false
0001870940
0001870940
2024-09-13
2024-09-13
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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): September 13, 2024
AirSculpt Technologies, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction
of Incorporation) |
001-40973
(Commission
File Number) |
87-1471855
(IRS Employer
Identification No.) |
|
|
|
1111 Lincoln Road, Suite 802
Miami Beach, Florida |
|
33139 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(786) 709-9690
(Registrant’s Telephone Number, Including
Area Code)
Not applicable
(Former Name or Former Address, if Changed
Since Last Report)
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 (see General
Instructions A.2. below):
| ¨ | 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 Exchange
on Which Registered: |
Common Stock, $0.001
par value per share |
|
AIRS |
|
The Nasdaq Global Market |
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 Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company x
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.
Amendment to Credit Agreement
On September 13, 2024,
AirSculpt Technologies, Inc., a Delaware corporation (the “Company”), EBS Intermediate Parent LLC, a Delaware limited
liability company (“EBS Parent”), a wholly-owned subsidiary of the Company, EBS Enterprises LLC, a Delaware limited liability
company (“Borrower”), a wholly-owned subsidiary of EBS Parent, and Silicon Valley Bank, a division of First-Citizens Bank &
Trust Company (“SVB”), entered into a Second Amendment to Credit Agreement (the “Amendment”) in connection with
that certain Credit Agreement, dated as of November 7, 2022 (as amended by that certain First Amendment and Limited Waiver to Credit
Agreement, dated as of March 9, 2023, and as further amended, restated, supplemented or otherwise modified from time to time prior
to the date hereof, the “Credit Agreement”), among the Company, EBS Parent, Borrower, the several banks and other financial
institutions or entities from time to time party thereto (each a “Lender” and, collectively, the “Lenders”), and
SVB as administrative agent and collateral agent for the Lenders, issuing lender and swingline lender, the form of which was attached
as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the
“SEC”) on November 9, 2022.
Summary of the Material
Terms and Conditions of the Amendment
Under the terms of the Amendment,
the parties thereto agreed to modify certain financial condition covenants made by the Company in the Credit Agreement, such that (i) the
Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of the Company and its Subsidiaries as of the last day of
the fiscal quarters ending December 31, 2024 and March 31, 2025 must be no less than 1.10:1.00 instead of 1.25:1.00, as previously
set forth in the Credit Agreement; (ii) the Consolidated Leverage Ratio (as defined in the Credit Agreement) of the Company and its
Subsidiaries as of the last day of the fiscal quarters ending September 30, 2024, December 31, 2024, March 31, 2025 and
June 30, 2025 must not exceed 2.75:1.00, 3.25:1.00, 3.25:1.00, and 2.75:1.00, respectively, instead of 2.50:1.00, as previously set
forth in the Credit Agreement; and (iii) the Company and its Subsidiaries will be required to maintain Liquidity (as defined in the
Credit Agreement) no less than (A) $6,750,000.00 as of the last day of the fiscal quarter ending September 30, 2024, and (B) $7,500,000.00
as of the last day of the fiscal quarters ending December 31, 2024, March 31, 2025 and June 30, 2025.
In connection with the modifications
to the financial condition covenants relating to the Consolidated Leverage Ratio of the Company and its Subsidiaries, the parties to the
Amendment also agreed to an increase in the interest rates per annum of the SOFR Loans, the ABR Loans, the Swingline Loans and the Letters
of Credit (each as defined in the Credit Agreement) during the period beginning on September 13, 2024 and ending on or about June 30,
2025.
Under the terms of the Amendment,
the applicable margin for purposes of calculating the interest rate of SOFR Loans and ABR Loans during the period beginning on September 13,
2024 and ending on or about June 30, 2025 will be modified as follows: (i) if the Consolidated Leverage Ratio of the Company
and its Subsidiaries is equal to or greater than 1.00:1.00 and less than 2.00:1.00, the applicable margin will increase from 1.50% for
ABR Loans and 2.50% for SOFR Loans to 2.00% for ABR Loans and 3.00% for SOFR Loans, respectively; (ii) if the Consolidated Leverage
Ratio of the Company and its Subsidiaries is equal to or greater than 2.00:1.00, the applicable margin will increase from 2.00% for ABR
Loans and 3.00% for SOFR Loans to 2.50% for ABR Loans and 3.50% for SOFR Loans, respectively; and (iii) if the Consolidated Leverage
Ratio of the Company and its Subsidiaries is below 1.00:1.00, the applicable margin will increase from 1.00% for ABR Loans and 2.00% for
SOFR loans to 1.50% for ABR Loans and 2.50% for SOFR Loans, respectively.
The applicable margin for
purposes of calculating the interest rate of Swingline Loans during the period beginning on September 13, 2024 and ending on or about
June 30, 2025 will be modified as follows: (i) if the Consolidated Leverage Ratio of the Company and its Subsidiaries is equal
to or greater than 1.00:1.00 and less than 2.00:1.00, the applicable margin will increase from 1.50% to 2.00%; (ii) if the Consolidated
Leverage Ratio of the Company and its Subsidiaries is equal to or greater than 2.00:1.00, the applicable margin will increase from 2.00%
to 2.50%; and (iii) if the Consolidated Leverage Ratio of the Company and its Subsidiaries is below 1.00:1.00, the applicable margin
will increase from 1.00% to 1.50%.
The applicable margin for
purposes of calculating the interest rate of any Letters of Credit during the period beginning on September 13, 2024 and ending on
or about June 30, 2025 will be modified as follows: (i) if the Consolidated Leverage Ratio of the Company and its Subsidiaries
is equal to or greater than 1.00:1.00 and less than 2.00:1.00, the applicable margin will increase from 2.50% to 3.00%; (ii) if the
Consolidated Leverage Ratio of the Company and its Subsidiaries is equal to or greater than 2.00:1.00, the applicable margin will increase
from 3.00% to 3.50%; and (iii) if the Consolidated Leverage Ratio of the Company and its Subsidiaries is below 1.00:1.00, the applicable
margin will increase from 2.00% to 2.50%.
In addition, each of the Company,
EBS Parent and Borrower agreed to furnish to SVB within 45 days after the end of each calendar month a “key performance indicator”
report, which will include month-end Unrestricted Cash (as defined in the Credit Agreement) and number of cases per facility, commencing
with the calendar month ending July 31, 2024 and ending with the calendar month ending June 30, 2025.
The foregoing description
of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which
is filed as Exhibit 10.1 to this Current Report on Form 8-K, and is incorporated into this Item 1.01 by reference.
Item 9.01. Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 13, 2024 |
|
|
|
|
AirSculpt Technologies, Inc. |
|
|
|
By: |
/s/ Dennis Dean |
|
|
Name: Dennis Dean |
|
|
Title: Interim Chief Executive Officer and Chief Financial Officer |
[Signature Page to the Form 8-K]
Exhibit 10.1
SECOND AMENDMENT TO CREDIT AGREEMENT
This
Second Amendment to Credit Agreement, dated as of September 13, 2024 (this “Agreement”), by
and among AIRSCULPT TECHNOLOGIES, INC., a Delaware corporation (“Holdings”), EBS INTERMEDIATE
PARENT LLC, a Delaware limited liability company (“Intermediate Holdings”), EBS ENTERPRISES LLC,
a Delaware limited liability company (the “Borrower”), the Lenders party hereto and Silicon
Valley Bank, a division of FIRST-CITIZENS BANK & TRUST COMPANY (“SVB”),
as Administrative Agent, Issuing Lender and Swingline Lender.
W I T N E S S E T H:
WHEREAS,
the parties hereto are party to that certain Credit Agreement, dated as of November 7, 2022 (as amended by that certain First
Amendment and Limited Waiver to Credit Agreement, dated as of March 9, 2023, and as further amended, restated, amended and restated,
modified or supplemented and in effect from time to time prior to the date hereof, the “Credit Agreement”)
by and among the Borrower, Holdings, Intermediate Holdings, the Administrative Agent, and the several banks and other financial institutions
or entities from time to time party thereto. All capitalized terms used herein and not otherwise defined shall have the same meaning herein
as in the Credit Agreement;
WHEREAS,
pursuant to Section 10.1(a) of the Credit Agreement, Holdings, Intermediate Holdings, the Borrower, the undersigned
Lenders (including the Required Lenders) and the Administrative Agent have agreed to amend the Credit Agreement to, among other things,
(a) amend Section 7.1 of the Credit Agreement and (b) effect such other amendments to the Credit Agreement as set forth
herein;
WHEREAS,
each Lender under the Credit Agreement immediately prior to the Second Amendment Effective Date (collectively, the “Existing
Lenders”) that executes and delivers a “Consent” in the form attached hereto as Exhibit B (a “Lender
Consent”, and each such Lender, a “Consenting Lender”) by 5:00 p.m. (New York City
time), on September 12, 2024 (the “Consent Deadline”) hereby agrees to the terms and conditions of this
Agreement;
WHEREAS,
each Loan Party party hereto expects to realize substantial direct and indirect benefits as a result of this Agreement becoming effective
and reaffirms in Section 7(c) of this Agreement its obligations under the Amended Credit Agreement (as
defined below) and the other Loan Documents to which it is a party (the transactions described in the foregoing paragraphs, including
entry into this Agreement and the payment of fees and expenses in connection herewith, are collectively referred to as the “Second
Amendment Transactions”);
WHEREAS, the Borrower has
engaged SVB to act as sole lead arranger and bookrunner for this Agreement (the “Lead Arranger”); and
WHEREAS, the amendments to
the Credit Agreement set forth below are subject to the satisfaction of the conditions precedent to effectiveness referred to herein and
shall become effective as provided herein.
NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:
1. Amendments
to the Credit Agreement. Subject to the satisfaction (or waiver by the Administrative Agent and the Lenders party hereto) of the conditions
in Section 2 of this Agreement, the Credit Agreement is hereby amended by inserting the language indicated in double underlined
text (indicated textually in the same manner as the following example: underlined
text) in Exhibit A hereto and by deleting the language indicated by strikethrough text (indicated textually in
the same manner as the following example: stricken text) in Exhibit A hereto (the
Credit Agreement, as so amended, being referred to as the “Amended Credit Agreement”).
2. Conditions
Precedent to Effectiveness. The effectiveness of this Agreement is subject only to the satisfaction (or waiver by the Administrative
Agent and the Lenders party hereto) of the following conditions precedent (the date on which such conditions have been satisfied (or waiver
by the Administrative Agent and the Lenders party hereto), the “Second Amendment Effective Date”):
(a) Counterparts.
The Administrative Agent shall have received (I) counterparts of this Agreement that, when taken together, bear the signatures of
Holdings, Intermediate Holdings, the Borrower and the Administrative Agent and (II) from each Consenting Lender, a Lender Consent
(including by way of facsimile or other electronic transmissions) by the Consent Deadline, which delivery by the terms of each Lender
Consent shall be deemed to be execution and delivery of this Agreement and constitute irrevocable and unconditional approval of the terms
hereof and the Amended Credit Agreement.
(b) Representations
and Warranties. Each of the representations and warranties made by each Loan Party in or pursuant to any Loan Document (i) that
is qualified by materiality shall be true and correct, and (ii) that is not qualified by materiality, shall be true and correct in
all material respects, in each case, on and as of such date as if made on and as of such date, except to the extent any such representation
and warranty expressly relates to an earlier date, in which case such representation and warranty shall have been true and correct in
all material respects or in all respects, as applicable, as of such earlier date.
(c) No
Event of Default. As of the Second Amendment Effective Date and immediately after giving effect to this Agreement and the Second Amendment
Transactions, no Default or Event of Default shall have occurred and be continuing.
(d) Secretary’s
or Managing Member’s Certificates; Certified Operating Documents; Good Standing Certificates. The Administrative Agent shall
have received (i) a certificate of each Loan Party, dated the Second Amendment Effective Date and executed by the Secretary, Managing
Member or equivalent officer of such Loan Party, substantially in the form of Exhibit C to the Credit Agreement, with appropriate
insertions and attachments, including (A) the Operating Documents of such Loan Party, or a certification that such Operating Documents
have not changed since last delivered to Administrative Agent, and a certification that such documents are in full force and effect on
and as of the Second Amendment Effective Date and no action for any amendment to such Operating Documents has been taken or is pending,
(B) the relevant board resolutions or written consents of such Loan Party adopted by such Loan Party for the purposes of authorizing
such Loan Party to enter into and perform this Agreement and (C) the names, titles, incumbency and signature specimens of those representatives
of such Loan Party who have been authorized by such resolutions and/or written consents to execute Loan Documents on behalf of such Loan
Party, and (ii) a long form good standing certificate for each Loan Party from its respective jurisdiction of organization.
(e) Responsible
Officer’s Certificates. The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower
certifying that (A) the conditions set forth in Sections 2(b) and (c) of this Agreement have been satisfied
and (B) there has been no event or circumstance since December 31, 2023, that has had or that could reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect.
(f) Patriot
Act, Etc. The Administrative Agent and each Lender shall have received, prior to the Second Amendment Effective Date, all documentation
and other information requested to comply with applicable “know your customer” and anti-money-laundering rules and regulations,
including the Patriot Act, and a properly completed and signed IRS Form W-8 or W-9, as applicable, for each Loan Party. To the extent
any Loan Party qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Administrative Agent
shall have received a Beneficial Ownership Certification in relation to such Loan Party, to the extent reasonably requested in advance
of the Second Amendment Effective Date.
(g) [Reserved].
(h) Fees.
The Lenders, the Lead Arranger and the Administrative Agent shall have received all fees required to be paid on or prior to the Second
Amendment Effective Date (including pursuant to that certain Engagement Letter dated as of the date hereof, between Holdings and SVB and
any other letter agreement as have separately been agreed by Holdings and any of the Consenting Lenders and the Lead Arranger), and all
reasonable and documented fees and expenses for which invoices have been presented (including the reasonable and documented fees and expenses
of legal counsel to the Administrative Agent) for payment on or before the Second Amendment Effective Date.
(i) No
Material Adverse Effect. There shall not have occurred since December 31, 2023 any event or condition that has had or could be
reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.
3. Representations
and Warranties. In order to induce the other parties hereto to enter into this Agreement, to induce Lenders to consent to amend the
Credit Agreement in the manner provided herein, each Loan Party represents and warrants to each Lender and the Administrative Agent that,
after giving effect to this Agreement:
| (a) | the representations and warranties set forth in Section 4 of the Credit Agreement are true and correct
in all material respects on and as of the date hereof to the same extent as if made on and as of the date hereof, except to the extent
such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have
been true and correct in all material respects on and as of such earlier date; |
| (b) | no Default or Event of Default has occurred and is continuing or would result from the execution, delivery
and performance of this Agreement; and |
| (c) | each Loan Party has the power and authority, and the legal right, to make, deliver and perform this Agreement.
Each Loan Party has taken all necessary organizational action to authorize the execution, delivery and performance of this Agreement.
No Governmental Approval or consent or authorization of, filing with, notice to or other act by or in respect of, any other Person is
required in connection with the execution, delivery, performance, validity or enforceability of this Agreement. This Agreement has been
duly executed and delivered on behalf of each Loan Party. This Agreement constitutes a legal, valid and binding obligation of each Loan
Party, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or at law). |
4. Governing
Law; Submission to Jurisdiction; Waivers. The provisions of Sections 10.13 and 10.14 of the Credit Agreement are hereby incorporated
mutatis mutandis.
5. Counterpart
Execution. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature
page of this Agreement by facsimile or other electronic mail transmission shall be effective as delivery of a manually executed counterpart
hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.
The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption
shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic Transactions
Act.
6. Effect
on Loan Documents; Limitation of Amendment; Reaffirmation.
(a) The
terms, provisions and conditions of the Credit Agreement and each of the other Loan Documents, as amended hereby, shall be and remain
in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. The execution,
delivery, and performance of this Agreement shall not operate, except as expressly set forth herein, as a modification or waiver of any
right, power, or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other Loan Document. Nothing herein
shall be deemed to entitle the Borrower to a further consent to, or a further waiver, amendment, modification or other change of, any
of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar
or different circumstances or excuse any non-compliance with the Loan Documents.
(b) Each
of the Borrower, Holdings and Intermediate Holdings hereby agrees and acknowledges that the Lenders require and will require strict performance
by the Loan Parties of all of their respective obligations, agreements and covenants contained in the Credit Agreement and the other Loan
Documents, and no inaction or action regarding any Default or Event of Default is intended to be or shall be a waiver thereof.
(c) Each
of the Borrower, Holdings and Intermediate Holdings, in its respective capacity as debtor, grantor, mortgagor, pledgor, guarantor, assignor,
or in any other similar capacity in which such Loan Party grants liens, pledges or security interests in its property or otherwise acts
as accommodation party, guarantor or indemnitor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance
obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to
the extent such Loan Party granted liens on or security interests in or pledges over any of its property pursuant to any such Loan Document
as security for or otherwise guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee
and grant of security interests, liens and pledges and confirms and agrees that such guarantee includes, and such security interests,
pledges and liens hereafter secure, all of the Obligations. The execution of this Agreement shall not operate as a waiver of any
right, power or remedy of the Administrative Agent or the Lenders, constitute a waiver of any provision of any of the Loan Documents or
serve to effect a novation of the Obligations. Nothing implied in this Agreement or in any other document contemplated hereby shall be
construed as a release or other discharge of any of the Loan Parties under any Loan Document from any of its obligations and liabilities
as a borrower, guarantor or pledgor under any of the Loan Documents.
(d) Upon
and after the date hereof, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “herein”,
“hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the
“Credit Agreement”, “thereunder”, “therein”, “thereof” or words of like import referring
to the Credit Agreement, shall mean and be a reference to the Credit Agreement as hereby amended.
(e) To
the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or conditions
of the Credit Agreement as hereby amended, such terms and conditions are hereby deemed modified or amended accordingly to reflect the
terms and conditions of the Credit Agreement as hereby amended.
(f) The
parties hereto acknowledge and agree that this Agreement constitutes a “Loan Document” for all purposes of the Amended Credit
Agreement and the other Loan Documents (it being understood that this Amendment may be amended or waived solely by the parties hereto
in accordance with Section 8 of this Agreement).
7. Expenses
and Indemnity. The Borrower agrees to pay all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent in
connection with this Agreement and any other documents prepared in connection herewith, in each case to the extent required by Section 10.5
of the Credit Agreement. The Borrower hereby confirms that the indemnification provisions set forth in Section 10.5 of the Credit
Agreement shall apply to this Agreement and such losses, claims, damages, liabilities, costs and expenses (as more fully set forth therein
as applicable) which may arise herefrom or in connection herewith.
8. Amendments;
Headings; Severability. This Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed
by Holdings, Intermediate Holdings, the Borrower and the Administrative Agent. The section headings used herein are for convenience
of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting
this Agreement. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such
provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions.
[SIGNATURE PAGES FOLLOW]
In
Witness Whereof, the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.
|
AIRSCULPT TECHNOLOGIES, INC., |
|
as Holdings |
|
|
|
By: |
/s/ Dennis Dean |
|
Name: |
Dennis Dean |
|
Title: |
Chief Financial Officer |
|
|
|
EBS INTERMEDIATE PARENT LLC, |
|
as Intermediate Holdings |
|
|
|
By: |
/s/ Dennis Dean |
|
Name: |
Dennis Dean |
|
Title: |
Chief Financial Officer |
|
|
|
EBS ENTERPRISES LLC, |
|
as the Borrower |
|
|
|
By: |
/s/ Dennis Dean |
|
Name: |
Dennis Dean |
|
Title: |
Chief Financial Officer |
[Signature Page to Second Amendment to Credit
Agreement]
|
FIRST-CITIZENS BANK &
TRUST COMPANY, as the Administrative Agent and a Lender |
|
|
|
By: |
/s/ Allison Pearlstein |
|
Name: |
Allison Pearlstein |
|
Title: |
Director |
[Signature Page to Second Amendment to Credit
Agreement]
CONSENT TO SECOND AMENDMENT
CONSENT (this “Consent”)
to Second Amendment to Credit Agreement, dated as of September 13, 2024 (this “Agreement”), by and among AIRSCULPT TECHNOLOGIES,
INC., a Delaware corporation (“Holdings”), EBS INTERMEDIATE PARENT LLC, a Delaware limited liability company
(“Intermediate Holdings”), EBS ENTERPRISES LLC, a Delaware limited liability company (the “Borrower”),
the Lenders party hereto and SILICON VALLEY BANK, a division of FIRST-CITIZENS BANK & TRUST COMPANY (“SVB”),
as Administrative Agent, Issuing Lender and Swingline Lender. Unless otherwise defined herein, terms defined in the Agreement and used
herein shall have the meanings given to them in the Agreement.
|
Consent:
By executing the accompanying signature page,
the undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment with respect to all Loans and/or
Commitments held by such Lender. |
Name of Lender: Eastern Bank Successor by merger with Cambridge Trust Company |
| |
|
by |
| |
|
|
/s/ Matt Dunbar | |
|
Name: Matt Dunbar | |
|
Title: Vice President | |
| |
For any institution requiring a second
signature line: | |
| |
|
by |
| |
|
|
| |
|
Name: | |
|
Title: | |
CONSENT TO SECOND AMENDMENT
CONSENT (this “Consent”)
to Second Amendment to Credit Agreement, dated as of September 13, 2024 (this “Agreement”), by and among AIRSCULPT TECHNOLOGIES,
INC., a Delaware corporation (“Holdings”), EBS INTERMEDIATE PARENT LLC, a Delaware limited liability company
(“Intermediate Holdings”), EBS ENTERPRISES LLC, a Delaware limited liability company (the “Borrower”),
the Lenders party hereto and SILICON VALLEY BANK, a division of FIRST-CITIZENS BANK & TRUST COMPANY (“SVB”),
as Administrative Agent, Issuing Lender and Swingline Lender. Unless otherwise defined herein, terms defined in the Agreement and used
herein shall have the meanings given to them in the Agreement.
|
Consent:
By executing the accompanying signature page,
the undersigned Lender hereby irrevocably and unconditionally approves of and consents to the Amendment with respect to all Loans and/or
Commitments held by such Lender. |
Name of Lender: City National Bank | |
| |
|
by |
| |
|
|
/s/ Candice Callahan | |
|
Name: Candice Callahan | |
|
Title: SVP, Senior Relationship Manager | |
| |
For any institution requiring a second
signature line: | |
| |
|
by |
| |
|
|
| |
|
Name: | |
|
Title: | |
Exhibit A
(See Attached)
Execution
VersionExhibit A to Second
Amendment
CREDIT
AGREEMENT
dated as of November 7,
2022,
among
AIRSCULPT
TECHNOLOGIES, INC.,
as Holdings,
EBS
INTERMEDIATE PARENT LLC,
as Intermediate
Holdings,
EBS
ENTERPRISES LLC,
as the Borrower,
THE
SEVERAL LENDERS FROM TIME TO TIME PARTY HERETO,
and
SILICON
VALLEY BANK,
as Administrative
Agent, Issuing Lender and Swingline Lender
SILICON
VALLEY BANK,
as Lead Arranger
Table of Contents
Page
SECTION 1 DEFINITIONS |
1 |
|
|
|
1.1 |
Defined Terms |
1 |
|
1.2 |
Other Definitional Provisions |
4243 |
|
1.3 |
Rounding |
4344 |
|
1.4 |
Rates |
4344 |
|
|
|
|
SECTION 2 AMOUNT AND TERMS OF COMMITMENTS |
4345 |
|
|
|
2.1 |
Term Commitments |
4345 |
|
2.2 |
Procedure for Term Loan Borrowing |
4445 |
|
2.3 |
Repayment of Term Loans |
4445 |
|
2.4 |
Revolving Commitments |
4546 |
|
2.5 |
Procedure for Revolving Loan Borrowing |
4547 |
|
2.6 |
Swingline Commitment |
4647 |
|
2.7 |
Procedure for Swingline Borrowing; Refunding of Swingline Loans |
4647 |
|
2.8 |
[Reserved |
4749 |
|
2.9 |
Fees |
4749 |
|
2.10 |
Termination or Reduction of Revolving Commitments |
4849 |
|
2.11 |
Optional Prepayments |
4850 |
|
2.12 |
Mandatory Prepayments |
4850 |
|
2.13 |
Conversion and Continuation Options |
5051 |
|
2.14 |
Limitations on SOFR Tranches |
5052 |
|
2.15 |
Interest Rates and Payment Dates |
5152 |
|
2.16 |
Computation of Interest and Fees; Conforming Changes |
5153 |
|
2.17 |
Inability to Determine Interest Rate; Benchmark Replacement Setting |
5153 |
|
2.18 |
Pro Rata Treatment and Payments |
5355 |
|
2.19 |
Illegality; Requirements of Law |
5658 |
|
2.20 |
Taxes |
5860 |
|
2.21 |
Indemnity |
6263 |
|
2.22 |
Change of Lending Office |
6263 |
|
2.23 |
Substitution of Lenders |
6264 |
|
2.24 |
Defaulting Lenders |
6365 |
|
2.25 |
Notes |
6667 |
|
2.26 |
Incremental Credit Extensions |
6667 |
|
|
|
|
SECTION 3 LETTERS OF CREDIT |
6970 |
|
|
|
3.1 |
L/C Commitment |
6970 |
|
3.2 |
Procedure for Issuance of Letters of Credit |
7071 |
|
3.3 |
Fees and Other Charges |
7072 |
|
3.4 |
L/C Participations |
7173 |
|
3.5 |
Reimbursement |
7173 |
|
3.6 |
Obligations Absolute |
7274 |
|
3.7 |
Letter of Credit Payments |
7374 |
|
3.8 |
Applications |
7374 |
|
3.9 |
Interim Interest |
7375 |
|
3.10 |
Cash Collateral |
7375 |
|
3.11 |
Additional Issuing Lenders |
7476 |
Table of Contents
(continued)
Page
|
3.12 |
Resignation of the Issuing Lender |
7476 |
|
3.13 |
Applicability of ISP |
7576 |
|
|
|
|
SECTION 4 REPRESENTATIONS AND WARRANTIES |
7577 |
|
|
|
4.1 |
Financial Condition |
7577 |
|
4.2 |
No Change |
7577 |
|
4.3 |
Existence; Compliance with Law |
7577 |
|
4.4 |
Power, Authorization; Enforceable Obligations |
7678 |
|
4.5 |
No Legal Bar |
7678 |
|
4.6 |
Litigation |
7678 |
|
4.7 |
No Default |
7678 |
|
4.8 |
Ownership of Property; Liens; Investments |
7679 |
|
4.9 |
Intellectual Property |
7779 |
|
4.10 |
Taxes |
7779 |
|
4.11 |
Federal Regulations |
7779 |
|
4.12 |
Labor Matters |
7780 |
|
4.13 |
ERISA |
7780 |
|
4.14 |
Investment Company Act; Other Regulations |
7881 |
|
4.15 |
Subsidiaries |
7981 |
|
4.16 |
Use of Proceeds |
7981 |
|
4.17 |
Environmental Matters |
7981 |
|
4.18 |
Accuracy of Information, etc. |
8082 |
|
4.19 |
Security Documents |
8083 |
|
4.20 |
Solvency; Voidable Transaction |
8184 |
|
4.21 |
Regulation H |
8184 |
|
4.22 |
Designated Senior Indebtedness |
8184 |
|
4.23 |
Beneficial Ownership |
8284 |
|
4.24 |
Insurance |
8284 |
|
4.25 |
No Casualty |
8284 |
|
4.26 |
Health Care Laws |
8284 |
|
4.27 |
Capitalization |
8386 |
|
4.28 |
OFAC |
8386 |
|
4.29 |
Anti-Corruption Laws |
8386 |
|
4.30 |
Holding Companies |
8386 |
|
|
|
|
SECTION 5 CONDITIONS PRECEDENT |
8386 |
|
|
|
5.1 |
Conditions to Initial Credit Extension |
8386 |
|
5.2 |
Conditions to Each Credit Extension |
8790 |
|
5.3 |
Post-Closing Conditions Subsequent |
8890 |
|
|
|
|
SECTION 6 AFFIRMATIVE COVENANTS |
8891 |
|
|
|
6.1 |
Financial Statements |
8891 |
|
6.2 |
Certificates; Reports; Other Information |
8992 |
|
6.3 |
[Reserved] |
9093 |
|
6.4 |
Payment of Obligations |
9093 |
|
6.5 |
Maintenance of Existence; Compliance |
9093 |
Table of Contents
(continued)
Page
|
6.6 |
Maintenance of Property; Insurance |
9194 |
|
6.7 |
Inspection of Property; Books and Records; Discussions |
9194 |
|
6.8 |
Notices |
9194 |
|
6.9 |
Environmental Laws |
9396 |
|
6.10 |
Controlled Accounts |
9396 |
|
6.11 |
Audits |
9396 |
|
6.12 |
Additional Collateral, etc. |
9497 |
|
6.13 |
Compliance with Health Care Laws |
9598 |
|
6.14 |
Use of Proceeds |
9699 |
|
6.15 |
Designated Senior Indebtedness |
96100 |
|
6.16 |
Anti-Corruption Laws |
96100 |
|
6.17 |
Further Assurances |
96101 |
|
6.18 |
PC Entities |
9699 |
|
|
|
|
SECTION 7 NEGATIVE COVENANTS |
9798 |
|
|
|
7.1 |
Financial Condition Covenants |
9798 |
|
7.2 |
Indebtedness |
97101 |
|
7.3 |
Liens |
99103 |
|
7.4 |
Fundamental Changes |
101104 |
|
7.5 |
Disposition of Property |
101104 |
|
7.6 |
Restricted Payments |
102106 |
|
7.7 |
[Reserved] |
103107 |
|
7.8 |
Investments |
103107 |
|
7.9 |
ERISA |
106110 |
|
7.10 |
Optional Payments and Modifications of Debt Instruments |
107110 |
|
7.11 |
Transactions with Affiliates |
107110 |
|
7.12 |
Sale Leaseback Transactions |
107111 |
|
7.13 |
Swap Agreements |
107111 |
|
7.14 |
Accounting Changes |
107111 |
|
7.15 |
Negative Pledge Clauses |
107111 |
|
7.16 |
Clauses Restricting Subsidiary Distributions |
108111 |
|
7.17 |
Lines of Business |
108112 |
|
7.18 |
Designation of other Indebtedness |
108112 |
|
7.19 |
PC Entities; PC Documents |
108112 |
|
7.20 |
Amendments to Organizational Agreements and Material Contracts |
109112 |
|
7.21 |
Use of Proceeds |
109113 |
|
7.22 |
Subordinated Indebtedness |
109113 |
|
7.23 |
Anti-Terrorism Laws |
110113 |
|
7.24 |
Holding Companies |
110113 |
|
|
|
|
SECTION 8 EVENTS OF DEFAULT |
110114 |
|
|
|
8.1 |
Events of Default |
110114 |
|
8.2 |
Remedies Upon Event of Default |
113116 |
|
8.3 |
Application of Funds |
114117 |
Table of Contents
(continued)
Page
SECTION 9 THE ADMINISTRATIVE AGENT |
115119 |
|
|
|
9.1 |
Appointment and Authority |
115119 |
|
9.2 |
Delegation of Duties |
116120 |
|
9.3 |
Exculpatory Provisions |
116120 |
|
9.4 |
Reliance by Administrative Agent |
117121 |
|
9.5 |
Notice of Default |
118121 |
|
9.6 |
Non-Reliance on Administrative Agent and Other Lenders |
118122 |
|
9.7 |
Indemnification |
118122 |
|
9.8 |
Agent in Its Individual Capacity |
119122 |
|
9.9 |
Successor Administrative Agent |
119123 |
|
9.10 |
Collateral and Guaranty Matters |
120124 |
|
9.11 |
Administrative Agent May File Proofs of Claim |
121125 |
|
9.12 |
No Other Duties, Etc. |
122125 |
|
9.13 |
Cash Management Bank and Qualified Counterparty Reports |
122126 |
|
9.14 |
Survival |
122126 |
|
9.15 |
Erroneous Payments |
122126 |
|
|
|
|
SECTION 10 MISCELLANEOUS |
124129 |
|
|
|
10.1 |
Amendments and Waivers |
124129 |
|
10.2 |
Notices |
126130 |
|
10.3 |
No Waiver; Cumulative Remedies |
128132 |
|
10.4 |
Survival of Representations and Warranties |
128132 |
|
10.5 |
Expenses; Indemnity; Damage Waiver |
129132 |
|
10.6 |
Successors and Assigns; Participations and Assignments |
130134 |
|
10.7 |
Adjustments; Set-off |
134138 |
|
10.8 |
Payments Set Aside |
135139 |
|
10.9 |
Interest Rate Limitation |
136139 |
|
10.10 |
Counterparts; Electronic Execution of Assignments |
136140 |
|
10.11 |
Severability |
136140 |
|
10.12 |
Integration |
136140 |
|
10.13 |
GOVERNING LAW |
136140 |
|
10.14 |
Submission to Jurisdiction; Waivers |
137140 |
|
10.15 |
Acknowledgements |
138142 |
|
10.16 |
[Reserved] |
138142 |
|
10.17 |
Treatment of Certain Information; Confidentiality |
138142 |
|
10.18 |
Automatic Debits |
140143 |
|
10.19 |
[Reserved] |
140144 |
|
10.20 |
Patriot Act |
140144 |
SCHEDULES
Schedule 1.1: |
Commitments |
Schedule 4.4: |
Governmental Approvals, Consents, Authorizations, Filings and Notices |
Schedule 4.13: |
ERISA Plans |
Schedule 4.15: |
Subsidiaries |
Schedule 4.17: |
Environmental Matters |
Schedule 4.19(a): |
Financing Statements and Other Filings |
Schedule 4.27: |
Capitalization |
Schedule 5.3: |
Post-Closing |
Schedule 6.10: |
Controlled Accounts |
Schedule 7.2(d): |
Existing Indebtedness |
Schedule 7.3(f): |
Existing Liens |
EXHIBITS |
|
Exhibit A: |
Form of Guarantee and Collateral Agreement |
Exhibit B: |
Form of Compliance Certificate |
Exhibit C: |
Form of Secretary’s Certificate |
Exhibit D: |
Form of Solvency Certificate |
Exhibit E: |
Form of Assignment and Assumption |
Exhibit F-1 – F-4: |
Forms of U.S. Tax Compliance Certificate |
Exhibit G: |
[Reserved] |
Exhibit H-1: |
Form of Revolving Loan Note |
Exhibit H-2: |
Form of Swingline Loan Note |
Exhibit H-3: |
Form of Term Loan Note |
Exhibit I: |
[Reserved] |
Exhibit J: |
Form of Collateral Information Certificate |
Exhibit K: |
Form of Notice of Borrowing |
Exhibit L: |
Form of Notice of Conversion/Continuation |
Exhibit M: |
Form of Flow of Funds Agreement |
CREDIT
AGREEMENT
THIS
CREDIT AGREEMENT (this “Agreement”), dated as of November 7, 2022,
is entered into by and among AIRSCULPT TECHNOLOGIES, INC., a Delaware corporation (“Holdings”),
EBS INTERMEDIATE PARENT LLC, a Delaware limited liability company (“Intermediate Holdings”), EBS
ENTERPRISES LLC, a Delaware limited liability company (the “Borrower”), the several banks and other financial
institutions or entities from time to time party to this Agreement (each a “Lender” and, collectively, the
“Lenders”), and SILICON VALLEY BANK (“SVB”) as administrative agent and collateral
agent for the Lenders (in such capacity, the “Administrative Agent”), Issuing Lender and Swingline Lender.
RECITALS:
WHEREAS,
on the Closing Date, the Borrower intends to (x) refinance existing indebtedness (the “Refinancing”) under
the Existing Credit Facility and (y) pay fees, commissions and expenses in connection with the Refinancing (collectively, the “Transactions”);
WHEREAS,
to fund the Transactions, the Borrower has requested that the Lenders extend credit under this Agreement in the form of (x) a term
loan facility in an aggregate principal amount of $85,000,000 and (y) a revolving loan facility in an aggregate principal amount
of up to $5,000,000; and
WHEREAS,
the Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.
NOW,
THEREFORE, the parties hereto hereby agree as follows:
Section 1
DEFINITIONS
1.1 Defined
Terms.
As used in this Agreement (including the recitals hereof), the terms listed in this Section 1.1 shall have the respective
meanings set forth in this Section 1.1.
