<SEC-DOCUMENT>0001193125-23-297666.txt : 20231218
<SEC-HEADER>0001193125-23-297666.hdr.sgml : 20231218
<ACCEPTANCE-DATETIME>20231218163703
ACCESSION NUMBER:		0001193125-23-297666
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20231218
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20231218
DATE AS OF CHANGE:		20231218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHOICE HOTELS INTERNATIONAL INC /DE
		CENTRAL INDEX KEY:			0001046311
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				521209792
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13393
		FILM NUMBER:		231494292

	BUSINESS ADDRESS:	
		STREET 1:		915 MEETING STREET
		STREET 2:		SUITE 600
		CITY:			NORTH BETHESDA
		STATE:			MD
		ZIP:			20852
		BUSINESS PHONE:		3015925000

	MAIL ADDRESS:	
		STREET 1:		915 MEETING STREET
		STREET 2:		SUITE 600
		CITY:			NORTH BETHESDA
		STATE:			MD
		ZIP:			20852

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHOICE HOTELS FRANCHISING INC
		DATE OF NAME CHANGE:	19971118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHOICE HOTELS INTERNATIONAL INC/
		DATE OF NAME CHANGE:	19971022
</SEC-HEADER>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
<table style="border-collapse:collapse; font-family:Times New Roman; font-size:10pt;border:0;width:100%" cellpadding="0" cellspacing="0">
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Soliciting material pursuant to Rule <span style="white-space:nowrap">14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12)</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b))</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c))</span></p></td></tr></table> <p style="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">Securities registered pursuant to Section&#160;12(b) of the Act:</p> <p style="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of Each Class</p></td>
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<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Ticker</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Symbol(s)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of Each Exchange</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">on Which Registered</p></td></tr>
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<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2023-12-18_to_2023-12-18">Common Stock, Par Value $0.01 per share</ix:nonNumeric></td>
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<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2023-12-18_to_2023-12-18">CHH</ix:nonNumeric></td>
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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;1.01</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Entry into a Material Definitive Agreement. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See Item 2.03 below for a description of the $500&#160;million senior unsecured credit agreement entered into on December&#160;18, 2023 among Choice Hotels International, Inc. (the &#8220;Company&#8221;), Wells Fargo Bank, National Association, as administrative agent, the other agents party thereto and a syndicate of lenders (the &#8220;Credit Agreement&#8221;). </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;2.03</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Creation of a Direct Financial Obligation or an Obligation under an <span style="white-space:nowrap">Off-Balance</span> Sheet Arrangement of a Registrant. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&#160;18, 2023, the Company entered into the Credit Agreement, which provides for a $500&#160;million unsecured term loan (the &#8220;Term Loan&#8221;) with a scheduled maturity date of December&#160;16, 2024, subject to an optional <span style="white-space:nowrap">one-year</span> extension that can be requested by the Company prior to the initial maturity date. The effectiveness of such extension is subject to the consent of the lenders under the Credit Agreement and certain customary conditions. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Term Loan and all accrued but unpaid interest thereon must be repaid in full on the maturity date. Upon the occurrence of certain debt issuances and equity issuances, subject to the exceptions set forth in the Credit Agreement, the Company is required to make certain mandatory principal prepayments of the Term Loan in an amount equal to 100% of the net cash proceeds of such transactions. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Credit Agreement provides that the Company may elect to have the Term Loan bear interest at a rate equal to (i)&#160;SOFR (subject to a credit spread adjustment of 0.10% and a 0.00% floor) plus a margin ranging from 125 to 175 basis points or (ii)&#160;a base rate plus a margin ranging from 25 to 75 basis points, in each case, with the margin determined according to the Company&#8217;s senior unsecured long-term debt rating. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Credit Agreement requires that the Company and its restricted subsidiaries comply with various covenants, including with respect to restrictions on liens, incurring indebtedness, making dividends and stock repurchases, making investments and effecting mergers and/or asset sales. The Credit Agreement imposes financial maintenance covenants requiring the Company to maintain a consolidated fixed charge coverage ratio of at least 2.5 to 1.0 and a total leverage ratio of not more than 4.5 to 1.0, which may be increased to 5.5 to 1.0 for up to three consecutive fiscal quarters commencing with the fiscal quarter in which certain material acquisitions are consummated. So long as the Company maintains an Investment Grade Rating, as defined in the Credit Agreement, then the Company will not need to comply with the consolidated fixed charge coverage ratio covenant. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Credit Agreement includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations of the Company under the Credit Agreement to be immediately due and payable. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The proceeds of the Term Loan are expected to be used for general corporate purposes, including working capital and other permitted uses set forth in the Credit Agreement. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain of the lenders, as well as certain of their respective affiliates, have performed and may in the future perform for the Company and its subsidiaries, various commercial banking, investment banking, lending, underwriting, trust services, financial advisory and other financial services, for which they have received and may in the future receive customary fees and expenses. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The summary of the material provisions of the Credit Agreement set forth above is qualified in its entirety by reference to the full text of the Credit Agreement, which is filed as Exhibit 10.1 to this report and incorporated herein by reference. </p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d441609dex101.htm">Senior Unsecured Credit Agreement, dated December&#160;18, 2023, among Choice Hotels International, Inc., Wells Fargo Bank, National Association, as administrative agent, the other agents party thereto and a syndicate of lenders </a></td></tr>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURES </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom" colspan="3">Date: December&#160;18, 2023</td>
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<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman;text-align:center">/s/ Scott E. Oaksmith</p></td></tr>
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<td style="vertical-align:bottom" align="center"><span style="font-weight:bold">Scott E. Oaksmith</span></td></tr>
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<TYPE>EX-10.1
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<FILENAME>d441609dex101.htm
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><I></I><B><I>Execution Version</I></B><I></I><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Published CUSIP Numbers</U>: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Deal: 17038NAM1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Term Loan: 17038NAN9
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SENIOR UNSECURED CREDIT AGREEMENT </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of December&nbsp;18, 2023 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CHOICE HOTELS INTERNATIONAL,
INC., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Borrower, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE
LENDERS NAMED HEREIN, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WELLS FARGO BANK, NATIONAL ASSOCIATION, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Administrative Agent, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">with </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WELLS FARGO SECURITIES, LLC, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOFA
SECURITIES, INC., </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TRUIST SECURITIES, INC., </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">U.S. BANK NATIONAL ASSOCIATION, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GOLDMAN SACHS BANK USA, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">JPMORGAN
CHASE BANK, N.A., </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PNC CAPITAL MARKETS LLC, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CAPITAL ONE, NATIONAL
ASSOCIATION, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Joint Lead Arrangers </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WELLS FARGO SECURITIES, LLC,
