental
Notice. Promptly after the assertion (in writing) or occurrence thereof, notice of any action or proceeding against or of any noncompliance
by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that could reasonably be expected to have
a Material Adverse Effect.
(k) Anti-Money-Laundering;
Beneficial Ownership Regulation. Promptly following any request therefor, information and documentation reasonably requested by the
Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering
rules and regulations, including, without limitation, the Patriot Act.
(l) Beneficial
Ownership. To the extent any Loan Party qualifies as a “legal entity customer” under the Beneficial Ownership Regulation,
an updated Beneficial Ownership Certification promptly following any change in the information provided in the Beneficial Ownership Certification
delivered to any Lender in relation to such Loan Party that would result in a change to the list of beneficial owners identified in such
certification.
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(m) Regulatory
Required Permits. Provide written notice to the Administrative Agent no later than ten (10) Business Days after receiving written
notice thereof or otherwise becoming aware that (i) any Governmental Authority is conducting an investigation, audit, examination,
or review of any Regulatory Required Permit, the loss of which could reasonably be expected to result in a Material Adverse Effect, other
than those routine investigations, audits, examinations and reviews that are consistent with the Governmental Authority’s past practices
or processes in connection with the issuance and maintenance of the Regulatory Required Permit or (ii) any material Regulatory Required
Permit has been or could reasonably be expected to be revoked or withdrawn.
(n) Additional
Information. Promptly, such additional information regarding the business, financial, legal or corporate affairs of any Loan Party
or any Subsidiary thereof, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time
to time reasonably request.
(o) Documents
required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(f) or (h) (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 files or furnishes such financial statements and other
information with the SEC via the EDGAR filing system or any successor electronic delivery procedures; or (ii) on which such documents
are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent
have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent). The Administrative Agent shall
have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have
no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such documents.
(p) The
Borrower hereby acknowledges that (i) the Administrative Agent and/or an Affiliate thereof may, but shall not be obligated to, make
available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower hereunder (collectively,
“Borrower Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or a substantially
similar electronic transmission system (the “Platform”) and (ii) certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its
Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities
with respect to such Persons’ securities. The Borrower hereby agrees that it will use commercially reasonable efforts to identify
that portion of the Borrower Materials that may be distributed to the Public Lenders and that (A) all such Borrower Materials shall
be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (B) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed
to have authorized the Administrative Agent, any Affiliate thereof, the Arranger, the L/C Issuer and the Lenders to treat such Borrower
Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower
or its securities for purposes of United States federal and state securities laws (provided that to the extent such Borrower Materials
constitute Information, they shall be treated as set forth in Section 11.07); (C) all Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (D) the
Administrative Agent and any Affiliate thereof and the Arranger shall be entitled to treat any Borrower Materials that are not marked
“PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”
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6.03 Notices.
Promptly, but in any event
within two (2) Business Days of a Responsible Officer’s knowledge thereof, notify the Administrative Agent and each Lender:
(a) of
the occurrence of any Default;
(b) of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;
(c) of
the occurrence of any ERISA Event when taken together with all other ERISA Events which reasonably could be expected to result in a liability
no less than the Threshold Amount;
(d) of
any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof;
(e) of
any occurrence of any (i) Disposition of property or assets for which the Borrower is required to make a mandatory prepayment pursuant
to Section 2.05(b)(i), (ii) issuance of debt or equity for which the Borrower is required to make a mandatory prepayment
pursuant to Section 2.05(b)(ii) and (b)(iii) or (iii) receipt of any Extraordinary Receipt for which
the Borrower is required to make a mandatory prepayment pursuant to Section 2.05(b)(iv);
(f) of
(i) any notice of any amendment, waiver, supplement or other modification of any Subordinated Debt Document and provide copies of
any such amendment, waiver, supplement or other modification and (ii) any notice of default required to be delivered pursuant to
any Subordinated Debt Document;
(g) of
any notice, request or other document (including amendments, waivers and other modifications) so received under or pursuant to any instrument,
indenture, loan or credit or similar agreement regarding or related to any breach or default by any party thereto or any other event that
could materially impair the value of the interests or the rights of any Loan Party or otherwise have a Material Adverse Effect and, from
time to time upon request by the Administrative Agent, provide such information and reports regarding such instruments, indentures and
loan and credit and similar agreements as the Administrative Agent may reasonably request;
(h) of
(i) any investigation, audit, examination or review of any Regulatory Required Permit by a Governmental Authority, the loss of which
could reasonably be expected to result in a Material Adverse Effect, other than those routine investigations, audits, examinations and
reviews that are consistent with the Governmental Authority’s past practices or process in connection with the issuance and maintenance
of the Regulatory Required Permit or (ii) any material Regulatory Required Permit that has been or could reasonably be expected to
be revoked or withdrawn;
(i) of
any claim, demand, inquiry, investigation, or enforcement action by any Governmental Authority (including the Department of Labor) relating
to (i) any Material Cybersecurity Incident, (ii) any material alleged violation of any Data Privacy and Cybersecurity Law, or
(iii) any alleged breach of fiduciary duty or prohibited transaction with respect to any Client Plan; and
(j) of
any Material Cybersecurity Incident, which notice shall be given promptly (and in any event within seventy-two (72) hours) after confirmation
thereof and shall include (i) a
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description of the nature and scope
of the incident, (ii) an estimate of the number of individuals whose data may have been affected, (iii) the remediation steps
being taken, and (iv) a timeline for notifying affected individuals and Governmental Authorities as required by Applicable Law, provided
that if any information required to be delivered pursuant to clauses (i) through (iv) is not available to the Loan Parties at
the time such notice is given, the Loan Parties shall promptly supplement such notice upon receipt of any or all of such information;
Each notice pursuant to this
Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence
referred to therein and to the extent applicable, stating what action the Borrower has taken and proposes to take with respect thereto.
Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and
any other Loan Document that have been breached.
6.04 Payment
of Obligations.
Pay and discharge as the same
shall become due and payable, (a) all its obligations and liabilities, including all material tax liabilities, assessments and governmental
charges or levies upon it or its properties or assets, unless (i) the same are being contested in good faith by appropriate proceedings
diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary and (ii) the
failure to do so could not reasonably be expected to have a Material Adverse Effect; provided that all federal and state withholding
taxes and all other material payroll taxes shall be paid to the appropriate Governmental Authorities as and when claimed by such Governmental
Authorities in writing to be due, notwithstanding the foregoing exceptions; (b) all lawful claims which, if unpaid, would by law
become a Lien (other than a Permitted Lien) upon its property; and (c) all Indebtedness, as and when due and payable (subject to
any applicable grace or cure periods), but subject to any subordination provisions contained in any instrument or agreement evidencing
such Indebtedness.
6.05 Preservation
of Existence, Etc.
(a) Preserve,
renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization
except in a transaction permitted by Section 7.04 or 7.05;
(b) take
all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct
of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and
(c) preserve
or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected
to have a Material Adverse Effect.
6.06 Maintenance
of Properties.
(a) Maintain,
preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and
condition, ordinary wear and tear excepted;
(b) make
all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect;
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(c) use
the standard of care typical in the industry in the operation and maintenance of its facilities.
6.07 Maintenance
of Insurance.
(a) Maintenance
of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of the Borrower, insurance with respect
to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar
business, of such types and in such amounts (after giving effect to any self-insurance compatible with the following standards) as are
customarily carried under similar circumstances by such other Persons and all such insurance shall (i) provide for not less than
thirty (30) days’ prior notice to the Administrative Agent of termination, lapse or cancellation of such insurance, (ii) name
the Administrative Agent as mortgagee (in the case of property insurance) or additional insured on behalf of the Secured Parties (in the
case of liability insurance) or loss payee (in the case of property insurance), as applicable, (iii) if reasonably requested by the
Administrative Agent, include a breach of warranty clause and (iv) be reasonably satisfactory in all other respects to the Administrative
Agent.
(b) Evidence
of Insurance. Cause the Administrative Agent to be named as lenders’ loss payable, loss payee or mortgagee, as its interest
may appear, and/or additional insured with respect of any such insurance providing liability coverage or coverage in respect of any Collateral,
and cause, unless otherwise agreed to by the Administrative Agent, each provider of any such insurance to agree, by endorsement upon the
policy or policies issued by it or by independent instruments furnished to the Administrative Agent that it will give the Administrative
Agent thirty (30) days prior written notice before any such policy or policies shall be altered or cancelled (or ten (10) days prior
notice in the case of cancellation due to the nonpayment of premiums). Annually, upon expiration of current insurance coverage, the Loan
Parties shall provide, or cause to be provided, to the Administrative Agent, such evidence of insurance as required by the Administrative
Agent, including, but not limited to: (i) certified copies of such insurance policies, (ii) evidence of such insurance policies
(including, without limitation and as applicable, ACORD Form 28 certificates (or similar form of insurance certificate), and ACORD
Form 25 certificates (or similar form of insurance certificate)), (iii) declaration pages for each insurance policy and
(iv) lender’s loss payable endorsement if the Administrative Agent for the benefit of the Secured Parties is not on the declarations
page for such policy. As reasonably requested by the Administrative Agent, the Loan Parties agree to deliver to the Administrative
Agent an Authorization to Share Insurance Information.
(c) Cyber
Liability and Technology E&O Insurance. Maintain at all times (i) cyber liability insurance coverage (including coverage
for network security liability, privacy liability, regulatory defense and penalties, data breach response costs, cyber extortion, and
business interruption resulting from a Cybersecurity Incident) with a minimum limit of not less than $10,000,000 per occurrence (in the
aggregate when taking into account excess policy coverage), and (ii) technology errors and omissions insurance (including coverage
for professional liability arising from the provision of technology and data processing services, including payroll processing, benefits
administration, and human resources management services) with a minimum limit of not less than $10,000,000 per occurrence (in the aggregate
when taking into account excess policy coverage); in each case, with financially sound and reputable insurers rated at least “A-”
by A.M. Best (or an equivalent rating by another nationally recognized rating agency) and which coverage is in a combined policy
on the Closing Date. Such insurance policy shall provide for not less than thirty (30) days’ prior written notice to the Administrative
Agent of termination, lapse, or
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cancellation of such insurance (or ten
(10) days’ prior notice in the case of cancellation due to nonpayment of premiums).
6.08 Compliance
with Laws.
Comply with the requirements
of all Applicable Laws (including all Specified Laws) and all orders, writs, injunctions and decrees applicable to it or to its business
or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested
in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected
to have a Material Adverse Effect.
6.09 Books
and Records.
(a) Maintain
proper books of record and account in a manner that permits the preparation of financial statements in conformity with GAAP (it being
understood and agreed that Foreign Subsidiaries may maintain individual books and records in conformity with generally accepted accounting
principles that are applicable in their respective jurisdiction of organization, amalgamation or incorporation); and
(b) maintain
such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory
jurisdiction over such Loan Party or such Subsidiary, as the case may be.
6.10 Inspection
Rights.
(a) Permit
representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to
examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrower and at such reasonable
times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided
that if no Event of Default exists, such visits and inspections shall be limited to once per fiscal year with at least five (5) Business
Days’ notice; provided further that, when an Event of Default exists, the Administrative Agent or any Lender (or any of their
respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal
business hours and without advance notice.
(b) If
requested by the Administrative Agent in its sole discretion, permit the Administrative Agent and its representatives, upon reasonable
advance notice to the Borrower, to conduct, at the expense of the Borrower, unless an Event of Default exists and is continuing, no more
than once annually (for the avoidance of doubt, there shall be no restriction on the number of appraisals and exams while an Event of
Default exists) (i) personal property asset appraisal on personal property Collateral of the Borrower and its Subsidiaries and (ii) field
exam on the accounts receivable, inventory, payables, controls and systems of the Borrower and its Subsidiaries.
(c) If
requested by the Administrative Agent in its sole discretion, permit the Administrative Agent, and its representatives, upon reasonable
advance notice to the Borrower, to conduct an annual audit of the Collateral at the expense of the Borrower.
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6.11 Use
of Proceeds.
Use the proceeds of the Credit
Extensions (i) in respect of the Revolving Facility, shall be used to (subject to the restrictions herein) (w) for ongoing working
capital requirements, (x) capital expenditures, (y) to finance Permitted Acquisitions and (z)other general corporate purposes
not in contravention of any Law or of any Loan Document, (ii) in respect of the DD Term Facility, shall be used to finance Permitted
Acquisitions and (iii) in respect of the Term A Facility, shall be used to (x) complete the refinancing of the Indebtedness
outstanding on the Closing Date, (y) to finance Permitted Acquisitions and (z) pay fees, commissions and expenses incurred in
connection with the refinancing of the Indebtedness contemplated herein. The proceeds of any Incremental Term Loan or any Incremental
Revolving Loan will be used for working capital and general corporate purposes of the Borrower and its Subsidiaries, including for Permitted
Acquisitions permitted under this Agreement.
6.12 Covenant
to Guarantee Obligations.