“ABR”
means, for any day, a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds
Effective Rate in effect on such day plus 0.50%, and (c) the Term SOFR for a one-month tenor in effect on such day (taking
into account the Floor set forth in the definition of “Term SOFR”) plus 1.0%. Any change in the ABR due to a change
in any of the Prime Rate, the Federal Funds Effective Rate or the Term SOFR, as the case may be, shall be effective as of the opening
of business on the effective day of the change in such rates.
“ABR
Loans” means Loans that bear interest based upon the ABR.
“ABR
Term SOFR Determination Day” has the meaning specified within the definition of “Term SOFR”.
“Account
Debtor” means any Person who may become obligated to any other Person under, with respect to, or on account of, an Account,
chattel paper or general intangible (including a payment intangible) of such other Person. Unless otherwise stated, the term “Account
Debtor,” when used herein, shall mean an Account Debtor in respect of an Account of the Borrower.
[Signature Page to
Credit Agreement]
“Accounts”
means all “accounts” (as defined in the UCC) of a Person, including, without limitation, accounts, accounts receivable, monies
due or to become due and obligations in any form (whether arising in connection with contracts, contract rights, instruments, general
intangibles, or chattel paper), in each case whether arising out of goods sold or services rendered or from any other transaction and
whether or not earned by performance, now or hereafter in existence, and all documents of title or other documents representing any of
the foregoing, and all collateral security and guaranties of any kind, now or hereafter in existence, given by any Person with respect
to any of the foregoing. Unless otherwise stated, the term “Account,” when used herein, shall mean an Account of the Borrower.
“Administrative
Agent” has the meaning set forth in the preamble hereto.
“Affected
Lender” has the meaning set forth in Section 2.23.
“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; provided that, neither the Administrative Agent nor the
Lenders shall be deemed Affiliates of the Loan Parties as a result of the exercise of their rights and remedies under the Loan Documents.
“Agent
Parties” has the meaning set forth in Section 10.2(c)(ii).
“Aggregate
Exposure” means, with respect to any Lender at any time, an amount equal to the sum of (a) the aggregate then unpaid
principal amount of such Lender’s Term Loans, (b) the amount of such Lender’s Revolving Commitment then in effect or,
if the Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding,
and (c) without duplication of clause (b), the L/C Commitment of such Lender then in effect (as a sublimit of the Revolving
Commitment of such Lender).
“Aggregate
Exposure Percentage” means, with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s
Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time.
“Agreement”
has the meaning set forth in the preamble hereto.
“Applicable
Margin” means
(a) during
the Covenant Relief Period, the applicable percentage per annum set forth below determined by reference
to the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant
to Section 6.2(b).;
TERM
LOANS
|
Consolidated
Leverage Ratio |
Term
SOFR Loans |
ABR
Loans |
|
|
|
|
|
<
1.00:1.00 |
2.50% |
1.50% |
|
≥
1.00:1.00 but
<
2.00:1.00 |
3.00% |
2.00% |
|
≥
2.00:1.00 |
3.50% |
2.50% |
REVOLVING
LOANS
Consolidated
Leverage Ratio |
Term
SOFR Loans |
ABR
Loans |
|
|
|
<
1.00:1.00 |
2.50% |
1.50% |
≥
1.00:1.00 but
<
2.00:1.00 |
3.00% |
2.00% |
≥
2.00:1.00 |
3.50% |
2.50% |
SWINGLINE
LOANS
Consolidated
Leverage Ratio |
Swingline
Loans |
|
|
<
1.00:1.00 |
1.50% |
≥
1.00:1.00 but
<
2.00:1.00 |
2.00% |
≥
2.00:1.00 |
2.50% |
LETTERS
OF CREDIT
Consolidated
Leverage Ratio |
Letters
of Credit |
|
|
<
1.00:1.00 |
2.50% |
≥
1.00:1.00 but
<
2.00:1.00 |
3.00% |
≥
2.00:1.00 |
3.50% |
(b) and
otherwise, the applicable percentage per annum set forth below determined by reference to the Consolidated Leverage Ratio as set forth
in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.2(b):
TERM
LOANS
Consolidated
Leverage Ratio |
Term
SOFR Loans |
ABR
Loans |
|
|
|
<
1.00:1.00 |
2.00% |
1.00% |
≥
1.00:1.00 but
< 2.00:1.00 |
2.50% |
1.50% |
≥
2.00:1.00 |
3.00% |
2.00% |
REVOLVING
LOANS
Consolidated
Leverage Ratio |
Term
SOFR Loans |
ABR
Loans |
|
|
|
<
1.00:1.00 |
2.00% |
1.00% |
≥
1.00:1.00 but
< 2.00:1.00 |
2.50% |
1.50% |
≥
2.00:1.00 |
3.00% |
2.00% |
SWINGLINE
LOANS
Consolidated
Leverage Ratio |
Swingline
Loans |
|
|
<
1.00:1.00 |
1.00% |
≥
1.00:1.00 but
< 2.00:1.00 |
1.50% |
≥
2.00:1.00 |
2.00% |
LETTERS
OF CREDIT
Consolidated
Leverage Ratio |
Letters
of Credit |
|
|
<
1.00:1.00 |
2.00% |
≥
1.00:1.00 but
< 2.00:1.00 |
2.50% |
≥
2.00:1.00 |
3.00% |
Notwithstanding
the foregoing, (a) until the delivery of the Compliance Certificate required to be delivered pursuant to Section 6.2(b) in
connection with the delivery of the consolidated financial statements required to be delivered to the Administrative Agent pursuant to
Section 6.1(b) in respect of the Fiscal Quarter of the Borrower ending March 31, 2023, the Applicable Margin shall
be the rates corresponding to a Consolidated Leverage Ratio of 1.75:1.00 in the foregoing table, (b) if the financial statements
required by Section 6.1(b) and the related Compliance Certificate required by Section 6.2(b) are not
delivered by the respective date required thereunder after the end of any related Fiscal Quarter of the Borrower, the Applicable Margin
shall be the rates corresponding to the Consolidated Leverage Ratio of 2.00:1.00 in the foregoing table until such financial statements
and Compliance Certificate are delivered, and (c) no reduction to the Applicable Margin shall become effective at any time when
an Event of Default has occurred and is continuing.
If,
as a result of any restatement of or other adjustment to the financial statements of the Loan Parties or for any other reason, the Administrative
Agent reasonable determines that (x) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was
inaccurate and (y) a proper calculation of the Consolidated Leverage Ratio would have resulted in different pricing for any period,
then (i) if the proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the
Borrower shall automatically and retroactively be obligated to pay to the Administrative Agent, for the benefit of the applicable Lenders,
promptly on demand by the Administrative Agent, 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; and (ii) if the proper calculation of the
Consolidated Leverage Ratio would have resulted in lower pricing for such period, neither the Administrative Agent nor any Lender shall
have any obligation to repay any interest or fees to the Borrower.
“Application”
means an application, in such form as the Issuing Lender may specify from time to time, requesting the Issuing Lender to issue a Letter
of Credit.
“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.
“Asset
Sale” means any Disposition of property or series of related Dispositions of property (excluding any such Disposition of
property permitted by clauses (a) through (p) of Section 7.5) that yields gross proceeds to any Group
Member (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities
and valued at fair market value in the case of other non-cash proceeds) in excess of $500,000.
“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 10.6), and accepted by the Administrative Agent, in substantially the form
of Exhibit E or any other form approved by the Administrative Agent.
“Authorization”
has the meaning set forth in Section 4.26(b).
“Available
Revolving Commitment” means at any time, an amount equal to (a) the Total Revolving Commitments in effect at such
time minus (b) the aggregate undrawn amount of all outstanding Letters of Credit at such time, minus (c) the
aggregate amount of all L/C Disbursements that have not yet been reimbursed or converted into Revolving Loans at such time, minus
(d) the aggregate principal balance of any Revolving Loans outstanding at such time; provided that for purposes of calculating
any Lender’s Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving Commitment pursuant
to Section 2.9(b), the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero.
“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if
such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length
of an interest period (if applicable) pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with
reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest
calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance
of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” (if applicable) pursuant
to Section 2.17(b)(iv).
“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy.”
“Benchmark”
means Term SOFR; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the
then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement
has replaced such prior benchmark rate pursuant to Section 2.17(b)(i).
“Benchmark
Replacement” means, with respect to any Benchmark Transition Event, the first alternative set forth in the order below
that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:
(a) the
sum of (i) Daily Simple SOFR and (ii) the related Benchmark Replacement Adjustment; or
(b) the
sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration
to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant
Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to
the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (ii) the related Benchmark Replacement
Adjustment.
If
the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the
Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then current Benchmark with an Unadjusted Benchmark
Replacement, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative
value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such
Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing
market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.
“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(a) in
the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the
date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such
Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors
of such Benchmark (or such component thereof); or
(b) in
the case of clause (c) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark
(or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator
of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined
by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of
such Benchmark (or such component thereof) continues to be provided on such date.
For
the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or
(b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to
all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(a) a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is
no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(b) a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with
jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will
cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that,
at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of
such Benchmark (or such component thereof); or
(c) a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not,
or as of a specified future date will not be, representative.
For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such
Benchmark (or the published component used in the calculation thereof).
“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred
if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document
in accordance with Section 2.17(b) and (y) ending at the time that a Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.17(b).
“Benefitted
Lender” has the meaning set forth in Section 10.7(a).
“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.
“Blocked
Person” has the meaning set forth in Section 7.23.
“Borrower”
has the meaning set forth in the preamble hereto.
“Borrowing”
means a borrowing consisting of simultaneous Loans of the same Type and, in the case of a SOFR Loan, having the same Interest Period
made by the Lenders.
“Borrowing
Date” means any Business Day specified by the Borrower in a Notice of Borrowing as a date on which the Borrower requests
the relevant Lenders to make Loans hereunder.
“Business”
has the meaning set forth in Section 4.17(b).
“Business
Associate Agreement” means each business associate agreement between a Loan Party and a PC Entity, in form and substance
reasonably acceptable to the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified from time
to time to the extent not prohibited by this Agreement.
“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized
or required by law to close.
“Capital
Lease Obligations” means, as to any Person, the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required
to be classified and accounted for as finance leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement,
the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.
“Capital
Stock” 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), all voting and management rights and rights to become a partner, member or holder
thereof, 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.
“Cash
Collateralize” means to deposit in a Controlled Account or to pledge and deposit with or deliver to the Administrative
Agent, for the benefit of one or more of the Lenders, as collateral for L/C Exposure or obligations of the Lenders to fund participations
in respect thereof, cash or deposit account balances or, if the Administrative Agent and the Issuing Lender shall agree in their sole
discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent
and such Issuing Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include
the proceeds of such cash collateral and other credit support.
“Cash
Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States
Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within
one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits
having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the
laws of the United States or any state thereof having combined capital and surplus of not less than $250,000,000; (c) commercial
paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized
rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing
within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the
requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to securities issued
or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date
of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision
or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth,
territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by
Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit
issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; (g) money
market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (a) through (f) of
this definition; or (h) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment
Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of
at least $5,000,000,000.
“Cash
Management Agreement” has the meaning specified within the definition of “Cash Management Services”.
“Cash
Management Bank” means any Person that, at the time it enters into a Cash Management Agreement, is a Lender or an Affiliate
of a Lender, in its capacity as a party to such Cash Management Agreement.
“Cash
Management Services” means cash management and other services provided to one or more of the Loan Parties by a Cash Management
Bank which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in such
Cash Management Bank’s various cash management services or other similar agreements (each, a “Cash Management Agreement”).
“Casualty
Event” means any damage to or any destruction of, or any condemnation or other taking by any Governmental Authority of
any property of the Loan Parties.
“Certificated
Securities” has the meaning set forth in Section 4.19(a).
“Change
of Control” means (a) at any time, any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act) beneficially and of record shall own and control, directly or indirectly, 35.0% or more
on a fully diluted basis of the aggregate outstanding voting or economic rights of the outstanding Capital Stock of Holdings, (b) Holdings
shall cease to directly own and control 100% of the voting and economic rights associated with all classes of Capital Stock of Intermediate
Holdings, free and clear of all Liens (except as expressly permitted by Section 7.3), (c) Intermediate Holdings shall
cease to directly own and control 100% of the voting and economic rights associated with all classes of Capital Stock of the Borrower,
free and clear of all Liens (except as expressly permitted by Section 7.3), (d) the Borrower shall cease to own and
control 100% of the voting and economic rights associated with all classes of Capital Stock of each of its Subsidiaries which are Loan
Parties, free and clear of all Liens (except as expressly permitted by Section 7.3), (e) the sale, transfer or other
disposition of all or substantially all of the assets of any Loan Party (other than pursuant to a transaction expressly permitted under
this Agreement), or (f) a “change of control” shall occur in any other document governing Indebtedness (including any
Subordinated Debt Document) of a Group Member.
“Closing
Date” means the date on which all of the conditions precedent set forth in Section 5.1
are satisfied or waived by the Administrative Agent and, as applicable, the Lenders or the Required Lenders.
“Code”
means the Internal Revenue Code of 1986, as amended from time to time.
“Collateral”
means all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by any Security
Document. For the avoidance of doubt, no Excluded Asset (as such term is defined in the Guarantee and Collateral Agreement) shall constitute
“Collateral.”
“Collateral
Assignment of PC Documents” means a collateral assignment of the PC Documents in respect of the PC Documents of a given
PC Entity, in form and substance reasonably satisfactory to the Administrative Agent, which Collateral Assignment of PC Documents shall
be made by a Loan Party in favor of the Administrative Agent, and acknowledged by the applicable PC Entity.
“Collateral
Information Certificate” means the Collateral Information Certificate to be executed and delivered by the Borrower and
each other Loan Party pursuant to Section 5.1, substantially in the form of Exhibit J.
“Collateral-Related
Expenses” means all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent paid or incurred
in connection with any sale, collection or other realization on the Collateral, including reasonable compensation to the Administrative
Agent and its agents and counsel, and reimbursement for all other reasonable and documented out-of-pocket costs, expenses and liabilities
and advances made or incurred by the Administrative Agent in connection therewith (including as described in Section 6.6 of the
Guarantee and Collateral Agreement), and all amounts for which the Administrative Agent is entitled to indemnification under the Security
Documents and all advances made by the Administrative Agent under the Security Documents for the account of any Loan Party.
“Commitment”
means, as to any Lender, the sum of its Term Commitment and its Revolving Commitment.
“Commitment
Fee Rate” means initially, 0.30% per annum; provided that commencing on the date on which the Administrative Agent
receives copies of the consolidated financial statements of Holdings and its Subsidiaries in respect of the Fiscal Quarter of the Borrower
ending March 31, 2023, together with a Compliance Certificate in respect thereof as contemplated by Section 6.2(b),
“Commitment Fee Rate” shall mean the rate per annum set forth under the relevant column heading below:
Consolidated
Leverage Ratio |
Commitment
Fee Rate |
|
|
<
1.00:1.00 |
0.25% |
|
|
≥
1.00:1.00 but < 2.00:1.00 |
0.30% |
|
|
≥
2.00:1.00 |
0.35% |
“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. Section 1 et seq.), as amended from time to time,
and any successor statute.
“Communications”
has the meaning set forth in Section 10.2(c)(ii).
“Competitor”
means any Person engaged in (a) the practice of body fat removal or transfer procedures or (b) the manufacturing or development
of products involved in the removal or transfer of body fat.
“Compliance
Certificate” means a certificate duly executed by a Responsible Officer substantially in the form of Exhibit B.
“Confidential
Healthcare Information” has the meaning assigned to it in Section 2.17.
“Conforming
Changes” means, with respect to either the use or administration of any Benchmark or the use, administration, adoption
or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition
of “ABR,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,”
the definition of “Interest Period” (if applicable) or any similar or analogous definition (or the addition of a concept
of “interest period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests
or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 2.21
and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the
adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice
is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such
rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the
administration of this Agreement and the other Loan Documents).
“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
Capital Expenditures” means, for any period, with respect to Holdings and its Subsidiaries, the aggregate of all expenditures
(whether paid in cash or other consideration or accrued as a liability and including that portion of Capital Lease Obligations which is
capitalized on the consolidated balance sheet of Holdings) by such Group Members during such period for the acquisition or leasing (pursuant
to a finance lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements
during such period) that, in conformity with GAAP, are included in “additions to property, plant or equipment” or comparable
items reflected in the consolidated statement of cash flows of Holdings; provided that “Consolidated Capital Expenditures”
shall not include (a) expenditures in respect of normal replacements and maintenance which are properly charged to current operations,
(b) expenditures made in connection with the replacement, substitution or restoration of assets to the extent financed (i) from
insurance proceeds paid on account of the loss of or damage to the assets being replaced or restored or (ii) with awards of compensation
arising from the taking by eminent domain or condemnation of the assets being replaced, or (c) expenditures made as a tenant as leasehold
improvements during such period to the extent actually reimbursed by the landlord during such period.
“Consolidated
EBITDA” means, with respect to Holdings and its Subsidiaries for any period,
(a) the sum, without
duplication, of the amounts for such period of
(i) Consolidated Net Income,
plus
(ii) Consolidated Interest
Expense, plus
(iii) provisions for taxes
based on income, plus
(iv) total depreciation
expense, plus
(v) total amortization
expense, plus
(vi) costs and expenses
relating to the Transactions incurred on or prior to the Closing Date, plus
(vii) restructuring and
integration expenses, plus
(viii) non-cash extraordinary
or nonrecurring losses or charges, plus
(ix) non-cash charges for
employee compensation plans, plus
(x) reported operating
losses or expenses incurred with respect to de novo treatment facilities during the six-month period immediately prior to the opening
thereof; provided, that (A) the amount added back to Consolidated Net Income pursuant to this clause (x) shall
not exceed, in the case of any individual de novo treatment facility, an amount in excess of $250,000 in the aggregate during the term
of this Agreement, and (B) the aggregate amount added back to Consolidated Net Income pursuant to this clause (x) for
any Test Period shall not exceed 5.0% of Consolidated EBITDA (as calculated without giving effect to any addbacks under clauses (vi),
(vii), (x) and (xi) hereof) for such period, plus
(xi) the amount of (A) any
net-after tax unusual or non-recurring costs, expenses or charges actually and directly incurred in cash by the Loan Parties and (B) any
pro forma “run rate” cost savings, operating expense reductions, cost synergies and other adjustments (including the amount
of any synergies, business optimization expenses, restructuring charges or integration charges directly attributable to the undertaking
or implementation of any strategic initiatives, severance, recruiting, relocation, closing and consolidation of facilities, reserves,
consulting, cost-savings initiatives and contract termination costs), in each case, that are projected by the Loan Parties in good faith
to be realized within 12 months after the consummation of a Permitted Acquisition, a permitted Disposition or any other non-ordinary course
transaction permitted under the Loan Documents, or by the restructuring as outlined in the Updated Lender
Model in relation to the Second Amendment, in each case giving rise to such adjustments from actions taken or committed to
be taken within such period (calculated on a Pro Forma Basis as though such cost savings, operational expense reductions, cost synergies
and other adjustments were realized on the first day of such period for which the Consolidated EBITDA is being determined as if such cost
savings, operational expense reductions, cost synergies and other adjustments were realized during the entirety of the period), net of
the amount of actual benefits realized during such period from such actions; provided,
that any such amounts added back under this clause (xi) are identifiable, factually supportable, reasonably expected to have
a continuing impact and directly related to such transaction; provided, further that each compliance certificate delivered
by an appropriate Responsible Officer of the Borrower shall provide reasonable detail (and attach back-up documentation and calculations)
evidencing the amounts to be added back under this clause (xi); provided, further that the aggregate amount
of cost synergies added back pursuant to this clause (xi) for any Test Period shall not exceed 10.0% of Consolidated EBITDA
(as calculated without giving effect to any addbacks under clauses (vi), (vii), (x) and (xi) hereof);
provided, further that the aggregate amount added back pursuant to this clause (xi) for any Test Period (together
with any amounts added back pursuant to clause (x) above) shall not exceed 20.0% of Consolidated EBITDA (as calculated without
giving effect to any addbacks under clauses (vi), (vii), (x) and (xi) hereof), plus
(xii) other non-cash items
reducing Consolidated Net Income (excluding any such non-cash item to the extent that it represents an accrual or reserve for potential
cash items in any future period or amortization of a prepaid cash item that was paid in a prior period) approved by the Administrative
Agent in writing as an ‘add back’ to Consolidated EBITDA, minus
(b) the sum, without
duplication of the amounts for such period of
(i) other non-cash items
increasing Consolidated Net Income for such period (excluding any such non-cash item to the extent it represents the reversal of an accrual
or reserve for potential cash item in any prior period), plus
(ii) interest income;
provided
that Consolidated EBITDA for any Test Period shall be determined on a Pro Forma Basis to give effect to any Permitted Acquisitions or
any disposition of any business or assets consummated during such period, in each case as if such transaction occurred on the first day
of such period and in accordance with Regulation S-X promulgated by the SEC.
Notwithstanding anything to
the contrary, Consolidated EBITDA of Holdings and its Subsidiaries on a consolidated basis shall be deemed to be $15,226,000 for the Fiscal
Quarter ended on June 30, 2022, $9,788,000 for the Fiscal Quarter ended on March 31, 2022, $10,211,000 for the Fiscal Quarter
ended on December 31, 2021 and $12,116,000 for the Fiscal Quarter ended on September 30, 2021.
“Consolidated
Fixed Charge Coverage Ratio” means, with respect to Holdings and its Subsidiaries for any period, the ratio of (a) Consolidated
EBITDA for such Test Period minus (i) the portion of taxes based on income actually paid in cash (net of any cash refunds
received) during those Fiscal Quarters in which the determination date occurs, minus (ii) Consolidated Capital Expenditures
and other capitalized items paid in cash and, in each case, not financed during such period, minus (iii) investments or loans
to shareholders or affiliates, cash dividends, management fees, distributions, stock repurchases and other restricted payments for such
period to (b) Consolidated Fixed Charges for such period; provided, that such calculation shall exclude $1,400,000
attributable to tax payments paid in connection with dividend payments that were made prior to the Closing Date.
“Consolidated
Fixed Charges” means, with respect to Holdings and its Subsidiaries for any period ending on any determination date, the
sum (without duplication) of (a) Consolidated Interest Expense for such period, plus (b) scheduled principal payments
made during those Fiscal Quarters of the Borrower ending during the Fiscal Year in which the determination date occurs on account of principal
of Indebtedness of Holdings and its Subsidiaries (including scheduled principal payments in respect of the Term Loans), provided that
scheduled principal payments for the first four fiscal quarters ending after the Closing Date shall be annualized and calculated as follows:
for the (A) first Fiscal Quarter following the Closing Date, the actual amount for such quarter times four, (B) second
Fiscal Quarter following the Closing Date, the actual amount for such Fiscal Quarter plus the actual amount for the first Fiscal
Quarter following the Closing Date times two, and (C) for the third Fiscal Quarter following the Closing Date, the actual
amount for such Fiscal Quarter plus the actual amount for the first Fiscal Quarter following the Closing Date plus the actual
amount for the second Fiscal Quarter following the Closing Date times four-thirds (4/3). For purposes of calculating Consolidated
Fixed Charges for each Test Period that includes December 31, 2022, the Borrower shall be deemed to have made an amortization payment
on December 31, 2022 in the amount of $531,250.
“Consolidated
Interest Expense” means, for any period, total cash interest expense (including that attributable to Capital Lease Obligations)
of Holdings and its Subsidiaries for such period with respect to all outstanding Indebtedness of such Persons (including all commissions,
discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under
Swap Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP).
“Consolidated
Leverage Ratio” means, as at the last day of any period, the ratio of (a) (i) Consolidated Total Indebtedness
on such day minus (ii) Unrestricted Cash in an amount not to exceed $20,000,000, to (b) Consolidated EBITDA for
such Test Period; provided that for purposes of this definition, Consolidated EBITDA for any Test Period shall be determined on
a Pro Forma Basis to give effect to any Permitted Acquisitions or any disposition of any business or assets consummated during such period,
in each case as if such transaction occurred on the first day of such period and in accordance with Regulation S-X promulgated by the
SEC.
“Consolidated
Net Income” means, for any period, the consolidated net income (or loss) Holdings and its Subsidiaries, determined on a
consolidated basis in accordance with GAAP; provided that there shall be excluded from the calculation of “Consolidated Net
Income” (a) the income (or deficit) of any such Person accrued prior to the date it becomes a Subsidiary of Holdings or is
merged into or consolidated with Holdings or one of its Subsidiaries, (b) the income (or deficit) of any such Person (other than
a Subsidiary of Holdings) in which Holdings or one of its Subsidiaries has an ownership interest, except to the extent that any such income
is actually received by Holdings or such Subsidiary in the form of dividends or similar distributions, (c) the undistributed earnings
of any Subsidiary of Holdings to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is
not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable
to such Subsidiary and (d) the revenue of any PC Entity that is not a Qualified PC Entity.
“Consolidated
Total Indebtedness” means, at any date, the aggregate principal amount of all Indebtedness for borrowed money of Holdings
and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP, including drawn Letters of Credit for which
the drawing thereunder has not been reimbursed, and all purchase money Liens and Capital Lease Obligations, but excluding any contingent
liabilities or liabilities referred to in clause (g) of the definition of “Indebtedness”.
“Consulting Agreements”
shall mean each consulting agreement (or similar agreement) between a Loan Party and the consultant party thereto, in form and substance
reasonably acceptable to Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time
to the extent not prohibited by this Agreement.
“Continuity Agreements”
means each continuity agreement, membership interest transfer restriction agreement, stock transfer restriction agreement or other similar
agreement between the applicable Loan Party, the applicable PC Entity and the applicable equity holder(s) of such PC Entity, in form
and substance reasonably satisfactory to Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified
from time to time to the extent not prohibited by this Agreement.
“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.
“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. “Controlled” has a meaning correlative
thereto.
“Control Agreement”
means any account control agreement entered into among the depository institution at which a Loan Party maintains a Deposit Account or
the securities intermediary at which a Loan Party maintains a Securities Account, such Loan Party, and the Administrative Agent pursuant
to which the Administrative Agent obtains control (within the meaning of the UCC or any other applicable law) over such Deposit Account
or Securities Account.
“Controlled Account”
means each Deposit Account and Securities Account that is subject to a Control Agreement in form and substance satisfactory to the Administrative
Agent and the Issuing Lender.
“Covenant
Relief Period” means the period beginning on the Second Amendment Effective Date and ending on the first Business Day after
the Test Period ending on or about June 30, 2025 (such date, the “Covenant Relief Period End Date”).
“Covenant
Relief Period End Date” has the meaning set forth in the definition of “Covenant Relief Period”.
“Credit Extension”
means (i) the making of a Term Loan, Revolving Loan or Swingline Loan or (ii) any L/C Advance.
“Daily
Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to the greater
of (a) SOFR for the day (such day a “SOFR Determination Day”) that is five U.S. Government Securities Business
Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR
Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR
Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website, and (b) the
Floor. If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government Securities Business Day immediately following
any SOFR Determination Day, SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator’s Website
and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Day will
be SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the
SOFR Administrator’s Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes
of calculation of Daily Simple SOFR for no more than three consecutive SOFR Rate Days; provided, further, that if the Daily
Simple SOFR as so determined shall ever be less than the Floor, then Daily Simple SOFR shall be deemed to be the Floor. Any change in
Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice
to the Borrower.
“Debtor Relief
Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect.
“Declined Amount”
has the meaning set forth in Section 2.12(c).
“Default”
means any of the events specified in Section 8.1, whether or not any requirement for the giving of notice, the lapse of time,
or both, has been satisfied.
“Default Rate”
has the meaning set forth in Section 2.15(c).
“Defaulting
Lender” means, subject to Section 2.24(b), any Lender that (a) has failed to (i) fund all or
any portion of its Loans within two 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 reasonable 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 Issuing Lender, 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 Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the Issuing
Lender 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 reasonable 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 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, or (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; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender
or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or
provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs
of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts
or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one
or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender
shall be deemed to be a Defaulting Lender (subject to Section 2.24(b)) upon delivery of written notice of such determination
to the Borrower, the Issuing Lender, the Swingline Lender and each Lender.
“Deficit Funding
Agreement” means each deficit funding loan agreement (or similar agreement) between a Loan Party and a PC Entity, in form
and substance reasonably acceptable to the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified
from time to time to the extent not prohibited by this Agreement, pursuant to which security agreement such PC Entity shall grant a security
interest in favor of such Loan Party to secure the payment and performance of such PC Entity’s obligations to such Loan Party.
“Deposit Account”
means any “deposit account” as defined in the UCC with such additions to such term as may hereafter be made.
“Deposit Account
Control Agreement” means any Control Agreement entered into by the Administrative Agent, a Loan Party and a financial institution
holding a Deposit Account of such Loan Party pursuant to which the Administrative Agent is granted “control” (for purposes
of the UCC) over such Deposit Account.
“Designated Jurisdiction”
means any country or territory to the extent that such country or territory itself is the subject of any Sanction.
“Determination
Date” has the meaning set forth in the definition of “Pro Forma Basis”.
“Discharge of
Obligations” means, subject to Section 10.8, the satisfaction of the Obligations (including all such Obligations
relating to Cash Management Services) by the payment in full, in cash (or, as applicable, cash collateralization in accordance with the
terms hereof) of the principal of and interest on or other liabilities relating to each Loan and any previously provided Cash Management
Services, all fees and all other expenses or amounts payable under any Loan Document (other than inchoate indemnification obligations
and any other obligations which pursuant to the terms of any Loan Document specifically survive repayment of the Loans for which no claim
has been made), and other Obligations under or in respect of Specified Swap Agreements and Cash Management Services, to the extent (a) no
default or termination event shall have occurred and be continuing thereunder, (b) any such Obligations in respect of Specified Swap
Agreements have, if required by any applicable Qualified Counterparties, been cash collateralized in accordance with the terms hereof,
(c) no Letter of Credit shall be outstanding (or, as applicable, each outstanding and undrawn Letter of Credit has been Cash Collateralized
in accordance with the terms hereof), (d) no Obligations in respect of any Cash Management Services are outstanding (or, as applicable,
all such outstanding Obligations in respect of Cash Management Services have been cash collateralized in accordance with the terms hereof),
and (e) the aggregate Commitments of the Lenders are terminated.
“Disposition”
means, with respect to any property (including, without limitation, Capital Stock of Holdings or any of its Subsidiaries), any sale, lease,
Sale Leaseback Transaction, assignment, conveyance, transfer, encumbrance or other disposition thereof and any issuance of Capital Stock
of Holdings or any of its Subsidiaries. The term “Dispose” shall have a correlative meaning.
“Disqualified
Institution” means (a) any person specifically identified by name in writing to the Administrative Agent by the Borrower
on or prior to the Closing Date, (b) any person that is periodically designated in writing to the Administrative Agent by the Borrower
after the Closing Date, subject to the Administrative Agent’s consent (not to be unreasonably withheld, delayed or conditioned)
and (c) any Competitor of the Loan Parties or Affiliate of such Competitor; provided, that any designation permitted by the
foregoing shall not apply retroactively to any prior assignment to any Lender.
“Division”
means, in reference to any Person which is an entity, the division of such Person into two or more separate Persons, with the dividing
Person either continuing or terminating its existence as part of such division, including as contemplated under Section 18-217 of
the Delaware Limited Liability Company Act, or any analogous action taken pursuant to any other applicable Requirements of Law.
“Dollars”
and “$” means dollars in lawful currency of the United States.
“Domestic Subsidiary”
means any Subsidiary of Holdings organized under the laws of any jurisdiction within the United States.
“Effective Yield”
means, as to any Indebtedness, the effective yield applicable thereto calculated by the Administrative Agent in consultation with the
Borrower in a manner consistent with generally accepted financial practices, taking into account (a) the applicable interest rate
margins (which interest rate margins, if subject to a pricing grid, shall be determined based on the applicable pricing level in effect
on such date of determination), (b) the applicable benchmark rate (disregarding the ABR or any rate based on a central bank rate
to the extent any other benchmark rate is available for Indebtedness denominated in such currency) giving effect to any credit spread
adjustments to benchmark rates and interest rate floors (subject to the proviso set forth below), (c) any amendment to the relevant
interest rate margins, credit spread adjustments to benchmark rates and interest rate floors prior to the applicable date of determination
and (d) original issue discount and upfront or similar fees (based on an assumed four-year average life to maturity or lesser remaining
average life to maturity), but excluding (i) any prepayment premium, arrangement, commitment, structuring, underwriting, ticking,
unused line fees and/or amendment fees (regardless of whether any such fees are paid to or shared in whole or in part with any lender)
and (ii) any other fee that is not paid directly by the Borrower generally to all relevant lenders ratably; provided, however,
that (A) to the extent that the Term SOFR (with an Interest Period of three months) or the ABR (in each case, without giving effect
to any floor specified in the definition thereof) is less than any floor applicable to the Indebtedness in respect of which the Effective
Yield is being calculated on the date on which the Effective Yield is determined, the amount of the resulting difference will be deemed
added to the interest rate margin applicable to the relevant Indebtedness for purposes of calculating the Effective Yield and (B) to
the extent that the Term SOFR (for a period of three months) or the ABR (in each case, without giving effect to any floor specified in
the definition thereof) is greater than any applicable floor on the date on which the Effective Yield is determined, the floor will be
disregarded in calculating the Effective Yield.
“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 10.6(b)(iii), (v) and (vi) (subject
to such consents, if any, as may be required under Section 10.6(b)(iii)).
“Environmental
Laws” means any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances,
codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to
or imposing liability or standards of conduct concerning protection of human health (as it relates to exposure to Materials of Environmental
Concern) or the environment, as now or may at any time hereafter be in effect.
“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation,
fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly
resulting from or based upon (a) a violation of an Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment or disposal of any Materials of Environmental Concern, (c) exposure to any Materials of Environmental Concern, (d) the
release or threatened release of any Materials of Environmental Concern into the environment, or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, including (unless the context otherwise requires) any rules or
regulations promulgated thereunder.
“ERISA Affiliate”
means each business or entity which is, or within the last six years was, a member of a “controlled group of corporations,”
under “common control” or an “affiliated service group” with any Loan Party within the meaning of Section 414(b),
(c) or (m) of the Code, required to be aggregated with any Loan Party under Section 414(o) of the Code, or is, or
within the last six years was, under “common control” with any Loan Party, within the meaning of Section 4001(a)(14)
of ERISA.
“ERISA Event”
means any of (a) a reportable event as defined in Section 4043 of ERISA with respect to a Pension Plan, excluding, however,
such events as to which the PBGC by regulation has waived the requirement of Section 4043(a) of ERISA that it be notified within
30 days of the occurrence of such event; (b) the applicability of the requirements of Section 4043(b) of ERISA with respect
to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, to any Pension Plan where an event described in paragraph
(9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such plan within the
following 30 days; (c) a withdrawal by any Loan Party or any ERISA Affiliate thereof from a Pension Plan or the termination of any
Pension Plan resulting in liability under Sections 4063 or 4064 of ERISA; (d) the withdrawal of any Loan Party or any ERISA Affiliate
thereof in a complete or partial withdrawal (within the meaning of Section 4203 and 4205 of ERISA) from any Multiemployer Plan if
there is any potential liability therefore, or the receipt by any Loan Party or any ERISA Affiliate thereof of notice from any Multiemployer
Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA; (e) the filing of a notice of intent
to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings
by the PBGC to terminate a Pension Plan or Multiemployer Plan; (f) the imposition of liability on any Loan Party or any ERISA Affiliate
thereof pursuant to Sections 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (g) the
failure by any Loan Party or any ERISA Affiliate thereof to make any required contribution to a Pension Plan, or the failure to meet the
minimum funding standard of Section 412 of the Code with respect to any Pension Plan (whether or not waived in accordance with Section 412(c) of
the Code) or the failure to make by its due date a required installment under Section 430 of the Code with respect to any Pension
Plan or the failure to make any required contribution to a Multiemployer Plan; (h) the determination that any Pension Plan is considered
an at-risk plan or a plan in endangered to critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303,
304 and 305 of ERISA; (i) an event or condition which might reasonably be expected to constitute grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (j) the imposition
of any liability under Title I or Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA,
upon any Loan Party or any ERISA Affiliate thereof; (k) an application for a funding waiver under Section 303 of ERISA or an
extension of any amortization period pursuant to Section 412 of the Code with respect to any Pension Plan; (l) the occurrence
of a non-exempt prohibited transaction under Sections 406 or 407 of ERISA for which any Loan Party or any Subsidiary thereof may be directly
or indirectly liable; (m) [reserved]; (n) [reserved]; (o) the assertion of a material claim (other than routine claims
for benefits) against any Plan or the assets thereof, or against any Loan Party or any Subsidiary thereof in connection with any such
Plan; (p) receipt from the IRS of notice of the failure of any Qualified Plan to qualify under Section 401(a) of the Code,
or the failure of any trust forming part of any Qualified Plan to fail to qualify for exemption from taxation under Section 501(a) of
the Code; (q) the imposition of any lien (or the fulfillment of the conditions for the imposition of any lien) on any of the rights,
properties or assets of any Loan Party or any ERISA Affiliate thereof, in either case pursuant to Title I or IV, including Section 302(f) or
303(k) of ERISA or to Section 401(a)(29) or 430(k) of the Code; or (r) the establishment or amendment by any Loan
Party or any Subsidiary thereof of any “welfare plan,” as such term is defined in Section 3(1) of ERISA, that provides
post-employment welfare benefits in a manner that would increase the liability of any Loan Party.