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Sole Bookrunner </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BANK OF AMERICA, N.A., </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TRUIST
BANK, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">U.S. BANK NATIONAL ASSOCIATION, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GOLDMAN SACHS BANK USA, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">JPMORGAN
CHASE BANK, N.A., </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PNC BANK, NATIONAL ASSOCIATION, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CAPITAL ONE, NATIONAL
ASSOCIATION, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agents </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE I</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">DEFINITIONS</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Defined Terms</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Terms Generally</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Other Definitions and Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="8" COLSPAN="7"></TD></TR>
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<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE II</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">THE CREDITS</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Term Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Procedure for Advance of Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Repayment and Prepayment of Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Evidence of Indebtedness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Interest on Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notice and Manner of Conversion or Continuation of Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Manner of Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Crediting of Payments and Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Adjustments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nature of Obligations of Lenders Regarding the Loans; Assumption by the Administrative Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Extension of Maturity Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Changed Circumstances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Capital Requirements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mitigation by Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.22</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">General Policy of Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.23</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.24</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.25</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.26</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Replacement of Certain Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.27</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Defaulting Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2.28</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Certain Permitted Amendments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE III</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">REPRESENTATIONS AND WARRANTIES</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Organization; Powers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorization</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Enforceability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Governmental Approvals</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial Statements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Material Adverse Change</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title to Properties; Possession Under Leases</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Litigation; Compliance with Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Federal Reserve Regulations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Investment Company Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tax Returns</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Material Misstatements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Employee Benefit Plans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Environmental Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Solvency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">OFAC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Intellectual Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Anti-Corruption Laws; Anti-Money Laundering Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.22</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Affected Financial Institution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3.23</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Beneficial Ownership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE IV</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">CONDITIONS OF LENDING</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Conditions to Effectiveness and Making of Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE V</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">AFFIRMATIVE COVENANTS</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Existence; Businesses and Properties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Financial Statements, Reports, etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Litigation and Other Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">ERISA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Maintaining Records; Access to Properties and Inspections</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Additional Subsidiaries; Principal Properties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE VI</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">NEGATIVE COVENANTS</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indebtedness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Liens</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sale and Lease-Back Transactions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Investments, Loans and Advances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mergers and Consolidations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Asset Sales</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Transactions with Affiliates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Certain Accounting Changes; Organizational Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Restricted Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Consolidated Leverage Ratio</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Consolidated Fixed Charge Coverage Ratio</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OFAC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(ii) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE VII</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">EVENTS OF DEFAULT</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE VIII</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">THE AGENT</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Appointment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delegation of Duties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Exculpatory Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Reliance by the Administrative Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notice of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Non-Reliance</FONT> on the Administrative Agent and Other Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indemnification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Administrative Agent in Its Individual Capacity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Resignation of the Administrative Agent; Successor Administrative Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Other Agents, Arrangers and Managers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Erroneous Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Certain ERISA Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE IX</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">MISCELLANEOUS</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.01</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.02</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Survival of Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.03</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Binding Effect</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.04</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Successors and Assigns</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.05</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Expenses; Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.06</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Right of Setoff</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.07</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Applicable Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.08</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Waivers; Amendment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.09</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Waiver of Jury Trial; Consequential and Punitive Damages</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Counterparts; Electronic Signatures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Headings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jurisdiction; Consent to Service of Process; Judgment Currency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Confidentiality</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Rights