The Loan Parties will cause
each Material Subsidiary (other than any Excluded Subsidiary) whether newly formed, after acquired or otherwise existing to promptly (and
in any event within sixty (60) days after such Material Subsidiary is formed or acquired (or such longer period of time as agreed
to by the Administrative Agent in its reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder Agreement;
provided, however, no Foreign Subsidiary shall be required to become a Guarantor to the extent such Guaranty would result
in a material adverse tax consequence for the Borrower. In connection therewith, the Loan Parties shall give notice to the Administrative
Agent not less than ten (10) days prior to creating a Material Subsidiary (or such shorter period of time as agreed to by the Administrative
Agent in its reasonable discretion), or acquiring the Equity Interests of any Person that will be Material Subsidiary. In connection with
the foregoing, the Loan Parties shall deliver to the Administrative Agent, with respect to each new Guarantor to the extent applicable,
substantially the same documentation required pursuant to the applicable clauses of Sections 4.01 and 6.13 and such
other documents or agreements as the Administrative Agent may reasonably request, including without limitation, updated Schedules 5.10,
5.20(a), 5.20(b), 5.21(b), 5.21(c), 5.21(d)(i), 5.21(d)(ii), 5.21(e), 5.21(f),
5.21(g), and Schedule 5.28.
6.13 Covenant
to Give Security
Except with respect to Excluded
Property:
(a) Equity
Interests and Personal Property. Each Loan Party will cause the Pledged Equity and all of its tangible and intangible personal property
now owned or hereafter acquired by it to be subject at all times to a first priority, perfected Lien (subject to Permitted Liens) in favor
of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations pursuant to the terms and conditions
of the Collateral Documents. Each Loan Party shall provide opinions of counsel and any filings and deliveries reasonably necessary in
connection therewith to perfect the security interests therein, all in form and substance reasonably satisfactory to the Administrative
Agent.
(b) Collateral
Access Agreement. Each Loan Party shall use commercially reasonable efforts to deliver a Collateral Access Agreement for the Borrower’s
property located at 405 Colorado Street, Suite 1800, Austin, Texas.
(c) Deposit
Accounts. Commencing one hundred twenty (120) days after the Closing Date (or such later date as the Administrative Agent may
agree in its sole discretion), each of the Loan Parties shall not open, maintain or otherwise have any deposit or other accounts
(including
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Securities Accounts) at any bank or
other financial institution, other than (i) Deposit Accounts that are maintained at all times with (A) MUFG, (B) any other
Lender or (C) other Deposit Accounts, so long as such accounts are subject to a Qualifying Control Agreement, (ii) Securities
Accounts that are maintained at all times with (A) MUFG, (B) any other Lender or (C) other Securities Accounts, so long
as such accounts are subject to a Qualifying Control Agreement, (iii) Excluded Accounts and (iv) other Deposit Accounts, so
long as the aggregate monthly balance in all such accounts does not exceed $1,000,000.
(d) Updated
Schedules. Concurrently with the delivery of any Collateral pursuant to the terms of this Section 6.13, the Borrower shall
provide the Administrative Agent with the applicable updated Schedule(s): 5.20(a), 5.20(b), 5.21(b), 5.21(c),
5.21(d)(i), 5.21(d)(ii), 5.21(e), 5.21(f), 5.21(g), and Schedule 5.28.
(e) Further
Assurances. At any time upon request of the Administrative Agent, promptly execute and deliver any and all further instruments and
documents and take all such other action as the Administrative Agent may deem necessary or desirable to maintain in favor of the Administrative
Agent, for the benefit of the Secured Parties, Liens and insurance rights on the Collateral that are duly perfected in accordance with
the requirements of, or the obligations of the Loan Parties under, the Loan Documents and all Applicable Laws.
6.14 Anti-Corruption
Laws; Sanctions.
Conduct its business in compliance
in all material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, the Anti-Terrorism Laws
and other applicable anti-corruption legislation in other jurisdictions and with all applicable Sanctions, and maintain policies and procedures
designed to promote and achieve compliance with such laws and Sanctions.
6.15 Cash
Management.
On or prior to the date that
is one hundred twenty (120) days after the Closing Date (or such later date as the Administrative Agent approve in its sole discretion),
maintain, subject to Section 6.13(c), all primary cash management with MUFG, including, without limitation, all primary Deposit
Accounts; so long as such accounts shall contain fees, interest rates, income and performance terms that are the same as or more favorable
to the Borrower compared to the terms the Borrower maintains with its current depository institutions and excluding, for the avoidance
of doubt, any Customer Funds Account.
6.16 Further
Assurances.
Promptly upon request by
the Administrative Agent, or any Lender through the Administrative Agent, (a) correct any material defect or error that may be discovered
in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge, deliver,
record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments
as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to (i) carry
out more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by Applicable Law, subject any Loan
Party’s or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be
covered by any of the Collateral Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral
Documents and any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect
and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties
under any Loan
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Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of
its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so.
6.17 Post-Closing
Matters.
Not later than the dates set
forth on Schedule 6.17 (or such later dates as the Administrative Agent shall agree in its reasonable discretion), the Loan Parties
shall take the actions set forth on Schedule 6.17.
6.18 Compliance
with Environmental Laws; Preparation of Environmental Reports.
Comply, and cause all lessees
and other Persons operating or occupying its properties to comply, in each case, in all material respects, with all applicable Environmental
Laws and Environmental Permits; obtain and renew all Environmental Permits reasonably necessary for its operations and properties; and
conduct any investigation, study, sampling and testing, cleanup, removal, remedial or other action necessary to remove and clean up all
Hazardous Materials from any of its properties, in accordance in all material respects with all Environmental Laws; provided that
neither the Borrower nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to
the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being
maintained with respect to such circumstances in accordance with GAAP.
6.19 Approvals
and Authorizations.
Maintain all authorizations,
consents, approvals and licenses from, exemptions of, and filings and registrations with, each Governmental Authority of the jurisdiction
in which each Foreign Obligor is organized and existing, and all approvals and consents of each other Person in such jurisdiction, in
each case that are required in connection with the Loan Documents.
6.20 Pari
Passu Ranking.
Ensure that the payment obligations
of the Loan Parties under the Loan Documents rank and continue to rank at least pari passu with the claims of all of the Loan Parties’
other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.
6.21 Material
Agreements.
Each Loan Party and their
Subsidiaries shall comply, in all material respects, with any of the obligations, covenants or conditions contained in (a) any Material
Agreement to which it is a party or (b) any agreement or instrument evidencing a material leasehold.
6.22 Regulatory
Matters.
Loan Parties shall have, and
shall ensure that it and each of its Subsidiaries has, each necessary Permit (including all Regulatory Required Permits) and other material
rights from, and have made all necessary declarations and filings with, all applicable Governmental Authorities, all self-regulatory authorities
and all courts and other tribunals necessary to engage in all material respects in the ownership, management and operation of the business
or the assets of any Loan Party and Subsidiaries thereof and Loan Parties shall take, and cause each of their Subsidiaries to take, such
reasonable actions to ensure that no Governmental Authority has taken action to limit, suspend, condition, or revoke any such Permit,
in each case, except where the failure to do so could not reasonably be expected to (a) result in a Material Adverse Effect, or (b) require
the Loan Parties and their subsidiaries to cease material operations in or with
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respect to a state or states that do not, as of
the applicable date of determination, individually or collectively account for more than ten percent (10%) of the revenue of the Loan
Parties and their consolidated Subsidiaries, as determined in accordance with GAAP as of such date of determination; provided that no
Loan Party or any Subsidiary thereof is conducting or will conduct business in any jurisdiction without the applicable Regulatory Required
Permits in effect.
6.23 Data
Privacy and Cybersecurity.
(a) Compliance.
Comply in all material respects with all applicable Data Privacy and Cybersecurity Laws, and maintain all privacy policies, data processing
agreements, and other contractual arrangements necessary for the lawful collection, use, storage, processing, and transfer of Client Data
in connection with the business operations of the Loan Parties and their Subsidiaries.
(b) Incident
Response. Maintain and follow written incident response and disaster recovery plans that are reasonably designed to enable timely
detection, response, and recovery from Cybersecurity Incidents, including procedures for (i) notification to the Administrative Agent
of any Material Cybersecurity Incident in accordance with Section 6.03, (ii) containment and remediation of Cybersecurity
Incidents, and (iii) cooperation with law enforcement and regulatory authorities as required by Applicable Law.
(c) Information
Security Program. Implement and maintain a Cybersecurity Program that is (i) reasonably designed to protect Client Data and the
confidentiality, integrity, and availability of the information technology systems of the Loan Parties and their Subsidiaries, (ii) consistent
with industry standards for companies of similar size engaged in similar businesses, and (iii) compliant with all applicable Data
Privacy and Cybersecurity Laws.
6.24 Benefits
Administration.
(a) To
the extent that any Loan Party or any Subsidiary thereof acts as a fiduciary (as defined in Section 3(21) of ERISA) with respect
to any Client Plan, discharge all fiduciary duties with respect to such Client Plan in accordance with ERISA and any other applicable
Law, and not engage in any transaction with respect to any Client Plan which would subject such Loan Party or Subsidiary to any material
tax or penalty on prohibited transactions imposed by Section 4975 of the Code or the sanctions imposed under Title I of ERISA.
(b) Maintain
all required fidelity bonds, insurance, and bonding arrangements required under ERISA or by any Customer agreement with respect to the
provision of Benefits Administration Services.
(c) Comply
in all material respects with all applicable reporting, disclosure, and recordkeeping requirements of ERISA, the Code, and applicable
regulations of the Department of Labor with respect to the provision of Benefits Administration Services.
Article VII
NEGATIVE
COVENANTS
Each of the Loan Parties hereby
covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, no Loan Party shall, nor shall it permit
any Subsidiary to, directly or indirectly:
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7.01 Liens.
Create, incur, assume or suffer
to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for the following (the
“Permitted Liens”):
(a) Liens
pursuant to any Loan Document;
(b) Liens
existing on the Closing Date and listed on Schedule 7.01 and any refinancings, refundings, renewals or extensions thereof, provided
that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as
contemplated by Section 7.02(b), (iii) the direct or any contingent obligor with respect thereto is not changed, and
(iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.02(b);
(c) Liens
for Taxes not yet delinquent or Liens for Taxes which are being contested in good faith and by appropriate proceedings diligently conducted,
if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;
(d) Statutory
Liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising
in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being contested in good
faith and by appropriate proceedings diligently conducted; provided that adequate reserves with respect thereto are maintained
on the books of the applicable Person in accordance with GAAP;
(e) 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;
(f) deposits
to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature incurred in the ordinary course of business;
(g) easements,
rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount,
and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary
conduct of the business of the applicable Person;
(h) Liens
arising out of judgments or awards not resulting in an Event of Default; provided the applicable Loan Party or Subsidiary shall
in good faith be prosecuting an appeal or proceedings for review;
(i) Liens
securing Indebtedness permitted under Section 7.02(c); provided that (i) such Liens do not at any time encumber
any property other than the property financed by such Indebtedness and any additions, accessions, parts, improvements and attachments
thereto and any related software, and (ii) the Indebtedness secured thereby does not exceed the cost or fair market value, whichever
is lower, of the property being acquired on the date of acquisition;
(j) bankers’
Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or more accounts
maintained by the Borrower or any of its Subsidiaries with any Lender, in each case in the ordinary course of business in favor of the
bank or banks with which such accounts are maintained, securing solely the customary amounts
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owing to such bank with respect to cash
management and operating account arrangements; provided that in no case shall any such Liens secure (either directly or indirectly)
the repayment of any Indebtedness;
(k) any
interest or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any Loan Party or any Subsidiary
thereof in the ordinary course of business and covering only the assets so leased, licensed or subleased;
(l) Liens
of a collection bank arising under Section 4–210 of the UCC on items in the course of collection;
(m) any
zoning, building or similar laws or rights reserved to or vested in any Governmental Authority;
(n) Liens
on property of a Person existing at the time such Person is merged into or consolidated with the Borrower or any Subsidiary of the Borrower
or becomes a Subsidiary of the Borrower; provided that such Liens were not created in contemplation of such merger, consolidation
or Investment and do not extend to any assets other than those of the Person merged into or consolidated with the Borrower or such Subsidiary
or acquired by the Borrower or such Subsidiary, and the applicable Indebtedness secured by such Lien is permitted under Section 7.02(f);
(o) leases,
subleases, licenses and sublicenses granted to other Persons and which do not (A) materially interfere with the ordinary conduct
of the business of the Borrower or its Subsidiaries or materially detract from the value of the relevant assets of the Borrower or its
Subsidiaries or (B) secure any Indebtedness;
(p) Liens
encumbering customary initial deposits and margin deposits, in each case securing obligations under Swap Contracts (other than Secured
Hedge Agreements) permitted by Section 7.02(g);
(q) Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation
of goods;
(r) Liens
securing Indebtedness represented by financed insurance premiums in the ordinary course of business or otherwise consistent with past
practice, provided that such Liens do not extend to any property or assets other than the corresponding insurance policies being financed;
(s) Liens
granted by a Subsidiary that is not a Loan Party in favor of any Loan Party in respect of Indebtedness owed by such Subsidiary; and
(t) other
Liens securing Indebtedness outstanding in an aggregate principal amount not to exceed $5,000,000, provided that no such Lien shall
extend to or cover any Collateral.