“ERISA Funding
Rules” means the rules regarding minimum required contributions (including any installment payment thereof) to Pension
Plans, as set forth in Section 412 of the Code and Section 302 of ERISA, with respect to Plan years ending prior to the effective
date of the Pension Protection Act of 2006, and thereafter, as set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections
302, 303, 304 and 305 of ERISA.
“Erroneous Payment”
has the meaning assigned to it in Section 9.15(a).
“Erroneous Payment
Deficiency Assignment” has the meaning assigned to it in Section 9.15(d).
“Erroneous Payment
Impacted Class” has the meaning assigned to it in Section 9.15(d).
“Erroneous Payment
Return Deficiency” has the meaning assigned to it in Section 9.15(d).
“Erroneous Payment
Subrogation Rights” has the meaning assigned to it in Section 9.15(d).
“Event of Default”
means any of the events specified in Section 8.1; provided that any requirement for the giving of notice, the lapse
of time, or both, has been satisfied.
“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time and any successor statute.
“Excluded Account”
means any Deposit Account or Securities Account (a) the sole purpose of which is for funding payroll, workers’ compensation
claims, 401(k) benefits, healthcare benefits, retirement benefits or other employee benefits, or which is a withholding Tax or fiduciary
account or similar account, (b) the sole purpose of which is for funding escrow arrangements or holding funds owned by persons other
than a Group Member in connection with a transaction permitted hereunder, (c) that constitute third party administration accounts,
solely to the extent such accounts contain amounts related to the administration of payment and collections for physicians (other than
management fees related to such administration), (d) the sole purpose of which is to receive Medicare funds from medical services
payors for the benefit of PC Entities, (e) the sole purpose of which is to hold cash pledged as collateral to secure obligations
in respect of letters of credit permitted under this Agreement and (f) that, when combined with all other accounts (other than Deposit
Accounts and Securities Accounts described in clauses (a) through (e) above) over which the Administrative Agent
does not have “control” (within the meanings of Section 8-106 and 9-106 of the UCC), contains less than $400,000 in aggregate
at all times. For the avoidance of doubt, other than Deposit Accounts and Securities Accounts described in clause (f) above,
the Excluded Accounts shall not constitute Collateral.
“Excluded Assets”
has the meaning set forth in the Guarantee and Collateral Agreement.
“Excluded Swap
Obligations” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the
Guarantee Obligation of such Guarantor with respect to, or the grant by such Guarantor 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 of any thereof) by virtue of such Guarantor’s failure for any reason to
constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time such Guarantee Obligation
of such Guarantor, or the grant by such Guarantor of such Lien, becomes effective with respect to such Swap Obligation. If such a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation
that is attributable to swaps for which such Guarantee Obligation 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 a Recipient or required to be withheld or deducted from a payment to a
Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case
of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to 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 2.23) or (ii) such Lender changes its lending office, except in each case to the extent that,
pursuant to Section 2.20, 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 2.20(f) and (d) any U.S. federal withholding Taxes imposed under
FATCA.
“Existing Agent”
means First Eagle Alternative Capital Agent, Inc., in its capacity as administrative agent and collateral agent for the lenders party
to the Existing Credit Facility.
“Existing Credit
Facility” means that certain credit agreement dated as of October 2, 2018 (as amended by that certain First Amendment
to Credit Agreement, dated as of February 10, 2020, as further amended by that certain Second Amendment and Limited Waiver to Credit
Agreement, dated as of April 3, 2020, as further amended by that certain Third Amendment to Credit Agreement, dated as of February 19,
2021, as further amended by that certain Fourth Amendment and Limited Waiver to Credit Agreement, dated as of the May 5, 2021, as
further amended by that certain Fifth Amendment to Credit Agreement, dated as of October 25, 2021, as further amended by that certain
Sixth Amendment to Credit Agreement, dated as of August 10, 2022, and as further amended, restated, supplemented or otherwise modified
from time to time), by and among Intermediate Holdings, the Borrower, the guarantors party thereto, the lenders party thereto and the
Existing Agent.
“Facility”
means each of (a) the Term Facility and (b) the Revolving Facility.
“FASB”
means the Financial Accounting Standards Board.
“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and
any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
sections of the Code.
“Federal Funds
Effective Rate” means, for any day, the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of
such transactions received by SVB from three federal funds brokers of recognized standing selected by it.
“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System of the United States (or any successor).
“Fee Letter”
means the amended and restated fee letter agreement dated November 7, 2022, between Holdings and the Administrative Agent.
“First
Amendment” means that certain First Amendment and Limited Waiver to Credit Agreement, dated as of March 9, 2023, by
and among Holdings, Intermediate Holdings, the Borrower, Lenders party thereto and the Administrative Agent.
“First Tier Foreign
Subsidiary” means, at any date of determination with respect to a Loan Party, each Foreign Subsidiary in which such Loan
Party owns directly more than 50.0%, in the aggregate, of the Voting Stock of such Foreign Subsidiary.
“Fiscal Quarter”
means a fiscal quarter of any Fiscal Year.
“Fiscal Year”
means the fiscal year of the Borrower ending December 31 of each calendar year.
“Floor”
means a rate of interest equal to 0.00% per annum.
“Flow of Funds
Agreement” means the letter agreement between the Borrower and the Administrative Agent regarding the disbursement of Loan
proceeds on the Closing Date, the funding and the payment of the Administrative Agent’s reasonable and documented expenses and the
reasonable and documented expenses of the Administrative Agent’s counsel, and such other matters as may be agreed to by the Borrower
and the Administrative Agent, in substantially the form of Exhibit M.
“Foreign Lender”
means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person,
a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.
“Foreign Subsidiary”
means any Subsidiary of Holdings that is not a Domestic Subsidiary.
“Freely Assignable”
means, with respect to any PC Document, such contract or agreement if (i) it does not contain express restrictions or conditions
(including, without limitation, the payment of any fee) on the assignment, sale, disposition or other transfer by the applicable Loan
Party thereto (and any of its successors and assigns) of, or the granting of any Lien by the applicable Loan Party (and its successors
and assigns) in, its rights, title and interest thereunder, to any other Person (including any such transfer as a result of the exercise
of any such Lien therein, whether by foreclosure or otherwise), (ii) under which, without obtaining the consent of any Person, no
default will occur, no penalty will accrue and no violation of breach of any terms thereof will result or arise due to (x) any such
granting of a Lien in such rights, title and interest of the applicable Loan Party (or any of its successors or assigns) or upon any such
assignment, sale, disposition or other transfer, or (y) any Change of Control or change in ownership of the applicable Loan Party,
and (iii) otherwise, under applicable law, it is freely assignable to third parties (or Affiliates) by the applicable Loan Party
(and its successors or assigns).
“Fronting Exposure”
means, at any time there is a Defaulting Lender, as applicable, (a) with respect to the Issuing Lender, such Defaulting Lender’s
L/C Percentage of the outstanding L/C Exposure other than L/C Exposure as to which such Defaulting Lender’s participation obligation
has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline
Lender, such Defaulting Lender’s Revolving Percentage of outstanding Swingline Loans made by the Swingline Lender other than Swingline
Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.
“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans, bonds and similar extensions of credit in the ordinary course of its activities.
“Funding Office”
means the Revolving Loan Funding Office or the Term Loan Funding Office, as the context requires.
“GAAP”
means generally accepted accounting principles in the United States as in effect from time to time, except that for purposes of Section 7.1,
GAAP shall be determined on the basis of such principles in effect on the date hereof and consistent with those used in the preparation
of the most recent audited financial statements referred to in Section 4.1(b). In the event that any “Accounting
Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants,
standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter into negotiations to amend such provisions
of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating the Borrower’s
financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as
such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial
covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred.
“Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the FASB or, if applicable, the SEC, or the adoption of IFRS.
“Governmental
Approval” means any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration,
filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.
“Governmental
Authority” means the government of the United States of America 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 any supra-national
bodies such as the European Union or the European Central Bank), and any group or body charged with setting accounting or regulatory capital
rules or standards (including the FASB, the Bank for International Settlements, the Basel Committee on Banking Supervision and any
successor or similar authority to any of the foregoing.
“Group Members”
means the collective reference to Holdings and its Subsidiaries, excluding any Immaterial Subsidiary.
“Guarantee and
Collateral Agreement” means the Guarantee and Collateral Agreement to be executed and delivered by the Borrower and each
Guarantor, substantially in the form of Exhibit A.
“Guarantee Obligation”
means, as to any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity
or similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of
a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness,
leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or
not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to
advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or
equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase
property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the
primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary
obligation against loss in respect thereof; provided that the term Guarantee Obligation shall not include endorsements of instruments
for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall
be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which
such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms
of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing
person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing
person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.
“Guarantors”
means a collective reference to Holdings, Intermediate Holdings and each Subsidiary Guarantor.
“Health Care Laws”
means, to the extent applicable, (i) all federal and state fraud and abuse laws, including but not limited to the federal Anti-Kickback
Statute (42 U.S.C. §1320a-7b(b) and any similar state laws), any state physician self-referral and anti-kickback prohibitions,
and the regulations promulgated pursuant to such statues; (ii) the Health Insurance Portability and Accountability Act of 1996
(Pub. L. No. 104-191) and the regulations promulgated under such acts; (iii) the Federal Food, Drug, and Cosmetic Act,
21 U.S.C. §§ 301 et seq., as amended, and the rules and regulations issued by the Federal Food and Drug Administration;
(iv) the Controlled Substances Act, as amended, and the rules and regulations issued thereunder by the U.S. Drug Enforcement
Administration; (v) all state health care laws or regulations, including those related to the corporate practice of medicine
and fee-splitting; (vi) all health care licensure, permitting or certification laws and regulations; (vii) all health
care laws or regulations regulating billing for physician services and (viii) all health care licensure, permitting or certification
laws, including those related to medical professional licensing, state supervision requirements and scope of practice laws; each
of (i) through (viii) as may be amended from time to time.
“HIPAA”
means all laws governing or regulating the privacy or security of patient, medical or individual healthcare information, including the
Administrative Simplification provisions of the Health Insurance Portability and Accountability Act of 1996 and the regulations promulgated
thereunder, all as amended from time to time, including the standards for the privacy of Individually Identifiable Health Information
at 45 C.F.R. Parts 160 and 164, Subparts A and E, the standards for the protection of Electronic Protected Health Information set forth
at 45 C.F.R. Part 160 and 45 C.F.R. Part 164, Subpart A and Subpart C, the standards for transactions and code sets used in
electronic transactions at 45 C.F.R. Part 160, Subpart A and Part 162, and the standards for Breach Notification for Unsecured
Protected Health Information at 45 C.F.R. Part 164, Subpart D, all as amended from time to time.
“Holdings”
has the meaning set forth in the preamble hereto.
“IFRS”
means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial
statements delivered under or referred to herein.
“Illegality Notice”
has the meaning set forth in Section 2.19.
“Immaterial Subsidiary”
means, at any date of determination, any Subsidiary of any Loan Party designated as such by such Loan Party in writing and which as of
such date (a) holds assets representing 2.5% or less the consolidated total assets of Holdings and its Subsidiaries as of such date
(determined in accordance with GAAP), (b) which has generated less than 2.5% of the consolidated total revenues of Holdings and its
Subsidiaries determined in accordance with GAAP for the Test Period ending on the last day of the most recent period for which financial
statements have been delivered after the Closing Date pursuant to Section 6.1(b); provided that all Subsidiaries that
are individually “Immaterial Subsidiaries” shall not have aggregate consolidated total assets that would represent
5.0% or more of the consolidated total assets of Holdings and its Subsidiaries as of such date or have generated 5.0% or more of the consolidated
total revenues of Holdings and its Subsidiaries for such Test Period, in each case determined in accordance with GAAP, and (c) which
owns no material Intellectual Property.
“Incremental Commitment”
means any commitment made by a lender to provide all or any portion of any Incremental Facility or Incremental Loan.
“Incremental Facilities”
has the meaning assigned to such term in Section 2.26.
“Incremental Facility
Amendment” means an amendment to this Agreement executed by (a) the Borrower and (b) each Lender that agrees to
provide all or any portion of the Incremental Facility being incurred pursuant thereto and in accordance with Section 2.26,
and acknowledged by the Administrative Agent (it being understood that failure by the Administrative Agent to acknowledge such amendment
shall not affect the effectiveness thereof, except to the extent adversely affecting the rights and duties of, or any fees or other amounts
payable to, such Administrative Agent).
“Incremental Lender”
has the meaning assigned to such term in Section 2.26.
“Incremental Loans”
has the meaning assigned to such term in Section 2.26.
“Incremental Revolving
Facility” has the meaning assigned to such term in Section 2.26.
“Incremental Revolving
Facility Lender” means, with respect to any Incremental Revolving Facility, each Revolving Lender providing any portion
of such Incremental Revolving Facility.
“Incremental Revolving
Loans” has the meaning assigned to such term in Section 2.26.
“Incremental Term
Facility” has the meaning assigned to such term in Section 2.26.
“Incremental Term
Loans” has the meaning assigned to such term in Section 2.26.
“Incurred”
has the meaning set forth in the definition of “Pro Forma Basis”.
“Indebtedness”
means, of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations
of such Person for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course
of such Person’s business and earn-outs not constituting debt in accordance with GAAP), (c) all obligations of such Person
evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional
sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller
or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease
Obligations and all Synthetic Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an
account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) all Guarantee
Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (f) above,
(h) all obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the
holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and
contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, and
(i) the net obligations of such Person in respect of Swap Agreements. The Indebtedness of any Person shall include the Indebtedness
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such
Indebtedness expressly provide that such Person is not liable therefor.
“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.
“Indemnitee”
has the meaning set forth in Section 10.5(b).
“Information”
has the meaning set forth in Section 10.17.
“Insolvency Proceeding”
means (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization,
insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit
of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of any Person’s creditors
generally or any substantial portion of such Person’s creditors, in each case undertaken under U.S. Federal, state or foreign law,
including any Debtor Relief Law.
“Intangible Assets”
means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer software, copyrights,
trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research
and development costs.
“Intellectual
Property” means the collective reference to all rights, priorities and privileges relating to intellectual property, whether
arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses,
trademarks, trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or
other impairment thereof, including the right to receive all proceeds and damages therefrom.
“Intellectual
Property Security Agreement” means an intellectual property security agreement entered into between a Loan Party and the
Administrative Agent pursuant to the terms of the Guarantee and Collateral Agreement, together with each other intellectual property security
agreement and supplement thereto delivered pursuant to Section 6.12, in each case as amended, restated, supplemented or otherwise
modified from time to time.
“Interest Payment
Date” means (a) as to any ABR Loan (including any Swingline Loan), the first Business Day of each calendar month to
occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any SOFR Loan, (i) having an Interest
Period of three months or less, the last Business Day of such Interest Period and the final maturity date of such Loan and (ii) having
an Interest Period longer than three months, each Business Day that is three months after the first day of such Interest Period, the last
Business Day of such Interest Period and the final maturity date of such Loan, and (c) as to any Loan, the date of any repayment
or prepayment made in respect thereof.
“Interest Period”
means, as to any SOFR Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect
to such SOFR Loan and ending on the numerically corresponding day in the month that is one, three or six months thereafter, as selected
by the Borrower in its Notice of Borrowing or Notice of Conversion/Continuation, as the case may be, given with respect thereto; and (b) thereafter,
each period commencing on the last day of the next preceding Interest Period applicable to such SOFR Loan and ending on the numerically
corresponding day in the month that is one, three or six months thereafter, as selected by the Borrower in a Notice of Conversion/Continuation
delivered to the Administrative Agent not later than 10:00 A.M. on the date that is three U.S. Government Securities Business Days
prior to the last day of the then current Interest Period with respect thereto; provided that all of the foregoing provisions relating
to Interest Periods are subject to the following:
(i) if
any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such
Interest Period shall end on the immediately preceding Business Day;
(ii) the
Borrower may not select an Interest Period under a particular Facility that would extend beyond the Maturity Date;
(iii) any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the last calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month;
(iv) no
tenor that has been removed from this definition pursuant to Section 2.17(b) shall be available for specification in
any Notice of Borrowing or Notice of Conversion/Continuation.
“Interest Rate
Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest
rate hedging agreement or other similar agreement or arrangement, each of which is (a) for the purpose of hedging the interest rate
exposure associated with Holdings’ and its Subsidiaries’ operations and (b) not for speculative purposes.
“Intermediate
Holdings” has the meaning set forth in the preamble hereto.
“Inventory”
means all “inventory,” as such term is defined in the UCC, now owned or hereafter acquired by any Loan Party, wherever located,
and in any event including inventory, merchandise, goods and other personal property that are held by or on behalf of any Loan Party for
sale or lease or are furnished or are to be furnished under a contract of service, or that constitutes raw materials, work in process,
finished goods, returned goods, or materials or supplies of any kind used or consumed or to be used or consumed in such Loan Party’s
business or in the processing, production, packaging, promotion, delivery or shipping of the same, including all supplies and embedded
software.
“Investments”
has the meaning set forth in Section 7.8.
“IRS”
means the Internal Revenue Service, or any successor thereto.
“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International
Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).
“Issuing Lender”
means, as the context may require, (a) SVB or any Affiliate thereof, in its capacity as issuer of any Letter of Credit, and (b) any
other Lender that may become an Issuing Lender pursuant to Section 3.11 or 3.12, with respect to Letters of Credit
issued by such Lender. The Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of the Issuing Lender or other financial institutions, in which case the term “Issuing Lender” shall include any such Affiliate
or other financial institution with respect to Letters of Credit issued by such Affiliate or other financial institution.
“Issuing Lender
Fees” has the meaning set forth in Section 3.3(a).
“L/C Advance”
means each L/C Lender’s funding of its participation in any L/C Disbursement in accordance with its L/C Percentage of the L/C Commitment.
“L/C Commitment”
means, as to any L/C Lender, the obligation of such L/C Lender, if any, to purchase an undivided interest in the Issuing Lenders’
obligations and rights under and in respect of each Letter of Credit (including to make payments with respect to draws made under any
Letter of Credit pursuant to Section 3.5(b)) in an aggregate principal amount not to exceed the amount set forth under the
heading “L/C Commitment” opposite such L/C Lender’s name on Schedule 1.1 or in the Assignment and Assumption
pursuant to which such L/C Lender becomes a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The
L/C Commitment is a sublimit of the Revolving Commitment and the aggregate amount of the L/C Commitments shall not exceed the amount of
the Total L/C Commitments at any time.
“L/C Disbursements”
means a payment or disbursement made by the Issuing Lender pursuant to a Letter of Credit.
“L/C Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time, and (b) the
aggregate amount of all L/C Disbursements that have not yet been reimbursed or converted into Revolving Loans at such time. The L/C Exposure
of any L/C Lender at any time shall equal its L/C Percentage of the aggregate L/C Exposure at such time.
“L/C Facility”
means the L/C Commitments and the Credit Extensions made thereunder.
“L/C Fee Payment
Date” has the meaning set forth in Section 3.3(a).
“L/C Lender”
means a Lender with an L/C Commitment.
“L/C Percentage”
means as to any L/C Lender at any time, the percentage of the Total L/C Commitments represented by such L/C Lender’s L/C Commitment,
as such percentage may be adjusted as provided in Section 2.23.
“L/C-Related Documents”
means, collectively, each Letter of Credit, all applications for any Letter of Credit (and applications for the amendment of any Letter
of Credit) submitted by the Borrower to the Issuing Lender and any other document, agreement and instrument relating to any Letter of
Credit, including any of the Issuing Lender’s standard form documents for letter of credit issuances.
“Lead Arranger”
means SVB, in its capacity as sole lead arranger and bookrunner hereunder.
“Lenders”
has the meaning set forth in the preamble hereto; provided that unless the context otherwise requires, each reference herein to
the Lenders shall be deemed to include the Issuing Lender and the Swingline Lender.
“Letter of Credit”
has the meaning set forth in Section 3.1(a).
“Letter of Credit
Availability Period” means the period from and including the Closing Date to but excluding the Letter of Credit Maturity
Date.
“Letter of Credit
Fees” has the meaning set forth in Section 3.3(a).
“Letter of Credit
Fronting Fees” has the meaning set forth in Section 3.3(a).
“Letter of Credit
Maturity Date” means the date occurring five days prior to the Maturity Date then in effect (or, if such day is not a Business
Day, the next preceding Business Day).
“License Agreement”
means each license agreement (or similar agreement) between a Loan Party and a PC Entity, in form and substance reasonably acceptable
to the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time to the extent
not prohibited by this Agreement.
“Licensed Personnel”
has the meaning set forth in Section 4.26(e).
“Lien”
means any mortgage, deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind
or nature whatsoever (including any conditional sale or other title retention agreement and any finance lease having substantially the
same economic effect as any of the foregoing).
“Liquidity”
means, at any time, the sum of (a) the aggregate amount of Unrestricted Cash and (b) the Available Revolving Commitment at such
time.
“Loan”
means any loan made or maintained by any Lender pursuant to this Agreement.
“Loan Documents”
means this Agreement, the First Amendment, the Second Amendment, each Security Document, each
Note, the Fee Letter, the Collateral Assignment of PC Documents, the Flow of Funds Agreement, each Assignment and Assumption, each Compliance
Certificate, each Notice of Borrowing, each Notice of Conversion/Continuation, the Solvency Certificate, the Collateral Information Certificate,
each L/C-Related Document, and any agreement creating or perfecting rights in cash collateral pursuant to the provisions of Section 3.10,
or otherwise, and any amendment, waiver, supplement or other modification to any of the foregoing.
“Loan Parties”
means each Group Member that is a party to a Loan Document, as a Borrower or a Guarantor.
“Majority Revolving
Lenders” means, at any time, (a) if only one Revolving Lender holds the Total Revolving Commitments at such time, such
Revolving Lender, both before and after the termination of such Revolving Commitment; and (b) if more than one Revolving Lender holds
the Total Revolving Commitment, at least two Revolving Lenders who hold more than 50.0% of the Total Revolving Commitments (including,
without duplication, the L/C Commitments) or, at any time after the termination of the Revolving Commitments when such Revolving Commitments
were held by more than one Revolving Lender, at least two Revolving Lenders who hold more than 50.0% of the Total Revolving Extensions
of Credit then outstanding (including, without duplication, any L/C Disbursements that have not yet been reimbursed or converted into
Revolving Loans at such time)); provided that the Revolving Commitments of, and the portion of the Revolving Loans and participations
in L/C Exposure and Swingline Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination
of Majority Revolving Lenders; provided, further, that a Lender and its Affiliates shall be deemed one Lender.
“Majority Term
Lenders” means, at any time, (a) if only one Term Lender holds the Term Loan, such Term Lender; and (b) if more
than one Term Lender holds the Term Loan, at least two Term Lenders who hold more than 50.0% of the principal sum of all Term Loans outstanding;
provided that the portion of the Term Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of Majority Term Lenders; provided, further, that a Lender and its Affiliates shall be deemed one Lender.
“Management Services”
means any and all non-clinical management and administrative services including, without limitation, billing and collection services,
space, equipment or staffing provided by a Loan Party to a PC Entity.
“Management Services
Agreements” means each management agreement (or similar agreement) between a Loan Party and a PC Entity pursuant to which
the applicable Loan Party provides Management Services and such Loan Party is paid for such Management Services, in each case, in form
and substance reasonably satisfactory to the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified
from time to time to the extent not prohibited by this Agreement.
“Mandatory Prepayment
Date” has the meaning set forth in Section 2.12(c).
“Material Adverse
Effect” means (a) a material adverse change in, or a material adverse effect on, the operations, business, assets,
properties, liabilities (actual or contingent) or financial condition of Holdings and its Subsidiaries, taken as a whole; (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 the Borrower
or any Loan Party to perform its respective obligations under any Loan Document to which it is a party; or (c) a material adverse
effect upon the legality, validity, binding effect or enforceability against the Borrower or any Loan Party of any Loan Document to which
it is a party.
“Material Contracts”
means, with respect to any Loan Party, each of the PC Documents.
“Material Domestic
Subsidiary” means any Material Subsidiary which is also a Domestic Subsidiary.
“Material Subsidiary”
means any Subsidiary that is not an Immaterial Subsidiary.
“Materials of
Environmental Concern” means any substance, material or waste that is defined, regulated, governed or otherwise characterized
under any Environmental Law as hazardous or toxic or as a pollutant or contaminant (or by words of similar meaning and regulatory effect),
any petroleum or petroleum products, asbestos, polychlorinated biphenyls, urea-formaldehyde insulation, molds or fungus, and radioactivity,
radiofrequency radiation at levels known to be hazardous to human health and safety.
“Maturity Date”
means November 7, 2027.
“Medicaid”
means that government-sponsored entitlement program under Title XIX, P.L. 89-97 of the Social Security Act, which provides federal grants
to states for medical assistance based on specific eligibility criteria, as set forth on Section 1396, et seq. of Title 42 of the
United States Code.
“Medicare”
means that government-sponsored insurance program under Title XVIII, P.L. 89-97, of the Social Security Act, which provides for a health
insurance system for eligible elderly and disabled individuals, as set forth at Section 1395, et seq. of Title 42 of the United States
Code.
“Minority
Lender” has the meaning set forth in Section 10.1(b).
“Moody’s”
means Moody’s Investors Service, Inc.
“Mortgaged Properties”
means the real properties as to which, pursuant to Section 6.12(b) or otherwise, the Administrative Agent, for the benefit
of the Secured Parties, shall be granted a Lien pursuant to the Mortgages.
“Mortgages”
means each of the mortgages, deeds of trust, deeds to secure debt or such equivalent documents hereafter entered into and executed and
delivered by one or more of the Loan Parties to the Administrative Agent, in each case, as such documents may be amended, amended and
restated, supplemented or otherwise modified, renewed or replaced from time to time and in form and substance reasonably acceptable to
the Administrative Agent.
“Multiemployer
Plan” means a “multiemployer plan” (within the meaning of Section 3(37) of ERISA) to which any Loan Party
or any ERISA Affiliate thereof makes, is making, or is obligated or has ever been obligated to make, contributions.
“Net Cash Proceeds”
means (a) in connection with any Asset Sale or any Recovery Event, the proceeds thereof in the form of cash and Cash Equivalents
(including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase
price adjustment receivable or otherwise, but only as and when received), net of attorneys’ fees, accountants’ fees, investment
banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset
that is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document) and other customary costs,
fees and expenses actually incurred in connection therewith and net of taxes paid and the Borrower’s reasonable and good faith estimate
of income, franchise, sales, and other applicable taxes required to be paid by the Borrower or any Guarantor in connection with such Asset
Sale or Recovery Event in respect of the taxable year that such Asset Sale or Recovery Event is consummated (b) in connection with
any issuance or sale of Capital Stock or any incurrence of Indebtedness, the cash proceeds received from such issuance or incurrence,
net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary
costs, fees and expenses actually incurred in connection therewith.
“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
affected Lenders in accordance with the terms of Section 10.1 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 Loan Note, a Revolving Loan Note or a Swingline Loan Note.
“Notice of Borrowing”
means a notice substantially in the form of Exhibit K.
“Notice of Conversion/Continuation”
means a notice substantially in the form of Exhibit L.
“Obligations”
means (a) the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and interest accruing
after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to
any Loan Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other
obligations and liabilities of the Loan Parties (including guarantee obligations) to the Administrative Agent, the Issuing Lender, any
other Lender, any applicable Cash Management Bank, and any Qualified Counterparty party to a Specified Swap Agreement, whether direct
or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in
connection with, this Agreement, any other Loan Document (including, for the avoidance of doubt, any Cash Management Agreement), the Letters
of Credit, any Specified Swap Agreement, Erroneous Payment Subrogation Rights or any other document made, delivered or given in connection
herewith or therewith, whether on account of principal, interest, reimbursement obligations, payment obligations, fees, indemnities, costs,
expenses (including all reasonable and documented out-of-pocket fees, charges and disbursements of counsel to the Administrative Agent,
the Issuing Lender, any other Lender, any applicable Cash Management Bank, to the extent that any applicable Cash Management Agreement
requires the reimbursement by any applicable Group Member of any such expenses), and any Qualified Counterparty party to a Specified Swap
Agreement that are required to be paid by any Loan Party pursuant any Loan Document, Cash Management Agreement or otherwise, and (b) any
obligations of any other Group Member arising in connection with any Cash Managements Agreement. For the avoidance of doubt, the Obligations
shall not include (i) any obligations arising under any warrants or other equity instruments issued by any Loan Party to any Lender,
or (ii) solely with respect to any Guarantor that is not a Qualified ECP Guarantor, any Excluded Swap Obligations of such Guarantor.
“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury and any successor thereto.
“Operating Documents”
means for any Person as of any date, such Person’s constitutional documents, formation documents and/or certificate of incorporation
(or equivalent thereof), as certified (if applicable) by such Person’s jurisdiction of formation as of a recent date, and, (a) if
such Person is a corporation, its bylaws or memorandum and articles of association (or equivalent thereof) in current form, (b) if
such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person
is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications
thereto.
“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 2.23).
“Participant”
has the meaning set forth in Section 10.6(d).
“Participant Register”
has the meaning set forth in Section 10.6(d).
“Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT)
Act of 2001, Title III of Pub. L. 107-56, signed into law October 26, 2001.
“Payment Recipient”
has the meaning assigned to it in Section 9.15(a).
“Payoff Letter”
means a letter, in form and substance satisfactory to the Administrative Agent, dated as of a date prior to the Closing Date and executed
by each of the Existing Agent and the Borrower.
“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor thereto.
“PC Documents”
means the Management Services Agreements, the Deficit Funding Agreements, the Continuity Agreements, the License Agreements, the Consulting
Agreements and, as applicable, the Business Associate Agreements.
“PC Entity”
means any Person (other than a natural person) providing professional medical services if and to the extent applicable law provides that
the direct or indirect ownership of such Person shall be limited to appropriately licensed professionals (natural persons) who are duly
licensed or otherwise legally authorized to render the specific professional services for which the Person was organized and which Person
is party to a Management Services Agreement that is in full force and effect.
“Pension Plan”
means an employee benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan (a) that is or was
at any time maintained or sponsored by any Loan Party or any ERISA Affiliate thereof or to which any Loan Party or any ERISA Affiliate
thereof has ever made, or was obligated to make, contributions, and (b) that is or was subject to Section 412 of the Code, Section 302
of ERISA or Title IV of ERISA.
“Periodic Term
SOFR Determination Day” has the meaning set forth in the definition of “Term SOFR”.
“Permitted Acquisition”
has the meaning set forth in Section 7.8(n).
“Permitted Earnouts”
means unsecured obligations of Holdings or any Subsidiary arising from a Permitted Acquisition which (a) are payable based on the
achievement of specified financial results over time and (b) are subject to subordination terms (or a subordination agreement in
favor of the Administrative Agent and Lenders) reasonably satisfactory to the Administrative Agent; provided, that (i) no
Default or Event of Default shall have occurred and be continuing at the time of such payment and (ii) immediately after giving effect
to such payment, (A) Holdings and its Subsidiaries shall maintain Liquidity of at least $10,000,000, (B) Holdings and its Subsidiaries
shall be in compliance with each of the covenants set forth in Section 7.1 and (C) the Consolidated Leverage Ratio of
Holdings and its Subsidiaries shall not exceed 1.60:1.00.
“Person”
means any natural Person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.
“Plan”
means (a) an employee benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan which is or was
at any time maintained or sponsored by any Loan Party or any Subsidiary thereof or to which any Loan Party or any Subsidiary thereof has
ever made, or was obligated to make, contributions, (b) a Pension Plan, or (c) a Qualified Plan.
“Platform”
means is any of Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.
“Pledged Stock”
has the meaning set forth in the Guarantee and Collateral Agreement.
“Prime Rate”
means the rate of interest per annum from time to time published in the money rates section of the Wall Street Journal or any successor
publication thereto as the “prime rate” then in effect; provided that if such rate of interest, as set forth from time
to time in the money rates section of the Wall Street Journal, becomes unavailable for any reason as determined by the Administrative
Agent, the “Prime Rate” shall mean the rate of interest per annum announced by SVB as its prime rate in effect at its principal
office in the State of California (such SVB announced Prime Rate not being intended to be the lowest rate of interest charged by SVB in
connection with extensions of credit to debtors).
“Pro Forma Basis”
means, with respect to any calculation or determination for any period, in making such calculation or determination on the specified date
of determination (the “Determination Date”):
(a) pro
forma effect will be given to any Indebtedness incurred by Holdings or any of its Subsidiaries (including by assumption of then outstanding
Indebtedness or by a Person becoming a Subsidiary (“Incurred”) after the beginning of the applicable period
and on or before the Determination Date to the extent the Indebtedness is outstanding or is to be Incurred on the Determination Date,
as if such Indebtedness had been Incurred on the first day of such period;
(b) pro
forma calculations of interest on Indebtedness bearing a floating interest rate will be made as if the rate in effect on the Determination
Date (taking into account any Swap Agreement applicable to the Indebtedness) had been the applicable rate for the entire reference period;
(c) Consolidated
Fixed Charges related to any Indebtedness no longer outstanding or to be repaid or redeemed on the Determination Date, except for Consolidated
Interest Expense accrued during the reference period under a revolving credit to the extent of the commitment thereunder (or under any
successor revolving credit) in effect on the Determination Date, will be excluded as if such Indebtedness was no longer outstanding or
was repaid or redeemed on the first day of such period;
(d) pro
forma effect will be given to: (A) the acquisition or disposition of companies, divisions or lines of businesses by Holdings and
its Subsidiaries, including any acquisition or disposition of a company, division or line of business since the beginning of the reference
period by a Person that became a Subsidiary after the beginning of the applicable period; and (B) the discontinuation of any discontinued
operations but, in the case of Consolidated Fixed Charges, only to the extent that the obligations giving rise to Consolidated Fixed Charges
will not be obligations of Holdings or any of its Subsidiaries following the Determination Date; in each case of clauses (A) and
(B), that have occurred since the beginning of the applicable period and before the Determination Date as if such events had occurred,
and, in the case of any disposition, the proceeds thereof applied, on the first day of such period. To the extent that pro forma effect
is to be given to an acquisition or disposition of a company, division or line of business, the pro forma calculation will be calculated
in good faith by a responsible financial or accounting officer of the Borrower in accordance with Regulation S-X under the Securities
Act based upon the most recent four full Fiscal Quarters for which the relevant financial information is available.
“Pro Forma Financial
Statements” means balance sheets, income statements and cash flow statements prepared by Holdings and its Subsidiaries that
give effect (as if such events had occurred on such date) to (i) the consummation of the Refinancing, (ii) the Loans to be made
on the Closing Date and the use of proceeds thereof and (iii) the payment of fees and expenses in connection with the foregoing,
in each case prepared for (y) the most recently ended Fiscal Quarter as if such transactions had occurred on such date and (z) on
a quarterly basis through the first full Fiscal Year after the Closing Date or subsequent Borrowing Date, as applicable, and on an annual
basis for each Fiscal Year thereafter through December 31, 2026, in each case demonstrating pro forma compliance with the covenants
set forth in Section 7.1.
“Projections”
has the meaning set forth in Section 6.2(c).
“Properties”
has the meaning set forth in Section 4.17(a).