and Remedies Cumulative; <FONT STYLE="white-space:nowrap">Non-Waiver;</FONT> etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">USA Patriot Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Fiduciary Duties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Reserved]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of Affected Financial Institutions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Acknowledgement Regarding Any Supported QFCs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(iii) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibits </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Exhibit&nbsp;A-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Notice of Borrowing</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Notice of Account Designation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Exhibit <FONT STYLE="white-space:nowrap">A-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Notice of Prepayment</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Exhibit <FONT STYLE="white-space:nowrap">A-4</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Notice of Conversion/Continuation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Exhibit B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Administrative Questionnaire</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Exhibit C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Assignment and Acceptance</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Exhibit D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form of Note</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><U>Schedules</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Schedule&nbsp;2.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Commitments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Schedule 6.02</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Existing Liens</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(iv) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SENIOR UNSECURED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This SENIOR UNSECURED CREDIT AGREEMENT, dated as of December&nbsp;18, 2023, is made by and among CHOICE HOTELS INTERNATIONAL, INC., a Delaware
corporation (the &#147;<B><I>Borrower</I></B>&#148;), the Lenders referred to herein, WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, together with any successor administrative agent appointed in
accordance with <U>Section</U><U></U><U>&nbsp;8.09</U>, the &#147;<B><I>Administrative Agent</I></B>&#148;), WELLS FARGO SECURITIES, LLC, as a joint lead arranger and sole bookrunner, and BOFA SECURITIES, INC., TRUIST SECURITIES, INC., U.S. BANK
NATIONAL ASSOCIATION, GOLDMAN SACHS BANK USA, JPMORGAN CHASE BANK, N.A., PNC CAPITAL MARKETS LLC, and CAPITAL ONE, NATIONAL ASSOCIATION, as joint lead arrangers (collectively, the &#147;<B><I>Arrangers</I></B>&#148;), and BANK OF AMERICA, N.A.,
TRUIST BANK, U.S. BANK NATIONAL ASSOCIATION, GOLDMAN SACHS BANK USA, JPMORGAN CHASE BANK, N.A., PNC BANK, NATIONAL ASSOCIATION, and CAPITAL ONE, NATIONAL ASSOCIATION, as <FONT STYLE="white-space:nowrap">co-syndication</FONT> agents (the &#147;<B><I><FONT
STYLE="white-space:nowrap">Co-Syndication</FONT> Agents</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Capitalized terms used in this Agreement shall have the meanings
assigned to such terms in <U>Section</U><U></U><U>&nbsp;1.01</U>. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U> <U>S</U> <U>S</U> <U>E</U>
<U>T</U> <U>H</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower has requested, and subject to the terms and conditions set forth in this Agreement, the
Administrative Agent and the Lenders have agreed to extend, certain credit facilities to the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration
of the recitals set forth above, which by this reference are incorporated into the operative provisions of this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to
the terms and conditions hereof and on the basis of the representations and warranties herein set forth, the parties hereby agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.01 <U>Defined Terms</U>.&nbsp;As used in this Agreement, the following terms shall have the meanings specified below:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>ABR Loan</I></B>&#148; shall mean any Loan bearing interest at a rate based upon the Alternate Base Rate as provided in
<U>Article II</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Accepting Lenders</I></B>&#148; shall have the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;2.28(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Adjusted Term SOFR</I></B>&#148; shall mean, for purposes of any calculation, the
rate per annum equal to (a)&nbsp;Term SOFR for such calculation <U>plus</U> (b)&nbsp;the Term SOFR Adjustment; <U>provided</U> that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to
be the Floor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Administrative Questionnaire</I></B>&#148; shall mean an Administrative Questionnaire in the form of <U>Exhibit
B</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Administrative Agent</I></B>&#148; shall have the meaning specified in the recital of parties to this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Administrative Agent&#146;s Office</I></B>&#148; means the office of the
Administrative Agent specified in or determined in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;9.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Affected Financial Institution</I></B>&#148; means (a)&nbsp;any EEA Financial Institution or (b)&nbsp;any UK Financial
Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Affiliate</I></B>&#148; shall mean, when used with respect to a specified Person, another Person (whether now
existing or hereafter organized) that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Agreement</I></B>&#148; shall mean this Senior Unsecured Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Alternate Base Rate</I></B>&#148; shall mean, at any time, the highest of (a)&nbsp;the Prime Rate, (b)&nbsp;the Federal Funds Rate
<U>plus</U> 0.50% and (c)&nbsp;Adjusted Term SOFR for a <FONT STYLE="white-space:nowrap">one-month</FONT> tenor in effect on such day <U>plus</U> 1.00%; each change in the Alternate Base Rate shall take effect simultaneously with the corresponding
change or changes in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR, as applicable (<U>provided</U> that <U>clause (c)</U>&nbsp;shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable in
accordance with <U>Section</U><U></U><U>&nbsp;2.17(a)</U> or <U>(b)</U>). Notwithstanding the foregoing, in no event shall the Alternate Base Rate be less than the Floor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Anti-Corruption Laws</I></B>&#148; shall mean all laws, rules, and regulations of any jurisdiction applicable to the Borrower or
its Subsidiaries from time to time concerning or relating to bribery, corruption or money laundering including, without limitation, the United Kingdom Bribery Act of 2010 and the United States Foreign Corrupt Practices Act of 1977, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Anti-Money Laundering Laws</I></B>&#148; means any and all laws, statutes, regulations or obligatory government orders, decrees,
ordinances or rules related to terrorism financing, money laundering, any predicate crime to money laundering or any financial record keeping, including any applicable provision of the PATRIOT Act and The Currency and Foreign Transactions Reporting
Act (also known as the &#147;Bank Secrecy Act,&#148; 31 U.S.C. &#167;&#167; 5311-5330 and 12 U.S.C. &#167;&#167; 1818(s), 1820(b) and 1951-1959). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Anti-Terrorism Laws</I></B>&#148; means any Applicable Law relating to terrorism, trade sanctions programs and embargoes,
import/export licensing, money laundering, or bribery, including the PATRIOT Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Applicable Law</I></B>&#148; shall mean all
applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders of courts of governmental authorities and all orders and decrees of all courts and
arbitrators. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Applicable Percentage</I></B>&#148; shall mean, at any time, with respect to any SOFR Loan or ABR Loan, as the
case may be, the greater of (a)&nbsp;the sum of &#147;Applicable Percentage&#148; and the &#147;Facility Fee&#148; under (and each as defined in) the Revolving Credit Agreement at such time for loans thereunder accruing interest at a rate based upon
&#147;Term SOFR&#148; or the &#147;Alternate Base Rate&#148; (each as defined in the Revolving Credit Agreement), as the case may be, and (b)&nbsp;the applicable percentage per annum based on the Debt Rating of the Borrower at such time, as set
forth in the table below (the &#147;<B><I>Pricing Grid</I></B>&#148;) under the caption &#147;Applicable Percentage for SOFR Loans&#148; or &#147;Applicable Percentage for ABR Loans&#148;, as the case may be: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Level</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Debt&nbsp;Rating</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Applicable<BR>Percentage&nbsp;for&nbsp;SOFR<BR>Loans</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Applicable<BR>Percentage&nbsp;for<BR>ABR Loans</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><U>&gt;</U>&nbsp;BBB/Baa2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.250</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.250</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">BBB-/Baa3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.375</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.375</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&lt;</U>&nbsp;BB+/Ba1</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">or no Debt Rating</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.750</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.750</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Approved Fund</I></B>&#148; shall mean any Person (other than a natural person),