7.02 Indebtedness.
Create, incur, assume or suffer
to exist any Indebtedness, except (the items below, collectively, “Permitted Indebtedness”):
(a) Indebtedness
under the Loan Documents;
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(b) Indebtedness
outstanding on the Closing Date and listed on Schedule 7.02 and any refinancings, refundings, renewals or extensions thereof;
provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension
except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection
with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor
with respect thereto is not changed, as a result of or in connection with such refinancing, refunding, renewal or extension; and, still
further, that the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination, standstill and related
terms (if any), and other material terms taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and
of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the
applicable Loan Party or Subsidiary or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced,
refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness
does not exceed the then applicable market interest rate, in each case, as determined in good faith by the Borrower;
(c) Indebtedness
in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets within the limitations
set forth in Section 7.01(i); provided that the aggregate amount of all such Indebtedness at any time outstanding shall
not exceed $5,000,000;
(d) unsecured
Indebtedness of the Borrower or a Subsidiary of the Borrower owed to the Borrower or a wholly-owned Subsidiary of the Borrower, which
Indebtedness shall (i) to the extent required by the Administrative Agent, be evidenced by promissory notes which shall be pledged
to the Administrative Agent as Collateral for the Secured Obligations in accordance with the terms of the Security Agreement, (ii) be
on terms (including subordination terms) acceptable to the Administrative Agent and (iii) be otherwise permitted under the provisions
of Section 7.03 (“Intercompany Debt”);
(e) Guarantees
of the Borrower or any Subsidiary in respect of Indebtedness otherwise permitted hereunder of the Borrower or any other Subsidiary;
(f) Indebtedness
of any Person that becomes a Subsidiary of the Borrower after the date hereof in a transaction permitted hereunder in an aggregate principal
amount not to exceed, at any time outstanding, $5,000,000, and any refinancings, refundings, renewals or extensions thereof; provided
that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount
equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing
and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor with respect thereto
is not changed, as a result of or in connection with such refinancing, refunding, renewal or extension; and, still further, that the terms
relating to principal amount, amortization, maturity, collateral (if any) and subordination, standstill and related terms (if any), and
other material terms, taken as a whole, of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered
into and of any instrument issued in connection therewith, are no less favorable in any material respect to the applicable Loan Party
or Subsidiary or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed
or extended and the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed the
then applicable market interest rate, in each case, as determined in good faith by the Borrower; provided, further that such Indebtedness
is existing at the time such Person becomes a Subsidiary
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of the Borrower and was not incurred
solely in contemplation of such Person’s becoming a Subsidiary of the Borrower;
(g) obligations
(contingent or otherwise) existing or arising under any Swap Contract, provided that (i) such obligations are (or were) entered
into by such Person in the ordinary course of business for the purpose of hedging or mitigating risks associated with fluctuations in
interest rates or foreign exchange rates and not for speculative purposes and (ii) such Swap Contract does not contain any provision
exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party;
(h) Indebtedness
pursuant to the Subordinated Existing Holdover Notes;
(i) Indebtedness
arising from customary cash management and treasury services, credit cards, and the honoring of a check, draft or similar instrument against
insufficient funds or from the endorsement of instruments for collection, in each case, in the ordinary course of business;
(j) Indebtedness
owed to any Person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability
insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business;
(k) Indebtedness
in respect of performance bonds, bid bonds, appeal bonds, surety bonds, bank guarantees, letters of credit and similar obligations, in
each case provided in the ordinary course of business;
(l) Indebtedness
consisting of the financing of insurance premiums in the ordinary course of business;
(m) [reserved];
(n) unsecured
Indebtedness (including Subordinated Unsecured Seller Notes and Contingent Acquisition Consideration) so long as (x) both immediately
before and after giving Pro Forma Effect to the incurrence of such Indebtedness (assuming (1) that the commitments under any such
Indebtedness under the Revolving Facility or the DD Term Facility are fully drawn, and (2) the proceeds of such Indebtedness shall
not constitute Unrestricted Cash for purposes of calculating the pro forma Consolidated Net Leverage Ratio), the Loan Parties are in compliance
with the financial covenants set forth in Section 7.11 and (y) such Indebtedness (other than Contingent Acquisition Consideration)
is Subordinated Debt; and
(o) other
Indebtedness not expressly permitted in this Section 7.02 in an aggregate principal amount not to exceed $5,000,000.
7.03 Investments.
Make or hold any Investments,
except:
(a) Investments
held by the Borrower and its Subsidiaries in the form of cash or Cash Equivalents;
(b) advances
to officers, directors and employees of the Borrower and Subsidiaries in an aggregate amount not to exceed, at the time such Investment
is made and after giving effect to
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such Investment, $1,000,000 for travel,
entertainment, relocation and analogous ordinary business purposes;
(c) (i) Investments
by the Borrower and its Subsidiaries in their respective Subsidiaries outstanding on the date hereof, (ii) additional Investments
by the Borrower and its Subsidiaries in Loan Parties, (iii) additional Investments by Subsidiaries of the Borrower that are not Loan
Parties in other Subsidiaries that are not Loan Parties and (iv) so long as no Default has occurred and is continuing or would result
from such Investment, additional Investments by the Loan Parties in wholly-owned Subsidiaries that are not Loan Parties in an aggregate
amount not to exceed in any fiscal year, at the time such Investment is made and after giving effect to such Investment, $10,000,000;
(d) Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in
the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account
debtors to the extent reasonably necessary in order to prevent or limit loss;
(e) Guarantees
permitted by Section 7.02;
(f) Investments
existing on the date hereof (other than those referred to in Section 7.03(c)(i)) and set forth on Schedule 7.03;
(g) Permitted
Acquisitions;
(h) Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement
of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business;
(i) Investments
in Swap Contracts permitted by Section 7.02(g);
(j) Investments
consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;
(k) Investments
of a Subsidiary acquired after the Closing Date or of a Person merged or consolidated with any Subsidiary in accordance with this Section 7.03
and Section 7.04 after the Closing Date to the extent that such Investments were not made in contemplation of or in connection
with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;
(l) non-cash
consideration received in connection with any Disposition expressly permitted by Section 7.05;
(m) Guarantees
of leases and other contractual obligations of any Subsidiary (to the extent not constituting Indebtedness) in the ordinary course of
business;
(n) Investments
of cash by the Loan Parties or their Subsidiaries in the ordinary course of business to make payments on behalf of Customers for which
funds have not been received by the Loan Parties or their Subsidiaries from the applicable Customer not to exceed $5,000,000 in the aggregate
in any trailing twelve-month period;
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(o) Investments
of Customer funds held in Customer Funds Accounts so long as (i) neither Borrower nor any other Loan Party is required to provide
any guaranty or security to any Customer with respect to any return on, or return of, any amounts so held by such Loan Party on behalf
of the applicable Customer in such Customer Funds Accounts, (ii) any such funds are invested in cash, Cash Equivalents or otherwise
in accordance with the Borrower’s investment policy, as approved by the Borrower’s board of directors, and (iii) all
such Investments of customer Funds are made in compliance with all applicable Laws and the requirements of any applicable Permits; and
(p) other
Investments not exceeding, determined at the time such Investment is made and after giving effect to such Investment, in the aggregate
in any fiscal year of the Borrower, $500,000, so long as no Default has occurred and is continuing or would result from such Investment.
Notwithstanding the foregoing,
nothing in this Section 7.03 shall permit an Investment consisting of any Intellectual Property that is material to the business
of the Borrower and its Subsidiaries, taken as a whole, to any Subsidiary that is a non-Loan Party.
7.04 Fundamental
Changes.
Merge, dissolve, liquidate,
consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially
all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or
would result therefrom:
(a) any
Subsidiary may merge with (i) the Borrower; provided that the Borrower shall be the continuing or surviving Person, or (ii) any
one or more other Subsidiaries, provided that when any Loan Party is merging with another Subsidiary, such Loan Party shall be
the continuing or surviving Person;
(b) any
Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another
Loan Party;
(c) any
Subsidiary that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition that is in the nature
of a liquidation) to (i) another Subsidiary that is not a Loan Party or (ii) to a Loan Party;
(d) in
connection with any Permitted Acquisition, any Subsidiary of the Borrower may merge into or consolidate with any other Person or permit
any other Person to merge into or consolidate with it; provided that (i) the Person surviving such merger shall be a wholly-owned
Subsidiary of the Borrower and (ii) in the case of any such merger to which any Loan Party (other than the Borrower) is a party,
such Loan Party is the surviving Person;
(e) each
of the Borrower and any of its Subsidiaries may merge into or consolidate with any other Person or permit any other Person to merge into
or consolidate with it; provided that in each case, immediately after giving effect thereto (i) in the case of any such merger
to which the Borrower is a party, the Borrower is the surviving Person and (ii) in the case of any such merger to which any Loan
Party (other than the Borrower) is a party, such Loan Party is the surviving Person; and
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(f) any
Immaterial Subsidiary may liquidate, divide or dissolve if the Borrower determines in good faith that such liquidation, division or dissolution
is in the best interests of the Borrower and is not materially disadvantageous to the Lenders.
7.05 Dispositions.
Make any Disposition or enter
into any agreement to make any Disposition, except:
(a) Permitted
Transfers;
(b) Dispositions
of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;
(c) Dispositions
of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement
property;
(d) Dispositions
permitted by Section 7.04;
(e) non-exclusive
licenses of trademarks, service marks, trade names, copyrights, patents, patent rights, trade secrets, know-how, franchises, licenses
and other intellectual property rights in the ordinary course of business; and
(f) Involuntary
Dispositions;
(g) Dispositions
of non-core assets acquired in connection with, or resulting from, any Permitted Acquisition or other Investment permitted hereunder;
(h) to
the extent constituting a Disposition, the settlement, waiver, release or surrender of claims or litigation rights of any kind;
(i) Dispositions
permitted by Section 7.03 and Section 7.06; and
(j) other
Dispositions so long as (i) no Event of Default has occurred and is continuing or would result therefrom, (ii) at least 75%
of the consideration paid in connection therewith shall be cash or Cash Equivalents paid contemporaneously with consummation of the transaction
and shall be in an amount not less than the fair market value of the property disposed of, (iii) such transaction does not involve
the sale or other disposition of a minority Equity Interests in any Subsidiary, (iv) such transaction does not involve a sale or
other disposition of receivables other than receivables owned by or attributable to other property concurrently being disposed of in a
transaction otherwise permitted under this Section 7.05, and (v) the aggregate net book value of all of the assets sold
or otherwise disposed of by the Loan Parties and their Subsidiaries in all such transactions in any fiscal year of the Borrower shall
not exceed $3,000,000.
Notwithstanding the foregoing,
nothing in this Section 7.05 shall permit the Disposition (including exclusive license) of any Intellectual Property that
is material to the business of the Borrower and its Subsidiaries, taken as a whole, to any Subsidiary that is a non-Loan Party.
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7.06 Restricted
Payments.
Declare or make, directly
or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:
(a) each
Subsidiary may make Restricted Payments to any Person that owns Equity Interests in such Subsidiary, ratably according to their respective
holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;
(b) the
Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in common Equity Interests (other
than Disqualified Equity Interests) of such Person;
(c) the
Borrower and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds received from the
substantially concurrent issue of new shares of its common stock or other common Equity Interests (other than Disqualified Equity Interests);
(d) the
Borrower may issue Equity Interests and make cash payment in lieu of issuing fractional shares in connection with the exercise of warrants,
options or other securities convertible into or exchangeable for such Equity Interests;
(e) the
Borrower may purchase its Equity Interests in connection with the exercise of stock options or stock appreciation rights by way of cashless
exercise or the vesting of restricted stock units or, through net share settlements, in connection with the satisfaction of withholding
tax obligations;
(f) repurchases,
redemptions or retirements of stock of current or former employees, directors or consultants pursuant to stock purchase agreements so
long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase;
provided, however, that the aggregate amount of such repurchases in any fiscal year shall not exceed Five Hundred Thousand Dollars
($500,000);
(g) the
Borrower may purchase for value any rights distributed in connection with any stockholders’ rights plan adopted by the Borrower;
(h) so
long as no Event of Default shall have occurred and be continuing at the time of such payment or would result therefrom, the Borrower
may make Restricted Payments on the Subordinated Debt and Contingent Acquisition Consideration due and payable in accordance with the
acquisition documents in respect of any Permitted Acquisition, in each case, in compliance with Section 7.16; and
(i) the
Borrower may make other Restricted Payments in an unlimited amount, so long as immediately after giving effect to any such payment, calculated
on a Pro Forma Basis at the time such payment is made, after giving effect to such Restricted Payment on a Pro Forma Basis, (i) the
Loan Parties are in Pro Forma Compliance with the financial covenants in Section 7.11, (ii) the Consolidated Net Leverage
Ratio is not in excess of 2.50 to 1.00, and (iii) no Event of Default shall have occurred and be continuing at the time of such payment
or would result therefrom.
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7.07 Change
in Nature of Business.
Engage in any material line
of business substantially different from those lines of business conducted by the Borrower and its Subsidiaries on the Closing Date or
any business substantially related or incidental thereto.
7.08 Transactions
with Affiliates.
Enter into or permit to exist
any transaction or series of transactions with any officer, director or Affiliate of such Person that exceeds $2,500,000 other than (a) advances
of working capital to any Loan Party, (b) transfers of cash and assets to any Loan Party, (c) intercompany transactions expressly
permitted by this Agreement, (d) compensation (including bonuses and equity-based compensation), employment benefit arrangements,
indemnities and reimbursement of expenses of officers, managers, employees and directors, (e) except as otherwise specifically limited
in this Agreement, other transactions which are entered into on fair and reasonable terms and conditions substantially as favorable to
such Person as would be obtainable by it in a comparable arm’s length transaction with a Person other than an officer, director
or Affiliate and (f) transactions permitted by Section 7.03, Section 7.04, Section 7.06 and Section 7.18.
7.09 Burdensome
Agreements.