“Qualified Cash”
means any cash on the balance sheet of Holdings and its Subsidiaries as of the last day of the prior Fiscal Quarter (a) to be used
for any announced or scheduled dividend payments to be made by Holdings and its Subsidiaries or (b) that was used by Holdings and
its Subsidiaries to make dividend payments since the last day of the prior Fiscal Quarter.
“Qualified Counterparty”
means, with respect to any Specified Swap Agreement, any counterparty thereto that is a Lender or an Affiliate of a Lender or, at the
time such Specified Swap Agreement was entered into or as of the Closing Date, was the Administrative Agent or a Lender or an Affiliate
of the Administrative Agent or a Lender.
“Qualified ECP
Guarantor” means, in respect of any Swap Obligation, (a) each Guarantor that has total assets exceeding $10,000,000
at the time the relevant Guarantee Obligation of such Guarantor provided in respect of, or the Lien granted by such Guarantor to secure,
such Swap Obligation (or guaranty thereof) becomes effective with respect to such Swap Obligation, and (b) any other Guarantor that
(i) constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder,
or (ii) can cause another Person (including, for the avoidance of doubt, any other Guarantor not then constituting a “Qualified
ECP Guarantor”) to qualify as an “eligible contract participant” at such time by entering into a “keepwell, support,
or other agreement” as contemplated by Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
“Qualified PC
Entity” shall mean a PC Entity (a) which pursuant to the PC Documents between such PC Entity and the applicable Loan
Party, all of the collected revenue of such PC Entity is deposited in a Deposit Account of a Loan Party subject to a Control Agreement
or a Deposit Account of such PC Entity and such collected revenue is swept and deposited into a Deposit Account of a Loan Party which
is subject to a Control Agreement within one Business Day of the date on which such revenue is deposited in an account of such PC Entity,
free and clear of all Liens except as permitted by Section 7.3 and Liens arising under any Deficit Funding Agreement), (b) with
respect to which (i) no material breach or default shall have occurred and be continuing under the PC Documents to which such PC
Entity is a party which such breach or default has not been cured within 30 days of Holdings or the Borrower obtaining knowledge of such
breach or default, and (ii) no Loan Party shall have waived any provision of the Continuity Agreement (if applicable) to which such
PC Entity is a party in a manner adverse to the Lenders, (c) with respect to which the Management Services Agreement to which such
PC Entity is a party has not been terminated, (d) which does not have any Lien on any of its assets or property (other than any Lien
imposed by law consisting of a landlord’s lien or banker’s lien in the ordinary course of business, any Lien arising under
the Deficit Funding Agreement to which such PC Entity is a party and any other Liens securing obligations which do not exceed (x) $100,000
for any individual PC Entity and (y) $250,000 in the aggregate for all PC Entities), and (e) which, to the extent permitted
under applicable law, is party to a Continuity Agreement (unless, based on the advice of experienced healthcare counsel, the applicable
Loan Party determines after consultation with the Administrative Agent that such Continuity Agreement is not legally advisable) and a
Deficit Funding Agreement with a Loan Party, in each case, that is in full force and effect.
“Qualified Plan”
means an employee benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan (a) that is or was
at any time maintained or sponsored by any Loan Party or any ERISA Affiliate thereof or to which any Loan Party or any ERISA Affiliate
thereof has ever made, or was ever obligated to make, contributions, and (b) that is intended to be tax-qualified under Section 401(a) of
the Code.
“Recipient”
means the (a) Administrative Agent, (b) any Lender or (c) any Issuing Lender, as applicable.
“Recovery Event”
means any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any
asset of any Group Member.
“Refinancing”
has the meaning set forth in the recitals hereto.
“Refunded Swingline
Loans” has the meaning set forth in Section 2.7(b).
“Register”
has the meaning set forth in Section 10.6(c).
“Regulation D”
means Regulation D of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder
or thereof.
“Regulation T”
means Regulation T of the Federal Reserve Board as in effect from time to time.
“Regulation U”
means Regulation U of the Federal Reserve Board as in effect from time to time.
“Regulation X”
means Regulation X of the Federal Reserve Board as in effect from time to time.
“Reinvestment
Deferred Amount” means, with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by any Loan Party
in connection therewith that are not applied to prepay the Loans or other amounts pursuant to Section 2.12(c) as a result
of the delivery of a Reinvestment Notice.
“Reinvestment
Event” means any Asset Sale or Recovery Event in respect of which the Borrower has delivered a Reinvestment Notice.
“Reinvestment
Notice” means a written notice executed by a Responsible Officer stating that no Event of Default has occurred and that
the Borrower or Holdings (directly or indirectly through a Guarantor) intends and expects to use all or a specified portion of the Net
Cash Proceeds of an Asset Sale or Recovery Event to acquire or repair assets useful in its business.
“Reinvestment
Prepayment Amount” means, with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less
any amount expended prior to the relevant Reinvestment Prepayment Date to acquire or repair assets useful in the Borrower’s business.
“Reinvestment
Prepayment Date” means, with respect to any Reinvestment Event, the earlier of (a) the date occurring six months after
such Reinvestment Event (or two hundred seventy (270) days if a Group Member enters into a legally binding commitment to reinvest such
amounts within one hundred eighty (180) days after such Reinvestment Event), and (b) the date on which the Borrower shall have determined
not to, or shall have otherwise ceased to, acquire or repair assets useful in the Borrower’s business with all or any portion of
the relevant Reinvestment Deferred Amount.
“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
“Relevant Governmental
Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.
“Replacement
Lender” has the meaning set forth in Section 2.23.
“Required Lenders”
means, at any time, (a) if only one Lender holds the outstanding Term Loans and the Revolving Commitments, such Lender; and (b) if
more than one Lender holds the outstanding Term Loans and Revolving Commitments, then at least two Lenders who hold more than 50.0% of
the sum of (i) the aggregate unpaid principal amount of the Term Loans then outstanding, and (ii) the Total Revolving Commitments
(including, without duplication, the L/C Commitments) then in effect or, if the Revolving Commitments have been terminated, the Total
Revolving Extensions of Credit then outstanding; provided that for the purposes of this clause (b), the outstanding principal
amount of the Term Loans held by any Defaulting Lender and the Revolving Commitments of, and the portion of the Revolving Loans and participations
in L/C Exposure and Swingline Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination
of Required Lenders; provided, further, that a Lender and its Affiliates shall be deemed one Lender.
“Requirement of
Law” means, as to any Person, the Operating Documents of such Person, and any law, treaty, rule or regulation or determination
of an arbitrator or a court or other Governmental Authority (including, for the avoidance of doubt, the Basel Committee on Banking Supervision
and any successor thereto or similar authority or successor thereto), in each case applicable to or binding upon such Person or any of
its property or to which such Person or any of its property is subject.
“Responsible Officer”
means, with respect to any Loan Party, the chief executive officer, president, vice president, chief financial officer, treasurer, controller
or comptroller of the Borrower, but in any event, with respect to financial matters, the chief financial officer, treasurer, controller
or comptroller of such Loan Party.
“Restricted Payments”
has the meaning set forth in Section 7.6.
“Revolving Commitment”
means, as to any Lender, the obligation of such Lender, if any, to make Revolving Loans and participate in Swingline Loans and Letters
of Credit in an aggregate principal amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite
such Lender’s name on Schedule 1.1 or in the Assignment and Assumption pursuant to which such Lender became a party hereto,
as the same may be changed from time to time pursuant to the terms hereof (including in connection with assignments permitted hereunder).
The original amount of the Total Revolving Commitments is $5,000,000. The L/C Commitment and the Swingline Commitment are each sublimits
of the Total Revolving Commitments.
“Revolving Commitment
Period” means the period from and including the Closing Date to the Maturity Date.
“Revolving
Extensions of Credit” means, as to any Revolving Lender at any time, an amount equal to the sum of (a) the
aggregate principal amount of all Revolving Loans held by such Lender then outstanding, plus (b) such Lender’s L/C Percentage
of the aggregate undrawn amount of all outstanding Letters of Credit at such time, plus (c) such Lender’s L/C Percentage
of the aggregate amount of all L/C Disbursements that have not yet been reimbursed or converted into Revolving Loans at such time, plus
(d) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding.
“Revolving Facility”
means the Revolving Commitments and the Credit Extensions made thereunder.
“Revolving Lender”
means each Lender that has a Revolving Commitment or that holds Revolving Loans.
“Revolving Loan
Conversion” has the meaning set forth in Section 3.5(b).
“Revolving Loan
Funding Office” means the office of the Administrative Agent specified in Section 10.2 or such other office
as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders.
“Revolving Loan
Note” means a promissory note in the form of Exhibit H-1, as it may be amended, supplemented or otherwise modified
from time to time.
“Revolving Loans”
has the meaning set forth in Section 2.4(a).
“Revolving Percentage”
means, as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes of the Total
Revolving Commitments or, at any time after the Revolving Commitments of all Lenders shall have expired or terminated, the percentage
which the aggregate principal amount of such Lender’s Revolving Loans then outstanding constitutes of the aggregate principal amount
of all Revolving Loans then outstanding; provided that in the event that the Revolving Loans are paid in full prior to the reduction
to zero of the Total Revolving Commitments, the Revolving Percentages shall be determined in a manner designed to ensure that the other
outstanding Revolving Extensions of Credit shall be held by the Revolving Lenders on a comparable basis.
“S&P”
means Standard & Poor’s Ratings Services.
“Sale Leaseback
Transaction” means any arrangement with any Person or Persons, whereby in contemporaneous or substantially contemporaneous
transactions a Loan Party sells substantially all of its right, title and interest in any property and, in connection therewith, acquires,
leases or licenses back the right to use all or a material portion of such property.
“Sanction(s)”
means any international economic sanction administered or enforced by the United States Government (including OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.
“SEC”
means the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority.
“Second
Amendment” means that certain Second Amendment to Credit Agreement, dated as of September 13, 2024, by and among Holdings, Intermediate
Holdings, the Borrower, Lenders party thereto and the Administrative Agent.
“Second
Amendment Effective Date” has the meaning assigned to such term in the Second Amendment.
“Second
Amendment Transactions” has the meaning assigned to such term in the Second Amendment.
“Secured Parties”
means the collective reference to the Administrative Agent, the Lenders (including any Issuing Lender in its capacity as Issuing Lender
and any Swingline Lender in its capacity as Swingline Lender), any Cash Management Bank (in its or their respective capacities as providers
of Cash Management Services), and any Qualified Counterparties.
“Securities Account”
means any “securities account” as defined in the UCC with such additions to such term as may hereafter be made.
“Securities Account
Control Agreement” means any Control Agreement entered into by the Administrative Agent, a Loan Party and a securities intermediary
holding a Securities Account of such Loan Party pursuant to which the Administrative Agent is granted “control” (for purposes
of the UCC) over such Securities Account.
“Securities Act”
means the Securities Act of 1933, as amended from time to time and any successor statute.
“Security Documents”
means the collective reference to (a) the Guarantee and Collateral Agreement, (b) the Mortgages (if any), (c) each Intellectual
Property Security Agreement, (d) any Collateral Assignment of PC Documents, (e) each Deposit Account Control Agreement, (f) each
Securities Account Control Agreement, (g) all other security documents hereafter delivered to the Administrative Agent granting a
Lien on any property of any Person to secure the Obligations of any Loan Party arising under any Loan Document, (h) all other security
documents hereafter delivered to any applicable Cash Management Bank granting a Lien on any property of any Person to secure the Obligations
of any Group Member arising under any Cash Management Agreement, and (i) all financing statements, fixture filings, patent, trademark
and copyright filings, assignments, acknowledgments and other filings, documents and agreements made or delivered pursuant to any of the
foregoing.
“Social Security
Act” means the Social Security Act of 1965.
“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.
“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“SOFR
Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“SOFR Borrowing”
means as to any Borrowing, the SOFR Loans comprising such Borrowing.
“SOFR Determination
Day” has the meaning set forth in the definition of “Daily Simple SOFR”.
“SOFR
Loan” means as to any Borrowing, the Loans bearing interest at a rate based on Term SOFR comprising such Borrowing
other than pursuant to clause (c) of the definition of “ABR”.
“SOFR Rate Day”
has the meaning set forth in the definition of “Daily Simple SOFR”.
“SOFR Tranche”
means the collective reference to SOFR Loans under a particular Facility (other than the L/C Facility), the then current Interest Periods
with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been
made on the same day).
“Solvency Certificate”
means the Solvency Certificate, dated the Closing Date, delivered to the Administrative Agent pursuant to Section 5.1(r),
which Solvency Certificate shall be in substantially the form of Exhibit D.
“Solvent”
means, when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “fair value”
of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise,”
as of such date, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of
the insolvency of debtors, (b) the “present fair saleable value” of the assets of such Person will, as of such date,
be greater than the amount that will be required to pay the liability of such Person on its debts as such debts become absolute and matured,
as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of
debtors, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business,
and (d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means
liability on a “claim,” and (ii) “claim” means any (x) right to payment, whether or not such a right
is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured
or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether
or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured
or unsecured.
“Specified Swap
Agreement” means any Swap Agreement entered into by the Borrower and any Qualified Counterparty (or any Person who was a
Qualified Counterparty as of the Closing Date or as of the date such Swap Agreement was entered into) in respect of interest rates to
the extent permitted under Section 7.13.
“Subordinated
Debt Document” means any agreement, certificate, document or instrument executed or delivered by Holdings or any Subsidiary
and evidencing Indebtedness of Holdings or any Subsidiary which is subordinated to the payment of the Obligations in a manner approved
in writing by the Administrative Agent and the Required Lenders, and any renewals, modifications, or amendments thereof which are approved
in writing by the Administrative Agent and the Required Lenders.
“Subordinated
Indebtedness” means Indebtedness of a Loan Party subordinated to the Obligations or the Guarantee Obligations, as applicable,
pursuant to subordination terms (including payment, lien and remedies subordination terms, as applicable) reasonably acceptable to the
Administrative Agent.
“Subsidiary”
means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening
of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are
at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries”
in this Agreement shall refer to a Subsidiary or Subsidiaries of Holdings.
“Subsidiary Guarantor”
means each Material Domestic Subsidiary of the Borrower which has become a Guarantor pursuant to the requirements of Section 6.12
hereof and the Guarantee and Collateral Agreement.
“Surety Indebtedness”
means, as of any date of determination, indebtedness (contingent or otherwise) owing to sureties arising from surety bonds issued on behalf
of any Loan Party or its respective Subsidiaries as support for, among other things, their contracts with customers, whether such indebtedness
is owing directly or indirectly by such Loan Party or any such Subsidiary.
“SVB”
has the meaning set forth in the preamble hereto.
“Swap Agreement”
means any agreement with respect to any swap, hedge, forward, future or derivative transaction or option or similar agreement (including
without limitation, any Interest Rate Agreement) involving, or settled by reference to, one or more rates, currencies, commodities, equity
or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value
or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for
payments only on account of services provided by current or former directors, officers, employees or consultants of Holdings and its Subsidiaries
shall be deemed to be a “Swap Agreement”.
“Swap Obligation”
means, with respect to any Guarantor, any obligation of such Guarantor 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 Agreements, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Agreements, (a) for any date on or after the date any such Swap Agreement has been closed
out and termination value determined in accordance therewith, such termination value, and (b) for any date prior to the date referenced
in clause (a), the amount determined as the mark-to-market value for such Swap Agreement, as determined based upon one or more
mid-market or other readily available quotations provided by any recognized dealer in such Swap Agreements (which may include a Qualified
Counterparty).
“Swingline Commitment”
means the obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.6 in an aggregate principal amount
at any one time outstanding not to exceed $1,000,000.
“Swingline Lender”
means SVB, in its capacity as the lender of Swingline Loans or such other Lender as the Borrower may from time to time select as the Swingline
Lender hereunder pursuant to Section 2.7(f); provided that such Lender has agreed to be a Swingline Lender.
“Swingline Loan
Note” means a promissory note in the form of Exhibit H-2, as it may be amended, supplemented or otherwise modified
from time to time.
“Swingline Loans”
has the meaning set forth in Section 2.6.
“Swingline Participation
Amount” has the meaning set forth in Section 2.7(c).
“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 of property creating obligations that do not appear on the balance sheet of such Person but
which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to
accounting treatment).
“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 Commitment”
means, as to any Lender, the obligation of such Lender, if any, to make a Term Loan to the Borrower in an aggregate principal amount not
to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule 1.1.
The original aggregate amount of the Term Commitments is $85,000,000.
“Term Facility”
means the Term Commitments and the Term Loans made thereunder.
“Term Lender”
means each Lender that has a Term Commitment or that holds a Term Loan.
“Term Loan”
means the term loans made by the Lenders pursuant to Section 2.1.
“Term Loan Funding
Office” means the office of the Administrative Agent specified in Section 10.2 or such other office as may be
specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders.
“Term Loan Note”
means a promissory note in the form of Exhibit H-3, as it may be amended, supplemented or otherwise modified from time to
time.
“Term Percentage”
means, as to any Term Lender at any time, the percentage which such Lender’s Term Commitment then constitutes of the aggregate Term
Commitments (or, at any time after the Closing Date, the percentage which the aggregate principal amount of such Lender’s Term Loans
then outstanding constitutes of the aggregate principal amount of the Term Loans then outstanding).
“Term SOFR”
means:
(a) for
any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on
the day (such day, the “Periodic Term SOFR Determination Day”) that is two U.S. Government Securities Business
Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however,
that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable
tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate
has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the
first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term
SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three U.S. Government Securities
Business Days prior to such Periodic Term SOFR Determination Day; and
(b) for
any calculation with respect to an ABR Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the
“ABR Term SOFR Determination Day”) that is two U.S. Government Securities Business Days prior to such day, as
such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time)
on any ABR Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator
and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference
Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which
such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government
Securities Business Day is not more than three U.S. Government Securities Business Days prior to such ABR Term SOFR Determination Day;
provided
that if Term SOFR as so determined in clause (a) or (b) shall ever be less than the Floor, then Term SOFR shall
be deemed to be the Floor.
“Term SOFR Administrator”
means the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the
Administrative Agent in its reasonable discretion).
“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.
“Test Period”
means, as of any date, the period of four consecutive Fiscal Quarters then most recently ended for which financial statements required
to be delivered pursuant to Section 6.1(a) or Section 6.1(b), as applicable, have been delivered (or are
required to have been delivered); provided, that at all times prior to the first delivery of financial statements pursuant to Section 6.1(a) or
Section 6.1(b), Test Period shall refer to the period of four consecutive Fiscal Quarters most recently ended for which financial
statements for the Borrower are available.
“Third Party Payor”
means Medicare, Medicaid, TRICARE, state government insurers, private insurers (including Blue Cross and/or Blue Shield) and any other
person or entity which presently or in the future maintains Third Party Payor Programs.
“Third Party Payor
Programs” means all third party payor programs in which any Loan Party or any PC Entity participates or is enrolled (including,
without limitation, Medicare, Medicaid, TRICARE, CHAMPUS, CHAMPVA or any other federal or state health care programs, as well as private
insurers (including Blue Cross and/or Blue Shield), managed care plans, or any other Third Party Payor that reimburses for health care
items or services).
“Threshold Amount”
means $1,000,000.
“Total Credit
Exposure” means, as to any Lender at any time, the unused Commitments, Revolving Extensions of Credit and outstanding Term
Loans of such Lender at such time.
“Total L/C Commitments”
means, at any time, the sum of all L/C Commitments at such time, as the same may be reduced from time to time pursuant to Section 2.10
or 3.5(b). The initial amount of the Total L/C Commitments on the Closing Date is $2,000,000.
“Total Revolving
Commitments” means, at any time, the aggregate amount of the Revolving Commitments then in effect.
“Total Revolving
Extensions of Credit” means, at any time, the aggregate amount of the Revolving Extensions of Credit outstanding at such
time.
“Trade Date”
has the meaning set forth in Section 10.6(b)(i)(B).
“Transactions”
has the meaning set forth in the recitals hereto.
“Type”
means as to any Loan, its nature as an ABR Loan or SOFR Loan.
“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“Unfriendly Acquisition”
means any acquisition that has not, at the time of the first public announcement of an offer relating thereto, been approved by the board
of directors (or other legally recognized governing body) of the Person to be acquired; except that with respect to any acquisition of
a non-U.S. Person, an otherwise friendly acquisition shall not be deemed to be unfriendly if it is not customary in such jurisdiction
to obtain such approval prior to the first public announcement of an offer relating to a friendly acquisition.
“Uniform Commercial
Code” or “UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as
in effect from time to time in the State of New York, or as the context may require, any other applicable jurisdiction.
“United States”
and “U.S.” means the United States of America.
“Unrestricted
Cash” means the unrestricted cash and Cash Equivalents of the Loan Parties held at such time by Holdings and its Subsidiaries
in Deposit Accounts or Securities Accounts subject to Control Agreements in favor of the Administrative Agent, minus any Qualified
Cash.
“Updated
Lender Model” means the model titled “2024 3-Year Model” received by the Administrative Agent on August 23,
2024.
“USCRO”
means the US Copyright Office.
“USPTO”
means the US Patent and Trademark Office.
“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. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.
“U.S. Tax Compliance
Certificate” has the meaning set forth in Section 2.20(f).
“Voting Stock”
means, as to any Person, the capital stock of any class or classes or other equity interests (however designated and including general
partnership interests in a partnership) having ordinary voting power for the election of directors or similar governing body of such Person.
“Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:
(a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund,
serial maturity or other required scheduled payments of principal, including payment at final maturity, in respect thereof, by (ii) the
number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the
then outstanding principal amount of such Indebtedness; provided that the effects of any prepayment made in respect of such Indebtedness
shall be disregarded in making such calculation.
“Withholding Agent”
means, as applicable, any of any applicable Loan Party and the Administrative Agent, as the context may require.
1.2 Other
Definitional Provisions.
(a) Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents
or any certificate or other document made or delivered pursuant hereto or thereto.
(b) As
used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting
terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1,
to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation,” (iii) the word “incur”
shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred”
and “incurrence” shall have correlative meanings), (iv) the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible assets and Intangible Assets and properties, including
cash, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, (v) references to a given time of day
shall, unless otherwise specified, be deemed to refer to Pacific time, and (vi) references to agreements (including this Agreement)
or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as
amended, supplemented, restated, amended and restated or otherwise modified from time to time.
(c) The
words “hereof,” “herein” and “hereunder” and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The
word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires
otherwise, (i) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (ii) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits
and Schedules to, this Agreement, unless otherwise specified, and (iii) any reference to any law or regulation herein shall, unless
otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.
(d) The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.
(e) Any
reference in any Loan Document to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer,
or similar term, shall be deemed to apply to a Division of 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,
consolidation, assignment, sale 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 under the Loan Documents (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) on the first date of its existence.
In connection with any Division, if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability
of a different Person, then such asset shall be deemed to have been transferred from the original Person to the subsequent Person.
1.3 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).
1.4 Rates.
The
Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, (a) the continuation
of, administration of, submission of, calculation of or any other matter related to ABR, Term SOFR Reference Rate, Term SOFR or any component
definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including
any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate
(including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume
or liquidity as, ABR, Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the
effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities
may engage in transactions that affect the calculation of ABR, Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement
rate (including any Benchmark Replacement) or any relevant 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 ABR, Term SOFR Reference Rate,
Term SOFR or any other Benchmark, in each case, pursuant to the terms of this Agreement, and shall have no liability to the Borrower,
any Lender or any other Person for damages of any kind, 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 calculation
of any such rate (or component thereof) provided by any such information source or service.
Section 2
AMOUNT AND TERMS OF COMMITMENTS
2.1 Term
Commitments.
Subject to the terms and
conditions hereof, each Term Lender severally agrees to make a Term Loan to the Borrower on the Closing Date in an amount equal to the
amount of the Term Commitment of such Lender. The Term Loans may from time to time be SOFR Loans or ABR Loans, as determined by the Borrower
and notified to the Administrative Agent in accordance with Sections 2.2 and 2.13.
2.2 Procedure
for Term Loan Borrowing.
The Borrower shall give
the Administrative Agent an irrevocable Notice of Borrowing (which must be received by the Administrative Agent prior to 10:00 A.M. one
Business Day prior to the anticipated Closing Date) requesting that the Term Lenders make the Term Loans on the Closing Date and specifying
the amount to be borrowed. The Term Loans made on the Closing Date shall initially be ABR Loans and, unless otherwise agreed by the Administrative
Agent in its sole discretion, no Term Loan may be converted into or continued as a SOFR Loan having an Interest Period in excess of one
month prior to the date that is 30 days after the Closing Date. Upon receipt of such Notice of Borrowing, the Administrative Agent shall
promptly notify each Term Lender thereof. Not later than 10:00 A.M. on the Closing Date each Term Lender shall make available to
the Administrative Agent at the Term Loan Funding Office an amount in immediately available funds equal to the Term Loan or Term Loans
to be made by such Lender. The Administrative Agent shall credit the account of the Borrower on the books of such office of the Administrative
Agent with the aggregate of the amounts made available to the Administrative Agent by the Term Lenders in immediately available funds
or, if so specified in the Flow of Funds Agreement, the Administrative Agent shall wire transfer all or a portion of such aggregate amounts
to the Existing Agent (for application against amounts then outstanding under the Existing Credit Facility), in accordance with the wire
instructions specified for such purpose in the Flow of Funds Agreement.
2.3 Repayment
of Term Loans.
Beginning on March 31,
2023, the Term Loans of each Term Lender shall be repaid in consecutive quarterly installments, each of which shall be in an amount equal
to such Lender’s Term Percentage multiplied by the amount set forth below opposite such installment:
Installment | | |
Principal Amount | |
| March 31, 2023 | | |
$ | 531,250 | |
| June 30, 2023 | | |
$ | 531,250 | |
| September 30, 2023 | | |
$ | 531,250 | |
| December 31, 2023 | | |
$ | 531,250 | |
| March 31, 2024 | | |
$ | 531,250 | |
| June 30, 2024 | | |
$ | 531,250 | |
| September 30, 2024 | | |
$ | 531,250 | |
Installment | | |
Principal Amount | |
| December 31, 2024 | | |
$ | 531,250 | |
| March 31, 2025 | | |
$ | 1,062,500 | |
| June 30, 2025 | | |
$ | 1,062,500 | |
| September 30, 2025 | | |
$ | 1,062,500 | |
| December 31, 2025 | | |
$ | 1,062,500 | |
| March 31, 2026 | | |
$ | 1,593,750 | |
| June 30, 2026 | | |
$ | 1,593,750 | |
| September 30, 2026 | | |
$ | 1,593,750 | |
| December 31, 2026 | | |
$ | 1,593,750 | |
| March 31, 2027 | | |
$ | 1,593,750 | |
| June 30, 2027 | | |
$ | 1,593,750 | |
| September 30, 2027 | | |
$ | 1,593,750 | |
To the extent not previously paid, all Term Loans
shall be due and payable on the Maturity Date, together with accrued and unpaid interest on the principal amount to be paid to but excluding
the date of payment.
2.4 Revolving
Commitments.
(a) Subject
to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit loans (each, a “Revolving
Loan” and, collectively, the “Revolving Loans”) to the Borrower from time to time during the Revolving
Commitment Period in an aggregate principal amount at any one time outstanding which, when added to the aggregate outstanding amount of
the Swingline Loans, the aggregate undrawn amount of all outstanding Letters of Credit and the aggregate amount of all L/C Disbursements
that have not yet been reimbursed or converted into Revolving Loans, incurred on behalf of the Borrower and owing to such Lender, does
not exceed the amount of such Lender’s Revolving Commitment. In addition, such aggregate obligations shall not at any time exceed
the Total Revolving Commitments at such time. During the Revolving Commitment Period the Borrower may use the Revolving Commitments by
borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof.
The Revolving Loans may from time to time be SOFR Loans or ABR Loans, as determined by the Borrower and notified to the Administrative
Agent in accordance with Sections 2.5 and 2.13. Borrowings of more than one Type may be outstanding at the same time; provided
that, there shall not be more than a total of seven SOFR Borrowings outstanding at any time.
(b) The
Borrower shall repay all outstanding Revolving Loans on the Maturity Date.
2.5 Procedure
for Revolving Loan Borrowing.
The Borrower may borrow
under the Revolving Commitments during the Revolving Commitment Period on any Business Day; provided that the Borrower shall give
the Administrative Agent an irrevocable Notice of Borrowing (which must be received by the Administrative Agent prior to 10:00 A.M. (a) three
U.S. Government Securities Business Days prior to the requested Borrowing Date, in the case of SOFR Loans, or (b) one Business Day
prior to the requested Borrowing Date, in the case of ABR Loans) (provided that any such Notice of Borrowing of ABR Loans under
the Revolving Facility to finance payments under Section 3.5(a) may be given not later than 10:00 A.M. on the date
of the proposed borrowing), in each such case specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the
requested Borrowing Date, (iii) the respective amounts of each such Type of Loan, (iv) in the case of SOFR Loans, the respective
lengths of the initial Interest Period therefor, and (v) instructions for remittance of the proceeds of the applicable Loans to be
borrowed. If no Interest Period is specified with respect to any requested SOFR Loans, the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. Unless otherwise agreed by the Administrative Agent in its sole discretion, no Revolving
Loan may be made as, converted into or continued as a SOFR Loan having an Interest Period in excess of one month prior to the date that
is 30 days after the Closing Date. Each borrowing under the Revolving Commitments shall be in an amount equal to in the case of ABR Loans
or SOFR Loans, $1,000,000 or a whole multiple of $100,000 in excess thereof (or, if the then aggregate Available Revolving Commitments
are less than $1,000,000, such lesser amount); provided that the Swingline Lender may request, on behalf of the Borrower, borrowings
under the Revolving Commitments that are ABR Loans in other amounts pursuant to Section 2.7. Upon receipt of any such Notice
of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Revolving Lender thereof. Each Revolving Lender will
make the amount of its pro rata share of each such borrowing available to the Administrative Agent for the account of the Borrower
at the Revolving Loan Funding Office prior to 10:00 A.M. on the Borrowing Date requested by the Borrower in funds immediately available
to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting such account
as is designated in writing to the Administrative Agent by the Borrower with the aggregate of the amounts made available to the Administrative
Agent by the Revolving Lenders and in like funds as received by the Administrative Agent or, if so specified in the Flow of Funds Agreement,
the Administrative Agent shall wire transfer all or a portion of such aggregate amounts to the Existing Agent (for application against
amounts then outstanding under the Existing Credit Facility), in accordance with the wire instructions specified for such purpose in the
Flow of Funds Agreement. No Revolving Loan will be made on the Closing Date.
2.6 Swingline
Commitment.
Subject to the terms and
conditions hereof, the Swingline Lender agrees to make available a portion of the credit accommodations otherwise available to the Borrower
under the Revolving Commitments from time to time during the Revolving Commitment Period by making swing line loans (each a “Swingline
Loan” and, collectively, the “Swingline Loans”) to the Borrower; provided that (a) the
aggregate principal amount of Swingline Loans outstanding at any time shall not exceed the Swingline Commitment then in effect, (b) the
Borrower shall not request, and the Swingline Lender shall not make, any Swingline Loan if, after giving effect to the making of such
Swingline Loan, the aggregate amount of the Available Revolving Commitments would be less than zero, and (c) the Borrower shall not
use the proceeds of any Swingline Loan to refinance any then outstanding Swingline Loan. During the Revolving Commitment Period, the Borrower
may use the Swingline Commitment by borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof. Swingline
Loans shall be ABR Loans only. The Borrower shall repay to the Swingline Lender the then unpaid principal amount of each Swingline Loan
on the Maturity Date.
2.7 Procedure
for Swingline Borrowing; Refunding of Swingline Loans.
(a) Whenever
the Borrower desires that the Swingline Lender make Swingline Loans the Borrower shall give the Swingline Lender irrevocable telephonic
notice (which telephonic notice must be received by the Swingline Lender not later than 10:00 A.M. on the proposed Borrowing Date)
confirmed promptly in writing by a Notice of Borrowing, specifying (i) the amount to be borrowed, (ii) the requested Borrowing
Date (which shall be a Business Day during the Revolving Commitment Period), and (iii) instructions for the remittance of the proceeds
of such Loan. Each borrowing under the Swingline Commitment shall be in an amount equal to $100,000 or a whole multiple of $100,000 in
excess thereof. Promptly thereafter, on the Borrowing Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall
make available to the Borrower an amount in immediately available funds equal to the amount of the Swingline Loan to be made by depositing
such amount in the account designated in writing to the Administrative Agent by the Borrower. Unless a Swingline Loan is sooner refinanced
by the advance of a Revolving Loan pursuant to Section 2.7(b), such Swingline Loan shall be repaid by the Borrower no later
than five Business Days after the advance of such Swingline Loan.
(b) The
Swingline Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower (which hereby irrevocably
directs the Swingline Lender to act on its behalf), on one Business Day’s telephonic notice given by the Swingline Lender no later
than 10:00 A.M. and promptly confirmed in writing, request each Revolving Lender to make, and each Revolving Lender hereby agrees
to make, a Revolving Loan, in an amount equal to such Revolving Lender’s Revolving Percentage of the aggregate amount of such Swingline
Loan (each a “Refunded Swingline Loan”) outstanding on the date of such notice, to repay the Swingline Lender.
Each Revolving Lender shall make the amount of such Revolving Loan available to the Administrative Agent at the Revolving Loan Funding
Office in immediately available funds, not later than 10:00 A.M. one Business Day after the date of such notice. The proceeds of
such Revolving Loan shall be immediately made available by the Administrative Agent to the Swingline Lender for application by the Swingline
Lender to the repayment of the Refunded Swingline Loan. The Borrower irrevocably authorizes the Swingline Lender to charge the Borrower’s
accounts with the Administrative Agent (up to the amount available in each such account) to immediately pay the amount of any Refunded
Swingline Loan to the extent amounts received from the Revolving Lenders are not sufficient to repay in full such Refunded Swingline Loan.
(c) If
prior to the time that the Borrower has repaid the Swingline Loans pursuant to Section 2.7(a) or a Revolving Loan has
been made pursuant to Section 2.7(b), one of the events described in Section 8.1(f) shall have occurred or
if for any other reason, as determined by the Swingline Lender in its sole discretion, Revolving Loans may not be made as contemplated
by Section 2.7(b), each Revolving Lender shall, on the date such Revolving Loan was to have been made pursuant to the notice
referred to in Section 2.7(b) or on the date requested by the Swingline Lender (with at least one Business Day’s
notice to the Revolving Lenders), purchase for cash an undivided participating interest in the then outstanding Swingline Loans by paying
to the Swingline Lender an amount (the “Swingline Participation Amount”) equal to (i) such Revolving
Lender’s Revolving Percentage times (ii) the sum of the aggregate principal amount of the outstanding Swingline Loans
that were to have been repaid with such Revolving Loans.
(d) Whenever,
at any time after the Swingline Lender has received from any Revolving Lender such Lender’s Swingline Participation Amount, the
Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Lender its Swingline
Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s
participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s
pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline Loans
then due); provided that in the event that such payment received by the Swingline Lender is required to be returned, such Revolving
Lender will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender.
(e) Each
Revolving Lender’s obligation to make the Loans referred to in Section 2.7(b) and to purchase participating interests
pursuant to Section 2.7(c) shall be absolute and unconditional and shall not be affected by any circumstance, including
(i) any setoff, counterclaim, recoupment, defense or other right that such Revolving Lender or the Borrower may have against the
Swingline Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence of a Default or an Event of Default
or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition
(financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other
Loan Party or any other Revolving Lender, or (v) any other circumstance, happening or event whatsoever, whether or not similar to
any of the foregoing.
(f) The
Swingline Lender may resign at any time by giving 30 days’ prior notice to the Administrative Agent, the Lenders and the Borrower.
Following such notice of resignation from the Swingline Lender, the Swingline Lender may be replaced at any time by written agreement
among the Borrower, the Administrative Agent, the Required Lenders and the successor Swingline Lender. After the resignation or replacement
of the Swingline Lender hereunder, the retiring Swingline Lender shall remain a party hereto and shall continue to have all the rights
and obligations of the Swingline Lender under this Agreement and the other Loan Documents with respect to Swingline Loans made by it prior
to such resignation or replacement, but shall not be required or permitted to make any additional Swingline Loans.
2.8 [Reserved].
2.9 Fees.
(a) Upfront
Fee. On or prior to the Closing Date, the Borrower agrees to pay to the Administrative Agent an upfront fee in the amount specified
in the Fee Letter.