including, without limitation, any special purpose entity, that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business,
<I>provided</I> that such Approved Fund must be administered by (a)&nbsp;a Lender, (b)&nbsp;a Lender Affiliate or (c)&nbsp;an entity or an Affiliate of an entity that administers or manages a Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Arms-Length Basis</I></B>&#148; shall mean, with respect to any transaction, such transaction is conducted in the ordinary course
of business at prices and on terms and conditions not less favorable to the Borrower and its Restricted Subsidiaries than could be obtained on an arms-length basis from unaffiliated third parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Arrangers</I></B>&#148; shall have the meaning specified in the recital of parties to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Asset Sale</I></B>&#148; shall mean, with respect to the Borrower or any Restricted Subsidiary, any sale, transfer or other
disposition of any assets or other properties (including individual business assets, patents, trademarks and other intangibles) of the Borrower or such Restricted Subsidiary, including the sale, transfer or disposition of any capital stock of or any
merger or consolidation involving any Subsidiary, any issuance or sale by any Subsidiary of shares of its capital stock and any allocation of assets among newly divided limited liability companies pursuant to a &#147;plan of division&#148; under the
Delaware Limited Liability Company Act, other than (i)&nbsp;sales of inventory and used equipment in the ordinary course of business of the Person (whether the Borrower or a Subsidiary) owning and selling such inventory or used equipment;
(ii)&nbsp;sales, transfers and other dispositions of any tangible assets by the Borrower or any Subsidiary that have become obsolete or have been determined by the management of the Borrower or such Subsidiary to no longer be necessary for the
conduct of its business; (iii)&nbsp;sales, transfers and other dispositions of any assets to the Borrower or any Restricted Subsidiary; (iv)&nbsp;Sale and <FONT STYLE="white-space:nowrap">Lease-Back</FONT> Transactions; (v)&nbsp;sales by the
Borrower or Subsidiaries of assets acquired from Persons other than the Borrower or other Subsidiaries, which sales occur not more than 12 months after the respective dates on which such assets were acquired; (vi)&nbsp;pursuant to Qualified
Securitization Financing transactions; and (vii)&nbsp;the disposition of Hedging Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assignment and
Acceptance</I></B>&#148; shall mean an assignment and acceptance entered into by a Lender and an Eligible Assignee, and accepted by the Administrative Agent, in the form of <U>Exhibit C</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assigned Loans</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assignees</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assignment Date</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assignors</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assumed Loans</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Available Tenor</I></B>&#148; means, as of any date of determination and with respect to the then-current Benchmark, as
applicable, (a)&nbsp;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 pursuant to this Agreement or (b)&nbsp;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, 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 &#147;Interest Period&#148; pursuant to <U>Section</U><U></U><U>&nbsp;2.17(c)(iv)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Bail-In</FONT> Action</I></B>&#148; means the
exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation</I></B>&#148; means (a)&nbsp;with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule and (b)&nbsp;with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Bainum Affiliates</I></B>&#148; shall have the meaning assigned to such term in the definition of &#147;Permitted Holders&#148;.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Benchmark</I></B>&#148; means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has
occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then &#147;Benchmark&#148; means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant
to <U>Section</U><U></U><U>&nbsp;2.17(c)(i)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Benchmark Replacement</I></B>&#148; means, with respect to any Benchmark
Transition Event, the sum of: (a)&nbsp;the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i)&nbsp;any selection or recommendation of a replacement benchmark rate or the
mechanism for determining such a rate by the Relevant Governmental Body or (ii)&nbsp;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 and (b)&nbsp;the related Benchmark Replacement Adjustment; <U>provided</U> that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the
purposes of this Agreement and the other Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Benchmark Replacement Adjustment</I></B>&#148; means, with respect
to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor, 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)&nbsp;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)&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Benchmark Replacement Date</I></B>&#148; means the earliest to occur of the following events with respect to the then-current
Benchmark: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) in the case of <U>clause (a)</U>&nbsp;or <U>(b)</U> of the definition of &#147;Benchmark Transition Event,&#148; the later
of (i)&nbsp;the date of the public statement or publication of information referenced therein and (ii)&nbsp;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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) in the case of <U>clause
(c)</U>&nbsp;of the definition of &#147;Benchmark Transition Event,&#148; 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 <FONT STYLE="white-space:nowrap">non-representative;</FONT> <U>provided</U> that such <FONT STYLE="white-space:nowrap">non-representativeness</FONT> will be determined by reference to
the most recent statement or publication referenced in such <U>clause (c)</U>&nbsp;and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, the &#147;Benchmark Replacement Date&#148; will be deemed to
have occurred in the case of <U>clause (a)</U>&nbsp;or <U>(b)</U> 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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Benchmark Transition Event</I></B>&#148; means the occurrence of one or
more of the following events with respect to the then-current Benchmark: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(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; <U>provided</U> 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); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(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 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; <U>provided</U> 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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, a &#147;Benchmark Transition Event&#148;
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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Benchmark Transition Start Date</I></B>&#148; means, in the case of a Benchmark Transition Event,
the earlier of (a)&nbsp;the applicable Benchmark Replacement Date and (b)&nbsp;if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of
such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Benchmark Unavailability Period</I></B>&#148; means the period (if any)&nbsp;(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 <U>Section</U><U></U><U>&nbsp;2.17(c)(i)</U> and
(y)&nbsp;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 <U>Section</U><U></U><U>&nbsp;2.17(c)(i)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Beneficial Ownership</I></B>&#148; shall have the meaning provided in Rule <FONT
STYLE="white-space:nowrap">13d-3</FONT> of the Securities and Exchange Commission under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Beneficial
Ownership Certification</I></B>&#148; means, if the Borrower qualifies as a &#147;legal entity customer&#148; within the meaning of the Beneficial Ownership Regulation, a certification of beneficial ownership as required by the Beneficial Ownership
Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Beneficial Ownership Regulation</I></B>&#148; means 31 C.F.R. &#167; 1010.230, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Benefit Plan</I></B>&#148; means any of (a)&nbsp;an &#147;employee benefit plan&#148; (as defined in ERISA) that is subject to
Title I of ERISA, (b)&nbsp;a &#147;plan&#148; as defined in Section&nbsp;4975 of the Code or (c)&nbsp;any Person whose assets include (for purposes of ERISA Section&nbsp;3(42) or otherwise for purposes of Title I of ERISA or Section&nbsp;4975 of the