Enter into, or permit to exist,
any Contractual Obligation (except for this Agreement and the other Loan Documents) that (a) encumbers or restricts the ability
of any such Person to (i) to act as a Loan Party; (ii) make Restricted Payments to any Loan Party, (iii) pay any Indebtedness
or other obligation owed to any Loan Party, (iv) make loans or advances to any Loan Party, or (v) create any Lien
in favor of the Administrative Agent (for the benefit of the Secured Parties) upon any of their properties or assets, whether now owned
or hereafter acquired, to secure the Secured Obligations, except the foregoing shall not apply to (A) restrictions and conditions
imposed by any applicable Law, (B) restrictions and conditions contained in agreements relating to the sale of any Subsidiary or
assets of the Borrower or any Subsidiary, in each case, pending such sale, provided such restrictions and conditions apply only to the
Person or assets that are to be sold and such sale is permitted hereunder, (C) customary provisions in leases and other contracts
restricting the assignment or encumbrance thereof, (D) any restrictions or conditions set forth in any agreement in effect at any
time any Person becomes a Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition);
provided that such agreement was not entered into in contemplation of such Person becoming a Subsidiary and the restriction or
condition set forth in such agreement does not apply to the Borrower or any other Subsidiary, (E) customary provisions in joint venture
agreements (and other similar agreements) (provided that such provisions apply only to such joint venture and to Equity Interests in such
joint venture), (F) customary net worth provisions or similar financial maintenance provisions contained in real property leases,
(G) restrictions requiring minimum reserves of cash or other deposits, in each case, imposed by customers of the Borrower or any
Subsidiary under contracts entered into in the ordinary course of business, (H) [reserved] and (I) in the case of clause
(a)(v) only, for any document or instrument governing Indebtedness permitted by Section 7.02; provided
that any such restriction contained therein relates only to the asset or assets securing any such Indebtedness; or (b) requires the
grant of any Lien on property for any obligation if a Lien on such property is given as security for the Secured Obligations.
7.10 Use
of Proceeds.
Use the proceeds of any Credit
Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within
the meaning of Regulation U) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness
originally incurred for such purpose.
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7.11 Financial
Covenants.
(a) Consolidated
Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any Measurement Period ending as
of the end of any fiscal quarter of the Borrower to be less than 1.25 to 1.00.
(b) Consolidated
Net Leverage Ratio. Permit the Consolidated Net Leverage Ratio as of the end of any Measurement Period ending as of the end of any
fiscal quarter of the Borrower to be greater than 3.50:1.00; provided that, at the election of the Borrower upon written notice
to the Administrative Agent, during the four consecutive fiscal quarters including and following the quarter in which the Borrower or
any of its Subsidiaries consummates a Specified Permitted Acquisition, the Consolidated Net Leverage Ratio shall be no greater than 3.75
to 1.00 (such period, the “Adjusted Covenant Period”) (it being understood and agreed that following the end
of the Adjusted Covenant Period, the required Consolidated Net Leverage Ratio shall revert to 3.50 to 1.00 as of the end of each subsequent
fiscal quarter until another Adjusted Covenant Period (if any) occurs); provided further that (i) there may only be two (2) such
Adjusted Covenant Periods during the term of this Agreement and (ii) there shall be at least two (2) full fiscal quarters between
Adjusted Covenant Periods.
7.12 Amendments
of Organization Documents; Fiscal Year; Legal Name, State of Formation; Form of Entity; Accounting Changes.
(a) Amend
any of its Organization Documents to the extent any such amendment would reasonably be expected to be materially adverse to the Administrative
Agent or any Secured Party;
(b) change
its fiscal year; or
(c) without
providing five (5) days prior written notice to the Administrative Agent (or such shorter period of time as reasonably agreed to
by the Administrative Agent), change its name, state of formation, form of organization or principal place of business.
7.13 Sale
and Leaseback Transactions.
Enter into any Sale and Leaseback
Transaction, except in connection with any Capitalized Leases permitted by Section 7.02(c).
7.14 Sanctions.
Directly or indirectly, use
any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or
the proceeds of any Credit Extension to any Person, to fund any activities of or business with any Person, that, at the time of such funding,
is the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any Person participating
in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swingline Lender, or otherwise) of Sanctions.
7.15 Anti-Corruption
Laws.
Directly or indirectly, use
any Credit Extension or the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices
Act of 1977, the UK Bribery Act 2010, Anti-Terrorism Laws and other anti-corruption legislation in other jurisdictions.
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7.16 Payments
and Modifications of Subordinated Debt .
(a) Declare,
pay, make or set aside any amount for payment in respect of any Subordinated Debt or any Contingent Acquisition Consideration, in each
case, except for payments made in respect of (x) Subordinated Debt in accordance with the Subordinated Debt Documents and (y) any
Contingent Acquisition Consideration due and payable in accordance with the acquisition documents in respect of any Permitted Acquisition,
in each case, so long as (i) immediately prior to any such payment no Event of Default has occurred and is continuing and no Event
of Default would occur after giving effect to any such payment, and (ii) after giving effect to any such payment, (x) Loan Parties
are in pro forma compliance with the financial covenants set forth in Section 7.11 and (y) the Consolidated Net Leverage Ratio
shall be no greater than 0.50:1.00 inside the then-applicable covenant set forth in Section 7.11, calculated using the same
Measurement Period used to determine Pro Forma Compliance.
(b) Amend
or otherwise modify the terms of any Subordinated Debt (other than the Subordinated Existing Holdover Notes), except for amendments or
modifications made in full compliance with the applicable Subordination Agreement.
(c) Amend
or otherwise modify the terms of any Subordinated Existing Holdover Notes Documents or Subordinated Unsecured Seller Notes Documents,
except for amendments or modifications consented to in writing by Administrative Agent.
7.17 Amendment,
Etc. of Indebtedness.
Amend, modify or change in
any manner any term or condition of any Indebtedness (other than Indebtedness arising under the Loan Documents or Subordinated Debt which
shall be subject to the terms and provisions of Section 7.16) if such amendment or modification would add or change any terms
in a manner materially adverse to any Loan Party or any Subsidiary, or shorten the final maturity or average life to maturity or require
any payment to be made sooner than originally scheduled or increase the interest rate applicable thereto.
7.18 Amendment,
Etc. of Material Agreements.
Amend, modify or change in
any manner any term or condition of any Material Agreement to the extent any such amendment, modification or waiver would be adverse to
the Lenders.
7.19 Customer
Funds Account.
(a) Permit
any property or assets of any Loan Party or Subsidiary thereof to be held in any Customer Funds Account except for any interest or other
amounts earned by such Loan Party or Subsidiary in respect of the Customer funds held in the Customer Funds Account.
(b) Permit
any other property or assets of any Customer or any other Person to be comingled with the assets or property of the Loan Parties or their
Subsidiaries.
Without limiting the foregoing, (i) to the extent any and all interest or other returns earned by any Loan Party or any Subsidiary thereof
on the investment of such cash or Cash Equivalents in any such Customer Funds Account (“Investment Returns”) are withdrawn
from any Customer Funds Accounts, then such amounts shall be remitted to a Deposit Account that is held with MUFG or if with another Person
is subject to a Qualifying Control Agreement, (ii) Loan Parties shall ensure that all Investment Returns are withdrawn from any Customer
Funds Accounts on a monthly basis (or more frequently as Administrative Agent may
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direct following the occurrence and during the continuance of an Event of Default) and deposited by Loan Parties in a Deposit Account
that is held with MUFG or if with another Person is subject to a Qualifying Control Agreement, and (iii) Loan Parties shall ensure that
any actual and realized losses or deficits in any funds held on behalf of Customers in Customer Funds Accounts as a result of any investments
made by any Loan Party in such funds shall be replenished or replaced prior to the time at which any such funds are required to be disbursed
to, or an behalf of, any Customer or otherwise to a third party.
7.20 Outbound
Investment Rule.
The Borrower will not, and
will not permit any of its Subsidiaries to, (a) be or become a “covered foreign person”, as that term is defined in the
Outbound Investment Rules, or (b) engage, directly or indirectly, in (i) a “covered activity” or a “covered
transaction”, as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute
a “covered activity” or a “covered transaction”, as each such term is defined in the Outbound Investment Rules,
if the Borrower or such Subsidiary were a U.S. Person or (iii) any other activity that would cause Administrative Agent or any Lender
to be in violation of the Outbound Investment Rules or cause Administrative Agent or any Lender to be legally prohibited by the Outbound
Investment Rules from performing under this Agreement.
Article VIII
EVENTS
OF DEFAULT AND REMEDIES
8.01 Events
of Default.
Any of the following shall
constitute an event of default (each, an “Event of Default”):
(a) Non-Payment.
The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan,
or (ii) within three (3) Business Days after the same becomes due, any amount of principal of any L/C Obligation or deposit
any funds as Cash Collateral in respect of L/C Obligations, or any interest on any Loan or on any L/C Obligation, or any fee due hereunder,
or (iii) within five (5) Business Days after the same becomes due, any other amount payable hereunder or under any other Loan
Document; or
(b) Specific
Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 6.01,
6.03(a), 6.05 (solely with respect to the existence of the Borrower in its jurisdiction of incorporation), 6.10,
6.11, 6.12, 6.17, Article VII or Article X; or
(c) Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or
(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30)
days following the earlier of (i) any Responsible Officer’s knowledge thereof or (ii) receipt by the Borrower of written
notice thereof from the Administrative Agent or the Required Lenders; or
(d) Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower
or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be
incorrect or misleading in any material respect when made or deemed made; or
(e) Cross-Default.
(i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due (whether by scheduled maturity,
required prepayment, acceleration, demand, or
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otherwise), after
giving effect to any applicable grace period, in respect of any Indebtedness or Guarantee of Indebtedness (in each case, other than Indebtedness
hereunder, Indebtedness under any Subordinated Debt Documents and Indebtedness under Swap Contracts) having an aggregate principal
amount (including undrawn committed or available amounts or amounts and including amounts owing to all creditors under any combined or
syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition
(after giving effect to any applicable grace periods) relating to any such Indebtedness or Guarantee or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause,
or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent
on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness
to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or Cash Collateral
in respect thereof to be demanded; provided, that this clause (e)(i)(B) shall not apply to (x) any condition giving
rise to any required repurchase, repayment, defeasance, redemption, conversion or settlement with respect to the Subordinated Debt Documents
pursuant to their terms unless such repurchase, repayment, defeasance, redemption, conversion or settlement results from a default, event
of default or other similar term thereunder or an event of the types that constitute an Event of Default, (y) any early payment
requirement or unwinding or termination with respect to any Swap Contract in accordance with the terms thereof where (I) neither
a Loan Party nor any Subsidiary thereof is a Defaulting Party (as defined in such Swap Contract) or an Affected Party (as so defined)
under such Swap Contract and (II) the event causing such early payment, unwinding or termination is not an event of the type that
would otherwise constitute an Event of Default, or (z) any secured Indebtedness that becomes due as a result of the sale, transfer
or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness
(to the extent such sale, transfer or other disposition is not prohibited under this Agreement) so long as such secured Indebtedness
is repaid in full substantially contemporaneously with such sale, transfer or other disposition; or (ii) there occurs under any
Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap
Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any
Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any Subsidiary thereof is an Affected Party (as
so defined) and, in either event, the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater
than the Threshold Amount; or
(f) Insolvency
Proceedings, Etc. Any Loan Party or any other Material Subsidiary thereof institutes or consents to the institution of any proceeding
under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its
property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application
or consent of such Person and the appointment continues undischarged or unstayed for forty-five (45) calendar days; or any proceeding
under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent
of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding;
or
(g) Inability
to Pay Debts; Attachment. (i) Any Loan Party or any Material Subsidiary thereof becomes unable or admits in writing its inability
or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process
is issued or
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levied against all or any material part
of the property of any such Person and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or
(h) Judgments.
There is entered against any Loan Party or any Material Subsidiary thereof one or more final judgments or orders for the payment of money
in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer is rated at least “A” by A.M. Best, has been notified of the potential
claim and does not dispute coverage) and (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or
(B) there is a period of thirty (30) consecutive days during which such judgment is not satisfied, discharged or subject to a stay
of enforcement of such judgment, by reason of a pending appeal or otherwise; or
(i) ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected
to result in liability of any Loan Party to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold
Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any
installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate
amount in excess of the Threshold Amount; or
(j) Invalidity
of Loan Documents. Any provision of any Loan Document, at any time after its execution and delivery and for any reason other than
as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations (other than contingent indemnification obligations)
arising under the Loan Documents, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner
the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or
obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or
it is or becomes unlawful for a Loan Party to perform any of its obligations under the Loan Documents; or
(k) Collateral
Documents. Any Collateral Document after delivery thereof pursuant to the terms of the Loan Documents shall for any reason cease to
create a valid and perfected (if and to the extent required to be perfected under the applicable Collateral Document) first priority Lien
(subject to Permitted Liens) on the Collateral purported to be covered thereby (except (i) as a result of the release of a Loan Party
or the sale, transfer or other disposition to a Person that is not a Loan Party of the applicable Collateral, in each case, in a transaction
permitted under the Loan Documents or the occurrence of the Facility Termination Date or (ii) as a result of the action or inaction
of the Administrative Agent to maintain possession of any stock certificates, promissory notes or other instruments delivered to it under
the Collateral Documents), or any Loan Party shall assert the invalidity of such Liens; or
(l) Change
of Control. There occurs any Change of Control; or
(m) Invalidity,
Revocation, or Suspension of a Regulatory Required Permit. (i) The institution of any action or proceeding by any other Governmental
Authority to revoke, suspend, reject, withdraw, limit, or restrict any Regulatory Required Permit held by any Loan Party, its Subsidiaries
or any representative of Borrower or its Subsidiaries, which, in each case or in the aggregate, has or could reasonably be expected to
result in a Material Adverse Effect, (ii) the loss, revocation, or suspension of any Regulatory Required Permit in a state or states
that, as of the applicable date of determination, individually or collectively account for more than ten percent (10%) of the revenue
of the Loan Parties and their consolidated Subsidiaries, as determined in
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accordance with GAAP as of such date
of determination, or (iii) the commencement of any enforcement action against any Loan Party, its Subsidiaries or any representative
of any Loan Party or its Subsidiaries (with respect to the business of any Loan Party or its Subsidiaries) by any Governmental Authority
which has resulted or could reasonably be expected to result in a Material Adverse Effect; or
(n) Subordination.