(b) Commitment
Fee. As additional compensation for the Revolving Commitment, the Borrower shall pay to the Administrative Agent for the account of
the Lenders, in arrears, on the first day of each quarter prior to the Maturity Date and on the Maturity Date, a fee for the Borrower’s
non-use of available funds in an amount equal to the Commitment Fee Rate per annum multiplied by the difference between (x) the
Revolving Commitments (as they may be reduced from time to time) and (y) the average for the period of the daily closing balance
of the Revolving Loans outstanding; provided, that Swingline Loans shall not be considered utilization of the Revolving Facility
for purposes of this calculation.
(c) Agency
Fees. The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in the Fee Letter
and to perform any other obligations contained therein.
(d) Fees
Nonrefundable. All fees payable under this Section 2.9 shall be fully earned on the date paid and nonrefundable.
2.10 Termination
or Reduction of Revolving Commitments.
The Borrower shall have the
right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from
time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of the Revolving
Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans and Swingline Loans made
on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Available Revolving Commitments. Any such reduction
shall be in an amount equal to $500,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect;
provided, further, if in connection with any such reduction or termination of the Revolving Commitments a SOFR Loan is prepaid
on any day other than the Interest Payment Date therefor, the Borrower shall also pay any amounts owing pursuant to Section 2.21.
The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the
L/C Commitments or, from time to time, to reduce the amount of the L/C Commitments; provided that no such termination or reduction
of L/C Commitments shall be permitted if, after giving effect thereto, the Total L/C Commitments shall be reduced to an amount that would
result in the aggregate L/C Exposure exceeding the Total L/C Commitments (as so reduced). Any such reduction shall be in an amount equal
to $500,000, or a whole multiple thereof, and shall reduce permanently the L/C Commitments then in effect.
2.11 Optional
Prepayments.
The Borrower may at any time
and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to the Administrative
Agent no later than 10:00 A.M. three U.S. Government Securities Business Days prior thereto, in the case of SOFR Loans, and no later
than 10:00 A.M. one Business Day prior thereto, in the case of ABR Loans, which notice shall specify the date and amount of the proposed
prepayment; provided that, if a SOFR Loan is prepaid, in whole or in part, on any day other than the Interest Payment Date therefor,
the Borrower shall also pay any amounts owing pursuant to Section 2.21; provided, further that if such notice
of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing, such notice of prepayment may be revoked
if the financing is not consummated. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender
thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together
with (except in the case of Revolving Loans that are ABR Loans and Swingline Loans) accrued interest to such date on the amount prepaid.
Partial prepayments of Term Loans and Revolving Loans shall be in an aggregate principal amount of $500,000 or a whole multiple thereof.
Partial prepayments of Swingline Loans shall be in an aggregate principal amount of $250,000 or a whole multiple thereof.
2.12 Mandatory
Prepayments.
(a) If
any Indebtedness shall be incurred by any Group Member (excluding any Indebtedness incurred in accordance with Section 7.2
(unless such Indebtedness is incurred to replace or refinance the Facilities, in whole or in part)), an amount equal to 100% of the Net
Cash Proceeds thereof shall be applied on the date of such incurrence toward the prepayment of the Term Loans and other amounts as set
forth in Section 2.12(c).
(b) If
on any date any Group Member shall receive Net Cash Proceeds from any Asset Sale or Recovery Event then, unless a Reinvestment Notice
shall be delivered within six months after the date of such Asset Sale or Recovery Event, an amount equal to 100% of the Net Cash Proceeds
thereof shall be applied on such date toward the prepayment of the Loans and other amounts as set forth in Section 2.12(c);
provided that notwithstanding the foregoing, (i) the aggregate Net Cash Proceeds of Asset Sales and Recovery Events that may
be excluded from the foregoing requirement pursuant to a Reinvestment Notice shall not exceed $500,000 in any Fiscal Year of the Borrower
and (ii) on each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant
Reinvestment Event shall be applied toward the prepayment of the Loans and other amounts as set forth in Section 2.12(c);
provided, further that (x) no Default or Event of Default shall have occurred and be continuing at the time of such
Asset Sale or Recovery Event and on any Reinvestment Prepayment Date, in each case as certified by the Borrower in writing to the Administrative
Agent and (y) pending such Reinvestment Prepayment Date, such Net Cash Proceeds are held in an account of the Borrower that is subject
to a Control Agreement.
(c) Amounts
to be applied in connection with prepayments made pursuant to this Section 2.12 shall be applied to the prepayment of installments
due in respect of the Term Loans on a pro rata basis (provided that any Term Lender may decline any such prepayment (the aggregate
amount of all such prepayments declined in connection with any particular prepayment, collectively, the “Declined Amount”),
in which case the Declined Amount shall be distributed first, to the prepayment, on a pro rata basis, of the Term Loans
held by Term Lenders that have elected to accept such Declined Amounts; second, to the extent of any residual, if no Term Loans
remain outstanding, to the prepayment of the Revolving Loans in accordance with Section 2.15(c) (with no corresponding
permanent reduction in the Revolving Commitments); and third, to the extent of any residual, if no Term Loans or Revolving Loans
remain outstanding, to the replacement of outstanding Letters of Credit and/or the deposit of an amount in cash (in an amount not to exceed
103% of the then existing L/C Exposure) in a Cash Collateral account established with the Administrative Agent for the benefit of the
L/C Lenders on terms and conditions satisfactory to the Issuing Lender). Each prepayment of the Loans under this Section 2.12
(except in the case of Revolving Loans that are ABR Loans and Swingline Loans, in the event all Revolving Commitments have not been terminated)
shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid. The Borrower shall deliver to the Administrative
Agent and each Term Lender notice of each prepayment of Term Loans in whole or in part pursuant to this Section 2.12 not less
than five Business Days prior to the date such prepayment shall be made (each, a “Mandatory Prepayment Date”).
Such notice shall set forth (i) the Mandatory Prepayment Date, (ii) the aggregate amount of such prepayment and (iii) the
options of each Term Lender to (x) decline or accept its share of such prepayment and (y) to accept Declined Amounts. Any Term
Lender that wishes to exercise its option to decline such prepayment or to accept Declined Amounts shall notify the Administrative Agent
by facsimile not later than three Business Days prior to the Mandatory Prepayment Date.
(d) The
Borrower shall deliver to the Administrative Agent, at the time of each prepayment required under this Section 2.12, (i) a
certificate signed by a Responsible Officer setting forth in reasonable detail the calculation of the amount of such prepayment or reduction
and (ii) to the extent practicable, at least five days prior written notice of such prepayment or reduction (and the Administrative
Agent shall promptly provide the same to each Lender). Each notice of prepayment shall specify the prepayment or reduction date, the Type
of each Loan being prepaid and the principal amount of each Loan (or portion thereof) to be prepaid.
(e) The
Borrower shall from time to time prepay first, the Swingline Loans, and second, the Revolving Loans, to the extent necessary
so that the Total Revolving Extensions of Credit shall not at any time exceed the Total Revolving Commitments then in effect.
(f) No
prepayment fee shall be payable in respect of any mandatory prepayments made pursuant to this Section 2.12.
2.13 Conversion
and Continuation Options.
(a) The
Borrower may elect from time to time to convert SOFR Loans to ABR Loans by giving the Administrative Agent prior notice in a Notice of
Conversion/Continuation of such election no later than 10:00 A.M. one Business Day prior to the proposed conversion date; provided
that any such conversion of SOFR Loans may only be made on the last day of an Interest Period with respect thereto. The Borrower may elect
from time to time to convert ABR Loans to SOFR Loans by giving the Administrative Agent prior notice in a Notice of Conversion/Continuation
of such election no later than 10:00 A.M. three U.S. Government Securities Business Days prior to the proposed conversion date (which
notice shall specify the length of the initial Interest Period therefor); provided that no ABR Loan may be converted into a SOFR
Loan when any Event of Default has occurred and is continuing. Upon receipt of any such notice, the Administrative Agent shall promptly
notify each relevant Lender thereof. If no Interest Period is specified with respect to any SOFR Loans in a Notice of Conversion/Continuation
delivered by the Borrower to the Administrative Agent, the Borrower shall be deemed to have selected an Interest Period of one month’s
duration.
(b) The
Borrower may elect from time to time to continue any SOFR Loan by giving the Administrative Agent prior notice of such election in a Notice
of Conversion/Continuation, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1,
of the length of the next Interest Period to be applicable to such SOFR Loan; provided that no SOFR Loan may be continued as such
when any Event of Default has occurred and is continuing; provided, further that (x) if the Borrower shall fail to
give any required notice as described above in this paragraph, upon the expiration of the then current Interest Period, such SOFR Loans
shall be automatically continued as SOFR Loans bearing interest at a rate based upon Term SOFR and with an Interest Period of the same
length as then expiring Interest Period or (y) if such continuation is not permitted pursuant to the preceding proviso, such SOFR
Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice
the Administrative Agent shall promptly notify each relevant Lender thereof.
(c) After
the occurrence and during the continuance of an Event of Default, (i) the Borrower may not elect to have a Loan be made or continued
as, or converted to, a SOFR Loan after the expiration of any Interest Period then in effect for such Loan and (ii), any Notice of Conversion/Continuation
given by the Borrower with respect to a requested conversion/continuation that has not yet occurred shall, at the Administrative Agent’s
option, be deemed to be rescinded by the Borrower and be deemed a request to convert or continue Loans referred to therein as ABR Loans.
2.14 Limitations
on SOFR Tranches.
Notwithstanding anything
to the contrary in this Agreement, all borrowings, conversions and continuations of SOFR Loans and all selections of Interest Periods
shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal
amount of the SOFR Loans comprising each SOFR Tranche shall be equal to $1,000,000 or a whole multiple of $100,000 in excess thereof (or
such lesser amount as shall represent all of the SOFR Loans then outstanding), and (b) no more than seven SOFR Tranches shall be
outstanding at any one time.
2.15 Interest
Rates and Payment Dates.
(a) Each
SOFR Loan shall bear interest at a rate per annum equal to (i) Term SOFR for the Interest Period therefor plus (ii) the
Applicable Margin.
(b) Each
ABR Loan (including any Swingline Loan) shall bear interest at a rate per annum equal to (i) the ABR plus (ii) the Applicable
Margin.
(c) During
the continuance of an Event of Default, at the request of Required Lenders, all outstanding Loans shall bear interest at a rate per annum
equal to the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.15 plus
2.00% (the “Default Rate”); provided that the Default Rate shall apply to all outstanding Loans automatically
and without any Required Lender consent therefor upon the occurrence and continuance of any Event of Default arising under Section 7.1,
Section 8.1(a) or Section 8.1 (f).
(d) Interest
shall be payable in arrears on each Interest Payment Date; provided that (x) interest accruing pursuant to Section 2.15(c) shall
be payable from time to time on demand and (y) in the event of any conversion of any SOFR Loan prior to the Interest Payment Date,
accrued interest on such SOFR Loan and any amounts owing pursuant to Section 2.21 shall be payable on the effective date of
such conversion.
2.16 Computation
of Interest and Fees; Conforming Changes.
(a) Interest
and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect
to ABR Loans the rate of interest on which is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the
basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. All interest hereunder on any Loan shall be computed
on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. Any change in the
interest rate on a Loan resulting from a change in the ABR shall become effective as of the opening of business on the day on which such
change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective
date and the amount of each such change in interest rate.
(b) 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. The Administrative Agent shall, at the request of the Borrower, deliver
to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.16(a).
(c) In
connection with the use or administration of any Benchmark, the Administrative Agent shall 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 shall become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection
with the use or administration of such Benchmark.
2.17 Inability
to Determine Interest Rate; Benchmark Replacement Setting.
(a) Inability
to Determine Interest Rate. Subject to Section 2.17(b), if, as of any date:
(i) the
Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that “Term SOFR”
cannot be determined pursuant to the definition thereof, or
(ii) the
Required Lenders determine that for any reason, in connection with any request for a SOFR Loan or a conversion thereto or a continuation
thereof that “Term SOFR” for any requested Interest Period with respect to a proposed SOFR Loan does not adequately and fairly
reflect the cost to such Lenders of making and maintaining such Loan, and the Required Lenders have provided notice of such determination
to the Administrative Agent,
the
Administrative Agent will promptly so notify the Borrower and each Lender. Upon notice thereof by the Administrative Agent to the
Borrower, any obligation of the Lenders to make and any right of the Borrower to continue SOFR Loans or to convert ABR Loans to SOFR Loans
shall be suspended (to the extent of the affected Interest Periods) until the Administrative Agent (with respect to clause (ii),
at the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, (i) the Borrower may revoke any pending
request for a borrowing of, conversion to or, in the case of SOFR Loans, continuation of SOFR Loans (to the extent of the affected Interest
Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion
to ABR Loans in the amount specified therein and (ii) any outstanding affected SOFR Loans will be deemed to have been converted into
ABR Loans at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall also pay accrued interest on the
amount so converted, together with any additional amounts required pursuant to Section 2.21. Subject to Section 2.17(b),
if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that “Term SOFR”
cannot be determined pursuant to the definition thereof, in each case on any given day, the interest rate on ABR Loans shall be determined
by the Administrative Agent without reference to clause (c) of the definition of “ABR” until the Administrative
Agent revokes such determination.
(b) Benchmark
Replacement Setting.
(i) Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement
is determined in accordance with clause (a) of the definition of “Benchmark Replacement” for such Benchmark Replacement
Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such
Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this
Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of
the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such
Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York
City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the affected Lenders without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative
Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.
If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.
(ii) Benchmark
Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement,
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.
(iii) Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the
implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration,
adoption or implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of (x) the removal or reinstatement
of any tenor of a Benchmark pursuant to Section 2.17(b)(iv) and (y) the commencement of any Benchmark Unavailability
Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of
Lenders) pursuant to this Section 2.17(b), including any determination with respect to a tenor, rate or adjustment or of the
occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection,
will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other
party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.17(b).
(iv) Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR Reference
Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate
from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator
of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or
will not be representative, then the Administrative Agent may modify the definition of “Interest Period” (if applicable) (or
any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative
tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on
a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an
announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative
Agent may modify the definition of “Interest Period” (if applicable) (or any similar or analogous definition) for all Benchmark
settings at or after such time to reinstate such previously removed tenor.
(v) Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any pending request for a SOFR Borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued
during any Benchmark Unavailability Period and, failing that, (i) the Borrower will be deemed to have converted any such request
into a request for a Borrowing of or conversion to ABR Loans and (ii) any outstanding affected SOFR Loans will be deemed to have
been converted into ABR Loans at the end of the applicable Interest Period. During any Benchmark Unavailability Period or at any time
that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such
tenor for such Benchmark, as applicable, will not be used in any determination of ABR.
2.18 Pro
Rata Treatment and Payments.
(a) Each
borrowing by the Borrower from the Lenders hereunder, each payment by the Borrower on account of any commitment fee and any reduction
of the Commitments shall be made pro rata according to the respective Term Percentages, L/C Percentages or Revolving Percentages,
as the case may be, of the relevant Lenders.
(b) Except
as otherwise provided herein, each payment (including each prepayment) by the Borrower on account of principal of and interest on the
Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then held by the
Term Lenders. The amount of each optional principal prepayment of the Term Loans shall be applied as directed by the Borrower. The amount
of each principal prepayment of the Term Loans shall be applied to reduce the then remaining installments of the Term Loans pro rata
based upon the respective then remaining principal amounts thereof. Except as otherwise may be agreed by the Borrower and the Required
Lenders, any prepayment of Loans shall be applied to the then outstanding Term Loans on a pro rata basis regardless of type. Amounts
prepaid on account of the Term Loans may not be reborrowed.
(c) Each
payment (including each prepayment) by the Borrower on account of principal of and interest on the Revolving Loans shall be made pro
rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Revolving Lenders.
(d) All
payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall
be made without condition or deduction for any counterclaim, defense, recoupment or setoff and shall be made prior to 10:00 A.M. on
the due date thereof to the Administrative Agent, for the account of the Lenders, at the applicable Funding Office, in Dollars and in
immediately available funds. The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds
as received. Any payment received by the Administrative Agent after 10:00 A.M. shall be deemed received on the next succeeding Business
Day and any applicable interest or fee shall continue to accrue. If any payment hereunder (other than payments on the SOFR Loans) becomes
due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment
on a SOFR Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding
Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment
shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding
two sentences, interest thereon shall be payable at the then applicable rate during such extension.
(e) Unless
the Administrative Agent shall have been notified in writing by any Lender prior to the proposed date of any borrowing that such Lender
will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent
may assume that such Lender has made such amount available to the Administrative Agent on such date in accordance with Section 2,
and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount
is not in fact made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith, on demand, such corresponding amount with interest thereon, for each day
from and including the date on which such amount is made available to the Borrower but excluding the date of payment to the Administrative
Agent, at (i) in the case of a payment to be made by such Lender, a rate equal to the greater of (A) the Federal Funds Effective
Rate and (B) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation,
and (ii) in the case of a payment to be made by the Borrower, the rate per annum applicable to ABR Loans under the relevant Facility.
If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative
Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays 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.
(f) 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 Issuing Lender 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 Lenders or the Issuing Lender, as the case may be, the amount due. In such event, if the Borrower has not in fact made
such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender or Issuing Lender, 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 Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Nothing herein shall be deemed to limit the rights of Administrative Agent or any Lender against the Borrower.
(g) 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 Section 2, 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 Section 5.1 or Section 5.2 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.
(h) The
obligations of the Lenders hereunder to (i) make Term Loans, (ii) make Revolving Loans, (iii) to fund its participations
in L/C Disbursements in accordance with its respective L/C Percentage, (iv) to fund its respective Swingline Participation Amount
of any Swingline Loan, and (v) to make payments pursuant to Section 9.7, as applicable, are several and not joint. The
failure of any Lender to make any such Loan, to fund any such participation or to make any such payment under Section 9.7
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 9.7.
(i) 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.
(j) If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, 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 then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal
then due to such parties.
(k) If
any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account
of the principal of or interest on any Loan made by it, its participation in the L/C Exposure or other obligations hereunder, as applicable
(other than pursuant to a provision hereof providing for non-pro rata treatment), in excess of its Term Percentage, Revolving Percentage
or L/C Percentage, as applicable, of such payment on account of the Loans or participations obtained by all of the Lenders, such Lender
shall (a) notify the Administrative Agent of the receipt of such payment, and (b) within five Business Days of such receipt
purchase (for cash at face value) from the other Term Lenders, Revolving Lenders or L/C Lenders, as applicable (through the Administrative
Agent), without recourse, such participations in the Term Loans or Revolving Loans made by them and/or participations in the L/C Exposure
held by them, as applicable, or make such other adjustments as shall be equitable, as shall be necessary to cause such purchasing Lender
to share the excess payment ratably with each of the other Lenders in accordance with their respective Term Percentages, Revolving Percentages
or L/C Percentages, as applicable; provided, however, that (i) if any such participations are purchased and all or
any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to
the extent of such recovery, without interest and (ii) the provisions of this paragraph shall not be construed to apply to (x) any
payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds
arising from the existence of a Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment or
sale of a participation in any of its Loans or participations in L/C Disbursements to any assignee or participant, other than to Holdings
or any Subsidiary thereof (as to which the provisions of this paragraph shall apply). The Borrower agrees that any Lender so purchasing
a participation from another Lender pursuant to this Section 2.18(k) may exercise all its rights of payment (including
the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount
of such participation. No documentation other than notices and the like referred to in this Section 2.18(k) shall be
required to implement the terms of this Section 2.18(k). The Administrative Agent shall keep records (which shall be conclusive
and binding in the absence of manifest error) of participations purchased pursuant to this Section 2.18(k) and shall
in each case notify the Term Lenders, the Revolving Lenders or the L/C Lenders, as applicable, following any such purchase. The provisions
of this Section 2.18(k) shall not be construed to apply to (i) 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), (ii) the application of Cash Collateral provided for in Section 3.10, or (iii) 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 any
L/C Exposure to any assignee or participant, other than an assignment to Holdings or any Subsidiary thereof (as to which the provisions
of this Section shall apply). The Borrower consents on behalf of itself and each other Loan Party 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 each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were
a direct creditor of each Loan Party in the amount of such participation. For the avoidance of doubt, no amounts received by the Administrative
Agent or any Lender from any Guarantor that is not a Qualified ECP Guarantor shall be applied in partial or complete satisfaction of any
Excluded Swap Obligations.
(l) Notwithstanding
anything to the contrary in this Agreement, the Administrative Agent may, in its discretion at any time or from time to time, without
the Borrower’s request and even if the conditions set forth in Section 5.2 would not be satisfied, make a Revolving
Loan in an amount equal to the portion of the Obligations constituting overdue interest and fees and Swingline Loans from time to time
due and payable to itself, any Revolving Lender, the Swingline Lender or the Issuing Lender, and apply the proceeds of any such Revolving
Loan to those Obligations; provided that after giving effect to any such Revolving Loan, the aggregate outstanding Revolving Loans
will not exceed the Total Revolving Commitments then in effect.
2.19 Illegality;
Requirements of Law.
(a) Illegality.
If any Lender determines that any Requirement of Law imposed after the date hereof 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 Loans whose interest is determined
by reference to SOFR, Term SOFR or Term SOFR Reference Rate, or to determine or charge interest based upon SOFR, Term SOFR or Term SOFR
Reference Rate, then, upon written notice thereof by such Lender to the Borrower (through the Administrative Agent) (an “Illegality
Notice”), (i) any obligation of the Lenders to make SOFR Loans, and the right of the Borrower to continue SOFR Loans
or to convert ABR Loans to SOFR Loans, shall be suspended, and (ii) the interest rate on ABR Loans shall, if necessary to avoid such
illegality, be determined by the Administrative Agent without reference to SOFR component of the definition of “ABR”, in each
case until each affected Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination
no longer exist. Upon receipt of an Illegality Notice, the Borrower shall, if necessary to avoid such illegality, upon demand from any
Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all SOFR Loans to ABR Loans (the interest rate on
which ABR Loans shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to SOFR component
of the definition of “ABR”) on the Interest Payment Date therefor, if all affected Lenders may lawfully continue to maintain
such SOFR Loans to such day, or immediately, if any Lender may not lawfully continue to maintain such SOFR Loans to such day, in each
case, until the Administrative Agent is advised in writing by each affected Lender that it is no longer illegal for such Lender to determine
or charge interest rates based upon, Term SOFR or Term SOFR Reference Rate. 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 2.21.
(b) Requirements
of Law. If the adoption of or any change after the date hereof in any Requirement of Law or in the administration, interpretation,
implementation or application thereof by any Governmental Authority, or the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority made subsequent to the date hereof:
(i) shall
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through
(d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its Loans, loan principal, letters of credit,
commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
(ii) shall
impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board
for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement)
with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D)), 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
(iii) impose
on any Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter
of Credit or participation therein;
and the result of any of the foregoing shall be
to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining Loans or of maintaining
its obligation to make such Loans, or to increase the cost to such Lender or such other Recipient of issuing, maintaining or participating
in Letters 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 receivable or received by such Lender or other Recipient hereunder in respect thereof (whether of principal, interest or any other
amount), then, in any such case, upon the request of such Lender or other Recipient, the Borrower will promptly pay such Lender or other
Recipient, as the case may be, any additional amount or amounts necessary to compensate such Lender or other Recipient, as the case may
be, for such additional costs incurred or reduction suffered. If any Lender becomes entitled to claim any additional amounts pursuant
to this paragraph, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it
has become so entitled.
(c) If
any Lender determines that any change in any Requirement of Law imposed after the date hereof affecting such Lender or any lending office
of such Lender or such Lender’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 capital or on the capital of such Lender’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held
by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such Lender or such Lender’s
holding company could have achieved but for such change in such Requirement of Law (taking into consideration such Lender’s policies
and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay
to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing
Lender or such Lender’s or Issuing Lender’s holding company for any such reduction suffered.
(d) For
purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines,
or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case (i) and (ii) be deemed to be
a change in any Requirement of Law, regardless of the date enacted, adopted or issued.
(e) A
certificate (in reasonable detail) as to any additional amounts payable pursuant to paragraphs (b), (c), or (d) of
this Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence
of manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender’s right to demand such compensation. Notwithstanding anything to the contrary in this Section 2.19, the Borrower
shall not be required to compensate a Lender pursuant to this Section 2.19 for any amounts incurred more than nine months
prior to the date that such Lender notifies the Borrower of the change in the Requirement of Law giving rise to such increased costs or
reductions, and of such Lender’s intention to claim compensation therefor; provided that if the circumstances giving rise
to such claim have a retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect.
The obligations of the Borrower arising pursuant to this Section 2.19 shall survive the Discharge of Obligations and the resignation
of the Administrative Agent.
2.20 Taxes.
For purposes of this Section 2.20, the term “Lender,” for the avoidance of doubt, includes the Issuing Lender
and the term “applicable law” includes FATCA.
(a) Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by applicable law, and the Borrower shall, and shall cause each other Loan
Party, to comply with the requirements set forth in this Section 2.20. If any applicable law (as determined in the good faith
discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding
Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax,
then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been
made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives
an amount equal to the sum it would have received had no such deduction or withholding been made.
(b) Payment
of Other Taxes. Each of Holdings and the Borrower shall, and each of Holdings and the Borrower shall cause each other Loan Party to,
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 applicable to such Loan Party.
(c) Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.20,
the Borrower shall, or shall cause such other Loan Party to, deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.
(d) Indemnification
by Loan Parties. The Borrower shall, and shall cause each other Loan Party to, jointly and severally indemnify each Recipient, within
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 2.20) payable or paid by such Recipient or required to be withheld or deducted from
a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto (including any recording and filing
fees with respect thereto or resulting therefrom and any liabilities with respect to, or resulting from, any delay in paying such Indemnified
Taxes), whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate (in reasonable detail) 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. If any Loan Party fails to pay any Indemnified Taxes when due to the appropriate taxing authority or fails to remit to the Administrative
Agent the required receipts or other required documentary evidence, such Loan Party shall indemnify the Administrative Agent and the Lenders
for any incremental taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any
such failure.
(e) Indemnification
by Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to
such Lender’s failure to comply with the provisions of Section 10.6 relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate (in reasonable detail) 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
Section 2.20(e).
(f) Status
of Lenders.
(i) Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
the Borrower or the Administrative Agent, shall deliver such other documentation 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 Sections 2.20(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if the Lender is not legally entitled to complete, execute or
deliver such documentation or, in the Lender’s reasonable judgment, such completion, execution or submission would subject such
Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii) Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,
(A) any
Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
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 originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or
any successor form) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN
or IRS Form W-8BEN-E, as applicable (or any successor form) establishing an exemption from, or reduction of, U.S. federal withholding
Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(2) executed
copies of IRS Form W-8ECI;
(3) in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit F-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 or IRS Form W-8BEN-E,
as applicable (or any successor form); 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 or IRS Form W-8BEN-E, as applicable (or any successor form), a U.S. Tax Compliance Certificate substantially in
the form of Exhibit F-2 or Exhibit F-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 F-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 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 purposes of this clause (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 expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do
so. Each Foreign Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any
previously delivered certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose).
Notwithstanding any other provision of this paragraph, a Foreign Lender shall not be required to deliver any form pursuant to this paragraph
that such Foreign Lender is not legally able to deliver.
(g) Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 2.20 (including by the payment of additional amounts pursuant
to this Section 2.20), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount
paid over pursuant to this Section 2.20(g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this Section 2.20(g), in no event will the indemnified party be required to pay any amount to
an indemnifying party pursuant to this Section 2.20(g) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to
such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to
such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns
(or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(h) Survival.
Each party’s obligations under this Section 2.20 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender and the Discharge of Obligations.
2.21 Indemnity.
In the event of (a) the
payment of any principal of any SOFR Loan other than on the Interest Payment Date therefor (including as a result of an Event of Default),
(b) the conversion of any SOFR Loan other than on the Interest Payment Date therefor (including as a result of an Event of Default),
(c) the failure to borrow, convert, continue or prepay any SOFR Loan on the date specified in any notice delivered pursuant hereto,
or (d) the assignment of any SOFR Loan other than on the Interest Payment Date therefor, as a result of a request by the Borrower
pursuant to Section 2.23), then, in any such event, the Borrower shall compensate each Lender for any loss, cost and expense
attributable to such event, including any loss, cost or expense arising from the liquidation or redeployment of funds or from any fees
payable. A certificate (in reasonable detail) of any Lender setting forth any amount or amounts that such Lender is entitled to receive
pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay
such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
2.22 Change
of Lending Office.
Each Lender agrees that,
upon the occurrence of any event giving rise to the operation of Section 2.19(b), Section 2.19(c), Section 2.20(a),
Section 2.20(b) or Section 2.20(d) with respect to such Lender, it will, if requested by the Borrower,
use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office for funding or
booking its Loans affected by such event or to assign its rights and obligations hereunder to another of its offices, branches or affiliates,
if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.19
or 2.20, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender; provided that nothing in this Section shall affect or postpone any
of the obligations of the Borrower or the rights of any Lender pursuant to Section 2.19(b), Section 2.19(c), Section 2.20(a),
Section 2.20(b) or Section 2.20(d). The Borrower hereby agrees to pay all reasonable and documented out-of-pocket
costs and expenses incurred by any Lender in connection with any such designation or assignment made at the request of the Borrower.
2.23 Substitution
of Lenders.
Upon the receipt by the Borrower of any of the following (or in the case of clause (a) below, if the Borrower is
required to pay any such amount), with respect to any Lender (any such Lender described in clauses (a) through (c) below
being referred to as an “Affected Lender” hereunder):
(a) a
request from a Lender for payment of Indemnified Taxes or additional amounts under Section 2.20 or of increased costs pursuant
to Section 2.19(c) or Section 2.19(d) (and, in any such case, such Lender has declined or is unable
to designate a different lending office in accordance with Section 2.22 or is a Non-Consenting Lender);
(b) a
notice from the Administrative Agent under Section 10.1(b) that one or more Minority Lenders are unwilling to agree to
an amendment or other modification approved by the Required Lenders and the Administrative Agent; or
(c) notice
from the Administrative Agent that a Lender is a Defaulting Lender;
then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent and such Affected Lender: (i) request that one or more of the other
Lenders acquire and assume all or part of such Affected Lender’s Loans and Commitment; or (ii) designate a replacement lending
institution (which shall be an Eligible Assignee) to acquire and assume all or a ratable part of such Affected Lender’s Loans and
Commitment (the replacing Lender or lender in (i) or (ii) being a “Replacement Lender”);
provided, however, that the Borrower shall be liable for the payment upon demand of all costs and other amounts arising
under Section 2.21 that result from the acquisition of any Affected Lender’s Loan and/or Commitment (or any portion
thereof) by a Lender or Replacement Lender, as the case may be, on a date other than the Interest Payment Date therefor, with respect
to any SOFR Loans then outstanding; and provided, further, however, that if the Borrower elects to exercise
such right with respect to any Affected Lender under clause (a) or (b) of this Section 2.23, then
the Borrower shall be obligated to replace all Affected Lenders under such clauses. The Affected Lender replaced pursuant to this Section 2.23
shall be required to assign and delegate, without recourse, all of its interests, rights and obligations under this Agreement and the
related Loan Documents to one or more Replacement Lenders that so agree to acquire and assume all or a ratable part of such Affected Lender’s
Loans and Commitment upon payment to such Affected Lender of an amount (in the aggregate for all Replacement Lenders) equal to 100% of
the outstanding principal of the Affected Lender’s Loans, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder and under the other Loan Documents from such Replacement Lenders (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts, including amounts under Section 2.21 hereof). Any such
designation of a Replacement Lender shall be effected in accordance with, and subject to the terms and conditions of, the assignment provisions
contained in Section 10.6 (with the assignment fee to be paid by the Borrower in such instance), and, if such Replacement
Lender is not already a Lender hereunder or an Affiliate of a Lender or an Approved Fund, shall be subject to the prior written consent
of the Administrative Agent (which consent shall not be unreasonably withheld, delayed or conditioned). Notwithstanding the foregoing,
with respect to any assignment pursuant to this Section 2.23, (x) in the case of any such assignment resulting from a
claim for compensation under Section 2.19 or payments required to be made pursuant to Section 2.20, such assignment
shall result in a reduction in such compensation or payments thereafter; (y) such assignment shall not conflict with applicable law
and (z) in the case of any assignment resulting from a Lender being a Minority Lender referred to in clause (b) of this
Section 2.23, the applicable assignee shall have consented to the applicable amendment, waiver or consent. Notwithstanding
the foregoing, an Affected Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a
waiver by such Affected Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease
to apply.
Notwithstanding anything in
this Section to the contrary, (i) any Lender that acts as an Issuing Lender 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 such Issuing Lender or the depositing of cash
collateral into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory to such Issuing Lender) have
been made with respect to such outstanding Letter of Credit and (ii) the Lender that acts as the Administrative Agent may not be
replaced hereunder except in accordance with the terms of Section 9.9.
2.24 Defaulting
Lenders.
(a) Defaulting
Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender,
then, until such time as such 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 Section 10.1 and in the definitions of Majority Revolving Lenders, Majority
Term Lenders and Required Lenders.
(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 Section 8 or otherwise, and including any
amounts made available to the Administrative Agent by such Defaulting Lender pursuant to Section 10.7), 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 Issuing Lender or to the Swingline Lender hereunder; third, to be held as Cash Collateral for
the funding obligations of such Defaulting Lender of any participation in any Letter of Credit; 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 to (x) satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement, and (y) be held as Cash Collateral for the future
funding obligations of such Defaulting Lender of any participation in any future Letter of Credit; sixth, to the payment of any
amounts owing to any L/C Lender, Issuing Lender or Swingline Lender as a result of any judgment of a court of competent jurisdiction
obtained by any L/C Lender, Issuing Lender or 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 has occurred and is continuing,
to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (A) such payment
is a payment of the principal amount of any Loans or L/C Advances in respect of which such Defaulting Lender has not fully funded its
appropriate share and (B) such Loans or L/C Advances were made at a time when the conditions set forth in Section 5.2
were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Advances 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 Advances owed to, such Defaulting Lender until
such time as all Loans and funded and unfunded participations in L/C Advances and Swingline Loans are held by the Lenders pro rata in
accordance with the Commitments under the applicable Facility without giving effect to Section 2.24(a)(iv). 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 2.24(a)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.
(iii) Certain
Fees.
(A) No
Defaulting Lender shall be entitled to receive any fee pursuant to Section 2.9(b) for any period during which such 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 such Defaulting Lender).
(B) Each
Defaulting Lender shall be limited in its right to receive letter of credit fees as provided in Section 3.3(d).
(C) 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 (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender
with respect to such Defaulting Lender’s participation in Letters of Credit or Swingline Loans that has been reallocated to such
Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the Issuing Lender and the Swingline Lender, as applicable,
the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the Issuing Lender’s or the Swingline
Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.
(iv) Reallocation
of Pro Rata Share to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes of computing
the amount of the obligation of each Non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant
to Section 3.4 or in Swingline Loans pursuant to Section 2.7(c), the L/C Percentage of each Non-Defaulting Lender
of any such Letter of Credit and the Revolving Percentage of each Non-Defaulting Lender of any such Swingline Loan, as the case may be,
shall be computed without giving effect to the Revolving Commitment of such Defaulting Lender; provided that, (A) each such
reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Event of Default has occurred
and is continuing; and (B) the aggregate obligations of each Non-Defaulting Lender to acquire, refinance or fund participations in
Letters of Credit and Swingline Loans shall not exceed the positive difference, if any, of (1) the Revolving Commitment of that Non-Defaulting
Lender minus (2) the aggregate outstanding amount of the Revolving Loans of that Lender plus the aggregate amount of
that Lender’s L/C Percentage of then outstanding Letters of Credit. 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 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 (iv) above cannot, or can only partially,
be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first,
prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize
the Issuing Lender’s Fronting Exposure in accordance with the procedures set forth in Section 3.10.
(b) Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Lender 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), such
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 on a pro rata basis by the Lenders in accordance with their respective Revolving Percentages, L/C
Percentages, and Term Percentages, as applicable (without giving effect to Section 2.24(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 such 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 such Lender having been a Defaulting Lender.
(c) New
Swingline Loans/Letters of Credit. So long as any 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 Issuing Lender shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied
that it will have no Fronting Exposure in respect of Letters of Credit after giving effect thereto.