Code) the assets of any such &#147;employee benefit plan&#148; or &#147;plan&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>BHC Act Affiliate</I></B>&#148; has the
meaning specified in <U>Section</U><U></U><U>&nbsp;9.21(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Board</I></B>&#148; shall mean the Board of Governors of the
Federal Reserve System of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Borrower</I></B>&#148; shall have the meaning specified in the recital of
parties to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Borrower Materials</I></B>&#148; shall have the meaning given such term in
<U>Section</U><U></U><U>&nbsp;5.04</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Borrower&#146;s Account</I></B>&#148; shall mean the deposit account of the Borrower
identified in the applicable notice substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT></U> hereto (a &#147;<B><I>Notice of Account Designation</I></B>&#148;) delivered by the Borrower to the Administrative Agent or
such deposit account as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Business</I></B> <B><I>Day</I></B>&#148; shall mean any day that (a)&nbsp;is not a Saturday, Sunday or other day on which the
Federal Reserve Bank of New York is closed and (b)&nbsp;is not a day on which commercial banks in New York, New York and Charlotte, North Carolina are closed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Capital Lease Obligations</I></B>&#148; of any Person shall mean the obligations of such Person to pay rent or other amounts under
any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP
applied on a consistent basis and, for the purposes of this Agreement, the amount of such obligations at any time shall be the liability therefor at such time determined in accordance with GAAP applied on a consistent basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Capital Stock</I></B>&#148; shall mean (i)&nbsp;in the case of a corporation, capital stock, (ii)&nbsp;in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (iii)&nbsp;in the case of a partnership, partnership interests (whether general or limited), (iv) in
the case of a limited liability company, membership interests and (v)&nbsp;any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distribution of assets of, the issuing Person
(excluding hypothetical shares of stock of the Borrower issued to employees as part of a &#147;phantom stock&#148; or similar compensation plan). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Change in Control</I></B>&#148; shall be deemed to have occurred if (i)&nbsp;any Person or two or more Persons acting in concert
(other than, in either case, a Permitted Holder) shall have acquired Beneficial Ownership, directly or indirectly, of, or shall have acquired by contract or otherwise, Capital Stock of the Borrower (or other securities convertible into such Capital
Stock) representing 35% or more of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Borrower, (ii)&nbsp;the direct or indirect sale, assignment, transfer, lease, conveyance or other disposition
(other than by way of merger or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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consolidation), in one or a series of related transactions, of all or substantially all of the Borrower&#146;s and its Subsidiaries&#146; properties or assets, taken as a whole, to any
&#147;person&#148; (individually and as that term is used in Section&nbsp;13(d)(3) and Section&nbsp;14(d)(2) of the Exchange Act), other than the Borrower or one of its Subsidiaries, or (iii)&nbsp;Continuing Directors shall cease for any reason to
constitute a majority of the members of the board of directors of the Borrower then in office. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Change in Law</I></B>&#148;
shall mean the occurrence, after the date of this Agreement, of any of the following: (a)&nbsp;the adoption or taking effect of any law, rule, regulation or treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the administration,
interpretation or application thereof by any Governmental Authority or (c)&nbsp;the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority, <I>provided</I> that
notwithstanding anything herein to the contrary, (i)&nbsp;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)&nbsp;all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements or the Basel Committee on Banking Supervision, in each case pursuant to Basel III, shall be deemed to be a &#147;Change in Law&#148;, regardless of the date enacted,
adopted or issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Closing Date</I></B>&#148; shall mean the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Code</I></B>&#148; shall mean the Internal Revenue Code of 1986, and the rules and regulations thereunder, each as may be amended
or modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Commitment</I></B>&#148; shall mean, as to any Lender, the obligation of such Lender to make
Loans to the account of the Borrower on the Closing Date hereunder in the principal amount set forth opposite such Lender&#146;s name in <U>Schedule 2.01</U>. The aggregate Commitments of all Lenders on the Closing Date shall be $500,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Conforming Changes</I></B>&#148; means, with respect to either the use or administration of Term SOFR or the use, administration,
adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of &#147;Alternate Base Rate,&#148; the definition of &#147;Business Day,&#148; the definition of
&#147;U.S. Government Securities Business Day,&#148; the definition of &#147;Interest Period&#148; or any similar or analogous definition, timing and frequency of determining rates and making payments of interest, the timing of borrowing requests or
prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of <U>Section</U><U></U><U>&nbsp;2.18</U> 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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated</I></B>&#148; refers to the consolidation of accounts in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consent Date</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated EBITDA</I></B>&#148; shall mean, for any period, the Consolidated Net Income for such period taken as a single
accounting period, <U>plus</U> (a)&nbsp;the sum of the following amounts of the Borrower and its Subsidiaries for such period determined on a consolidated basis in conformity with GAAP to the extent deducted in the determination of such Consolidated
Net Income: (i)&nbsp;depreciation expense, (ii)&nbsp;amortization expense and capitalized fees related to any Qualified Securitization Financing of the Borrower or any of its Subsidiaries, (iii)&nbsp;interest expense, (iv)&nbsp;income and franchise
tax expense, (v)&nbsp;amortization of management and franchise agreement intangibles constituting key money, (vi)&nbsp;other <FONT STYLE="white-space:nowrap">non-cash</FONT> charges (other than any increase
</P>
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in the allowance for doubtful accounts), (vii) unusual or <FONT STYLE="white-space:nowrap">non-recurring</FONT> charges, as determined in good faith by the Borrower, including restructuring
charges, <FONT STYLE="white-space:nowrap">start-up</FONT> or initial costs for any project, new production line, division or new line of business, integration costs or other business optimization expenses or reserves including, without limitation,
any <FONT STYLE="white-space:nowrap">one-time</FONT> costs incurred in connection with acquisitions and investments and (viii)&nbsp;the amount of loss or discount on sale of receivables, Securitization Assets and related assets to any Securitization
Subsidiary in connection with a Qualified Securitization Financing, <U>minus</U> (b)&nbsp;the portion of such Consolidated EBITDA attributable to any Domestic Subsidiary that is not a Restricted Subsidiary; <I>provided</I>, <I>however</I>,
&#147;<B><I>Consolidated EBITDA</I></B>&#148; for any period shall exclude overspend and underspend or recovery associated with managed costs to the extent with respect to an overspend, the amount is reasonably anticipated to be recovered in a
subsequent period and, with respect to an underspend or recovery, such amount was added back to Consolidated EBITDA in a prior period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated Fixed Charge Coverage Ratio</I></B>&#148; shall mean, as of any date of determination, the ratio of
(i)&nbsp;Consolidated EBITDA for the fiscal four quarter period most recently ended for which financial statements of the Borrower are required to be delivered to the Administrative Agent pursuant to <U>Section</U><U></U><U>&nbsp;5.04(a)</U> or
<U>(b)</U>, as the case may be, to (ii)&nbsp;Consolidated Fixed Charges for such fiscal four quarter period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated
Fixed Charges</I></B>&#148; shall mean, for any period, the sum of (a)&nbsp;Consolidated Interest Expense <U>plus</U> (b)&nbsp;aggregate distributions on Preferred Interests payable by the Borrower for such period and distributions made by the
Borrower in such period for the purpose of paying dividends on Preferred Interests issued by the Borrower, <I>provided</I> that all such obligations of a Domestic Subsidiary that is not a Restricted Subsidiary shall be excluded from the
determination of Consolidated Fixed Charges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated Indebtedness</I></B>&#148; shall mean, as of any date of