(i) Any of the subordination, standstill, payover and insolvency related provisions of any of the Subordinated Debt Documents (the
“Subordinated Provisions”) shall, in whole or in part, terminate, cease to be effective or cease to be legally
valid, binding and enforceable against any holder of the applicable Subordinated Debt or (ii) the Borrower or any other Loan Party
shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness, validity or enforceability of any of the Subordinated
Provisions, (B) that the Subordinated Provisions exist for the benefit of the Administrative Agent and the Secured Parties or (C) that
all payments of principal of or premium and interest on the applicable Subordinated Debt or realized from the liquidation of any property
of any Loan Party, shall be subject to any of the Subordinated Provisions; or
(o) Benefits
Administration. (i) Any Loan Party or any Subsidiary thereof that acts as a fiduciary with respect to any Client Plan breaches
any fiduciary duty under ERISA or engages in any prohibited transaction under Section 4975 of the Code, in each case, that results
or could reasonably be expected to result in liability in excess of the Threshold Amount, (ii) the Department of Labor, the Internal
Revenue Service, or any other Governmental Authority institutes any enforcement action against any Loan Party or any Subsidiary thereof
with respect to any Client Plan that could reasonably be expected to result in material fines, penalties, or sanctions or a Material Adverse
Effect, or (iii) any Loan Party or any Subsidiary thereof fails to maintain required fidelity bonds or insurance coverage with respect
to the provision of Benefits Administration Services and such failure continues for thirty (30) days after notice thereof from the Administrative
Agent; or
(p) Material
Cybersecurity Incident. A Material Cybersecurity Incident occurs and (i) results in liability, costs, or expenses to the Loan
Parties and their Subsidiaries in excess of $5,000,000 in the aggregate (to the extent not covered by independent third-party insurance
as to which the insurer is rated at least “A” by A.M. Best, has been notified of the potential claim and does not dispute
coverage), (ii) is not remediated or contained within sixty (60) days after discovery thereof, (iii) results in the termination
or material modification of any Material Agreement by a counterparty thereto as a direct result of such incident, or (iv) results
in the imposition of material fines, penalties, or sanctions by any Governmental Authority.
Without limiting the provisions
of Article IX, if a Default shall have occurred under the Loan Documents, then such Default will continue to exist until it
either is cured (to the extent specifically permitted) in accordance with the Loan Documents or is otherwise expressly waived by Administrative
Agent (with the approval of requisite Appropriate Lenders (in their sole discretion)) as determined in accordance with Section 11.01;
and once an Event of Default occurs under the Loan Documents, then such Event of Default will continue to exist until it is expressly
waived by the requisite Appropriate Lenders or by the Administrative Agent with the approval of the requisite Appropriate Lenders, as
required hereunder in Section 11.01.
8.02 Remedies
upon Event of Default.
If any Event of Default occurs
and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all
of the following actions:
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(a) declare
the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon
such commitments and obligation shall be terminated;
(b) declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived by the Borrower;
(c) require
that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto); and
(d) exercise
on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the
Loan Documents or Applicable Law or equity;
provided that upon the occurrence of an
event described in Section 8.01(f) with respect to the Borrower, the Commitment of each Lender to make Loans and any
obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding
Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to
Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative
Agent or any Lender.
8.03 Application
of Funds.
(a) After
the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable
and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02)
or if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all Secured Obligations then
due hereunder, any amounts received on account of the Secured Obligations shall, subject to the provisions of Sections 2.14 and
2.15, be applied by the Administrative Agent in the following order:
First,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;
Second,
to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal, interest
and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective
Lenders and the L/C Issuer (including fees and time charges for attorneys who may be employees of any Lender or the L/C Issuer)) arising
under the Loan Documents and amounts payable under Article III, ratably among them in proportion to the respective amounts
described in this Second clause payable to them;
Third,
to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans,
L/C Borrowings and other Secured Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion
to the respective amounts described in this Third clause payable to them;
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Fourth,
to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans, L/C Borrowings and Secured Obligations
then owing under Secured Hedge Agreements and Secured Cash Management Agreements and to the to the Administrative Agent for the account
of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit
to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03 and 2.14, in each case ratably
among the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks and the Cash Management Banks in proportion to the respective
amounts described in this Fourth clause held by them; and
Last,
the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required
by Law.
(b) Subject
to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to the Fourth clause above shall be applied to satisfy drawings under such Letters of Credit as they occur. If
any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount
shall be applied to the other Secured Obligations, if any, in the order set forth above. Excluded Swap Obligations with respect to any
Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect
to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above in this Section 8.03.
(c) Notwithstanding
the foregoing, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from
the application described above if the Administrative Agent has not received a Secured Party Designation Notice, together with such supporting
documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each
Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall,
by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article IX
for itself and its Affiliates as if a “Lender” party hereto.
Article IX
ADMINISTRATIVE
AGENT
9.01 Appointment
and Authority.
(a) Appointment.
Each of the Lenders and the L/C Issuer hereby irrevocably appoints, designates and authorizes MUFG to act on its behalf as the Administrative
Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise
such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. The provisions of this Article IX are solely for the benefit of the Administrative Agent, the
Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of
such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any
other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is intended
to create or reflect only an administrative relationship between contracting parties. In addition, to the extent required under the laws
of any jurisdiction
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other than the United States of America,
each of the Lenders and Secured Parties hereby grants to the Administrative Agent any required powers of attorney to execute any Collateral
Document or other Loan Document governed by the laws of such jurisdiction on such Lender’s or Secured Party’s behalf.
(b) Collateral
Agent. The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders
(including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuer hereby irrevocably appoints
and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer for purposes of acquiring, holding and enforcing
any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured Obligations, together with such powers
and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and
any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05 for purposes
of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising
any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of
this Article IX and Article XI (including Section 11.04(c), as though such co-agents, sub-agents and
attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto.
9.02 Rights
as a Lender.
The Person serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its
individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor
or in any other advisory capacity for and generally engage in any kind of banking, trust, financial, advisory, underwriting or other business
with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without
any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect thereto.
9.03 Exculpatory
Provisions.
(a) The
Administrative Agent or the Arranger, as applicable, shall not have any duties or obligations except those expressly set forth herein
and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing,
the Administrative Agent or the Arranger, as applicable, and its Related Parties:
(i) shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;
(ii) shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law, including for the avoidance
of
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doubt any action that may be in violation
of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting
Lender in violation of any Debtor Relief Law; and
(iii) shall
not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or the L/C Issuer
any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any of the Loan Parties or any of their Affiliates that is communicated to, or in the possession of, the Administrative Agent, Arranger
or any of their Related Parties in any capacity, except for notices, reports and other documents expressly required to be furnished to
the Lenders by the Administrative Agent herein.
(b) Neither
the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Administrative Agent
under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as
the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.01
and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction
by final and non-appealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given in writing to the Administrative Agent by the Borrower, a Lender or the L/C Issuer.
(c) Neither
the Administrative Agent nor any of its Related Parties have any duty or obligation to any Lender or participant or any other Person to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other
Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth
herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,
any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported
to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any
condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent.
9.04 Reliance
by Administrative Agent.
The Administrative Agent shall
be entitled to rely upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice, request,
certificate, communication, consent, statement, instrument, document or other writing (including any electronic message, Internet
or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to
have been made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter
of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume
that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the
contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative
Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent accountants and
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other experts selected by it, and shall not be
liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. For purposes
of determining compliance with the conditions specified in Section 4.01, each Lender that has signed this Agreement shall
be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from
such Lender prior to the proposed Closing Date specifying its objections.
9.05 Delegation
of Duties.
The Administrative Agent may
perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one
or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its
duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article IX
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the Facilities as well as activities as Administrative Agent. The Administrative
Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction
determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the
selection of such sub-agents.
9.06 Resignation
of Administrative Agent.
(a) Notice.
The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no
such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after
the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the
“Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on
behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided
that in no event shall any successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed, such
resignation shall become effective in accordance with such notice on the Resignation Effective Date.
(b) Effect
of Resignation or Removal. With effect from the Resignation Effective Date (i) the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held
by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Administrative Agent
shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) except
for any indemnity payments or other amounts then owed to the retiring Administrative Agent, all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly,
until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of
a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring Administrative Agent (other than as provided in Section 3.01(g) and other
than any rights to indemnity payments or other amounts owed to the retiring Administrative Agent as of the Resignation Effective Date),
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and the retiring Administrative Agent
shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom
as provided above in this Section 9.06). The fees payable by the Borrower to a successor Administrative Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article XI and Section 11.04
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them (A) while the retiring Administrative Agent was acting as Administrative
Agent and (B) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the
other Loan Documents, including, without limitation, (1) acting as collateral agent or otherwise holding any collateral security
on behalf of any of the Secured Parties and (2) in respect of any actions taken in connection with transferring the agency to any
successor Administrative Agent.
(c) L/C
Issuer and Swingline Lender. Any resignation or removal by MUFG as Administrative Agent pursuant to this Section 9.06
shall also constitute its resignation as L/C Issuer and Swingline Lender. If MUFG resigns as the L/C Issuer, it shall retain all the rights,
powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of
its resignation as the L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base
Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c). If MUFG resigns as Swingline Lender,
it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding
as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations
in outstanding Swingline Loans pursuant to Section 2.04(c). Upon the appointment by the Borrower of a successor L/C Issuer
or Swingline Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swingline Lender,
as applicable, (ii) the retiring L/C Issuer and Swingline Lender shall be discharged from all of their respective duties and obligations
hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue Letters of Credit in substitution for
the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to MUFG to effectively
assume the obligations of MUFG with respect to such Letters of Credit.
9.07 Non-Reliance
on Administrative Agent, the Arranger and the Other Lenders.
Each Lender and the L/C Issuer
expressly acknowledges that none of the Administrative Agent nor the Arranger has made any representation or warranty to it, and that
no act by the Administrative Agent or the Arranger hereafter taken, including any consent to, and acceptance of any assignment or review
of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by the Administrative
Agent or the Arranger to any Lender or the L/C Issuer as to any matter, including whether the Administrative Agent or the Arranger have
disclosed material information in their (or their Related Parties’) possession. Each Lender and the L/C Issuer represents to the
Administrative Agent and the Arranger that it has, independently and without reliance upon the Administrative Agent, the Arranger, any
other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit
analysis of, appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness
of the Loan Parties and their Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated
hereby, and made its own decision to enter into this Agreement and to extend credit to the Borrower hereunder. Each Lender and the L/C
Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arranger, any other Lender
or any of their Related
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Parties and based on such documents and information
as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals and decisions in taking or not taking
action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder,
and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial
and other condition and creditworthiness of the Loan Parties. Each Lender and the L/C Issuer represents and warrants that (i) the
Loan Documents set forth the terms of a commercial lending facility and (ii) it is engaged in making, acquiring or holding commercial
loans in the ordinary course and is entering into this Agreement as a Lender or L/C Issuer for the purpose of making, acquiring or holding
commercial loans and providing other facilities set forth herein as may be applicable to such Lender or L/C Issuer, and not for the purpose
of purchasing, acquiring or holding any other type of financial instrument, and each Lender and the L/C Issuer agrees not to assert
a claim in contravention of the foregoing. Each Lender and the L/C Issuer represents and warrants that it is sophisticated with respect
to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such
Lender or such L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such
commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing
such other facilities.
9.08 No
Other Duties, Etc.
Anything herein to the contrary
notwithstanding, none of the titles listed on the cover page hereof shall have any powers, duties or responsibilities under this
Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Arranger, a Lender
or the L/C Issuer hereunder.
9.09 Administrative
Agent May File Proofs of Claim; Credit Bidding.
(a) In
case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative
Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration
or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise:
(i) to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and
all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all
other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(h) and (i), 2.09,
2.10(b) and 11.04) allowed in such judicial proceeding; and
(ii) to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the
L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making
of such payments directly to the Lenders and the L/C Issuer, to pay to the
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Administrative Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any
other amounts due the Administrative Agent under Sections 2.09, 2.10(b) and 11.04.
(b) Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights
of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer
or in any such proceeding.
(c) The
Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or
any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured
Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more
acquisition vehicles) all or any portion of the Collateral (i) at any sale thereof conducted under the provisions of the Bankruptcy
Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws
in any other jurisdictions to which a Loan Party is subject, (ii) at any other sale or foreclosure or acceptance of collateral in
lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise)
in accordance with any Applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured
Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Secured Obligations with respect to contingent or unliquidated
claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in
an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset
or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate
such purchase). In connection with any such bid (A) the Administrative Agent shall be authorized to form one or more acquisition
vehicles to make a bid, (B) to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided
that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets
or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination
of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 11.01),
and (C) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for
any reason (as a result of another bid being higher or better, because the amount of Secured Obligations assigned to the acquisition vehicle
exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned
to the Lenders pro rata and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Secured Obligations
that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition
vehicle to take any further action.