(d) Termination
of Defaulting Lender. The Borrower may terminate the unused amount of the Revolving Commitment of any Revolving Lender that is a Defaulting
Lender upon not less than 10 Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof),
and in such event the provisions of Section 2.24(a)(ii) will apply to all amounts thereafter paid by the Borrower for
the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts);
provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be deemed
to be a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing Lender, the Swingline Lender or any other Lender
may have against such Defaulting Lender.
2.25 Notes.
If so requested by any Lender
by written notice to the Borrower (with a copy to the Administrative Agent), the Borrower shall execute and deliver to such Lender (and/or,
if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant to Section 10.6)
(promptly after the Borrower’s receipt of such notice) a Note or Notes to evidence such Lender’s Loans.
2.26 Incremental
Credit Extensions.
(a) The
Borrower may, at any time, on one or more occasions pursuant to an Incremental Facility Amendment, (i) increase the aggregate amount
of the Term Commitments (any such increase, an “Incremental Term Facility” and any loan made pursuant to an Incremental
Term Facility, “Incremental Term Loans”) and/or (ii) increase the aggregate amount of the Revolving Commitments
(any such increase, an “Incremental Revolving Facility” and, together with any Incremental Term Facility, “Incremental
Facilities”; and the loans thereunder, “Incremental Revolving Loans” and any Incremental Revolving Loans,
together with any Incremental Term Loans, “Incremental Loans”) in an aggregate principal amount not to exceed $25,000,000;
provided that:
(i) no
Incremental Commitment may be in an amount that is less than $5,000,000 (or such lesser amount to which the Administrative Agent may reasonably
agree);
(ii) no
Lender shall be obligated to provide any Incremental Commitment, and the determination to provide such commitments shall be within the
sole and absolute discretion of such Lender (it being agreed that the Borrower shall be obligated to offer the opportunity to all existing
Lenders to participate in any Incremental Facility in accordance with each Lender’s pro rata share of the Facilities (which any
Lender will be deemed to have declined if it does not respond to the Borrower within 15 Business Days));
(iii) no
Incremental Facility or Incremental Loan (nor the creation, provision or implementation thereof) shall require the approval of any existing
Lender other than in its capacity, if any, as a lender providing all or part of any Incremental Commitment or Incremental Loan;
(iv) subject
to clause (v) below, the terms of any Incremental Facility shall be identical to those applicable to any applicable then-existing
Facility;
(v) the
pricing shall be determined by the Borrower and the lender or lenders providing such Incremental Facility; provided that, in the
case of any Incremental Term Facility that is pari passu with the Term Loans in right of payment and with respect to security,
the Effective Yield applicable thereto may not be more than 0.50% higher than the Effective Yield applicable to the then-existing Term
Loans unless the Applicable Margin (and/or the Floor) with respect to the Term Loans is adjusted, or fees are paid to the relevant then-existing
Term Lenders, in each case, such that the Effective Yield in respect of such existing Term Loans is not more than 0.50% per annum less
than the Effective Yield with respect to such Incremental Term Facility;
(vi) subject
to clause (v) above, to the extent applicable, any fees payable in connection with any Incremental Facility shall be determined
by the Borrower and the arrangers and/or lenders providing such Incremental Facility;
(vii) the
final maturity date with respect to any Incremental Facility shall be the Maturity Date;
(viii) the
Weighted Average Life to Maturity of any Incremental Facility shall be no shorter than the remaining Weighted Average Life to Maturity
of the Facilities (without giving effect to any prepayment thereof);
(ix) no
Incremental Facility may be (A) guaranteed by any Person that is not a Loan Party or (B) secured by any asset other than the
Collateral;
(x) any
Incremental Term Facility may participate (A) in any voluntary prepayment of Term Loans as set forth in Section 2.11
on a pro rata basis (but not greater than pro rata basis) and (B) in any mandatory prepayment of Term Loans as set forth in Section 2.12
on a pro rata basis (but not greater than pro rata basis) with the then-existing Term Loans, in each case, to the extent provided in such
Sections;
(xi) the
conditions set forth in Section 5.2(a) and (b) hereof shall be satisfied after giving effect to the incurrence
or implementation of the relevant Incremental Facility as if such incurrence or implementation constituted a “Credit Extension”;
(xii) the
Borrower shall be in compliance with each of the financial covenants set forth in Section 7.1, after giving effect to the
incurrence or implementation of the relevant Incremental Facility;
(xiii) the
Consolidated Leverage Ratio of Holdings and its Subsidiaries shall be less than or equal to 1.75:1.00 (it being agreed that the Consolidated
Leverage Ratio shall be calculated without netting the proceeds of such Incremental Facility and treating any Incremental Revolving Facility
as being fully drawn), after giving effect to the incurrence or implementation of the relevant Incremental Facility;
(xiv) the
proceeds of any Incremental Facility may be used for general corporate purposes and any other use not prohibited by this Agreement;
(xv) on
the date of the Borrowing of any Incremental Term Loans, such Incremental Term Loans shall be added to (and constitute a part of, be of
the same Type as and, at the election of the Borrower, have the same Interest Period as) each Borrowing of outstanding Term Loans on a
pro rata basis (based on the relative sizes of such Borrowings), so that each Term Lender providing such Incremental Term Loans will participate
proportionately in each then-outstanding Borrowing of Term Loans; and
(xvi) the
aggregate principal amount of Incremental Revolving Facilities shall not exceed $5,000,000.
(b) Incremental
Commitments may be provided by any existing Lender, or by any other Eligible Assignee (any such other lender being called an “Incremental
Lender”); provided that the Administrative Agent (and, in the case of any Incremental Revolving Facility, any Issuing
Lender and any Swingline Lender) shall have a right to consent (such consent not to be unreasonably withheld, conditioned or delayed)
to the relevant Incremental Lender’s provision of Incremental Commitments if such consent would be required under Section 10.6
for an assignment of Loans to such Incremental Lender.
(c) Each
Lender or Incremental Lender providing a portion of any Incremental Commitment shall execute and deliver to the Administrative Agent and
the Borrower all such documentation (including the relevant Incremental Facility Amendment) as may be reasonably required by the Administrative
Agent to evidence and effectuate such Incremental Commitment. On the effective date of the relevant Incremental Commitment, each Incremental
Lender shall become a Lender for all purposes in connection with this Agreement.
(d) As
conditions precedent to the effectiveness of any Incremental Facility or the making of any Incremental Loans, (i) upon its request,
the Administrative Agent shall be entitled to receive customary written opinions of counsel, as well as such reaffirmation agreements,
supplements and/or amendments as it shall reasonably require, (ii) the Administrative Agent shall be entitled to receive, from each
Incremental Lender, an administrative questionnaire and such other documents as it shall reasonably require from such Incremental Lender,
(iii) the Administrative Agent and the Incremental Lenders shall be entitled to receive all fees required to be paid in respect of
such Incremental Facility or Incremental Loans, (iv) the Administrative Agent shall have received a Notice of Borrowing as if the
relevant Incremental Loans were subject to Section 2.2 or Section 2.5 and (v) the Administrative Agent shall
be entitled to receive a certificate of the Borrower signed by a Responsible Officer thereof certifying and attaching a copy of the resolutions
adopted by the governing body of the Borrower approving or consenting to such Incremental Facility or Incremental Loans.
(e) Notwithstanding
anything to the contrary in this Section 2.26 or in any other provision of any Loan Document, the conditions to availability
or funding of any Incremental Facility shall be determined by the relevant Incremental Lenders providing such Incremental Facility and
the Borrower.
(f) Upon
the implementation of any Incremental Revolving Facility pursuant to this Section 2.26, (i) each Revolving Lender immediately
prior to such increase will automatically and without further act be deemed to have assigned to each relevant Incremental Revolving Facility
Lender, and each relevant Incremental Revolving Facility Lender will automatically and without further act be deemed to have assumed a
portion of such Revolving Lender’s participations hereunder in outstanding Letters of Credit and Swingline Loans such that, after
giving effect to each deemed assignment and assumption of participations, all of the Revolving Lenders’ (including each Incremental
Revolving Facility Lender) (A) participations hereunder in Letters of Credit and (B) participations hereunder in Swingline Loans
shall be held on a pro rata basis on the basis of their respective Revolving Commitments (after giving effect to any increase in the Revolving
Commitment pursuant to this Section 2.26) and (ii) the existing Revolving Lenders shall assign Revolving Loans to certain
other Revolving Lenders (including the Revolving Lenders providing the relevant Incremental Revolving Facility), and such other Revolving
Lenders (including the Revolving Lenders providing the relevant Incremental Revolving Facility) shall purchase such Revolving Loans, in
each case to the extent necessary so that all of the Revolving Lenders participate in each outstanding Borrowing of Revolving Loans pro
rata on the basis of their respective Revolving Commitments (after giving effect to any increase in the Revolving Commitment pursuant
to this Section 2.26); it being understood and agreed that the minimum borrowing, pro rata borrowing and pro rata payment
requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to this clause (f).
(g) The
Lenders hereby irrevocably authorize the Administrative Agent to, and the Administrative Agent shall (without the consent of any Lenders
(other than those providing the applicable Incremental Facility)), enter into any Incremental Facility Amendment and/or any amendment
to any other Loan Document as may be necessary, appropriate or advisable in the reasonable opinion of the Administrative Agent. In addition,
the Incremental Facility Amendment with respect to any Incremental Term Facility may, without the consent of any Lenders (other than those
providing such Incremental Term Loans) or the Administrative Agent, include such amendments to this Agreement as may be necessary, appropriate
or advisable as reasonably determined by the Administrative Agent and the Borrower to make the applicable Incremental Term Loans “fungible”
with the relevant existing Term Loans (including by modifying the amortization schedule).
(h) This
Section 2.26 shall supersede any provision in Section 2.18 or Section 10.1 to the contrary.
Section 3
LETTERS OF CREDIT
3.1 L/C
Commitment.
(a) Subject
to the terms and conditions hereof, the Issuing Lender agrees to issue letters of credit (“Letters of Credit”)
for the account of the Borrower on any Business Day during the Letter of Credit Availability Period in such form as may reasonably be
approved from time to time by the Issuing Lender; provided that the Issuing Lender shall have no obligation to issue any Letter
of Credit if, after giving effect to such issuance, the L/C Exposure would exceed either the Total L/C Commitments or the Available Revolving
Commitment at such time. Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire no later than the earlier
of (x) the first anniversary of its date of issuance and (y) the Letter of Credit Maturity Date, provided that any Letter
of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond
the date referred to in clause (y) above).
(b) The
Issuing Lender shall not at any time be obligated to issue any Letter of Credit if:
(i) such
issuance would conflict with, or cause the Issuing Lender or any L/C Lender to exceed any limits imposed by, any applicable Requirement
of Law;
(ii) any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Lender
from issuing, amending or reinstating such Letter of Credit, or any law, rule or regulation applicable to the Issuing Lender or any
request, guideline or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing
Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance, amendment, renewal or reinstatement of letters of
credit generally or such Letter of Credit in particular or shall impose upon the Issuing Lender with respect to such Letter of Credit
any restriction, reserve or capital requirement (for which the Issuing Lender is not otherwise compensated) not in effect on the Closing
Date, or shall impose upon the Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and
which the Issuing Lender in good faith deems material to it;
(iii) the
Issuing Lender has received written notice from any Lender, the Administrative Agent or the Borrower, at least one Business Day prior
to the requested date of issuance, amendment, renewal or reinstatement of such Letter of Credit, that one or more of the applicable conditions
contained in Section 5.2 shall not then be satisfied;
(iv) any
requested Letter of Credit is not in form and substance acceptable to the Issuing Lender, or the issuance, amendment or renewal of a Letter
of Credit shall violate any applicable laws or regulations or any applicable policies of the Issuing Lender;
(v) such
Letter of Credit contains any provisions providing for automatic reinstatement of the stated amount after any drawing thereunder;
(vi) [reserved];
or
(vii) any
Lender is at that time a Defaulting Lender, unless the Issuing Lender has entered into arrangements, including the delivery of Cash Collateral
pursuant to Section 3.10, satisfactory to the Issuing Lender (in its sole discretion) with the Borrower or such Defaulting
Lender to eliminate the Issuing Lender’s actual or potential Fronting Exposure (after giving effect to Section 2.24(a)(iv))
with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or such Letter of Credit and
all other L/C Exposure as to which the Issuing Lender has actual or potential Fronting Exposure, as it may elect in its sole discretion.
3.2 Procedure
for Issuance of Letters of Credit.
The Borrower may from time
to time request that the Issuing Lender issue a Letter of Credit for the account of the Borrower by delivering to the Issuing Lender at
its address for notices specified herein an Application therefor, completed to the satisfaction of the Issuing Lender, and such other
certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any Application, the Issuing
Lender will process such Application and the certificates, documents, and other papers and information delivered to it in connection therewith
in accordance with its customary procedures, and shall promptly issue the Letter of Credit requested thereby (but in no event shall the
Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor
and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of
Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing Lender shall furnish
a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to
the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit (including
the amount thereof).
3.3 Fees
and Other Charges.
(a) The
Borrower agrees to pay, with respect to each outstanding Letter of Credit issued for the account of (or at the request of) the Borrower,
(i) a fronting fee of 0.125% per annum on the daily amount available to be drawn under each such Letter of Credit to the Issuing
Lender for its own account (a “Letter of Credit Fronting Fee”), and (ii) a letter of credit fee equal to
the Applicable Margin relating to Letters of Credit multiplied by the daily amount available to be drawn under each such Letter
of Credit on the drawable amount of such Letter of Credit to the Administrative Agent for the ratable account of the L/C Lenders (determined
in accordance with their respective L/C Percentages) (a “Letter of Credit Fee”), in each case payable quarterly
in arrears on the last Business Day of March, June, September and December of each year and on the Letter of Credit Maturity
Date (each, an “L/C Fee Payment Date”) after the issuance date of such Letter of Credit, and (iii) the
Issuing Lender’s standard and reasonable fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit
issued for the account of (or at the request of) the Borrower or processing of drawings thereunder (the fees in this clause (iii),
collectively, the “Issuing Lender Fees”). All Letter of Credit Fronting Fees and Letter of Credit Fees shall
be computed on the basis of the actual number of days elapsed in a year of 360 days.
(b) In
addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses
as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering
any Letter of Credit.
(c) The
Borrower shall furnish to the Issuing Lender and the Administrative Agent such other documents and information pertaining to any requested
Letter of Credit issuance, amendment or renewal, including any L/C-Related Documents, as the Issuing Lender or the Administrative Agent
may require. This Agreement shall control in the event of any conflict with any L/C-Related Document (other than any Letter of Credit).
(d) Any
letter of credit fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting
Lender has not provided Cash Collateral satisfactory to the Issuing Lender pursuant to Section 3.10 shall be payable, to the
maximum extent permitted by applicable law, to the other Issuing Lenders in accordance with the upward adjustments in their respective
L/C Percentages allocable to such Letter of Credit pursuant to Section 2.24(a)(iv), with the balance of such fee, if any,
payable to the Issuing Lender for its own account.
(e) All
fees payable under this Section 3.3 shall be fully earned on the date paid and nonrefundable.
3.4 L/C
Participations.
(a) L/C
Participations. The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Lender, and, to induce the Issuing Lender
to issue Letters of Credit, each L/C Lender irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing
Lender, on the terms and conditions set forth below, for such L/C Lender’s own account and risk an undivided interest equal to such
L/C Lender’s L/C Percentage in the Issuing Lender’s obligations and rights under and in respect of each Letter of Credit and
the amount of each draft paid by the Issuing Lender thereunder. Each L/C Lender agrees with the Issuing Lender that, if a draft is paid
under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrower pursuant to Section 3.5(a),
such L/C Lender shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount
equal to such L/C Lender’s L/C Percentage of the amount of such draft, or any part thereof, that is not so reimbursed. Each L/C
Lender’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including
(i) any setoff, counterclaim, recoupment, defense or other right that such L/C Lender may have against the Issuing Lender, the Borrower
or any other Person for any reason whatsoever, (ii) the occurrence of a Default or an Event of Default or the failure to satisfy
any of the other conditions specified in Section 5.2, (iii) any adverse change in the condition (financial or otherwise)
of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or any other
L/C Lender, or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.
(b) [Reserved].
3.5 Reimbursement.
(a) If
the Issuing Lender shall make any L/C Disbursement in respect of a Letter of Credit, the Issuing Lender shall notify the Borrower and
the Administrative Agent thereof and the Borrower shall pay or cause to be paid to the Issuing Lender an amount equal to the entire amount
of such L/C Disbursement not later than the immediately following Business Day. Each such payment shall be made to the Issuing Lender
at its address for notices referred to herein in Dollars and in immediately available funds; provided that the Borrower may, subject
to the satisfaction of the conditions to borrowing set forth herein, request in accordance with Section 2.5 or Section 2.7(a) that
such payment be financed with a Revolving Loan or a Swingline Loan, as applicable, in an equivalent amount and, to the extent so financed,
the Borrower’s obligations to make such payment shall be discharged and replaced by the resulting Revolving Loan or Swingline Loan.
(b) If
the Issuing Lender shall not have received from the Borrower the payment that it is required to make pursuant to Section 3.5(a) with
respect to a Letter of Credit within the time specified in such Section, the Issuing Lender will promptly notify the Administrative Agent
of the L/C Disbursement and the Administrative Agent will promptly notify each L/C Lender of such L/C Disbursement and its L/C Percentage
thereof, and each L/C Lender shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein
an amount equal to such L/C Lender’s L/C Percentage of such L/C Disbursement (and the Administrative Agent may apply Cash Collateral
provided for this purpose); upon such payment pursuant to this paragraph to reimburse the Issuing Lender for any L/C Disbursement, the
Borrower shall be required to reimburse the L/C Lenders for such payments (including interest accrued thereon from the date of such payment
until the date of such reimbursement at the rate applicable to Revolving Loans that are ABR Loans plus 2.00% per annum) on demand;
provided that if at the time of and after giving effect to such payment by the L/C Lenders, the conditions to borrowings and Revolving
Loan Conversions set forth in Section 5.2 are satisfied, the Borrower may, by written notice to the Administrative Agent certifying
that such conditions are satisfied and that all interest owing under this paragraph has been paid, request that such payments by the L/C
Lenders be converted into Revolving Loans (a “Revolving Loan Conversion”), in which case, if such conditions
are in fact satisfied, the L/C Lenders shall be deemed to have extended, and the Borrower shall be deemed to have accepted, a Revolving
Loan in the aggregate principal amount of such payment without further action on the part of any party, and the Total L/C Commitments
shall be permanently reduced by such amount; any amount so paid pursuant to this paragraph shall, on and after the payment date thereof,
be deemed to be Revolving Loans for all purposes hereunder; provided that the Issuing Lender, at its option, may effectuate a Revolving
Loan Conversion regardless of whether the conditions to borrowings and Revolving Loan Conversions set forth in Section 5.2
are satisfied.
3.6 Obligations
Absolute.
The Borrower’s obligations
under this Section 3 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim
or defense to payment that the Borrower may have or have had against the Issuing Lender, any beneficiary of a Letter of Credit or any
other Person. The Borrower also agrees with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrower’s
obligations hereunder shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon,
even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any
beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the
Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender shall not be liable for any error,
omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with
any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction
to have resulted from the gross negligence or willful misconduct of the Issuing Lender. The Borrower agrees that any action taken or omitted
by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross
negligence or willful misconduct, shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the
Borrower.
In addition to amounts payable
as elsewhere provided in the Agreement, the Borrower hereby agrees to pay and to protect, indemnify, and save Issuing Lender harmless
from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’
fees and allocated costs of internal counsel) that the Issuing Lender may incur or be subject to as a consequence, direct or indirect,
of (A) the issuance of any Letter of Credit, or (B) the failure of Issuing Lender or of any L/C Lender to honor a demand for
payment under any Letter of Credit thereof as a result of any act or omission, whether rightful or wrongful, of any present or future
de jure or de facto government or Governmental Authority, in each case other than to the extent solely as a result of the gross negligence
or willful misconduct of Issuing Lender or such L/C Lender (as finally determined by a court of competent jurisdiction).
3.7 Letter
of Credit Payments.
If any draft shall be presented
for payment under any Letter of Credit, the Issuing Lender shall promptly notify the Borrower and the Administrative Agent of the date
and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under
any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining
that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially
in conformity with such Letter of Credit.
3.8 Applications.
To the extent that any provision
of any Application related to any Letter of Credit is inconsistent with the provisions of this Section 3, the provisions of
this Section 3 shall apply.
3.9 Interim
Interest.
If the Issuing Lender shall
make any L/C Disbursement in respect of a Letter of Credit, then, unless either the Borrower shall have reimbursed such L/C Disbursement
in full within the time period specified in Section 3.5(a) or the L/C Lenders shall have reimbursed such L/C Disbursement
in full on such date as provided in Section 3.5(b), in each case the unpaid amount thereof shall bear interest for the account
of the Issuing Lender, for each day from and including the date of such L/C Disbursement to but excluding the earlier of the date of payment
by the Borrower, at the rate per annum that would apply to such amount if such amount were a Revolving Loan that is an ABR Loan; provided
that the provisions of Section 2.15(c) shall be applicable to any such amounts not paid when due.
3.10 Cash
Collateral.
(a) Certain
Credit Support Events. Upon the request of the Administrative Agent or the Issuing Lender (i) if the Issuing Lender has honored
any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Advance by all the L/C Lenders
that is not reimbursed by the Borrower or converted into a Revolving Loan pursuant to Section 3.5(b), or (ii) if, as
of the Letter of Credit Maturity Date, any L/C Exposure for any reason remains outstanding, the Borrower shall, in each case, immediately
Cash Collateralize the then effective L/C Exposure in an amount equal to 103% of such L/C Exposure.
At any time that there shall
exist a Defaulting Lender, within one Business Day following the request of the Administrative Agent or the Issuing Lender (with a copy
to the Administrative Agent), the Borrower shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover
103% of the Fronting Exposure relating to Letters of Credit (after giving effect to Section 2.24(a)(iv) and any Cash
Collateral provided by such Defaulting Lender).
(b) Grant
of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained
in blocked, non-interest bearing deposit accounts with the Administrative Agent. The Borrower, and to the extent provided by any Lender
or Defaulting Lender, such Lender or Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for
the benefit of the Administrative Agent, the Issuing Lender and the L/C Lenders, and agrees to maintain, a first priority security interest
and Lien in all such Cash Collateral and in all proceeds thereof, as security for the Obligations to which such Cash Collateral may be
applied pursuant to Section 3.10(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 any Issuing Lender as herein provided, or that the total amount
of such Cash Collateral is less than 103% of the applicable L/C Exposure, Fronting Exposure, and other Obligations secured thereby, the
Borrower or the relevant Lender or Defaulting Lender, as applicable, will, promptly upon demand by the Administrative Agent, pay or provide
to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any
Cash Collateral provided by such Defaulting Lender).
(c) Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 3.10,
Section 2.24 or otherwise in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C
Exposure, obligations to fund participations therein (including, as to Cash Collateral provided by 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 otherwise be provided for herein.
(d) Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure in respect of Letters of
Credit or other Obligations shall no longer be required to be held as Cash Collateral pursuant to this Section 3.10 following
(i) the elimination of the applicable Fronting Exposure and other Obligations giving rise thereto (including by the termination of
the Defaulting Lender status of the applicable Lender), or (ii) a determination by the Administrative Agent and the Issuing Lender
that there exists excess Cash Collateral; provided, however, (A) that Cash Collateral furnished by or on behalf of
a Loan Party shall not be released during the continuance of an Event of Default, and (B) that, subject to Section 2.24,
the Person providing such Cash Collateral and the Issuing Lender may agree that such Cash Collateral shall not be released but instead
shall be held to support future anticipated Fronting Exposure or other obligations, and provided, further, that to the extent
that such Cash Collateral was provided by the Borrower or any other Loan Party, such Cash Collateral shall remain subject to any security
interest and Lien granted pursuant to the Loan Documents including any applicable Cash Management Agreement.
3.11 Additional
Issuing Lenders.
The Borrower may, at any
time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld) and such Lender,
designate one or more additional Lenders to act as an issuing bank under the terms of this Agreement. Any Lender designated as an issuing
bank pursuant to this paragraph shall be deemed to be an “Issuing Lender” (in addition to being a Lender) in
respect of Letters of Credit issued or to be issued by such Lender, and, with respect to such Letters of Credit, such term shall thereafter
apply to the other Issuing Lender and such Lender.
3.12 Resignation
of the Issuing Lender.
The Issuing Lender may resign
at any time by giving at least 30 days’ prior written notice to the Administrative Agent, the Lenders and the Borrower. Subject
to the next succeeding paragraph, upon the acceptance of any appointment as the Issuing Lender hereunder by a Lender that shall agree
to serve as successor Issuing Lender, such successor shall succeed to and become vested with all the interests, rights and obligations
of the retiring Issuing Lender and the retiring Issuing Lender shall be discharged from its obligations to issue additional Letters of
Credit hereunder without affecting its rights and obligations with respect to Letters of Credit previously issued by it. At the time such
resignation shall become effective, the Borrower shall pay all accrued and unpaid fees pursuant to Section 3.3. The acceptance
of any appointment as the Issuing Lender hereunder by a successor Lender shall be evidenced by an agreement entered into by such successor,
in a form satisfactory to the Borrower and the Administrative Agent, and, from and after the effective date of such agreement, (i) such
successor Lender shall have all the rights and obligations of the previous Issuing Lender under this Agreement and the other Loan Documents
and (ii) references herein and in the other Loan Documents to the term “Issuing Lender” shall be deemed to refer to such
successor or to any previous Issuing Lender, or to such successor and all previous Issuing Lenders, as the context shall require. After
the resignation of the Issuing Lender hereunder, the retiring Issuing Lender shall remain a party hereto and shall continue to have all
the rights and obligations of an Issuing Lender 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 any existing
Letter of Credit.
3.13 Applicability
of ISP.
Unless otherwise expressly
agreed by the Issuing Lender and the Borrower when a Letter of Credit is issued and subject to applicable laws, the Letters of Credit
shall be governed by and subject to with respect to standby Letters of Credit, the rules of the ISP.
Section 4
REPRESENTATIONS AND WARRANTIES
To induce the Administrative
Agent and the Lenders to enter into this Agreement and to make the Loans and issue the Letters of Credit, Holdings, Intermediate
Holdings and the Borrower hereby jointly and severally represent and warrant to the Administrative Agent and each Lender, as to themselves
and each of their respective Subsidiaries, that:
4.1 Financial
Condition.
(a) The
Pro Forma Financial Statements have been prepared giving effect (as if such events had occurred on such date) to (i) the consummation
of the Refinancing, (ii) the Loans to be made on the Closing Date and the use of proceeds thereof, and (iii) the payment of
fees and expenses in connection with the foregoing. The Pro Forma Financial Statements have been prepared based on the best information
available to the Borrower as of the date of delivery thereof, and present fairly in all material respects on a pro forma basis
the estimated financial position of Holdings and its Subsidiaries as of September 30, 2022 assuming that the events specified in
the preceding sentence had actually occurred at such date.
(b) The
audited consolidated balance sheets of Holdings and its Subsidiaries as of December 31, 2021 and December 31, 2020, and the
related consolidated statements of income and of cash flows for the Fiscal Years ended on such dates, reported on by and accompanied by
an unqualified report from Grant Thornton, present fairly in all material respects the consolidated financial condition of Holdings and
its Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective Fiscal
Years then ended. The unaudited consolidated balance sheet of Holdings and its Subsidiaries as at June 30, 2022, and the related
unaudited consolidated statements of income and cash flows for the three-month period ended on such date, present fairly in all material
respects the consolidated financial condition of Holdings and its Subsidiaries as at such date, and the consolidated results of its operations
and its consolidated cash flows for the three-month period then ended (subject to normal year-end audit adjustments). All such financial
statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout
the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). No Group Member has, as of
the Closing Date, any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long-term leases or unusual
forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in
respect of derivatives, that are not reflected in the most recent financial statements referred to in this paragraph. During the period
from December 31, 2021 to and including the date hereof, there has been no Disposition by any Group Member of any material part of
its business or property.
4.2 No
Change.
Since December 31,
2021, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect.
4.3 Existence;
Compliance with Law.
Each Group Member (a) is
duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the power and
authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business
in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under
the laws of each jurisdiction where the failure to be so qualified could reasonably be expected to have a Material Adverse Effect and
(d) is in material compliance with all Requirements of Law except in such instances in which (i) such Requirement of Law is
being contested in good faith by appropriate proceedings diligently conducted and the prosecution of such contest would not reasonably
be expected to result in a Material Adverse Effect, or (ii) the failure to comply therewith, either individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.
4.4 Power,
Authorization; Enforceable Obligations.
Each Loan Party has the
power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the
Borrower, to obtain Credit Extensions hereunder. Each Loan Party has taken all necessary organizational action to authorize the execution,
delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the Credit Extensions
on the terms and conditions of this Agreement. No Governmental Approval or consent or authorization of, filing with, notice to or other
act by or in respect of, any other Person is required in connection with the Credit Extensions hereunder or with the execution, delivery,
performance, validity or enforceability of this Agreement or any of the Loan Documents, except (i) Governmental Approvals, consents,
authorizations, filings and notices described on Schedule 4.4, which Governmental Approvals, consents, authorizations, filings
and notices have been obtained or made and are in full force and effect, (ii) the filings referred to in Section 4.19
and (iii) Governmental Approvals described on Schedule 4.4. Each Loan Document has been duly executed and delivered on behalf
of each Loan Party party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid
and binding obligation of each Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at
law).
4.5 No
Legal Bar.
The execution, delivery
and performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use
of the proceeds thereof will not violate any Requirement of Law or any material Contractual Obligation of any Group Member and will not
result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement
of Law or any such Contractual Obligation (other than the Liens created by the Security Documents). No Group Member has violated any Requirement
of Law or violated or failed to comply with any Contractual Obligation applicable to Holdings or any of its Subsidiaries that could reasonably
be expected to have a Material Adverse Effect.
4.6 Litigation.
No litigation, investigation
or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of Holdings or the Borrower, threatened
by or against any Group Member or against any of their respective properties or revenues (a) with respect to any of the Loan Documents
or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect.
4.7 No
Default.
No Group Member is in default
under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse
Effect. No Default or Event of Default has occurred and is continuing, nor shall either result from the making of a requested Credit Extension.
4.8 Ownership
of Property; Liens; Investments.
Each Group Member has title
in fee simple to, or a valid leasehold interest in, all of its real property, and good title to, or a valid leasehold interest in, all
of its other property, and none of such property is subject to any Lien except as permitted by Section 7.3. No Loan Party
owns any Investment except as permitted by Section 7.8. Section 10 of the Collateral Information Certificate sets
forth a complete and accurate list of all real property owned by each Loan Party as of the date hereof, if any. Section 11
of the Collateral Information Certificate sets forth a complete and accurate list of all leases of real property under which any Loan
Party is the lessee as of the date hereof.
4.9 Intellectual
Property.
Each Group Member owns,
or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted. No claim has been asserted
and is pending by any Person challenging or questioning any Group Member’s use of any Intellectual Property or the validity or effectiveness
of any Group Member’s Intellectual Property, nor does Holdings or the Borrower know of any valid basis for any such claim, unless
such claim could not reasonably be expected to have a Material Adverse Effect. The use of Intellectual Property by each Group Member,
and the conduct of such Group Member’s business, as currently conducted, does not infringe on or otherwise violate the rights of
any Person, unless such infringement could not reasonably be expected to have a Material Adverse Effect, and there are no claims pending
or, to the knowledge of Holdings or the Borrower, threatened to such effect.
4.10 Taxes.
Each Group Member has filed
or caused to be filed all Federal, state and other tax returns that are required to be filed and has paid all taxes shown to be due and
payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed
on it or any of its property by any Governmental Authority (other than any the amount or validity of which are currently being contested
in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of
the relevant Group Member); no tax Lien has been filed, and no claim is being asserted, with respect to any such tax, fee or other charge.
No Group Member, and, to the knowledge of Holdings or the Borrower, no PC Entity is currently the subject of any audit, assessment or
other proceeding with respect to Taxes, and no such audit, assessment or other proceeding is currently proposed or threatened by any Governmental
Authority.
4.11 Federal
Regulations.
The Borrower is not engaged
and will not engage, principally or as one of its important activities, in the business of “buying” or “carrying”
“margin stock” (within the respective meanings of each of the quoted terms under Regulation U as now and from time to time
hereafter in effect) or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of any Loans,
and no other Credit Extensions hereunder, will be used for buying or carrying any such margin stock or for extending credit to others
for the purpose of purchasing or carrying margin stock in violation of Regulations T, U or X of the Federal Reserve Board. If any margin
stock directly or indirectly constitutes Collateral securing the Obligations, if requested by any Lender or the Administrative Agent,
the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements
of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U.
4.12 Labor
Matters.
Except as, in the aggregate,
could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against any
Group Member pending or, to the knowledge of Holdings or the Borrower, threatened; (b) hours worked by and payment made to employees
of each Group Member have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with
such matters; and (c) all payments due from any Group Member on account of employee health and welfare insurance have been paid or
accrued as a liability on the books of the relevant Group Member.
4.13 ERISA.
(a) Schedule
4.13 is a complete and accurate list of all material Plans maintained (in writing) or sponsored by the Borrower or any ERISA Affiliate
or to which the Borrower or any ERISA Affiliate contributes as of the Closing Date;
(b) except
as would not reasonably be expected to result in a Material Adverse Effect, the Borrower and its ERISA Affiliates are in compliance with
all applicable provisions and requirements of ERISA with respect to each Plan, and have performed all their obligations under each Plan;
(c) except
as would not reasonably be expected to result in a Material Adverse Effect, no ERISA Event has occurred or is reasonably expected to occur;
(d) except
as would not reasonably be expected to result in a Material Adverse Effect, the Borrower and each of its ERISA Affiliates have met all
applicable requirements under the ERISA Funding Rules with respect to each Pension Plan, and no waiver of the minimum funding standards
under the ERISA Funding Rules has been applied for or obtained;
(e) as
of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of
the Code) is at least 60.0%, and neither the Borrower nor any of its ERISA Affiliates knows of any facts or circumstances that could reasonably
be expected to cause the funding target attainment percentage to fall below 60.0% as of the most recent valuation date;
(f) except
to the extent required under Section 4980B of the Code, or as described on Schedule 4.13, no Plan provides health or welfare
benefits (through the purchase of insurance or otherwise) for any retired or former employee of the Borrower or any of its ERISA Affiliates;
(g) as
of the most recent valuation date for any Pension Plan, the amount of outstanding benefit liabilities (as defined in Section 4001(a)(18)
of ERISA), individually or in the aggregate for all Pension Plans (excluding for purposes of such computation any Pension Plans with respect
to which assets exceed benefit liabilities), does not exceed the Threshold Amount;
(h) the
execution and delivery of this Agreement and the consummation of the transactions contemplated hereunder will not involve any transaction
that is subject to the prohibitions of Section 406 of ERISA or in connection with which taxes could be imposed pursuant to Section 4975(c)(1)(A)-(D) of
the Code;
(i) all
liabilities under each Plan are (i) funded to at least the minimum level required by law or, if higher, to the level required by
the terms governing the Plans, (ii) insured with a reputable insurance company, (iii) provided for or recognized in the financial
statements most recently delivered to the Administrative Agent and the Lenders pursuant hereto or (iv) estimated in the formal notes
to the financial statements most recently delivered to the Administrative Agent and the Lenders pursuant hereto;
(j) except
as would not reasonably be expected to result in a Material Adverse Effect, there are no circumstances which may give rise to a liability
in relation to any Plan which is not funded, insured, provided for, recognized or estimated in the manner described in clause (g);
and
(k) (i) the
Borrower is not and will not be a “plan” within the meaning of Section 4975(e) of the Code; (ii) the assets
of the Borrower do not and will not constitute “plan assets” within the meaning of the United States Department of Labor Regulations
set forth in 29 C.F.R. §2510.3-101; (iii) the Borrower is not and will not be a “governmental plan” within the meaning
of Section 3(32) of ERISA; and (iv) transactions by or with the Borrower are not and will not be subject to state statutes applicable
to the Borrower regulating investments of fiduciaries with respect to governmental plans.