determination without duplication, all obligations accounted for as Indebtedness on a consolidated balance sheet of the Borrower and its Subsidiaries on such date, in accordance with GAAP consistently applied, whether such obligations are classified
as long-term or short-term, and including in any event, without duplication, all (x)&nbsp;Guarantees of Indebtedness of others and (y)&nbsp;all obligations as an account party in respect of letters of credit and bankers&#146; acceptances, but
excluding (A)&nbsp;Indebtedness of the type described in <U>clause (i)</U>&nbsp;of the definition of Indebtedness, (B)&nbsp;Indebtedness incurred for the purpose of consummating a Material Acquisition if (and for so long as)&nbsp;(1) such Material
Acquisition has not been consummated and (2) (x) the proceeds of such Indebtedness are held by the Borrower in the form of unrestricted cash or cash equivalents or (y)&nbsp;such Indebtedness is subject to mandatory redemption in the event such
Material Acquisition is not consummated) and (C)&nbsp;Indebtedness in respect of Qualified Securitization Financings; <I>provided</I> that all such obligations of a Domestic Subsidiary that is not a Restricted Subsidiary shall be excluded from the
determination of Consolidated Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated Interest Expense</I></B>&#148; shall mean, for any period, the
aggregate cash interest expense of the Borrower and its Subsidiaries for such period, including capitalized interest and the portion of any payments made in respect of Capital Lease Obligations deemed to represent interest, all as determined on a
Consolidated basis in accordance with GAAP consistently applied, but excluding (a)&nbsp;deferred financing costs, (b)&nbsp;other <FONT STYLE="white-space:nowrap">non-cash</FONT> interest expenses, (c)&nbsp;any commissions, discounts, yield and other
fees and charges (including any interest expense) related to any Qualified Securitization Financing and (d)&nbsp;interest expense in respect of Indebtedness incurred for the purpose of consummating a Material Acquisition if (and for so long
as)&nbsp;(1) such Material Acquisition has not been consummated and (2) (x) the proceeds of such Indebtedness are held by the Borrower in the form of unrestricted cash or cash equivalents or (y)&nbsp;such Indebtedness is subject to mandatory
redemption in the event such Material Acquisition is not consummated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated Leverage Ratio</I></B>&#148; shall mean,
as of any date of determination, the ratio of (i)&nbsp;Consolidated Indebtedness to (ii)&nbsp;Consolidated EBITDA for the fiscal four quarter period most recently ended for which financial statements of the Borrower are required to be delivered to
the Administrative Agent pursuant to <U>Section</U><U></U><U>&nbsp;5.04(a)</U> or <U>(b)</U>, as the case may be. In the event the Borrower shall complete, directly or through a Subsidiary (other than a Domestic Subsidiary that is not a Restricted
Subsidiary), an acquisition or divestiture of any Person or business unit during any period, the Consolidated Leverage Ratio as of the end of and for such period shall thereafter be determined on a <I>pro forma</I> basis as if such acquisition or
divestiture had been completed on the first day of such period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated Net Assets</I></B>&#148; shall mean the Consolidated total assets
of the Borrower and its Subsidiaries, after deducting therefrom all current liabilities of the Borrower and its Subsidiaries (other than the current portion of long-term Indebtedness of the Borrower and its Subsidiaries and Capitalized Lease
Obligations of the Borrower and its Subsidiaries), all as set forth on the latest Consolidated balance sheet of the Borrower prepared in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated Net Income</I></B>&#148; shall mean, for any period, the net income (or loss) of the Borrower and its Subsidiaries
for such period, as determined on a Consolidated basis in accordance with GAAP consistently applied; <I>provided, however</I>, that with respect to interest income only cash interest income shall be included in the determination of Consolidated Net
Income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consolidated Total Assets</I></B>&#148; shall mean, as at any date of determination, the total assets of the Borrower
and its Subsidiaries at such time, as determined on a Consolidated basis in accordance with GAAP consistently applied, and including in any event and without limitation, the value of all investments by the Borrower or any Subsidiary in any joint
venture or other Person that is not Consolidated with the Borrower in accordance with GAAP, <U>minus</U> the portion of such Consolidated Total Assets attributable to any Domestic Subsidiary that is not a Restricted Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Continuing Directors</I></B>&#148; shall mean, during any period of up to 24 consecutive months after the date hereof, individuals
who at the beginning of such 24 month period were directors of the Borrower (together with any new director whose election or designation by the Borrower&#146;s board of directors or whose nomination for election by the Borrower&#146;s stockholders
was approved by a vote of (i)&nbsp;at least a majority of the directors then still in office who either were directors at the beginning of such period or whose election, designation or nomination for election was previously so approved or
(ii)&nbsp;Permitted Holders representing not less than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Borrower). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Control</I></B>&#148; shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and &#147;Controlling&#148; and &#147;Controlled&#148; shall have correlative meanings; <I>provided, however</I>, that the existence of
a management contract by the Borrower or one of its Affiliates to manage another<B> </B>entity shall not be deemed to be Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Corresponding Modification</I></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.08(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Covered Entity</I></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.21(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Covered Party</I></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.21(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Covered Party</I></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.21(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Debt Issuance</I></B>&#148; means the issuance of any Indebtedness for borrowed money by the Borrower or any of its Restricted
Subsidiaries, whether pursuant to a public offering or a Rule 144A or other private placement of debt securities (including debt securities convertible into equity securities) or an incurrence of loans under any loan or credit facility other than
(a)&nbsp;unsecured Indebtedness provided by banks or other financial institutions, in each case, under revolving commitments under the Revolving Credit Agreement in an aggregate principal amount not greater than the revolving commitments thereunder
as in effect on the Closing Date; (b)&nbsp;Indebtedness owed by the Borrower or any of its Restricted Subsidiaries to the Borrower or any of its Restricted Subsidiaries, (c)&nbsp;Capital Lease Obligations incurred in the ordinary course of
</P>
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business of the Borrower and its Restricted Subsidiaries, (d)&nbsp;purchase money Indebtedness incurred in the ordinary course of business of the Borrower and its Restricted Subsidiaries,
(e)&nbsp;Indebtedness under overdraft facilities, (f)&nbsp;obligations in connection with repurchase agreements and/or securities lending arrangements, (g)&nbsp;ordinary course trade or customer related financing, deferred purchase price programs
and letters of credit, (h)&nbsp;Indebtedness assumed pursuant to any acquisition and not incurred in contemplation thereof, (i) [reserved], (j) Indebtedness in the form of intercompany loans made by a Foreign Subsidiary to the Borrower or any of its
Restricted Subsidiaries in lieu of a dividend in the ordinary course of business and (k)&nbsp;other Indebtedness in an aggregate principal amount not to exceed $25,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Debt Rating</I></B>&#148; shall mean, as of any date, with respect to any of Fitch, Moody&#146;s or S&amp;P, the most recent
credit rating assigned to the senior, unsecured, <FONT STYLE="white-space:nowrap">non-credit</FONT> enhanced, long-term debt of the Borrower issued by such rating agency prior to such date; provided, however, that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) During any period for which the Borrower has received three (3)&nbsp;Debt Ratings which are not equivalent, the Applicable Percentage will
be determined by (i)&nbsp;the highest Debt Rating if the highest Debt Rating and the second highest Debt Rating differ by only one Level or (ii)&nbsp;the Debt Rating one Level below the Level corresponding to the highest Debt Rating if the highest
Debt Rating and the second highest Debt Rating differ by two or more Levels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) During any period for which the Borrower has received
only two (2)&nbsp;Debt Ratings and such Debt Ratings are not equivalent, the Applicable Percentage will be determined by (i)&nbsp;the highest Debt Rating if they differ by only one Level or (ii)&nbsp;the Debt Rating one Level below the Level