9.10 Collateral
and Guaranty Matters.
(a) Each
of the Lenders (including in its capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably
authorize the Administrative Agent,
(i) to
release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (A) upon the Facility Termination
Date,
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(B) that is sold or otherwise disposed
of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under
any other Loan Document, or (C) if approved, authorized or ratified in writing by the requisite Lenders in accordance with Section 11.01;
(ii) to
subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien
on such property that is permitted by Section 7.01(i) (as such section is in effect on the Closing Date); and
(iii) to
release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted
under the Loan Documents.
(b) Upon
request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority
to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under
the Guaranty pursuant to this Section 9.10. In each case as specified in this Section 9.10, the Administrative
Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably
request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents
or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance
with the terms of the Loan Documents and this Section 9.10.
(c) The
Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien
thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable
to the Lenders for any failure to monitor or maintain any portion of the Collateral.
9.11 Secured
Cash Management Agreements and Secured Hedge Agreements.
Except as otherwise expressly
set forth herein or in the Guaranty or any Collateral Document, no Cash Management Bank or Hedge Bank that obtains the benefit of the
provisions of Section 8.03, the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall
have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or
otherwise in respect of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment,
waiver or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender
and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX
to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have
been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to
the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured
Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management
Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
in the case of a Facility Termination Date.
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9.12 Certain
ERISA Matters.
(a) Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following
is and will be true:
(i) such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit, the Commitments, or this agreement,
(ii) the
transaction exemption set forth in one or more PTEs, such as PTE 84–14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95–60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90–1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE
91–38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96–23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or
(iii) (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84–14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84–14 and (D) to the best knowledge of such
Lender, the requirements of subsection (a) of Part I of PTE 84–14 are satisfied with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement.
(b) In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender, such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of,
the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the
Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection
with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related
hereto or thereto).
9.13 Recovery
of Erroneous Payments.
(a) If
the Administrative Agent notifies a Lender, L/C Issuer or other Secured Party, or any Person who has received funds on behalf of a Lender,
L/C Issuer or other Secured Party (any
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such Lender, L/C Issuer, Secured Party
or other recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether
or not after receipt of any notice under clause (b) of this Section) that any funds received by such Payment Recipient from
the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by,
such Payment Recipient (whether or not known to such Lender, L/C Issuer, Secured Party or other Payment Recipient on its behalf) (any
such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually
and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof),
such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient
and held in trust for the benefit of the Administrative Agent, and such Lender, L/C Issuer or Secured Party shall (or, with respect to
any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than
two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof)
as to which such a demand was made, in immediately available funds, together with interest thereon in respect of each day from and including
the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative
Agent in immediately available funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment
Recipient under this clause (a) shall be conclusive, absent manifest error.
(b) Without
limiting immediately preceding clause (a), each Payment Recipient hereby further agrees that if it receives a payment, prepayment or repayment
(whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative
Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice
of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment
or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative
Agent (or any of its Affiliates), or (z) that such Payment Recipient otherwise becomes aware was transmitted, or received, in error
or by mistake (in whole or in part) in each case:
(i) (A) in
the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent written
confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause
(z)), in each case, with respect to such payment, prepayment or repayment; and
(ii) such
Payment Recipient shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events,
within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or
repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this clause (b) of
Section 9.13.
(c) Each
Lender, L/C Issuer or other Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at
any time owing to such Lender, L/C Issuer or other Secured Party under any Loan Document, or otherwise payable or distributable by the
Administrative Agent to such Lender, L/C Issuer or other Secured Party under any Loan Document, against any amount due to the Administrative
Agent under clause (a) of Section 9.13 or under the indemnification provisions of this Agreement.
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(d) In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with clause (a) of this Section, from any Lender or L/C Issuer that has received
such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof)
on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative
Agent’s notice to such Lender or L/C Issuer at any time, (i) such Lender or L/C Issuer shall be deemed to have assigned its
Loans (but not its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”)
in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment
of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”)
at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is
hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement
incorporating an Assignment and Assumption by reference pursuant to the Platform as to which the Administrative Agent and such parties
are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender or L/C Issuer shall deliver any Notes
evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be
deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the
assignee Lender shall become a Lender or L/C Issuer, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment
and the assigning Lender or assigning L/C Issuer shall cease to be a Lender or L/C Issuer, as applicable, hereunder with respect to such
Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of
this Agreement and its applicable Commitments which shall survive as to such assigning Lender or assigning L/C Issuer and (iv) the
Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment.
The Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon
receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or L/C Issuer shall be reduced
by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies
and claims against such Lender or L/C Issuer (and/or against any recipient that receives funds on its respective behalf). For the avoidance
of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or L/C Issuer and such Commitments shall
remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that
the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective
of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the
rights and interests of the applicable Lender, L/C Issuer or other Secured Party under the Loan Documents with respect to each Erroneous
Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”).
(e) The
parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the
Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount
of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party for
the purpose of making such Erroneous Payment.
(f) To
the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives,
and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or
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counterclaim by the Administrative Agent
for the return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value”
or any similar doctrine.
(g) Each
party’s obligations, agreements and waivers under this Section 9.13 shall survive the resignation or replacement of
the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or L/C Issuer, the termination of
the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.
Article X
CONTINUING
GUARANTY
10.01 Guaranty.
(a) Each
Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as a guaranty of payment and
performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon
acceleration, demand or otherwise, and at all times thereafter, of any and all Secured Obligations (for each Guarantor, subject to the
proviso in this sentence, its “Guaranteed Obligations”); provided that (i) the Guaranteed Obligations
of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor and (ii) the liability of each Guarantor
individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its
obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions
of any applicable state law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness,
obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed
or disallowed claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent’s
books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding
upon each Guarantor, and conclusive for the purpose of establishing the amount of the Secured Obligations. This Guaranty shall not be
affected by the genuineness, validity, regularity or enforceability of the Secured Obligations or any instrument or agreement evidencing
any Secured Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor,
or by any fact or circumstance relating to the Secured Obligations which might otherwise constitute a defense to the obligations of the
Guarantors, or any of them, under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter
acquire in any way relating to any or all of the foregoing.
(b) If
any or all of the Guaranteed Obligations are not duly paid by the Borrower and are not recoverable under Section 10.01(a) or
the Lender Parties are not indemnified under Section 10.01(b), in each case, for any reason whatsoever, then such Guaranteed
Obligations will, as a separate and distinct obligation, be recoverable from each Guarantor as primary obligor.
10.02 Rights
of Lenders.
Each Guarantor consents and
agrees that the Secured Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability
or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for
payment or
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the terms of the Secured Obligations or any part
thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment
of this Guaranty or any Secured Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative
Agent, the L/C Issuer and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers
or other guarantors of any of the Secured Obligations. Without limiting the generality of the foregoing, each Guarantor consents to the
taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty
or which, but for this provision, might operate as a discharge of such Guarantor.
10.03 Certain
Waivers.
Each Guarantor waives (a) any
defense arising by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever
(including any act or omission of any Secured Party) of the liability of the Borrower or any other Loan Party; (b) any defense based
on any claim that such Guarantor’s obligations exceed or are more burdensome than those of the Borrower or any other Loan Party;
(c) the benefit of any statute of limitations affecting any Guarantor’s liability hereunder; (d) any right to proceed
against the Borrower or any other Loan Party, proceed against or exhaust any security for the Secured Obligations, or pursue any other
remedy in the power of any Secured Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter
held by any Secured Party; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived
from or afforded by Applicable Law limiting the liability of or exonerating guarantors or sureties. Each Guarantor expressly waives all
setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests,
notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Secured
Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Secured Obligations.
10.04 Obligations
Independent.
The obligations of each Guarantor
hereunder are those of primary obligor, and not merely as surety, and are independent of the Secured Obligations and the obligations of
any other guarantor, and a separate action may be brought against each Guarantor to enforce this Guaranty whether or not the Borrower
or any other person or entity is joined as a party.
10.05 Subrogation.
No Guarantor shall exercise
any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty
until all of the Secured Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full (other
than contingent indemnification obligations) and the Commitments and Facilities are terminated. If any amounts are paid to a Guarantor
in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith
be paid to the Secured Parties to reduce the amount of the Secured Obligations, whether matured or unmatured.
10.06 Termination;
Reinstatement.
This Guaranty is a continuing
and irrevocable guaranty of all Secured Obligations now or hereafter existing and shall remain in full force and effect until the Facility
Termination Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may
be, if any payment by or on behalf of the Borrower or a Guarantor is made, or any of the Secured Parties exercises its right of setoff,
in respect of the Secured Obligations and such payment or the proceeds of such setoff or
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any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Secured
Parties in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor
Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties
are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The
obligations of each Guarantor under this Section 10.06 shall survive termination of this Guaranty.
10.07 Stay
of Acceleration.
If acceleration of the time
for payment of any of the Secured Obligations is stayed, in connection with any case commenced by or against a Guarantor or the Borrower
under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor, jointly and severally, immediately
upon demand by the Secured Parties.
10.08 Condition
of Borrower.
Each Guarantor acknowledges
and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor such
information concerning the financial condition, business and operations of the Borrower and any such other guarantor as such Guarantor
requires, and that none of the Secured Parties has any duty, and such Guarantor is not relying on the Secured Parties at any time, to
disclose to it any information relating to the business, operations or financial condition of the Borrower or any other guarantor (each
Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure to
provide the same).
10.09 Appointment
of Borrower.
Each of the Loan Parties hereby
appoints the Borrower to act as its agent for all purposes of this Agreement, the other Loan Documents and all other documents and electronic
platforms entered into in connection herewith and agrees that (a) the Borrower may execute such documents and provide such authorizations
on behalf of such Loan Parties as the Borrower deems appropriate in its sole discretion and each Loan Party shall be obligated by all
of the terms of any such document and/or authorization executed on its behalf, (b) any notice or communication delivered by the Administrative
Agent, L/C Issuer or a Lender to the Borrower shall be deemed delivered to each Loan Party and (c) the Administrative Agent, L/C
Issuer or the Lenders may accept, and be permitted to rely on, any document, authorization, instrument or agreement executed by the Borrower
on behalf of each of the Loan Parties.
10.10 Right
of Contribution.
The Guarantors agree among
themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors
as permitted under Applicable Law.
10.11 Keepwell.
Each Loan Party that is a
Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien under the Loan Documents, in each case, by any Specified Loan
Party becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by
such Specified Loan Party from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation
(but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s
obligations
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and undertakings under this Article X
voidable under Applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations
and undertakings of each Qualified ECP Guarantor under this Section 10.11 shall remain in full force and effect until the
Secured Obligations have been indefeasibly paid and performed in full (other than contingent indemnification obligations). Each Loan Party
intends this Section 10.11 to constitute, and this Section 10.11 shall be deemed to constitute, a guarantee of
the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all purposes
of the Commodity Exchange Act.
Article XI
MISCELLANEOUS
11.01 Amendments,
Etc.
(a) Subject
to Section 3.03 and the last paragraph of this Section 11.01, no amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective
unless in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and the Borrower
or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given; provided that no such amendment, waiver
or consent shall:
(i) waive
any condition set forth in Section 4.01, or, in the case of the initial Credit Extension, Section 4.02, without
the written consent of each Lender;
(ii) extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written
consent of such Lender (it being understood and agreed that a waiver of any condition precedent in Section 4.02 or of any
Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);
(iii) postpone
any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest,
fees or other amounts due to the Lenders (or any of them) or reduce the amount of, waive or excuse any such payment hereunder or under
such other Loan Document without the written consent of each Lender entitled to such payment;
(iv) reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (D) of the
second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document, without
the written consent of each Lender entitled to such amount; provided that only the consent of the Required Lenders shall be necessary
(i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of
Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the
effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder;
(v) change
(i) Section 8.03 or Section 2.13 in a manner that would have the effect of altering the ratable reduction
of Commitments, pro rata payments or pro rata sharing of payments (or, in the case of Section 8.03, the order of application
of payments)
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required hereunder without the written
consent of each Lender, (ii) Section 2.12(f) in a manner that would alter the pro rata application required thereby
without the written consent of each Lender directly affected thereby, (iii) subordinate, or have the effect of subordinating, the
Obligations hereunder to any other Indebtedness or other obligation, in each case, without the written consent of each Lender or (iv) subordinate
or have the effect of subordinating, the Liens granted under the Loan Documents to any other Liens without the written consent of each
Lender;
(vi) change
any provision of this Section 11.01 or the definition of “Required Lenders” or any other provision of any Loan
Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or thereunder
or make any determination or grant any consent hereunder, without the written consent of each Lender;
(vii) release
all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of each Lender;
(viii) subordinate,
or have the effect of subordinating the Liens securing the Collateral or the Obligations, without the written consent of each Lender;
(ix) release,
or have the effect of releasing, all or substantially all of the value of the Guaranty, without the written consent of each Lender, except
to the extent the release of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release
may be made by the Administrative Agent acting alone);
(x) release
the Borrower (from its obligations as a Borrower or as a Guarantor hereunder);
and provided further that (A) no
amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the
rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued
by it; (B) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the Lenders
required above, affect the rights or duties of the Swingline Lender under this Agreement; (C) no amendment, waiver or consent shall,
unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the
Administrative Agent under this Agreement or any other Loan Document; (D) the Fee Letter may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto; and (E) the term L/C Commitment may be amended pursuant to
a fully executed (and delivered to the Administrative Agent) Notice of Additional L/C Issuer.