4.14 Investment
Company Act; Other Regulations.
No Loan Party is an “investment
company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company
Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law (other than Regulation X of the Federal Reserve
Board) that limits its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable.
4.15 Subsidiaries.
(a) Except
as disclosed to the Administrative Agent by the Borrower and Holdings in writing from time to time after the Closing Date, (a) Schedule
4.15 sets forth the name and jurisdiction of organization of each Subsidiary of Holdings and, as to each such Subsidiary, the percentage
of each class of Capital Stock owned by any Loan Party, and (b) 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 any Capital Stock of Holdings or any Subsidiary, except as may be created by the Loan Documents.
(b) No
Immaterial Subsidiary (a) holds assets representing more than 2.5% of the consolidated total assets of Holdings and its Subsidiaries
(determined in accordance with GAAP), (b) has generated more than 2.5% of the consolidated total revenues of Holdings and its Subsidiaries
determined in accordance with GAAP for the Test Period ending on the last day of the most recent period for which financial statements
have been delivered after the Closing Date pursuant to Section 6.1(b); provided that all Subsidiaries that are individually
an Immaterial Subsidiary do not have aggregate consolidated total assets that would represent 5.0% or more of the consolidated total assets
of Holdings and its Subsidiaries nor have generated 5.0% or more of the consolidated total revenues of Holdings and its Subsidiaries for
such Test Period, in each case determined in accordance with GAAP, or (c) owns any material Intellectual Property.
4.16 Use
of Proceeds.
The proceeds of the Term
Loans shall be used to refinance the obligations of Holdings and its Subsidiaries outstanding under the Existing Credit Facility, to pay
related fees and expenses and for general corporate purposes and any other use not prohibited by this Agreement. Proceeds of the Revolving
Loans, Swingline Loans and the Letters of Credit shall be used for general corporate purposes and any other use not prohibited by this
Agreement.
4.17 Environmental
Matters.
Except as, in the aggregate,
could not reasonably be expected to have a Material Adverse Effect:
(a) Except
as disclosed on Schedule 4.17, the facilities and properties owned, leased or operated by any Group Member (the “Properties”)
do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations or under circumstances
that constitute or have constituted a violation of, or could reasonably be expected to give rise to liability under, any Environmental
Law;
(b) no
Group Member has received or is aware of any notice of violation, alleged violation, non-compliance, liability or potential liability
regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated by
any Group Member (the “Business”), nor does Holdings or the Borrower have knowledge or reason to believe that
any such notice will be received or is being threatened;
(c) no
Group Member has transported or disposed of Materials of Environmental Concern from the Properties in violation of, or in a manner or
to a location that could reasonably be expected to give rise to liability under, any Environmental Law, nor has any Group Member generated,
treated, stored or disposed of Materials of Environmental Concern at, on or under any of the Properties in violation of, or in a manner
that could reasonably be expected to give rise to liability under, any applicable Environmental Law;
(d) no
judicial proceeding or governmental or administrative action is pending or, to the knowledge of Holdings or the Borrower, threatened,
under any Environmental Law to which any Group Member is or will be named as a party with respect to the Properties or the Business, nor
are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial
requirements outstanding under any Environmental Law with respect to the Properties or the Business;
(e) there
has been no release or threat of release of Materials of Environmental Concern at or from the Properties arising from or related to the
operations of any Group Member or otherwise in connection with the Business, in violation of or in amounts or in a manner that could reasonably
be expected to give rise to liability under Environmental Laws;
(f) the
Properties and all operations of the Group Members at the Properties are in compliance, and have in the last five years been in compliance,
with all applicable Environmental Laws, and except as set forth on Schedule 4.17, to the knowledge of Holdings or the Borrower,
there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties or the
Business; and
(g) no
Group Member has assumed any liability of any other Person under Environmental Laws.
4.18 Accuracy
of Information, etc.
No statement or information
contained in this Agreement, any other Loan Document or any other document, certificate or statement furnished by or on behalf of any
Loan Party to the Administrative Agent or the Lenders, or any of them, for use in connection with the transactions contemplated by this
Agreement or the other Loan Documents, when taken as a whole (after giving effect to any updates by the Borrower), contained as of the
date such statement, information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state
a material fact necessary to make the statements contained herein or therein, when taken as a whole (after giving effect to any updates
by the Borrower), not materially misleading. The projections and pro forma financial information contained in the materials referenced
above are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, 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. There is no fact known to any Loan Party that could reasonably be expected to have a Material Adverse Effect that has
not been expressly disclosed herein, in the other Loan Documents or in any other documents, certificates and statements furnished to the
Administrative Agent and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents.
4.19 Security
Documents.
(a) The
Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties,
a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of the Pledged
Stock described in the Guarantee and Collateral Agreement that are securities represented by stock certificates or otherwise constituting
certificated securities within the meaning of the Section 8-102(a)(15) of the New York UCC or the corresponding code or statute of
any other applicable jurisdiction (“Certificated Securities”), when certificates representing such Pledged Stock
are delivered to the Administrative Agent, and in the case of the other Collateral constituting personal property described in the Guarantee
and Collateral Agreement, when financing statements and other filings specified on Schedule 4.19(a) in appropriate form are
filed in the offices specified on Schedule 4.19(a), the Administrative Agent, for the benefit of the Secured Parties, shall have
a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds
thereof, as security for the Obligations, in each case prior and superior in right to any other Person to the extent such Lien can be
perfected by such actions or filings (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 7.3
to have priority over the Lien of the Administrative Agent). As of the Closing Date, none of the Borrower, Intermediate Holdings,
Holdings or any Guarantor that is a limited liability company or partnership has any Capital Stock that is a not Certificated Security.
(b) Each
of the Mortgages delivered after the Closing Date will be, upon execution, effective to create in favor of the Administrative Agent, for
the benefit of the Secured Parties, a legal, valid and enforceable Lien on the Mortgaged Properties described therein and proceeds thereof,
and when the Mortgages are filed in the offices for the applicable jurisdictions in which the Mortgaged Properties are located, each such
Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the
Mortgaged Properties and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case prior
and superior in right to any other Person.
(c) The
PC Documents delivered by any PC Entity to any Loan Party pursuant to this Agreement are (or, to the extent executed after the Closing
Date, shall, upon execution and delivery thereof, be) effective to create in favor of each applicable Loan Party, a legal, valid and enforceable
first priority security interest in the Collateral (as defined therein (or any similarly defined term as defined therein)) (including
cash and deposit accounts) and proceeds thereof of such PC Entity, and (i) when all appropriate filings or recordings are made in
the appropriate offices as may be required under applicable law and (ii) upon the taking of possession or control by the applicable
Loan Party of any such Collateral (or such similarly defined term) with respect to which a security interest may be perfected only by
possession or control (which possession or control shall be given to the applicable Loan Party to the extent required by any PC Document),
the Liens created by each such PC Document will constitute perfected Liens on all right, title and interest of such Loan Party in such
Collateral (or such similarly defined term), in each case, free and clear of all Liens (other than the Liens created under the PC Documents).
4.20 Solvency;
Voidable Transaction.
Each Loan Party is, and
after giving effect to the incurrence of all Indebtedness, Obligations and obligations being incurred in connection herewith will be,
and will continue to be, Solvent. No transfer of property is being made by any Loan Party and no obligation is being incurred by any Loan
Party in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay,
or defraud either present or future creditors of such Loan Party.
4.21 Regulation
H.
No Mortgage encumbers improved
real property that is located in an area that has been identified by the Secretary of Housing and Urban Development as an area having
special flood hazards and in which flood insurance has not been made available under the National Flood Insurance Act of 1968.
4.22 Designated
Senior Indebtedness.
The Loan Documents and all
of the Obligations have been deemed “Designated Senior Indebtedness” or a similar concept thereto, if applicable, for purposes
of any other Indebtedness of the Loan Parties.
4.23 Beneficial
Ownership.
To the extent applicable
to the Loan Parties, the information included in the Beneficial Ownership Certification with respect to the Loan Parties provided on or
prior to the Closing Date to any Lender in connection with this Agreement is true and correct in all material respects.
4.24 Insurance.
All insurance maintained
by the Loan Parties is in full force and effect, all premiums have been duly paid, no Loan Party has received notice of violation or
cancellation thereof, and there exists no default under any requirement of such insurance. Each Loan Party maintains insurance with financially
sound and reputable insurance companies on all its property (and also with respect to its foreign receivables) in at least such amounts
and against at least such risks (but including in any event public liability, product liability, and business interruption) as are usually
insured against in the same general area by companies engaged in the same or a similar business.
4.25 No
Casualty.
No Loan Party has received
any notice of, nor does any Loan Party have any knowledge of, the occurrence or pendency or contemplation of any Casualty Event affecting
all or any material portion of its property.
4.26 Health
Care Laws.
(a) None
of the Loan Parties, any Subsidiary or any of the PC Entities is or, during the past three years, has been in violation of any Health
Care Laws, except where such violation would reasonably be expected to have a Material Adverse Effect.
(b) Each
Loan Party, each Subsidiary and each of the PC Entities has, to the extent required by applicable Health Care Laws, all licenses, consents,
certificates, permits, authorizations, approvals, franchises, registrations, qualifications and other rights from, and has made all declarations
and filings with, all applicable Governmental Authorities (each, an “Authorization”) necessary to engage in
the business conducted by it, except where the failure to have such Authorization or make such declaration or filing would not reasonably
be expected to have a Material Adverse Effect. To the knowledge of the Loan Parties, no Governmental Authority has threatened in writing
to limit, suspend or revoke any such Authorization, in each case, except for such Authorizations with respect to which the failure to
obtain would not reasonably be expected to have a Material Adverse Effect. All such Authorizations are valid and in full force and effect
and the Loan Parties, their Subsidiaries and the PC Entities are in compliance with the terms and conditions of all such Authorizations
and with the laws and regulations of the Governmental Authority having jurisdiction with respect to such Authorizations, except where
failure to be in such compliance or for an Authorization to be valid and in full force and effect would not reasonably be expected to
have a Material Adverse Effect.
(c) As
of the Closing Date, no Loan Party, nor any Subsidiary thereof or any PC Entity, as applicable, participates in or contracts with any
Third Party Payor Program.
(d) Each
Loan Party, each of their Subsidiaries and each PC Entity has received and maintains accreditation in good standing and without limitation
or impairment by all applicable accrediting organizations, to the extent required by applicable Health Care Laws except where failure
to maintain such accreditations in good standing and without limitation or impairment would not reasonably be expected to have a Material
Adverse Effect.
(e) Each
Loan Party, each Subsidiary, each PC Entity and any physician or other licensed medical personnel employed or engaged by any Loan Party
or PC Entity (collectively, their “Licensed Personnel”) who perform professional medical services for or on
behalf of any of the Loan Parties, their Subsidiaries and the PC Entities currently are and during the past three years, have been in
compliance with all applicable Health Care Laws, except where the failure to comply would not reasonably be expected to have a Material
Adverse Effect. The Licensed Personnel hold in full force and effect all licenses, permits and other Authorizations that are required
for such Licensed Personnel to provide the services provided by such Licensed Personnel to the Loan Parties and the PC Entities, and,
to the knowledge of Holdings or the Borrower, no suspension, revocation or cancellation of any such license, permit or other Authorization
is threatened in writing, except, in each case, as would not reasonably be expected to have a Material Adverse Effect.
(f) None
of the Loan Parties nor, any PC Entity or any of the Licensed Personnel has received any written notice from any Governmental Authority
(the subject of which notice is unresolved), nor to the knowledge of Holdings or the Borrower, is there currently any actual or threatened
in writing investigation, inquiry, or administrative or judicial action, hearing, or enforcement proceeding by any Governmental Authority
against any Loan Party, any PC Entity or any of their respective Licensed Personnel, regarding any violation of applicable Health Care
Laws, except for such investigations, inquiries, or administrative or judicial actions, hearings, or enforcement proceedings that, individually
and in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
(g) No
Loan Party, Subsidiary or PC Entity is in default of, or has breached, any provision of any PC Document to which it is a party which would
reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect.
(h) Each
Loan Party, Subsidiary and PC Entity is and, during the past three years, has been in compliance with HIPAA (to the extent applicable
to such Person), except where a failure to so comply would not reasonably be expected to have a Material Adverse Effect.
4.27 Capitalization.
Schedule 4.27 sets
forth the beneficial owners of all Capital Stock of Holdings and its Subsidiaries, and the amount of Capital Stock held by each such
owner, as of the Closing Date.
4.28 OFAC.
Neither Holdings nor any
of its Subsidiaries, nor, to the knowledge of Holdings or any such Subsidiary, any director, officer, employee, agent, affiliate or representative
thereof, is an individual or an entity that is, or is owned or controlled by an individual or entity that is (a) currently the subject
of any Sanctions, or (b) located, organized or resident in a Designated Jurisdiction.
4.29 Anti-Corruption
Laws.
Each of Holdings and its Subsidiaries have conducted their businesses in compliance with applicable anti-corruption laws and have instituted
and maintained policies and procedures designed to promote and achieve compliance with such laws.
4.30 Holding
Companies.
Holdings and Intermediate
Holdings are each holding companies and do not have any material liabilities (other than liabilities arising under the Loan Documents),
own any material assets (other than the Capital Stock of their Subsidiaries) or engage in any operations or business (other than the ownership
of their Subsidiaries).
Section 5
CONDITIONS PRECEDENT
5.1 Conditions
to Initial Credit Extension.
The effectiveness of this
Agreement and the obligation of each Lender to make its initial Credit Extension hereunder shall be subject to the satisfaction, prior
to or concurrently with the making of such Credit Extension on the Closing Date, of the following conditions precedent:
(a) Loan
Documents. The Administrative Agent shall have received each of the following, each of which shall be in form and substance satisfactory
to the Administrative Agent:
(i) this
Agreement, executed and delivered by the Administrative Agent, Holdings, Intermediate Holdings, the Borrower and each Lender listed
on Schedule 1.1;
(ii) the
Collateral Information Certificate, executed by a Responsible Officer;
(iii) if
required by any Term Lender, a Term Loan Note executed by the Borrower in favor of such Term Lender;
(iv) if
required by any Revolving Lender, a Revolving Loan Note executed by the Borrower in favor of such Revolving Lender;
(v) if
required by the Swingline Lender, the Swingline Loan Note executed by the Borrower in favor of such Swingline Lender;
(vi) the
Guarantee and Collateral Agreement, executed and delivered by each grantor named therein;
(vii) each
Intellectual Property Security Agreement, executed by the applicable grantor related thereto;
(viii) each
other Security Document, executed and delivered by the applicable Loan Party party thereto; and
(ix) the
Flow of Funds Agreement, executed by the Borrower.
(b) [Reserved.]
(c) Pro
Forma Financial Statements; Financial Statements; Projections. The Lenders shall have received (i) the Pro Forma Financial Statements,
(ii) audited consolidated financial statements of Holdings and its Subsidiaries as of December 31, 2021 and December 31,
2020, and (iii) unaudited interim consolidated financial statements of Holdings and its Subsidiaries for each Fiscal Quarter ended
after the date of the latest applicable financial statements delivered pursuant to clause (ii) of this paragraph and at least
45 days before the Closing Date.
(d) Approvals.
All Governmental Approvals and consents and approvals of, or notices to, any other Person (including the holders of any Capital Stock
issued by any Loan Party) required in connection with the execution and performance of the Loan Documents and the consummation of the
transactions contemplated hereby, shall have been obtained and be in full force and effect.
(e) Secretary’s
or Managing Member’s Certificates; Certified Operating Documents; Good Standing Certificates. The Administrative Agent shall
have received (i) a certificate of each Loan Party, dated the Closing Date and executed by the Secretary, Managing Member or equivalent
officer of such Loan Party, substantially in the form of Exhibit C, with appropriate insertions and attachments, including
(A) the Operating Documents of such Loan Party, (B) the relevant board resolutions or written consents of such Loan Party adopted
by such Loan Party for the purposes of authorizing such Loan Party to enter into and perform the Loan Documents to which such Loan Party
is party and (C) the names, titles, incumbency and signature specimens of those representatives of such Loan Party who have been
authorized by such resolutions and/or written consents to execute Loan Documents on behalf of such Loan Party, and (ii) a long form
good standing certificate for each Loan Party from its respective jurisdiction of organization.
(f) Responsible
Officer’s Certificates.
(i) The
Administrative Agent shall have received a certificate signed by a Responsible Officer of Holdings, in form and substance reasonably satisfactory
to it, either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and
performance by each Loan Party and the validity against such Loan Party of the Loan Documents to which it is party, and such consents,
licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required.
(ii) The
Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower, in form and substance reasonably
satisfactory to it, certifying that (A) the conditions specified in Section 5.1(o) and (p) have been
satisfied, (B) the conditions specified in Sections 5.2(a) and (b) have been satisfied and (C) there
has been no event or circumstance since December 31, 2021, that has had or that could reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect.
(g) Patriot
Act, Etc. The Administrative Agent and each Lender shall have received, prior to the Closing Date, all documentation and other information
requested to comply with applicable “know your customer” and anti-money-laundering rules and regulations, including the
Patriot Act, and a properly completed and signed IRS Form W-8 or W-9, as applicable, for each Loan Party. To the extent any Loan
Party qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Administrative Agent shall have
received a Beneficial Ownership Certification in relation to such Loan Party, to the extent reasonably requested in advance of the Closing
Date.
(h) Due
Diligence Investigation. The Administrative Agent shall have completed a due diligence investigation of Holdings and its Subsidiaries
in scope, and with results, satisfactory to the Administrative Agent and shall have been given such access to the management, records,
books of account, contracts and properties of Holdings and its Subsidiaries and shall have received such financial, business and other
information regarding each of the foregoing Persons and businesses as it shall have requested.
(i) [Reserved].
(j) Existing
Credit Facility, Etc. (A) the Administrative Agent shall have received the Payoff Letter executed by the Existing Agent and the
Borrower, (B) all obligations of the Group Members in respect of the Existing Credit Facility shall, substantially contemporaneously
with the funding of certain Loan proceeds on the Closing Date directly to the Existing Agent as contemplated by Sections 2.2 and
2.5 and the Flow of Funds Agreement, have been paid in full, (C) the Administrative Agent shall be satisfied that all actions
necessary to terminate the agreements evidencing the obligations of the Group Members in respect of the Existing Credit Facility and the
Liens of the Existing Agent in the assets of the Group Members securing obligations under the Existing Credit Facility shall have been,
or substantially contemporaneously with the Closing Date, shall be, taken, and (D) the Administrative Agent shall have received such
other documents and information related to the Existing Credit Facility and the refinancing thereof as it may reasonably request.
(k) Collateral
Matters.
(i) Lien
Searches. The Administrative Agent shall have received the results of recent lien searches in each of the jurisdictions where any
of the Loan Parties is formed or organized, and such searches shall reveal no liens on any of the assets of the Loan Parties except for
Liens permitted by Section 7.3, Liens to be discharged on or prior to the Closing Date, or Liens securing obligations of the
Group Members under the Existing Credit Facility, which Liens shall be discharged substantially contemporaneously with the Closing Date
pursuant to the Payoff Letter.
(ii) Pledged
Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have received (A) the certificates representing the shares
of Capital Stock pledged to the Administrative Agent (for the ratable benefit of the Secured Parties) pursuant to the Guarantee and Collateral
Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor
thereof, and (B) each promissory note (if any) pledged to the Administrative Agent (for the ratable benefit of the Secured Parties)
pursuant to the Guarantee and Collateral Agreement, endorsed (without recourse) in blank (or accompanied by an executed transfer form
in blank) by the pledgor thereof.
(iii) Filings,
Registrations, Recordings, Agreements, Etc. Each document (including any UCC financing statements, Intellectual Property Security
Agreements, Deposit Account Control Agreements, Securities Account Control Agreements, and landlord access agreements and/or bailee waivers)
required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded
to create in favor of the Administrative Agent (for the ratable benefit of the Secured Parties), a perfected Lien on the Collateral described
therein, prior and superior in right and priority to any Lien in the Collateral held by any other Person (other than with respect to Liens
expressly permitted by Section 7.3 to have priority over the Lien of the Administrative Agent), shall have been executed and
delivered to the Administrative Agent or, as applicable, be in proper form for filing, registration or recordation.
(l) [Reserved.]
(m) Fees.
The Lenders and the Administrative Agent shall have received all fees required to be paid on or prior to the Closing Date (including pursuant
to the Fee Letter), and all reasonable and documented fees and expenses for which invoices have been presented (including the reasonable
and documented fees and expenses of legal counsel to the Administrative Agent) for payment on or before the Closing Date. All such amounts
will be paid with proceeds of Loans made on the Closing Date and will be reflected in the Flow of Funds Agreement.
(n) Legal
Opinions. The Administrative Agent shall have received the executed legal opinion of McDermott Will & Emery LLP, counsel
to the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent.
(o) Liquidity.
The Borrower shall have at least $8,000,000 of Liquidity as of the Closing Date, after giving effect to the funding of the initial Loans
on the Closing Date and to the consummation of the transactions contemplated hereby.
(p) Consolidated
Leverage Ratio. The Consolidated Leverage Ratio of Holdings and its Subsidiaries as of the Closing Date shall be less than or equal
to 1.75:1.00 (based upon pro forma financial statements as of and for the period ending June 30, 2022), after giving effect
to the funding of the initial Loans on the Closing Date and to the consummation of the transactions contemplated hereby.
(q) Borrowing
Notices. The Administrative Agent shall have received, (i) in respect of the Term Loan to be made on the Closing Date, a completed
Notice of Borrowing executed by the Borrower and otherwise complying with the requirements of Section 2.2, and (ii) in
respect of any Revolving Loans to be made on the Closing Date, a completed Notice of Borrowing executed by the Borrower and otherwise
complying with the requirements of Section 2.5.
(r) Solvency
Certificate. The Administrative Agent shall have received a Solvency Certificate from the chief financial officer or treasurer of
Holdings and the Borrower.
(s) No
Material Adverse Effect. There shall not have occurred since December 31, 2021 any event or condition that has had or could be
reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.
(t) No
Litigation. No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the
knowledge of any Group Member, threatened, that could reasonably be expected to have a Material Adverse Effect.
(u) Compliance
with Law. Each Group Member is in material compliance with all Requirements of Law, except in such instances in which (i) such
Requirement of Law is being contested in good faith by appropriate proceedings diligently conducted and the prosecution of such contest
would not reasonably be expected to result in a Material Adverse Effect, or (ii) the failure to comply therewith, either individually
or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.
(v) PC
Documents. The Administrative Agent shall have received copies of each PC Document, together with a certificate of a Responsible Officer
of the Borrower certifying each such document as being a true, correct, and complete copy thereof, in each case in form and substance
reasonably satisfactory to the Administrative Agent.
For purposes of determining
compliance with the conditions specified in this Section 5.1, each Lender that has executed this Agreement shall be deemed
to have consented to, approved or accepted or to be satisfied with, each document or other matter either sent (or made available) by the
Administrative Agent to such Lender for consent, approval, acceptance or satisfaction, or required thereunder to be consented to or approved
by or acceptable or satisfactory to such Lender, unless an officer of the Administrative Agent responsible for the transactions contemplated
by the Loan Documents shall have received notice from such Lender prior to the Closing Date specifying such Lender’s objection thereto
and either such objection shall not have been withdrawn by notice to the Administrative Agent to that effect on or prior to the Closing
Date or, if any Credit Extension on the Closing Date has been requested, such Lender shall not have made available to the Administrative
Agent on or prior to the Closing Date such Lender’s Revolving Percentage or Term Percentage, as the case may be, of such requested
Credit Extension.
5.2 Conditions
to Each Credit Extension.
The agreement of each Lender
to make any Credit Extension requested to be made by it on any date (including its initial Credit Extension) is subject to the satisfaction
of the following conditions precedent:
(a) Representations
and Warranties. Each of the representations and warranties made by each Loan Party in or pursuant to any Loan Document (i) that
is qualified by materiality shall be true and correct, and (ii) that is not qualified by materiality, shall be true and correct in
all material respects, in each case, on and as of such date as if made on and as of such date, except to the extent any such representation
and warranty expressly relates to an earlier date, in which case such representation and warranty shall have been true and correct in
all material respects or in all respects, as applicable, as of such earlier date.
(b) No
Default. No Default or Event of Default shall have occurred as of or on such date or after giving effect to the Credit Extension requested
to be made on such date.
(c) Availability.
With respect to any requests for any Revolving Extensions of Credit, after giving effect to such Revolving Extension of Credit, the availability
and borrowing limitations specified in Section 2.4 shall be complied with.
(d) Notices
of Borrowing. The Administrative Agent shall have received a Notice of Borrowing in connection with any such request for Credit Extension
which complies with the requirements hereof.
Each borrowing by and issuance of a Letter of
Credit on behalf of the Borrower hereunder, each Revolving Loan Conversion and each conversion of a Term Loan shall constitute a representation
and warranty by the Borrower as of the date of such Credit Extension, Revolving Loan Conversion or conversion of a Term Loan, as applicable,
that the conditions contained in this Section 5.2 have been satisfied.
5.3 Post-Closing
Conditions Subsequent.
The Borrower shall satisfy
each of the conditions subsequent to the Closing Date specified on Schedule 5.3, in each case by no later than the date specified
therein (as may be extended by the Administrative Agent in its sole discretion) and in form and substance reasonably satisfactory to
the Administrative Agent.
Section 6
AFFIRMATIVE COVENANTS
Holdings, Intermediate
Holdings and the Borrower hereby jointly and severally agree that, at all times prior to the Discharge of Obligations, each of Holdings, Intermediate
Holdings and the Borrower shall, and, where applicable, shall cause each of its Subsidiaries to:
6.1 Financial
Statements.
Furnish to the Administrative
Agent, with sufficient copies for distribution to each Lender:
(a) as
soon as available, but in any event within 90 days after the end of each Fiscal Year of the Borrower (or, if Holdings has been granted
an extension by the SEC with respect to any Fiscal Year permitting the late filing by Holdings of any annual report on form 10-K, the
earlier of (x) 120 days after the end of such Fiscal Year and (y) the last day of such extension period), a copy of the audited
consolidated and consolidating balance sheet of Holdings and its Subsidiaries as at the end of such Fiscal Year and the related audited
consolidated and consolidating statements of income and of cash flows for such Fiscal Year, setting forth in each case in comparative
form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification
arising out of the scope of the audit, by Grant Thornton or other independent certified public accountants of nationally recognized standing
and reasonably acceptable to the Administrative Agent;and
(b) as
soon as available, but in any event within 45 days after the end of each Fiscal Quarter of the Borrower (or, if Holdings has been granted
an extension by the SEC with respect to any Fiscal Quarter permitting the late filing by Holdings of any quarterly report on form 10-Q,
the earlier of (x) 60 days after the end of such Fiscal Quarter and (y) the last day of such extension period), the unaudited
consolidated and consolidating balance sheet of Holdings and its Subsidiaries as at the end of such Fiscal Quarter and the related unaudited
consolidated and consolidating statements of income and of cash flows for such Fiscal Quarter and the portion of the Fiscal Year through
the end of such Fiscal Quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible
Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments).;
and
(c) as
soon as available, but in any event within 45 days after the end of each calendar month, commencing with the calendar month ending July 31,
2024 and until the Covenant Relief Period End Date, a “key performance indicator” report for such month, which shall include
month-end Unrestricted Cash and number of cases per facility.
All such financial statements shall be complete
and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied (except as approved
by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected
therein and with prior periods.
Notwithstanding the generality of the foregoing,
documents required to be delivered pursuant to this Section 6.1 and Section 6.2(e) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so, shall be deemed to have been
delivered on the date on which Holdings posts such documents, or provides a link thereto, either: (i) on Holdings’ website
on the Internet at the website address listed in Section 10.2; or (ii) when such documents are posted electronically
on Holdings’ behalf on an internet or intranet website to which each Lender and the Administrative Agent have access (whether a
commercial, third-party website or whether sponsored by the Administrative Agent), if any; provided that the Borrower shall notify
(which may be by facsimile or electronic mail) the Administrative Agent and each Lender of the posting of any such documents and provide
to the Administrative Agent by email electronic versions (i.e. soft copies) of such documents.
6.2 Certificates;
Reports; Other Information.
Furnish (or, in the case
of clause (a), use commercially reasonable efforts to furnish) to the Administrative Agent, for distribution to each Lender (or,
in the case of clause (k), to the relevant Lender):
(a) concurrently
with the delivery of the financial statements referred to in Section 6.1(a), a certificate of the independent certified public
accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained
of any Default or Event of Default, except as specified in such certificate;
(b) concurrently
with the delivery of any financial statements pursuant to Section 6.1, (i) a certificate of a Responsible Officer stating
that, to the best of such Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its
covenants and other agreements, and satisfied every condition contained in this Agreement and the other Loan Documents to which it is
a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event
of Default except as specified in such certificate and (ii) in the case of quarterly or annual financial statements, (x) a Compliance
Certificate containing all information and calculations necessary for determining compliance by each Group Member with the provisions
of this Agreement referred to therein as of the last day of the month, Fiscal Quarter or Fiscal Year of the Borrower, as the case may
be, and (y) to the extent not previously disclosed to the Administrative Agent, a description of any change in beneficial ownership
or the jurisdiction of organization of any Loan Party, and a list of any Intellectual Property issued to or acquired by any Loan Party
since the date of the most recent report delivered pursuant to this clause (y) (or, in the case of the first such report so
delivered, since the Closing Date);
(c) as
soon as available, and in any event no later than 45 days after the end of each Fiscal Year of the Borrower (and within 15 days of any
updates thereto), a detailed consolidated budget for the following Fiscal Year (including a projected consolidated balance sheet of Holdings
and its Subsidiaries as of the end of each Fiscal Quarter of such Fiscal Year, the related consolidated statements of projected cash flow,
projected changes in financial position and projected income and a description of the underlying assumptions applicable thereto, consistent
with the Borrower’s historical reporting practices), and, as soon as available, significant revisions, if any, of such budget and
projections with respect to such Fiscal Year (collectively, the “Projections”), which Projections shall in each
case be accompanied by a certificate of a Responsible Officer stating that such Projections are based on reasonable estimates, information
and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material
respect;
(d) promptly,
and in any event within five 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 (other than routine comment letters from the staff of the SEC relating Holdings’ filings with the SEC);
(e) within
five days after the same are sent, copies of each annual report, proxy or financial statement or other material report that Holdings sends
to the holders of any class of Holdings’ debt securities or public equity securities and, within five days after the same are filed,
copies of all annual, regular, periodic and special reports and registration statements which Holdings may file with the SEC under Section 13
or 15(d) of the Exchange Act, or with any national securities exchange, and not otherwise required to be delivered to the Administrative
Agent pursuant hereto;
(f) upon
written request by the Administrative Agent, within five days after the same are sent or received, copies of all correspondence, reports,
documents and other filings with any Governmental Authority regarding non-compliance with any Governmental Approvals or Requirements of
Law, which could reasonably be expected to have a Material Adverse Effect;
(g) concurrently
with the delivery of the financial statements referred to in Section 6.1(a), updated insurance certificates evidencing the
insurance coverage required to be maintained pursuant to Section 6.6, together with any supplemental reports with respect
thereto which the Administrative Agent may reasonably request; and
(h) promptly,
such additional financial and other information, including, without limitation, any certification or other evidence confirming Borrower’s
compliance with the terms of this Agreement, as the Administrative Agent or any Lender may from time to time reasonably request.
6.3 [Reserved].
6.4 Payment
of Obligations.
Pay, discharge or otherwise
satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, including
Tax liabilities, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and
reserves in conformity with GAAP with respect thereto have been provided on the books of the relevant Group Member or, with respect to
Indebtedness, where such failure would not result in an Event of Default pursuant to Section 8.1(e).
6.5 Maintenance
of Existence; Compliance.
(a)(i) Preserve, renew
and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain or obtain all Governmental
Approvals and all other rights, privileges and franchises necessary or desirable in the normal conduct of its business or necessary for
the performance by such Person of its Obligations under any Loan Document, except, in each case, as otherwise permitted by Section 7.4
and except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to have
a Material Adverse Effect; (b) comply with all Contractual Obligations (including with respect to leasehold interests of the Borrower)
and Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have
a Material Adverse Effect; (c) comply with all Requirements of Law except in such instances in which (i) such Requirement of
Law is being contested in good faith by appropriate proceedings diligently conducted and the prosecution of such contest would not reasonably
be expected to result in a Material Adverse Effect, or (ii) the failure to comply therewith, either individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect; (d) comply with all Governmental Approvals, and any term, condition,
rule, filing or fee obligation, or other requirement related thereto, except to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect; and (e) perform and observe in all material respects all the terms and provisions
of each Material Contract to which it is a party or any of its property is bound. Without limiting the generality of the foregoing, the
Borrower shall, and shall cause each of its ERISA Affiliates to: (1) maintain each Plan in compliance in all material respects with
the applicable provisions of ERISA, the Code or other Federal or state law; (2) cause each Qualified Plan to maintain its qualified
status under Section 401(a) of the Code; (3) make all required contributions to any Plan; (4) not become a party to
any Multiemployer Plan; (5) ensure that all liabilities under each Plan are either (x) funded to at least the minimum level
required by law or, if higher, to the level required by the terms governing such Plan; (y) insured with a reputable insurance company;
or (z) provided for or recognized in the financial statements most recently delivered to the Administrative Agent and the Lenders
pursuant hereto; and (6) ensure that the contributions or premium payments to or in respect of each Plan are and continue to be promptly
paid at no less than the rates required under the rules of such Plan and in accordance with the most recent actuarial advice received
in relation to such Plan and applicable law.
6.6 Maintenance
of Property; Insurance.
(a) Keep all property
useful and necessary in its business in good working order and condition, ordinary wear and tear excepted and (b) maintain with financially
sound and reputable insurance companies insurance on all its property (and also with respect to its foreign receivables) in at least such
amounts and against at least such risks (but including in any event public liability, product liability, business interruption, worker’s
compensation, medical malpractice) as are usually insured against in the same general area by companies engaged in the same or a similar
business.
6.7
Inspection of Property; Books and Records; Discussions.
(a) Keep proper books
of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all
dealings and transactions in relation to its business and activities and (b) permit representatives and independent contractors of
the Administrative Agent (and accompanied by any Lender) to visit and inspect any of its properties and examine and make abstracts from
any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations,
properties and financial and other condition of the Group Members with officers, directors and employees of the Group Members and with
their independent certified public accountants (which discussions with such auditors shall include representatives of the Borrower); provided,
that such audits and inspections shall not be undertaken more frequently than once per year unless an Event of Default has occurred and
is continuing; provided further that audits and inspections shall be at Borrower’s expense and the charges therefore shall
be no greater than $1,000 per person (or such higher amount as shall represent the Administrative Agent’s then-current standard
charge for the same) or $15,000 per inspection, plus reasonable and documented out-of-pocket expenses), unless an Event of Default has
occurred and is continuing.