corresponding to the higher Debt Rating if they differ by two or more Levels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) During any period for which the Borrower has received
no Debt Rating from Fitch, if the Borrower also ceases to have a Debt Rating from one of S&amp;P or Moody&#146;s, then the Applicable Percentage shall be determined based on the remaining such Debt Rating. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding any Debt Rating from Fitch, during any period in which neither S&amp;P nor Moody&#146;s has provided a Debt Rating
corresponding to Level II or better to the Borrower, the Applicable Percentage shall be determined based on Level III. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">At any time, if
any of Fitch, Moody&#146;s or S&amp;P shall no longer perform the functions of a securities rating agency and such rating agency had provided a Debt Rating immediately prior to such cessation, then (x)&nbsp;the Borrower and the Administrative Agent
shall promptly negotiate in good faith to agree upon a substitute rating agency or agencies (and to correlate the system of ratings of each substitute rating agency with that of the rating agency being replaced), and (y)&nbsp;pending such amendment,
(1)&nbsp;subject to <U>clauses (c)</U>&nbsp;and <U>(d)</U> of the foregoing proviso, the Debt Rating of the other of rating agency described herein, if one has been provided, shall continue to apply and (2)&nbsp;if such Debt Rating is one of the
ratings identified in <U>clause (a)</U>&nbsp;or <U>(b)</U> of the definition of Investment Grade Rating, as applicable, then the Borrower will be deemed to have achieved an Investment Grade Rating during such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Default</I></B>&#148; shall mean any event or condition which upon notice, lapse of time or both would constitute an Event of
Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Default Right</I></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.21(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Defaulting Lender</I></B>&#148; shall mean any Lender that (a)&nbsp;has failed to fund any portion of any Loan required to be
funded by it hereunder within two Business Days of the date required to be funded by it hereunder, (b)&nbsp;has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within
one Business Day of the date when due, unless such amount is the subject of a good faith dispute, (c)&nbsp;has notified the Borrower, the Administrative Agent or any other Lender in writing that it does not intend to comply with any of its funding
obligations under this Agreement or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this Agreement, or (d)&nbsp;has become or is, or whose
direct or indirect parent company has become or is, insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of,
or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has become the subject of a <FONT STYLE="white-space:nowrap">Bail-in</FONT> Action; <I>provided</I> that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any Capital Stock 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 or instrumentality) 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 <U>clauses (a)</U>&nbsp;through <U>(d)</U> above shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <U>Section</U><U></U><U>&nbsp;2.27(c)</U>) upon delivery of written notice of such determination to the Borrower and each Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Departing Lender</I></B>&#148; shall have the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.26</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Dollars</I></B>&#148; or &#147;<B><I>$</I></B>&#148; shall mean lawful money of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Domestic Subsidiary</I></B>&#148; shall mean any Subsidiary that is organized under the laws of any political subdivision of the
United States of America (other than a Subsidiary described in <U>clause (ii)</U>&nbsp;of the definition of Foreign Subsidiary). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>EEA Financial Institution</I></B>&#148; means (a)&nbsp;any credit institution or investment firm established in any EEA Member
Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in <U>clause (a)</U>&nbsp;of this definition, or (c)&nbsp;any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in <U>clauses (a)</U>&nbsp;or <U>(b)</U> of this definition and is subject to consolidated supervision with its parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>EEA Member Country</I></B>&#148; means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>EEA Resolution Authority</I></B>&#148; means any public administrative authority or any person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Electronic Record</I></B>&#148; has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C.
7006. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Electronic Signature</I></B>&#148; has the meaning assigned to that term in, and shall be interpreted in accordance
with, 15 U.S.C. 7006. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Eligible Assignee</I></B>&#148; shall mean (a)&nbsp;a Lender, (b)&nbsp;a Lender Affiliate, (c)&nbsp;an
Approved Fund, and (d)&nbsp;any other person (other than a natural person, a holding company, investment vehicle or trust for, or owned and operated for, the primary benefit of a natural person, or a Defaulting Lender or Affiliate of a Defaulting
Lender) approved by (i)&nbsp;the Administrative Agent and (ii)&nbsp;unless an Event of Default under <U>clause (b)</U>, <U>(c)</U>, <U>(g)</U> or <U>(h)</U>&nbsp;of <U>Article VII</U> or a Default in the performance and observance of
<U>Section</U><U></U><U>&nbsp;6.11</U> or, if applicable, <U>Section</U><U></U><U>&nbsp;6.12</U>, has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed), <I>provided</I> that notwithstanding the
foregoing, &#147;Eligible Assignee&#148; shall not include the Borrower or any of the Borrower&#146;s Affiliates or Subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Engagement Letter</I></B>&#148; shall mean that certain letter agreement dated
as of November&nbsp;22, 2023 between the Borrower and Wells Fargo Securities, LLC, as the same may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Equity Issuance</I></B>&#148; means any issuance of Capital Stock by the Borrower or any of its Restricted Subsidiaries, whether
pursuant to a public offering or in a Rule 144A or other private placement, other than (i)&nbsp;issuances to the Borrower or any Restricted Subsidiary of a Borrower, (ii)&nbsp;issuances pursuant to employee and/or director stock plans or employee
and/or director compensation plans, (iii)&nbsp;issuances by any Restricted Subsidiary that as of the Closing Date is not a Wholly-Owned Subsidiary to any of the minority equityholders in such Restricted Subsidiary as of the Closing Date and
(iv)&nbsp;other issuances resulting in Net Cash Proceeds to the Borrower and its Restricted Subsidiaries not exceeding $10,000,000<B> </B>in the aggregate. The term &#147;Equity Issuance&#148; shall not be deemed to include any Asset Sale or any
Debt Issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>ERISA</I></B>&#148; shall mean the Employee Retirement Income Security Act of 1974, and the rules and
regulations thereunder, each as amended or modified from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>ERISA Affiliate</I></B>&#148; shall mean any person
(whether or not incorporated) that is a member of a group of which the Borrower is a member and which is treated as a single employer under Section&nbsp;414 of the Code or Section&nbsp;4001(b) of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Erroneous Payment</I></B>&#148; has the meaning assigned thereto in <U>Section</U><U></U><U>&nbsp;8.11(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Erroneous Payment Deficiency Assignment</I></B>&#148; has the meaning assigned thereto in
<U>Section</U><U></U><U>&nbsp;8.11(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Erroneous Payment Impacted Class</I></B>&#148; has the meaning assigned thereto in
<U>Section</U><U></U><U>&nbsp;8.11(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Erroneous Payment Return Deficiency</I></B>&#148; has the meaning assigned thereto
in <U>Section</U><U></U><U>&nbsp;8.11(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation
Schedule</I></B>&#148; means the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Event of Default</I></B>&#148; shall have the meaning assigned to such term in <U>Article VII</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Exchange Act</I></B>&#148; shall mean the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Excluded Taxes</I></B>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;2.20(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Existing Stockholder</I></B>&#148; shall mean any stockholder of the Borrower which, together with such stockholder&#146;s
affiliates, owned more than 5% of the common stock of the Borrower as of August&nbsp;20, 2018, so long as the Bainum Affiliates continue to own more common stock of the Borrower than such Existing Stockholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Extending Lender</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(a)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Extending Loans</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(b)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Extension Effective Date</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(b)(i)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Facility Exposure</I></B>&#148; shall mean, at any date of determination, the sum of the aggregate principal amount of all