(b) Notwithstanding
anything to the contrary herein, (i) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or
consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender,
or all Lenders or each affected Lender under a Facility, may be effected with the consent of the applicable Lenders other than Defaulting
Lenders), except that (A) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender
and (B) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, or all Lenders or each
affected Lender under a Facility, that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected
Lenders shall require the consent of such Defaulting Lender; (ii) each Lender is entitled to vote as such Lender sees fit on any
bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the
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provisions of Section 1126(c) of
the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein and (iii) the Required Lenders
shall determine whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or insolvency proceeding and
such determination shall be binding on all of the Lenders.
(c) Notwithstanding
anything to the contrary herein, this Agreement may be amended and restated without the consent of any Lender (but with the consent of
the Borrower and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a
party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated, such Lender shall have no
other commitment or other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it
or accrued for its account under this Agreement.
(d) Notwithstanding
any provision herein to the contrary, if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake,
typographical error or other defect in any provision of this Agreement or any other Loan Document (including the schedules and exhibits
thereto), then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such
ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action
or consent of any other party to this Agreement.
11.02 Notices;
Effectiveness; Electronic Communications.
(a) Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
in clause (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by fax transmission or e-mail transmission as follows,
and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone
number, as follows:
(i) if
to the Borrower or any other Loan Party, the Administrative Agent, the L/C Issuer or the Swingline Lender, to the address, fax number,
e-mail address or telephone number specified for such Person on Schedule 1.01(a); and
(ii) if
to any other Lender, to the address, fax number, e-mail address or telephone number specified in its Administrative Questionnaire (including,
as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the
delivery of notices that may contain material non-public information relating to the Borrower).
Notices and other
communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given
when received; notices and other communications sent by fax transmission shall be deemed to have been given when sent (except that, if
not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business
Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in clause
(b) below shall be effective as provided in such clause (b).
(b) Electronic
Communications.
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(i) Notices
and other communications to the Administrative Agent, the Lenders, the Swingline Lender and the L/C Issuer hereunder may be delivered
or furnished by electronic communication (including e-mail, FPML messaging, and Internet or intranet websites) pursuant to an electronic
communications agreement (or such other procedures approved by the Administrative Agent in its sole discretion); provided that
the foregoing shall not apply to notices to any Lender, the Swingline Lender or the L/C Issuer pursuant to Article II if such
Lender, the Swingline Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving
notices under such Article II by electronic communication. The Administrative Agent, the Swingline Lender, the L/C Issuer
or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.
(ii) Unless
the Administrative Agent otherwise prescribes, (A) notices and other communications sent to an e-mail address shall be deemed received
upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement) and (B) notices and other communications posted to an Internet
or intranet website shall be deemed received by the intended recipient 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 address or other written
acknowledgement) indicating that such notice or communication is available and identifying the website address therefor; provided
that for both clauses (A) and (B), if such notice or other communication is not sent during the normal business hours
of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business
Day for the recipient.
(c) The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO
NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR
ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. 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 BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of
its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, the
L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials or
notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet.
(d) Change
of Address, Etc. Each of the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender may change its address, fax
number or telephone number or e-mail address for notices and other communications hereunder by notice to the other parties hereto. Each
other Lender may change its address, fax number or telephone number or e-mail address for notices and other communications hereunder by
notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender. In addition, each Lender agrees to notify the
Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an
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effective address, contact name, telephone
number, fax number and e-mail address to which notices and other communications may be sent and (ii) accurate wire instructions for
such Lender. Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to
at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the
Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and
Applicable Law, including United States federal and state securities Laws, to make reference to Borrower Materials that are not made available
through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect
to the Borrower or its securities for purposes of United States federal or state securities laws.
(e) Reliance
by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely
and act upon any notices (including, without limitation, telephonic or electronic notices, Loan Notices, Letter of Credit Applications,
Notice of Loan Prepayment and Swingline Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such notices
were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein,
or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify
the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party. All telephonic notices to
and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties
hereto hereby consents to such recording.
11.03 No
Waiver; Cumulative Remedies; Enforcement.
(a) No
failure by any Lender, the L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right,
remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided
under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.
(b) Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law
in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02
for the benefit of all the Lenders and the L/C Issuer; provided that the foregoing shall not prohibit (a) the Administrative
Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent)
hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swingline Lender from exercising the rights and remedies
that inure to its benefit (solely in its capacity as L/C Issuer or Swingline Lender, as the case may be) hereunder and under the other
Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of
Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during
the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided further that if at any time there
is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have
the rights otherwise ascribed to the Administrative Agent pursuant to
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Section 8.02 and (ii) in
addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required
Lenders.
11.04 Expenses;
Indemnity; Damage Waiver.
(a) Costs
and Expenses. The Loan Parties shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including, without limitation, (A) the reasonable and documented out-of-pocket fees, charges and disbursements
of one principal outside counsel (as well as one local counsel for any applicable jurisdiction) for the Administrative Agent and its Affiliates,
taken as a whole (and, in the case of an actual or perceived conflict of interest where the affected party informs Borrower of such conflict
and thereafter retains its own counsel, of one additional firm of counsel for all such affected parties), and (B) due diligence expenses),
in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and
administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented
out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, extension, reinstatement or renewal of any
Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred by
the Administrative Agent, any Lender or the L/C Issuer (including the reasonable and documented out-of-pocket fees, charges and disbursements
of one principal outside counsel (as well as one local counsel for any applicable jurisdiction) for the Administrative Agent, Lenders
and the L/C Issuer, taken as a whole (and, in the case of an actual or perceived conflict of interest where the affected party informs
Borrower of such conflict and thereafter retains its own counsel, of one additional firm of counsel for all such affected parties)), in
connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including
its rights under this Section 11.04, or (B) in connection with Loans made or Letters of Credit issued hereunder, including
all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such
Loans or Letters of Credit.
(b) Indemnification
by the Loan Parties. The Loan Parties shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C
Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the
reasonable and documented out-of-pocket fees, charges and disbursements of any counsel for any Indemnitee, but limited to the fees, disbursements
and other charges of one principal counsel, and, if necessary, of one local counsel in each appropriate jurisdiction, in each case, for
all Indemnitees (and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict informs
the Borrower of such conflict and thereafter retains its own counsel, one additional counsel for all such affected Indemnitees)), incurred
by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby (including, without limitation, the Indemnitee’s reliance on any Communication executed using an
Electronic Signature, or in the form of an Electronic Record, the performance by the parties hereto of their respective obligations hereunder
or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and
any sub-agent thereof)) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in
respect of any matters addressed in
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Section 3.01), (ii) any
Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of
such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned, leased
or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to a Loan Party or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction
by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result
from a claim not involving an act or omission of the Borrower and that is brought by an Indemnitee against another Indemnitee (other than
against the Arranger, the Administrative Agent, the L/C Issuer or the Swingline Lender in their capacities as such). Without limiting
the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than
any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.
(c) Reimbursement
by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under clauses (a) or (b) of
this Section 11.04 to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer, the Swingline
Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent),
the L/C Issuer, the Swingline Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the
time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure
at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to
be made severally among them based on such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought), provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the L/C Issuer
or the Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent
(or any such sub-agent), the L/C Issuer or the Swingline Lender in connection with such capacity. The obligations of the Lenders under
this clause (c) are subject to the provisions of Section 2.12(d).
(d) Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, no party hereto shall assert, and each party hereto
hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or
thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in clause (b) above
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such
unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.
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(e) Payments.
All amounts due under this Section 11.04 shall be payable not later than ten (10) Business Days after demand therefor.
(f) Survival.
The agreements in this Section 11.04 and the indemnity provisions of Section 11.02(e) shall survive the resignation
of the Administrative Agent, the L/C Issuer and the Swingline Lender, the replacement of any Lender, the termination of the Aggregate
Commitments and the repayment, satisfaction or discharge of all the other Obligations.
11.05 Payments
Set Aside.
To the extent that any payment
by or on behalf of the Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C
Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the
Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof
originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such
setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its
applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from
the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect,
in the applicable currency of such recovery of payment. The obligations of the Lenders and the L/C Issuer under clause (b) of
the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.
11.06 Successors
and Assigns.
(a) Successors
and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit
of the parties hereto and thereto and their respective successors and assigns permitted hereby, except neither the Borrower nor any other
Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative
Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an
assignee in accordance with the provisions of Section 11.06(b), (ii) by way of participation in accordance with the provisions
of Section 11.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 11.06(e) (and
any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in Section 11.06(d) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement.
(b) Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement
and the other Loan Documents (including all or a portion of its Commitment(s) and the Loans (including for purposes of this clause (b),
participations in L/C Obligations and in Swingline Loans) at the time owing to it); provided that (in each case with respect to
any Facility) any such assignment shall be subject to the following conditions:
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(i) Minimum
Amounts.
(A) in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility and/or the Loans
at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds (determined
after giving effect to such assignments) that equal at least the amount specified in clause (b)(i)(B) of this Section 11.06
in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be
assigned; and
(B) in
any case not described in clause (b)(i)(A) of this Section 11.06, the aggregate amount of the Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance
of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect
to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date, shall not be less than $5,000,000 in the case of any assignment in respect of the Revolving Facility or $5,000,000,
in the case of any assignment in respect of the Term Facility, unless each of the Administrative Agent and, so long as no Event of Default
has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).
(ii) Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement and the other Loan Documents with respect to the Loans and/or the Commitment assigned, except that
this clause (b)(ii) shall not apply to the Swingline Lender’s rights and obligations in respect of Swingline Loans.
(iii) Required
Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B) of this Section 11.06
and, in addition:
(A) the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or
an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto
by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; and provided further that the Borrower’s consent shall not be required during the primary syndication of the Facilities;
(B) the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect
of (1) any unfunded DD Term Commitment or any Revolving Commitment if such assignment is to a Person that is not a Lender with a
Commitment in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any
Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and
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(C) the
consent of the L/C Issuer and the Swingline Lender shall be required for any assignment in respect of the Revolving Facility to a Person
that is not a Lender with a Revolving Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender.
(iv) Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire.
(v) No
Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would
constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or a holding company, investment
vehicle or trust for, or owned and operated by or for the primary benefit of one or more natural Persons).
(vi) Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or sub-participations, or other compensating actions, including
funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any Lender
hereunder (and interest accrued thereon) and (B) acquire (and fund as appropriate) its full pro rata share of all Loans and participations
in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that
any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance
with the provisions of this clause (b)(vi), then the assignee of such interest shall be deemed to be a Defaulting Lender for all
purposes of this Agreement until such compliance occurs.
(vii) Subject
to acceptance and recording thereof by the Administrative Agent pursuant to Section 11.06(c), from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under
this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01,
3.04, 3.05 and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment);
provided that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will
constitute a waiver or release of any claim of any party hereunder arising from that
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Lender’s having been a Defaulting
Lender; provided further that the assignee thereunder shall not be entitled to receive any greater payment under Sections 3.01
or 3.04, with respect to the interest assigned by such Assignment and Assumption, than the assigning Lender would have been entitled
to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after such assignment.
Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this clause (b) shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.06(d).
(c) Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency being solely for Tax
purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the
equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments
of, and principal amounts (and interest amounts) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the
Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any
Lender (with respect to such Lender’s interest only), at any reasonable time and from time to time upon reasonable prior notice.
(d) Participations.
(i) Any
Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person
(other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of
one or more natural Persons, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swingline Loans) owing to it); provided
that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders
and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without
regard to the existence of any participations.
(ii) Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver
or other modification described in the first proviso to Section 11.01 that affects such Participant. The Borrower agrees that
each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and
limitations therein, including the requirements under Section 3.01(e) (it being understood that the documentation required
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under Section 3.01(e) shall
be delivered to the Lender who sells the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to clause (b) of this Section 11.06; provided that such Participant (A) shall be subject
to the provisions of Sections 3.06 and 11.13 as if it were an assignee under clause (b) of this Section 11.06
and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation,
than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement
to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each
Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the
Borrower to effectuate the provisions of Section 3.06 with respect to any Participant. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender; provided that such
Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall,
acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of
each Participant and the principal amounts (and interest amounts) of each Participant’s interest in the Loans or other obligations
under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation
to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person
except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is
in registered form under Section 5f.103–1(c) of the United States Treasury Regulations (or any successor provision thereof).
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice
to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.
(e) Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.
(f) Resignation
as L/C Issuer or Swingline Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time MUFG
assigns all of its Revolving Commitment and Revolving Loans pursuant to clause (b) above, MUFG may, (i) upon thirty
(30) days’ notice to the Administrative Agent, the Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon thirty (30)
days’ notice to the Borrower, resign as Swingline Lender. In the event of any such resignation as L/C Issuer or Swingline Lender,
the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swingline Lender hereunder; provided
that no failure by the Borrower to appoint any such successor shall affect the resignation of MUFG as L/C Issuer or Swingline Lender,
as the case may be. If MUFG resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder
with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with
respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts
pursuant to Section 2.03(c)). If MUFG resigns as
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Swingline Lender, it shall retain all
the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective
date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding
Swingline Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swingline Lender, (A) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swingline
Lender, as the case may be, and (B) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit,
if any, outstanding at the time of such succession or make other arrangements satisfactory to MUFG to effectively assume the obligations
of MUFG with respect to such Letters of Credit.
11.07 Treatment
of Certain Information; Confidentiality.