6.8 Notices.
Give prompt written notice
to the Administrative Agent:
(a) the
occurrence of any Default or Event of Default;
(b) any
(i) default or event of default under any Contractual Obligation of any Group Member or (ii) litigation, investigation or proceeding
that may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely
determined, as the case may be, could reasonably be expected to have a Material Adverse Effect;
(c) any
litigation or proceeding affecting any Group Member, any PC Entity or any of their respective businesses, properties or assets (i) in
which the amount involved is in excess of the Threshold Amount and not covered by insurance, (ii) in which injunctive or similar
relief is sought against any Group Member or (iii) which relates to any Loan Document;
(d) (i)
promptly after the Borrower has knowledge or becomes aware of the occurrence of any of the following ERISA Events affecting the Borrower
or any ERISA Affiliate (but in no event more than 10 days after such event), the occurrence of any of the following ERISA Events, and
shall provide the Administrative Agent with a copy of any notice with respect to such event that may be required to be filed with a Governmental
Authority and any notice delivered by a Governmental Authority to the Borrower or any ERISA Affiliate with respect to such event: (A) an
ERISA Event, (B) the adoption of any new Pension Plan by the Borrower or any ERISA Affiliate, (C) the adoption of any amendment
to a Pension Plan, if such amendment will result in a material increase in benefits or unfunded benefit liabilities (as defined in Section 4001(a)(18)
of ERISA), or (D) the commencement of contributions by the Borrower or any ERISA Affiliate to any Plan that is subject to Title IV
of ERISA or Section 412 of the Code; and
(ii) (A) promptly
after the giving, sending or filing thereof, or the receipt thereof, copies of (1) each Schedule B (Actuarial Information) to the
annual report (Form 5500 Series) filed by Holdings or any of its ERISA Affiliates with the IRS with respect to each Pension Plan,
(2) all notices received by Holdings or any of its ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event,
and (3) copies of such other documents or governmental reports or filings relating to any Plan as the Administrative Agent shall
reasonably request; and (B), without limiting the generality of the foregoing, such certifications or other evidence of compliance with
the provisions of Sections 4.13 and 7.9 as any Lender (through the Administrative Agent) may from time to time reasonably
request;
(e) (i) any
Asset Sale undertaken by any Group Member, (ii) any issuance by any Group Member of any Capital Stock, (iii) any incurrence
by any Group Member of any Indebtedness (other than Indebtedness constituting Loans) in a principal amount equaling or exceeding $1,000,000,
and (iv) with respect to any such Asset Sale, issuance of Capital Stock or incurrence of Indebtedness, the amount of any Net Cash
Proceeds received by such Group Member in connection therewith;
(f) any
material change in accounting policies or financial reporting practices by any Loan Party;
(g) any
Loan Party, any Subsidiary or, to the knowledge of the Loan Parties, any PC Entity or any of their respective Licensed Personnel is currently,
or hereafter becomes, subject to any federal, state, local governmental civil or criminal investigations, inquiries or audits involving
and/or related to its compliance with Health Care Laws which, if adversely determined, would reasonably be expected to have a Material
Adverse Effect;
(h) any
written charges of licensing violations under applicable Health Care Laws involving any Loan Party, any Subsidiary or any PC Entity which,
if not timely corrected, would reasonably be expected to have a Material Adverse Effect;
(i) any
fines or penalties imposed by any Governmental Authority under any Health Care Law against any Loan Party, any Subsidiary, any PC Entity
or, to the knowledge of any Loan Party, any Licensed Personnel, which would reasonably be expected to have a Material Adverse Effect;
(j) any
written allegations by any Governmental Authority (or any agent thereof) of fraudulent activities in violation of applicable Health Care
Laws of any Loan Party, any Subsidiary, any PC Entity or, to the knowledge of any Loan Party, any Licensed Personnel, which if adversely
determined, would reasonably be expected to have a Material Adverse Effect;
(k) any
enforcement action taken by or on behalf of any Loan Party or any Subsidiary under any Continuity Agreement, specifying the nature and
extent thereof; and
(l) any
development or event that has had or could reasonably be expected to have a Material Adverse Effect.
Each notice pursuant to this Section 6.8
shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what
action the relevant Group Member proposes to take with respect thereto.
6.9 Environmental
Laws.
(a) Except
as would not reasonably be expected to have a Material Adverse Effect, comply with, and use commercially reasonable efforts to ensure
compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and
use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable Environmental Laws.
(b) Except
as would not reasonably be expected to have a Material Adverse Effect, conduct and complete all investigations, studies, sampling and
testing, and all remedial, removal and other corrective actions required under Environmental Laws and promptly comply in all material
respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws; provided, however,
that Holdings and the Borrower shall not be required to undertake any such actions to the extent that their obligation to do so is being
contested in good faith and by proper proceedings (and the prosecution of such contest would not reasonably be expected to result in a
Material Adverse Effect) and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.
6.10 Controlled
Accounts.
(a) Within
90 days after the Closing Date, open and maintain each Loan Party’s primary Deposit Accounts and Securities Accounts with SVB or
with SVB’s Affiliates and all other domestic Deposit Accounts and Securities Accounts with a Lender of an Affiliate thereof.
(b) Within
90 days after the Closing Date, deliver to the Administrative Agent a Control Agreement with respect to each of the Deposit Accounts and
Securities Accounts that are not Excluded Accounts and are set forth on Schedule 6.10. The Loan Parties may establish new Controlled
Accounts so long as the Loan Parties deliver to the Administrative Agent a Control Agreement with respect to such Controlled Account within
90 days (or, if an Event of Default has occurred and is continuing, prior to the transfer or deposit of any funds or property to such
account) after the creation of such Controlled Account.
6.11 Audits.
At reasonable times, on
one Business Day’s notice (provided that no notice is required if an Event of Default has occurred and is continuing), the
Administrative Agent, or its agents, shall have the right to inspect the Collateral and the right to audit and copy any and all of any
Loan Party’s books and records including ledgers, federal, state and other tax returns, records regarding assets or liabilities,
the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information.
The foregoing inspections and audits shall be at the Borrower’s expense, and the charge therefor shall be $1,000 per person per
day (or such higher amount as shall represent the Administrative Agent’s then-current standard charge for the same), plus
reasonable out-of-pocket expenses. Such inspections and audits shall not be undertaken more frequently than once per year, unless an Event
of Default has occurred and is continuing.
6.12 Additional
Collateral, etc.
(a) With
respect to any property (to the extent included in the definition of Collateral and not constituting Excluded Assets) acquired after the
Closing Date by any Loan Party (other than any property described in paragraph (b), (c) or (d) below) as
to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien, promptly (and in any event
within 30 days or such longer period as the Administrative Agent shall agree in its sole discretion) (i) execute and deliver to the
Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems
necessary or advisable to evidence that such Loan Party is a Guarantor and to grant to the Administrative Agent, for the ratable benefit
of the Secured Parties, a security interest in such property and (ii) take all actions necessary or advisable in the opinion of the
Administrative Agent to grant to the Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority
(except with respect to Liens expressly permitted by Section 7.3 to have priority over the Lien of the Administrative Agent)
security interest and Lien in such property, including the filing of Uniform Commercial Code financing statements in such jurisdictions
as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent.
(b) With
respect to any fee interest in any real property having a fair market value (together with improvements thereof) of at least $1,000,000
acquired after the Closing Date by any Loan Party, promptly (and in any event within 90 days or such longer time period as the Administrative
Agent may agree in its reasonable discretion), to the extent requested by the Administrative Agent, (i) execute and deliver a first
priority Mortgage, in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, covering such real property,
(ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such
real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified
by the Administrative Agent) as well as a current ALTA survey thereof, together with a surveyor’s certificate, and (y) any
consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the
foregoing in form and substance reasonably satisfactory to the Administrative Agent and (iii) if requested by the Administrative
Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Administrative Agent.
(c) With
respect to any new direct or indirect Material Domestic Subsidiary created or acquired after the Closing Date by any Loan Party (including
pursuant to a Permitted Acquisition), or any new Subsidiary formed by Division, promptly (i) execute and deliver to the Administrative
Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the
Administrative Agent, for the ratable benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock
of such new Material Domestic Subsidiary that is owned directly or indirectly by such Loan Party, (ii) deliver to the Administrative
Agent such documents and instruments as may be required to grant, perfect, protect and ensure the priority of such security interest,
including but not limited to, the certificates representing such Capital Stock, together with undated stock powers, in blank, executed
and delivered by a duly authorized officer of the relevant Loan Party, (iii) cause such new Material Domestic Subsidiary (A) to
become a party to the Guarantee and Collateral Agreement, (B) to take such actions as are necessary or advisable in the opinion of
the Administrative Agent to grant to the Administrative Agent for the benefit of the Secured Parties a perfected first priority security
interest in the Collateral described in the Guarantee and Collateral Agreement, with respect to such new Material Domestic Subsidiary,
including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral
Agreement or by law or as may be requested by the Administrative Agent and (C) to deliver to the Administrative Agent a certificate
of such Material Domestic Subsidiary, in a form reasonably satisfactory to the Administrative Agent, with appropriate insertions and attachments,
and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described
above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent; it being
agreed that if such new Subsidiary is formed by a Division, the foregoing requirements shall be satisfied substantially concurrently with
the formation of such Subsidiary.
(d) With
respect to any new First Tier Foreign Subsidiary created or acquired after the Closing Date by any Loan Party, promptly (i) execute
and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement, as the Administrative Agent deems necessary
or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest
in the Capital Stock of such new First Tier Foreign Subsidiary that is owned by any such Loan Party (provided that in the case
of voting Capital Stock, in no event shall more than 65.0% of the total outstanding voting Capital Stock of any such new First Tier Foreign
Subsidiary be required to be so pledged to the extent the pledge of any greater percentage would result in material adverse tax consequences
to Borrower or its equity holders (it being agreed that 100% of all such stock shall be pledged if a change in law eliminates such material
adverse tax consequences)), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with
undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party, and take such other action
(including, as applicable, the delivery of any foreign law pledge documents reasonably requested by the Administrative Agent) as may be
necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein,
and (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the
matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative
Agent.
(e) At
the request of the Administrative Agent, each Loan Party shall use commercially reasonable efforts to obtain a landlord’s agreement
or bailee letter, as applicable, from the lessor of each leased property or bailee with respect to any warehouse, processor or converter
facility or other location where Collateral is stored or located, which agreement or letter shall contain a waiver or subordination of
all Liens or claims that the landlord or bailee may assert against the Collateral at that location, and shall otherwise be reasonably
satisfactory in form and substance to the Administrative Agent. Each Loan Party shall pay and perform its material obligations under all
leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located.
(f) The
Loan Parties shall promptly upon the formation, acquisition or entering into any contractual relationship with any PC Entity (and in any
event within 30 days after the formation or acquisition thereof (or such later date as may be agreed by the Administrative Agent in its
sole discretion)), perform, or cause to be performed, all actions necessary to, and otherwise reasonably required by the Administrative
Agent to, cause such PC Entity to become a Qualified PC Entity.
6.13 Compliance
with Health Care Laws.
(a) Each
Loan Party shall comply and cause its Subsidiaries and, to the extent required by applicable laws, each PC Entity to comply with all applicable
Health Care Laws relating to the operation of such Person’s business, except where non-compliance would not reasonably be expected
to have a Material Adverse Effect.
(b) In
the event that any Loan Party, any Subsidiary or any PC Entity participates in or contracts with any Third Party Payor Program, each Loan
Party shall comply and cause its Subsidiaries and, to the extent required or permitted by applicable laws, each PC Entity to comply with
all the applicable requirements of such Third Party Payor Program, except where non-compliance would not reasonably be expected to have
a Material Adverse Effect.
(c) Each
Loan Party shall maintain and cause its Subsidiaries and, to the extent permitted by applicable laws, each PC Entity to maintain all records
required to be maintained by any Governmental Authority or otherwise under any Health Care Laws, except where the failure to maintain
such records would not reasonably be expected to have a Material Adverse Effect.
(d) Each
Loan Party shall keep in full force and effect and cause its Subsidiaries and, to the extent permitted by applicable laws, each PC Entity
to keep in full force and effect all Authorizations required to operate such Person’s business under applicable Health Care Laws,
which, if not maintained, would reasonably be expected to have a Material Adverse Effect.
6.14 Use
of Proceeds. Use the proceeds of each Credit Extension only for the purposes specified in Section 4.16.
6.15 Designated
Senior Indebtedness. Cause the Loan Documents and all of the Obligations (other than any such Obligations arising in connection with
Cash Management Services) to be deemed “Designated Senior Indebtedness” or a similar concept thereto, if applicable, for purposes
of any Indebtedness of the Loan Parties.
6.16 Anti-Corruption
Laws. Conduct its business in compliance with all applicable anti-corruption laws and maintain policies and procedures designated
to promote and achieve compliance with such laws.
6.17 Further
Assurances. Execute any further instruments and take such further action as the Administrative Agent reasonably deems necessary to
perfect, protect, ensure the priority of or continue the Administrative Agent’s Lien on the Collateral or to effect the purposes
of this Agreement.
6.18 PC
Entities.
(a) The
Borrower shall take all reasonable steps to not allow any event, condition or circumstance to occur that would result in a default under
any of the PC Documents by any Loan Party, and shall take all reasonable steps to seek to enforce all of its rights under each PC Document,
in each case, except where the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. The Loan Parties shall maintain the security interest referred to in Section 4.19(c) hereof as a fully
perfected and enforceable Lien in the collateral of each such PC Entity.
(b) The
Borrower shall deliver to the Administrative Agent, promptly following the receipt thereof, any written notices of material defaults or
notices of termination received from any PC Entity, or given by the Borrower to any PC Entity, under any PC Document.
(c) Promptly
following the appointment of an additional holder of Capital Stock or a successor owner of any PC Entity as described in the Continuity
Agreements, Borrower shall notify Agent of such appointment of such additional holder or successor owner and confirm the name of such
additional holder or successor owner and that such Person (i) is licensed to practice medicine in the state in which such PC Entity
has been formed and operates or otherwise eligible to be a holder of Capital Stock or a successor owner of such PC Entity under the applicable
laws of such state, and (ii) is not excluded from participating in any federal health care programs (as defined in 42 U.S.C. §
1320a-7b(f)).
Section 7
NEGATIVE COVENANTS
Holdings, Intermediate
Holdings and the Borrower hereby jointly and severally agree that, at all times prior to the Discharge of Obligations, neither Holdings, Intermediate
Holdings nor the Borrower shall, nor shall Holdings, Intermediate Holdings and the Borrower permit any of their respective Subsidiaries
to, directly or indirectly:
7.1 Financial
Condition Covenants.
(a) Consolidated
Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio of Holdings and its Subsidiaries as at the last day
of any Test Period to be less 1.25:1.00than the ratios
set forth below opposite such Fiscal Quarter, commencing with the Fiscal Quarter ending December 31,
2022.September 30, 2024:
Fiscal Quarter Ending |
Consolidated Fixed Charge Coverage Ratio |
September 30, 2024 |
1.25:1.00 |
December 31, 2024 |
1.10:1.00 |
March 31, 2025 |
1.10:1.00 |
June 30, 2025 and the last day of each Fiscal Quarter thereafter |
1.25:1.00 |
(b) Consolidated
Leverage Ratio. Permit the Consolidated Leverage Ratio of Holdings and its Subsidiaries as at the last day of any Test Period to exceed
the ratio set forth below opposite such Fiscal Quarter, commencing with the Fiscal Quarter ending December 31September 30,
20222024:
Fiscal Quarter Ending |
Consolidated Leverage Ratio |
December 31, 2022 |
2.50:1.00 |
March 31, 2023 |
2.50:1.00 |
June 30, 2023
September 30, 20232024 |
2.50:1.00
2.50:1.00
2.75:1.00 |
December 31, 20232024 |
2.50:1.003.25:1.00 |
March 31, 20242025 |
2.50:1.003.25:1.00 |
June 30, 20242025 |
2.50:1.002.75:1.00 |
September 30, 20242025 and the last day of each Fiscal Quarter thereafter |
2.25:1.00 |
(c) Minimum
Liquidity. Permit the Liquidity of Holdings and its Subsidiaries, as of the last day of each Fiscal Quarter, to be less than the amount
set forth below opposite such Fiscal Quarter, commencing with the Fiscal Quarter ending September 30, 2024 (such compliance to be
determined on the basis of the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.2(b) for
such Fiscal Quarter).
(d) 7.2
Fiscal Quarter Ending |
Minimum Liquidity |
September 30, 2024 |
$6,750,000.00 |
December 31, 2024 |
$7,500,000.00 |
March 31, 2025 |
$7,500,000.00 |
June 30, 2025 |
$7,500,000.00 |
7.2 Indebtedness.
Create, issue, incur, assume, become liable in respect of or suffer to exist any Indebtedness, except:
(a) Indebtedness
of any Loan Party pursuant to any Loan Document, including, for the avoidance of doubt, any Incremental Commitment and any Indebtedness
under any Cash Management Agreement;
(b) intercompany
Indebtedness between or among Holdings and any of its Subsidiaries; provided, that (i) the aggregate amount of all Indebtedness
owing by any Subsidiary of Holdings that is not a Loan Party to any Loan Party (together with investments in Subsidiaries that are not
Loan Parties permitted under Section 7.8(f)) shall not exceed $5,000,000 (determined at the time of such incurrence) and (ii) unsecured
Indebtedness owing by any Loan Party to any Subsidiary or Affiliate of such Loan Party that is not a Loan Party that is permitted pursuant
to Section 7.8(f) shall be subordinated to the Obligations on terms reasonably acceptable to the Administrative Agent;
(c) Guarantee
Obligations incurred in the ordinary course of business by Holdings and its Subsidiaries of obligations of (i) the Borrower any Subsidiary
Guarantor and (ii) any Qualified PC Entity under an ordinary course merchant services agreement entered by such Qualified PC Entity
in order to facilitate the processing of credit card payments constituting revenue of such Qualified PC;
(d) Indebtedness
outstanding on the date hereof and listed on Schedule 7.2(d) and any refinancings, refundings, renewals or extensions thereof
(which do not shorten the maturity thereof or increase the principal amount thereof);
(e) Indebtedness
(including, without limitation, Capital Lease Obligations) secured by Liens permitted by Section 7.3(g) in an aggregate
principal amount not to exceed $1,000,000 at any one time outstanding and any refinancings, refundings, renewals or extensions thereof
(which do not shorten the maturity thereof or increase the principal amount thereof);
(f) Indebtedness
in respect of Permitted Earnouts; provided, that such earn-out obligations are subordinated in right of payment to the Obligations
hereunder on terms and conditions reasonably satisfactory to the Administrative Agent;
(g) unsecured
Indebtedness incurred by Holdings or any Subsidiary thereof (i) incurred in the ordinary course of business of such Loan Party and
its Subsidiaries in respect of open accounts extended by suppliers on normal trade terms in connection with purchases of goods and services
which are not overdue for a period of more than 90 days or, if overdue for more than 90 days, as to which a dispute exists and adequate
reserves in conformity with GAAP have been established on the books of such Loan Party and (ii) in respect of performance, surety
or appeal bonds provided in the ordinary course of business, but excluding (in each case) Indebtedness incurred through the borrowing
of money or contingent liabilities in respect thereof;
(h) Indebtedness
(i) arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business; provided, that such Indebtedness is extinguished within 10 Business Days of incurrence
and/or (ii) in respect of Cash Management Services; provided, that such Indebtedness is unsecured or has been subordinated
to the reasonable satisfaction of the Administrative Agent and is in an amount not to exceed $50,000 in the aggregate at any one time
outstanding;
(i) obligations
(contingent or otherwise) of Holdings or any of its Subsidiaries existing or arising under any Specified Swap Agreement, provided
that such obligations are (or were) entered into by such Person in accordance with Section 7.13 and not for purposes of speculation;
(j) Indebtedness
of a Person (other than the Borrower or a Subsidiary) existing at the time such Person is merged with or into a Borrower or a Subsidiary
or becomes a Subsidiary, provided that (i) such Indebtedness was not, in any case, incurred by such other Person in connection
with, or in contemplation of, such merger or acquisition, (ii) such merger or acquisition constitutes a Permitted Acquisition, and
(iii) with respect to any such Person who becomes a Subsidiary, (A) such Subsidiary is the only obligor in respect of such Indebtedness,
and (B) to the extent such Indebtedness is permitted to be secured hereunder, only the assets of such Subsidiary secure such Indebtedness;
(k) Indebtedness
of the Loan Parties and their Subsidiaries arising in the ordinary course of business with respect to bid, surety and appeals bonds, performance
bonds, completion guarantees, workers compensation claims and other similar obligations, including guarantees or obligations of any Loan
Party with respect to letters of credit supporting such bid, performance or surety bonds, workers’ compensation claims, and other
similar obligations (in each case other than for an obligation for borrowed money);
(l) Indebtedness
consisting of the financing of insurance premiums for the insurance of Holdings or any of its Subsidiaries in the ordinary course of business,
so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the
cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year;
(m) Indebtedness
representing deferred compensation (other than earn-outs) owed to employees of Holdings, the Borrower or any of its Subsidiaries incurred
in the ordinary course of business;
(n) Indebtedness
consisting of unsecured promissory notes issued by the Borrower to future, current or former officers, directors, employees, managers
and consultants or their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Capital
Stock of Holdings, to the extent such repurchase would be permitted under Section 7.6(f) (which secured Indebtedness
is issued in lieu of cash Restricted Payments permitted under Section 7.6(f) (it being understood that any such issuance
of Indebtedness will reduce dollar for dollar the amounts available for payment under Section 7.6(f))); provided, that
the aggregate amount of all Indebtedness under this clause (n) shall not exceed $1,000,000 at any time outstanding; and
(o) other
unsecured Indebtedness in an aggregate amount not to exceed $625,000 at any time outstanding.
7.3 Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, whether now owned or hereafter acquired, except:
(a) Liens
for taxes not yet due or that are being contested in good faith by appropriate proceedings; provided that adequate reserves with
respect thereto are maintained on the books of the applicable Group Member in conformity with GAAP;
(b) carriers’,
warehousemen’s, landlord’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary
course of business that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings;
(c) pledges
or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation;
(d) deposits
to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature incurred in the ordinary course of business (other than for indebtedness or any
Liens arising under ERISA);
(e) easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, are not
substantial in amount and that 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 Group Member;
(f) Liens
in existence on the date hereof listed on Schedule 7.3(f), securing Indebtedness permitted by Section 7.2(d); provided
that (i) no such Lien is spread to cover any additional property after the Closing Date, (ii) the amount of Indebtedness secured
or benefitted thereby is not increased, (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any
renewal or extension of the obligations secured thereby is permitted by Section 7.2(d);
(g) Liens
securing Indebtedness incurred pursuant to Section 7.2(e) to finance the acquisition of fixed or capital assets; provided
that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets, (ii) such
Liens do not at any time encumber any property other than the property financed by such Indebtedness, and (iii) the amount of Indebtedness
secured thereby is not increased;
(h) Liens
created pursuant to the Security Documents;
(i) any
interest or title of a lessor or licensor under any lease or license entered into by a Group Member in the ordinary course of its business
and covering only the assets so leased or licensed;
(j) judgment
Liens that do not constitute an Event of Default under Section 8.1(h) of this Agreement;
(k) bankers’
Liens, rights of setoff and other similar Liens existing solely with respect to cash, Cash Equivalents, securities, commodities and other
funds on deposit in one or more accounts maintained by a Group Member, in each case arising in the ordinary course of business in favor
of banks, other depositary institutions, securities or commodities intermediaries or brokerages with which such accounts are maintained
securing amounts owing to such banks or financial institutions with respect to cash management and operating account management or are
arising under Section 4-208 or 4-210 of the UCC on items in the course of collection;
(l) (i) cash
deposits and liens on cash and Cash Equivalents pledged to secure Indebtedness permitted under Section 7.2(f), (ii) Liens
securing reimbursement obligations with respect to letters of credit permitted by Section 7.2(f) that encumber documents
and other property relating to such letters of credit, and (iii) Liens securing Swap Obligations permitted by Section 7.2(i);
(m) Liens
on property of a Person existing at the time such Person is acquired by, merged into or consolidated with a Group Member or becomes a
Subsidiary of a Group Member or acquired by a Group Member; provided that (i) such Liens were not created in contemplation
of such acquisition, merger, consolidation or Investment, (ii) such Liens do not extend to any assets other than those of such Person,
and (iii) the applicable Indebtedness secured by such Lien is permitted under Section 7.2;
(n) the
replacement, extension or renewal of any Lien permitted by clause (m) above upon or in the same property theretofore subject
thereto or the replacement, extension or renewal (without increase in the amount or change in any direct or contingent obligor) of the
Indebtedness secured thereby;
(o) Liens
solely on any cash earnest money deposits made by a Loan Party Borrower or any of its Subsidiaries in connection with any letter of intent
or purchase agreement with respect to a Permitted Acquisition;
(p) customary
rights of first refusal or first offer, and tag, drag and similar rights in joint venture agreements;
(q) Liens
on insurance policies and the proceeds thereof (whether accrued or not) and rights or claims against an insurer in each case securing
insurance premium financings permitted under Section 7.2.(l); and
(r) other
Liens securing Indebtedness in an aggregate principal amount not to exceed $625,000 at any time outstanding.
7.4 Fundamental
Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation
or dissolution), or Dispose of all or substantially all of its property or business, except that:
(a) any
Subsidiary of Holdings may be merged or consolidated with or into the Borrower (provided that the Borrower shall be the continuing
or surviving corporation) or with or into any Subsidiary Guarantor (provided that such Subsidiary Guarantor shall be the continuing
or surviving corporation);
(b) any
Subsidiary of Holdings may Dispose of any or all of its assets (i) to the Borrower or any other Subsidiary Guarantor (upon voluntary
liquidation or otherwise) or (ii) pursuant to a Disposition permitted by Section 7.5; and
(c) any
Investment expressly permitted by Section 7.7 may be structured as a merger, consolidation or amalgamation.
7.5 Disposition
of Property. Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary of Holdings,
issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:
(a) Dispositions
of obsolete or worn out property in the ordinary course of business;
(b) Dispositions
of Inventory or immaterial assets in the ordinary course of business;
(c) Dispositions
permitted by clause (i) of Section 7.4(b);
(d) the
sale or issuance of the Capital Stock of any Subsidiary of Holdings to the Borrower or to any Subsidiary Guarantor;
(e) the
use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents;
(f) the
non-exclusive licensing of patents, trademarks, copyrights, and other Intellectual Property rights in the ordinary course of business;
(g) the
Disposition of property (i) from any Loan Party to any other Loan Party, and (ii) from any Subsidiary that is not a Loan Party
to any other Group Member;
(h) Dispositions
of property subject to a Casualty Event;
(i) leases
or subleases of real property;
(j) [reserved];
(k) any
abandonment, cancellation, non-renewal or discontinuance of use or maintenance of Intellectual Property (or rights relating thereto) of
any Group Member that the Borrower determines in good faith is desirable in the conduct of its business and not materially disadvantageous
to the interests of the Lenders;
(l) leases,
as lessor, of real or personal property (other than intellectual property) no longer used or useful in such Person’s business and
otherwise in the ordinary course of business;
(m) Dispositions
of assets to the extent that such assets are exchanged for credit against the purchase price of similar replacement assets, or the proceeds
of such Dispositions are reasonably promptly applied to the purchase price of similar replacement assets, all in the ordinary course of
business;
(n) Dispositions
or forgiveness of accounts receivable solely in connection with the collection or compromise thereof (including sales to factors or other
third parties) and not as part of any financing transaction, in each case, in the ordinary course of business and without recourse;
(o) leases,
subleases, service agreements, product sales, transfers, licenses or sublicenses (including transfers and non-exclusive licenses and sublicenses
of intellectual property), in each case in the ordinary course of business and that do not interfere in any material respect with the
business of Holdings, the Borrower or any of its Subsidiaries;
(p) Dispositions
of Investments in joint ventures or non-wholly owned Subsidiaries of the Borrower solely to the extent required by, or made pursuant to
customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;
(q) Dispositions
made for fair market value, subject to the satisfaction of the following conditions: (i) the aggregate fair market value, as well
as the aggregate book value, of the assets subject to such Dispositions shall not exceed $750,000 in any Fiscal Year; (ii) immediately
prior to and immediately after giving effect to such Disposition, no Default or Event of Default shall have occurred and be continuing
or would result therefrom; (iii) the Net Cash Proceeds thereof are used to prepay the Term Loans in accordance with Section 2.12(c);
and (iv) at least 75.0% of the consideration received for such sale, transfer, lease, contribution or conveyance is received in cash;
and
(r) Dispositions
of any non-core assets acquired in connection with any Permitted Acquisition; provided that (i) the fair market value
of such assets shall not exceed 10.0% of the consideration paid in such Permitted Acquisition, (ii) both before and after giving
effect to any such Disposition, no Default or Event of Default shall exist or would result therefrom and (iii) the Net Cash Proceeds
shall be (A) in an amount at least equal to the fair market value of the asset(s) subject to such Disposition and (B) to
the extent paid in cash, applied in accordance with Section 2.12(c);
provided,
however, that any Disposition made pursuant to this Section 7.5 shall be made in good faith on an arm’s
length basis for fair value.
7.6 Restricted
Payments. Make any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance
(including in-substance or legal defeasance), sinking fund or similar payment with respect to, any Subordinated Indebtedness, pay any
earn-out payment, seller debt or other deferred purchase payments, declare or pay any dividend (other than dividends payable solely in
common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous
fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Group Member, whether now
or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property
or in obligations of any Group Member (collectively, “Restricted Payments”), except that, so long as no Event of Default
shall have occurred and be continuing at the time of any action described below or would result therefrom:
(a) any
Subsidiary of any Group Member may make Restricted Payments to the Borrower or any Subsidiary of the Borrower that is a Loan Party;
(b) the
Borrower may repurchase, redeem or otherwise acquire or retire for value any Capital Stock of Holdings held by any employee, director,
consultant or officer of any Loan Party or Subsidiary of any Loan Party pursuant to any employee equity subscription agreement, stock
option agreement, stock ownership arrangement or any similar arrangement upon the death, disability, retirement or termination of employment
of such employee, director, consultant or officer to the extent (i) not exceeding $500,000 in any Fiscal Year and (ii) no Default
or Event of Default shall have occurred and be continuing or would result therefrom;
(c) the
Borrower may make cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities
convertible into or exchangeable for Capital Stock of Holdings; provided, that such payments shall not exceed $500,000 in any Fiscal
Year;
(d) the
Borrower may purchase, redeem or otherwise acquire Capital Stock issued by it with the proceeds received from the substantially concurrent
issue of new shares of its common stock or other common Capital Stock; provided that any such issuance is otherwise permitted hereunder
(including by Section 7.5(d));
(e) with
respect to any taxable year during which the Borrower is a member of a consolidated group of which the parent entity is Holdings, the
Borrower may make cash Restricted Payments to Intermediate Holdings, and Intermediate Holdings may in turn make cash Restricted Payments
to Holdings, to enable Intermediate Holdings or Holdings to pay, and in amounts not to exceed the amount necessary to pay the amount that
the Borrower would have been required to pay for federal, state, local or other taxes on income if it were deemed to be the common parent
of an affiliated group (within the meaning of Section 1504 of the Code) of which only it and its Subsidiaries were members, taking
into account any net operating losses or other attributes of the Borrower or its Subsidiaries, less any amounts paid directly by the Borrower
and its Subsidiaries with respect to such Taxes;
(f) (i) the
Borrower may make repurchases of Capital Stock deemed to occur upon exercise of stock options or warrants if such repurchased Capital
Stock represents a portion of the exercise price of such options or warrants, and (ii) repurchases of Capital Stock deemed to occur
upon the withholding of a portion of the Capital Stock granted or awarded to a current or former officer, director, employee or consultant
to pay for the taxes payable by such Person upon such grant or award (or upon vesting thereof);
(g) the
Borrower may deliver its common Capital Stock upon conversion of any convertible Indebtedness having been issued by the Borrower; provided
that such Indebtedness is otherwise permitted by Section 7.2; and
(h) Holdings
and its Subsidiaries may make additional Restricted Payments not otherwise permitted by one of the foregoing clauses of this Section 7.6;
provided that immediately before and immediately after giving effect to the applicable payment or transaction, (i) no Default
or Event of Default shall have occurred and be continuing and (ii) immediately after giving effect to such payment or transaction,
(A) Holdings and its Subsidiaries shall maintain Liquidity of at least $15,000,000, (B) Holdings and its Subsidiaries shall
be in compliance with each of the covenants set forth in Section 7.1 and (C) the Consolidated Leverage Ratio of Holdings
and its Subsidiaries shall not exceed 1.60:1.00.
7.7 [Reserved].
7.8 Investments.
Make any advance, loan, extension of credit (by way of guarantee or otherwise) or capital contribution to, or purchase any Capital
Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other investment
in, any Person, including, without limitation, the opening of any de novo treatment facility or the opening or acquisition of any PC Entity
(all of the foregoing, “Investments”), except:
(a) extensions
of trade credit in the ordinary course of business;
(b) Investments
in cash and Cash Equivalents;
(c) Guarantee
Obligations permitted by Section 7.2;
(d) loans
and advances to officers, directors and employees of any Loan Party for reasonable and customary business related travel expenses, entertainment
expenses, moving expenses and similar expenses, in each case incurred in the ordinary course of business, in an aggregate principal amount
at any time not to exceed $500,000 for all such outstanding loans and advances, after giving effect to Section 7.6(b);
(e) Investments
in any joint ventures in the same business or a business reasonably related, complementary or ancillary to the line of business of the
Loan Parties in an aggregate amount not to exceed $1,000,000 at any time outstanding; provided that immediately before and
after giving effect to any such Investment, no Default or Event of Default shall exist or would result therefrom;
(f) Investments
consisting of intercompany loans or other extensions of credit (i) between or among the Borrower and its Subsidiaries that are Loan
Parties, (ii) by the Borrower or a Subsidiary that is a Loan Party to any Subsidiary that is not a Loan Party so long as (x) no
Default or Event of Default shall have occurred and be continuing or would result therefrom and (y) the aggregate amount of any such
loans or extensions of credit does not exceed (together with Indebtedness of non-Loan Parties permitted under Section 7.2(b))
$1,000,000 at any one time outstanding, and (iii) by any Subsidiary that is not a Loan Party to the Borrower or a Subsidiary that
is a Loan Party; provided, that, any such intercompany Indebtedness described in clause (iii) shall be subordinated
to the Obligations on terms reasonably acceptable to the Administrative Agent;
(g) Investments
in the ordinary course of business consisting of endorsements of negotiable instruments for collection or deposit;
(h) Investments
received in settlement of amounts due to any Group Member effected in the ordinary course of business or owing to such Group Member as
a result of Insolvency Proceedings involving an account debtor or upon the foreclosure or enforcement of any Lien in favor of such Group
Member;
(i) Investments
held by any Person as of the date such Person is acquired in connection with a Permitted Acquisition, provided that (A) such
Investments were not made, in any case, by such Person in connection with, or in contemplation of, such Permitted Acquisition, and (B) with
respect to any such Person which becomes a Subsidiary as a result of such Permitted Acquisition, such Subsidiary remains the only holder
of such Investment;
(j) so
long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, other Investments in an aggregate
principal amount at any time not to exceed $1,000,000;
(k) deposits
made to secure the performance of leases, licenses or contracts in the ordinary course of business, and other deposits made in connection
with the incurrence of Liens permitted under Section 7.3;
(l) the
licensing or contribution of Intellectual Property pursuant to joint marketing arrangements with other Persons in the ordinary course
of business;
(m) Investments
consisting of demand loans, capital contributions or other Investments made to PC Entities in accordance with the terms of the PC Documents;
provided that (i) the aggregate amount of all such Investments to any PC Entity shall not exceed $1,000,000 at any one time
and (ii) the aggregate amount of all such Investments shall not exceed $2,500,000 over the course of this Agreement;
(n) purchases
or other acquisitions by any Group Member of the Capital Stock in a Person that, upon the consummation thereof, will be a Subsidiary (including
as a result of a merger or consolidation) or all or substantially all of the assets of, or assets constituting one or more business units
of, any Person (each, a “Permitted Acquisition”); provided that, with respect to each such purchase or
other acquisition:
(i) the
newly-created or acquired Subsidiary (or assets acquired in connection with such asset sale) shall be (x) in the same or a related
line of business as that conducted by the Borrower on the date hereof, or (y) in a business that is ancillary to and in furtherance
of the line of business as that conducted by the Borrower on the date hereof;
(ii) all
transactions related to such purchase or acquisition shall be consummated in all material respects in accordance with all Requirements
of Law;
(iii) no
Loan Party shall, as a result of or in connection with any such purchase or acquisition, assume or incur any direct or contingent liabilities
(whether relating to environmental, tax, litigation or other matters) that, as of the date of such purchase or acquisition, could reasonably
be expected to result in the existence or incurrence of a Material Adverse Effect;
(iv) any
acquired assets shall be located in the United States and any acquired entity shall be organized under the laws of the United States or
any state thereof;
(v) the
Borrower shall provide to the Administrative Agent as soon as available but in any event not later than five Business Days after the execution
thereof, a copy of any executed purchase agreement or similar agreement with respect to any such purchase or acquisition;
(vi) any
such newly-created or acquired Subsidiary (or the Loan Party that is the acquirer of assets in connection with an asset acquisition) shall
comply with the requirements of Section 6.12, except to the extent compliance with Section 6.12 is prohibited
by pre-existing Contractual Obligations or Requirements of Law binding on such Subsidiary or its properties;
(vii) Liquidity
shall equal or exceed $10,000,000 as of the date the definitive agreements relating to any such acquisition or other purchase are executed
(after giving effect, on a Pro Forma Basis, to the consummation of such acquisition or other purchase);