(a) Treatment
of Certain Information. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (i) to its Affiliates, its auditors and its Related
Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential), (ii) to the extent required or requested by any regulatory authority purporting
to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association
of Insurance Commissioners), (iii) to the extent required by Applicable Laws or regulations or by any subpoena or similar legal process
(in which case the Administrative Agent, such Lender or the L/C Issuer, as applicable, shall use commercially reasonable efforts to, except
with respect to any audit or examination conducted by bank accountants or any Governmental Authority exercising examination or regulatory
authority, promptly notify the Borrower, in advance, to the extent practicable and permitted by Applicable Law), (iv) to any other
party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement
containing provisions substantially the same as those of this Section 11.07, to (A) any assignee of or Participant in,
or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited
to be a Lender pursuant to Section 2.16(c) or (B) any actual or prospective party (or its Related Parties) to any
swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement
or payments hereunder, (vii) on a confidential basis to (A) any rating agency in connection with rating the Borrower or its
Subsidiaries or the credit facilities provided hereunder or (B) the provider of any Platform or other electronic delivery service
used by the Administrative Agent, the L/C Issuer and/or the Swingline Lender to deliver Borrower Materials or notices to the Lenders or
(viii) the CUSIP Service Bureau or any similar agency in connection with the application, issuance, publishing and monitoring of
CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, or (ix) with the consent of the
Borrower or to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 11.07,
(xi) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential
basis from a source other than the Borrower or (xii) is independently discovered or developed by a party hereto without utilizing
any Information received from the Borrower or violating the terms of this Section 11.07. For purposes of this Section 11.07,
“Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or
any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any
Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary. Any Person required to maintain
the confidentiality of Information as provided in this Section 11.07 shall be considered to have complied with its obligation
to do so if such Person has exercised the same degree of care to
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maintain the confidentiality of such
Information as such Person would accord to its own confidential information. In addition, the Administrative Agent and the Lenders may
disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to
the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement,
the other Loan Documents and the Commitments.
(b) Non-Public
Information. Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (i) the Information may include
material non-public information concerning a Loan Party or a Subsidiary, as the case may be, (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 United States federal and state securities Laws.
(c) Customary
Advertising and Marketing Material. The Loan Parties consent to the publication by the Administrative Agent and any Lender of customary
advertising material relating to the transactions contemplated hereby using the name, product photographs, logo and/or trademark of the
Loan Parties and the circulation of similar promotional materials, on and following the Closing Date in the form of a “tombstone”
or otherwise, containing information customarily included in such advertisements and materials consisting of (i) the names of the
Loan Parties and their Affiliates (or any of them), (ii) the titles and roles in connection with the transactions hereunder and (iii) the
amount, type and closing date of the Commitments and the Loans.
For the avoidance of doubt, nothing
in this Section or otherwise in any Loan Document prohibits any individual from communicating or disclosing information regarding
suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority without any notification
to any person.
11.08 Right
of Setoff.
If an Event of Default shall
have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party
against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other
Loan Document to such Lender, the L/C Issuer or such Affiliates, irrespective of whether or not such Lender, the L/C Issuer or Affiliate
shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan
Party may be contingent or unmatured, secured or unsecured, or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer
different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event
that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately to
the Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending such payment,
shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent,
the L/C Issuer and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing
in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights
of each Lender, the L/C Issuer and their respective Affiliates under this Section 11.08 are in addition to other rights and
remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have under Applicable
Law. Each Lender and the L/C Issuer agrees to notify
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the Borrower and the Administrative Agent promptly
after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and
application.
11.09 Interest
Rate Limitation.
Notwithstanding anything to
the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum
rate of non-usurious interest permitted by Applicable Law (the “Maximum Rate”). If the Administrative Agent
or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal
of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged,
or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by Applicable Law,
(a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary
prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of
interest throughout the contemplated term of the Obligations hereunder.
11.10 Integration;
Effectiveness.
This Agreement, the other
Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer, constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to
the benefit of the parties hereto and their respective successor and assigns.
11.11 Survival
of Representations and Warranties.
All representations and warranties
made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith
shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf
and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit
Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied
or any Letter of Credit shall remain outstanding.
11.12 Severability.
If any provision of this Agreement
or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties
shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the
foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement
relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C
Issuer or the Swingline Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.
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11.13 Replacement
of Lenders.
(a) If
the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting
Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender
as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01
and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment), provided that:
(i) the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);
(ii) such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts);
(iii) in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;
(iv) such
assignment does not conflict with Applicable Laws; and
(v) in
the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the
applicable amendment, waiver or consent.
(b) A
Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
(c) Each
party hereto agrees that (i) an assignment required pursuant to this Section 11.13 may be effected pursuant to an Assignment
and Assumption executed by the Borrower, the Administrative Agent and the assignee and (ii) the Lender required to make such assignment
need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms
thereof; provided that following the effectiveness of any such assignment, the other parties to such assignment agree to execute
and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided further
that any such documents shall be without recourse to or warranty by the parties thereto.
(d) Notwithstanding
anything in this Section 11.13 to the contrary, (A) the Lender that acts as the L/C Issuer may not be replaced hereunder
at any time it has any Letter of Credit outstanding hereunder unless arrangements satisfactory to such Lender (including the furnishing
of a backstop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory to the L/C Issuer or the
depositing of Cash Collateral into a Cash Collateral account in
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amounts and pursuant to arrangements
reasonably satisfactory to the L/C Issuer) have been made with respect to such outstanding Letter of Credit and (B) the Lender that
acts as the Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.06.
11.14 Governing
Law; Jurisdiction; Etc.
(a) GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND ANY CLAIMS,
CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY
AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(b) SUBMISSION
TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION,
LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE
ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING
IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF,
AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION,
LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER
OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST
THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
(c) WAIVER
OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (b) OF THIS SECTION 11.14.
THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
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(d) SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
11.15 Waiver
of Jury Trial.
EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.15.
11.16 Subordination.
Each Loan Party (a “Subordinating
Loan Party”) hereby subordinates the payment of all obligations and indebtedness of any other Subsidiary owing to it, whether
now existing or hereafter arising, including but not limited to any obligation of any such other Loan Party to the Subordinating Loan
Party as subrogee of the Secured Parties or resulting from such Subordinating Loan Party’s performance under this Guaranty, to the
indefeasible payment in full in cash of all Obligations. If the Secured Parties so request, any such obligation or indebtedness of any
such other Loan Party to the Subordinating Loan Party shall be enforced and performance received by the Subordinating Loan Party as trustee
for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Secured Obligations, but
without reducing or affecting in any manner the liability of the Subordinating Loan Party under this Agreement. Without limitation of
the foregoing, so long as no Default has occurred and is continuing, the Loan Parties may make and receive payments with respect to Intercompany
Debt; provided that in the event that any Loan Party receives any payment of any Intercompany Debt at a time when such payment
is prohibited by this Section 11.16, such payment shall be held by such Loan Party, in trust for the benefit of, and shall
be paid forthwith over and delivered, upon written request, to the Administrative Agent.
11.17 No
Advisory or Fiduciary Responsibility.
In connection with all aspects
of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other
Loan Document), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding,
that: (a) (i) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arranger and
the Lenders and their respective Affiliates are arm’s-length commercial transactions between the Borrower, each other Loan Party
and their respective Affiliates, on the one hand, and the Administrative Agent, the Arranger and the Lenders and their respective Affiliates,
on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax
advisors to the extent it has deemed appropriate, and (iii) the Borrower and each other Loan Party is capable of evaluating, and
understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the
Administrative Agent, the Arranger and each Lender
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and each of their respective Affiliates each is
and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and
will not be acting as an advisor, agent or fiduciary, for the Borrower, any other Loan Party or any of their respective Affiliates, or
any other Person and (ii) neither the Administrative Agent, the Arranger, nor any Lender nor any of their respective Affiliates has
any obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent, the
Arranger and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ
from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative Agent, the Arranger,
nor any Lender nor any of their respective Affiliates has any obligation to disclose any of such interests to the Borrower, any other
Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and each other Loan Party
hereby waives and releases any claims that it may have against the Administrative Agent, the Arranger, the Lenders and their respective
Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions
contemplated hereby.
11.18 Electronic
Execution; Electronic Records; Counterparts.
This Agreement, any Loan Document
and any other Communication, including Communications required to be in writing, may be in the form of an Electronic Record and may be
executed using Electronic Signatures. Each of the Loan Parties and each of the Administrative Agent, the L/C Issuer, the Swingline Lender,
and each Lender (collectively, each a “Credit Party”) agrees that any Electronic Signature on or associated
with any Communication shall be valid and binding on such Person to the same extent as a manual, original signature, and that any Communication
entered into by Electronic Signature, will constitute the legal, valid and binding obligation of such Person enforceable against such
Person in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered. Any
Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but
all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may
include, without limitation, use or acceptance of a manually signed paper Communication which has been converted into electronic form
(such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery
and/or retention. The Administrative Agent and each of the Credit Parties may, at its option, create one or more copies of any Communication
in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary
course of such Person’s business, and destroy the original paper document. All Communications in the form of an Electronic
Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity
and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, neither the Administrative Agent, L/C
Issuer nor Swingline Lender is under any obligation to accept an Electronic Signature in any form or in any format unless expressly agreed
to by such Person pursuant to procedures approved by it; provided that, without limiting the foregoing, (a) to the extent
the Administrative Agent, L/C Issuer and/or Swingline Lender has agreed to accept such Electronic Signature, the Administrative Agent
and each of the Credit Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan
Party and/or any Credit Party without further verification and (b) upon the request of the Administrative Agent or any Credit Party,
any Electronic Signature shall be promptly followed by such manually executed counterpart. For purposes hereof, “Electronic
Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by
15 USC §7006, as it may be amended from time to time.
Neither the Administrative
Agent, L/C Issuer nor Swingline Lender shall be responsible for or have any duty to ascertain or inquire into the sufficiency, validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document (including, for the avoidance
of
163
doubt, in connection with the Administrative Agent’s,
L/C Issuer’s or Swingline Lender’s reliance on any Electronic Signature transmitted by telecopy, emailed .pdf or any other
electronic means). The Administrative Agent, L/C Issuer and Swingline Lender shall be entitled to rely on, and shall incur no liability
under or in respect of this Agreement or any other Loan Document by acting upon, any Communication (which writing may be a fax, any electronic
message, Internet or intranet website posting or other distribution or signed using an Electronic Signature) or any statement made
to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated (whether or not such Person
in fact meets the requirements set forth in the Loan Documents for being the maker thereof).
Each of the Loan Parties and
each Credit Party hereby waives (i) any argument, defense or right to contest the legal effect, validity or enforceability of this
Agreement and/or any other Loan Document based solely on the lack of paper original copies of this Agreement and/or such other Loan Document,
and (ii) waives any claim against the Administrative Agent, each Credit Party and each Related Party for any liabilities arising
solely from the Administrative Agent’s and/or any Credit Party’s reliance on or use of Electronic Signatures, including any
liabilities arising as a result of the failure of the Loan Parties to use any available security measures in connection with the execution,
delivery or transmission of any Electronic Signature.
11.19 USA
Patriot Act Notice.
Each Lender that is subject
to the Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the other
Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107–56 (signed into law October 26,
2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrower
and each other Loan Party, which information includes the name and address of the Borrower and each other Loan Party and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower and each other Loan Party in accordance
with the Patriot Act. The Borrower and each other Loan Party shall, promptly following a request by the Administrative Agent or any Lender,
provide all such other documentation and information that the Administrative Agent or such Lender requests in order to comply with its
ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including
the Patriot Act.
11.20 Acknowledgement and Consent
to Bail-In of Affected Financial Institutions.
Solely to the extent any Lender
or L/C Issuer that is an Affected Financial Institution is a party to this Agreement and 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 Lender or L/C Issuer that is an Affected Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the Write-Down and Conversion Powers of an applicable Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by:
(a) the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any Lender or L/C Issuer that is an Affected Financial Institution; and
(b) the
effects of any Bail-In Action on any such liability, including, if applicable:
(i) a
reduction in full or in part or cancellation of any such liability;
164
(ii) a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or
(iii) the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.
11.21 Acknowledgement
Regarding Any Supported QFCs.
To the extent that the Loan
Documents provide support, through a guarantee or otherwise, for any Swap Contract 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.
[Signature Pages To Follow]
165
IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the date first above written.
BORROWER:
ASURE SOFTWARE INC.
By:
/s/ Patrick Goepel
Name: Patrick Goepel
Title: Chief Executive Officer
GUARANTORS:
ASURE BENEFITS MANAGEMENT LLC
By:
/s/ Patrick Goepel
Name: Patrick Goepel
Title: Chief Executive Officer
ASURE CUSTOMER & IP HOLDCO LLC
By:
/s/ Patrick Goepel
Name: Patrick Goepel
Title: Chief Executive Officer
ASURE OPERATIONS LLC
By:
/s/ Patrick Goepel
Name: Patrick Goepel
Title: Chief Executive Officer
ASURE PAYROLL TAX MANAGEMENT LLC
By:
/s/ Patrick Goepel
Name: Patrick Goepel
Title: Chief Executive Officer
[Signature Page to Credit Agreement]
ASURE TREASURY MANAGEMENT LLC
By:
/s/ Patrick Goepel
Name: Patrick Goepel
Title: Chief Executive Officer
[Signature Page to Credit Agreement]
MUFG
BANK, LTD.,
as
Administrative Agent and Lender
By:
/s/ Soren Peterson
Name:
Soren Peterson
Title:
Director
[Signature Page to Credit Agreement]
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Oct. 15, 2026
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