outstanding Loans. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>FATCA</I></B>&#148; shall mean Sections 1471 through 1474 of the Code (as of the
date hereof or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof (including any Revenue Ruling, Revenue
Procedure, Notice or similar guidance issued by the United States Internal Revenue Service thereunder as a precondition to relief or exemption from Taxes under such provisions) and any agreement entered into pursuant to Section&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Federal Funds Rate</I></B>&#148; means, for any day, the rate per annum equal to the weighted average of the rates on overnight
federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, <U>provided</U> that if such rate is not so published for any day which is a
Business Day, the Federal Funds Rate for such day shall be the average of the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative
Agent. For the avoidance of doubt, in no circumstance shall the Federal Funds Rate be less than the Floor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Federal Reserve
Bank of New York&#146;s Website</I></B>&#148; means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Financial Officer</I></B>&#148; of any corporation shall mean the chief financial officer, principal accounting officer, treasurer
or controller of such corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Fitch</I></B>&#148; shall mean Fitch Ratings, Inc. and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Floor</I></B>&#148; means a rate of interest equal to zero percent per annum (0.00%). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Foreign Lender</I></B>&#148; shall mean any Lender that is organized under the laws of a jurisdiction other than that in which the
Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Foreign Subsidiary</I></B>&#148; shall mean (i)&nbsp;any Subsidiary that is not a Domestic Subsidiary, including any Subsidiary
which is a &#147;controlled foreign corporation&#148; (within the meaning of Section&nbsp;957 of the Code) or (ii)&nbsp;any Subsidiary organized under any political subdivision of the United States of America substantially all of the assets of which
constitute the Capital Stock of one or more controlled foreign corporations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Franchise Agreement</I></B>&#148; shall mean a
contract (whether called a franchise agreement, license agreement or otherwise) pursuant to which the Borrower grants a third party the right to operate a hotel under one or more hotel brands, as each such contract may be amended from time to time.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>GAAP</I></B>&#148; shall mean generally accepted accounting principles in effect from time to time in the United States of
America as recognized by the American Institute of Certified Public Accountants and the Financial Accounting Standards Board and any other applicable authoritative bodies; <I>provided</I> that in the event of a conflict in the principles recognized
by the American Institute of Certified Public Accountants and the Financial Accounting Standards Board and another applicable authoritative body, the principles in effect at such time and recognized by the American Institute of Certified Public
Accountants and the Financial Accounting Standards Board shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Governmental Authority</I></B>&#148; shall mean 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). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Guarantee</I></B>&#148; of or by any Person shall mean any obligation,
contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the &#147;<B><I>primary obligor</I></B>&#148;) in any manner, whether directly or indirectly, and including
(a)&nbsp;any obligation of such Person, direct or indirect, to assume, purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for
the payment of such Indebtedness, (b)&nbsp;any obligation of such Person to provide other credit support or to purchase property, securities or services in each case for the purpose of assuring the owner of such Indebtedness of the payment of such
Indebtedness, and (c)&nbsp;any obligation of such Person to maintain working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness;
<I>provided, however</I>, that the term Guarantee shall not include (i)&nbsp;endorsements for collection or deposit, in either case in the ordinary course of business or (ii)&nbsp;performance guarantees, construction guarantees or customary <FONT
STYLE="white-space:nowrap">Non-Recourse</FONT> guarantees of <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Indebtedness, unless and until a claim for payment has been made under any performance guarantee, construction guarantee or customary <FONT
STYLE="white-space:nowrap">Non-Recourse</FONT> Guarantee, at which time any such performance guarantee, construction guarantee or customary <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Guarantee shall be deemed to be a Guarantee in an amount
equal to such claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Hedging Agreement</I></B>&#148; shall mean any agreement with respect to any Interest Rate Contract,
forward rate agreement, commodity swap, forward foreign exchange agreement, currency swap agreement, cross-currency rate swap agreement, currency option agreement or other agreement or arrangement designed to alter the risks of any person arising
from fluctuations in interest rates, currency values or commodity prices, all as amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Hotel Properties</I></B>&#148; shall mean any hotel properties owned on the Closing Date or acquired or constructed after the
Closing Date, including fixtures and personalty associated therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Increasing Lender</I></B>&#148; shall have the meaning
set forth in <U>Section</U><U></U><U>&nbsp;2.16(a)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Indebtedness</I></B>&#148; of any Person shall mean, without
duplication, (a)&nbsp;all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c)&nbsp;all
obligations of such Person upon which interest charges are customarily paid, (d)&nbsp;all obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased by such Person, (e)&nbsp;all
obligations of such Person issued or assumed as the deferred purchase price of property or services, (f)&nbsp;all indebtedness of others secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on property owned or acquired by such person, whether or not the obligations secured thereby have been assumed (valued at the lesser of (1)&nbsp;the amount of such indebtedness or (2)&nbsp;if such indebtedness is <FONT
STYLE="white-space:nowrap">Non-Recourse</FONT> to such Person, the fair market value of such property), (g) all Guarantees by such Person of Indebtedness of others, (h)&nbsp;all Capital Lease Obligations of such Person, (i)&nbsp;all obligations of
such Person in respect of Hedging Agreements, (j)&nbsp;all obligations of such Person as an account party in respect of letters of credit (other than (x)&nbsp;documentary letters of credit (including commercial and trade letters of credit) issued to
secure payment obligations in respect of goods and services in the ordinary course of business and (y)&nbsp;letters of credit and surety bonds with respect to underlying obligations of such Person that are already accounted for as liabilities
elsewhere in this definition) and bankers&#146; acceptances, (k)&nbsp;to the extent not otherwise included, all obligations of such Person under <FONT STYLE="white-space:nowrap">so-called</FONT> forward equity purchase contracts where such Person is
obligated to purchase or redeem any shares of equity securities issued by such Person, and (l)&nbsp;all obligations of such person in respect of any <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;synthetic lease&#148; (i.e., a lease of
property which is treated as an operating lease under GAAP and as a loan or financing for U.S. income tax purposes). Notwithstanding the foregoing, Indebtedness shall (x)&nbsp;not include (1) &#147;deferred revenues&#148;, &#147;current accounts
payable&#148; or &#147;accrued and other expenses&#148; (as such items are set forth in the financial statements of the Borrower and its Subsidiaries to be delivered to the Administrative Agent and each Lender pursuant to
<U>Section</U><U></U><U>&nbsp;5.04</U>) incurred in the ordinary course of business and (2)&nbsp;obligations under or in respect of Qualified Securitization Financing, and (y)&nbsp;include the Indebtedness of any partnership in which such Person is
a general partner, except to the extent that such Indebtedness is expressly stated to be <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> to such partner. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Indenture</I></B>&#148; shall mean that certain Indenture, dated as of
August&nbsp;25, 2010, between the Borrower and Wells Fargo Bank, National Association, as trustee, as supplemented by a Supplemental Indenture dated as of August&nbsp;25, 2010, a Second Supplemental Indenture dated as of June&nbsp;27, 2012, a Third
Supplemental Indenture dated as of August&nbsp;4, 2017, a Fourth Supplemental Indenture dated as of February&nbsp;2, 2018 and a Third Supplemental Indenture dated as of November&nbsp;27, 2019 and a Fourth Supplemental Indenture dated as of
July&nbsp;23, 2020, as the same may be further amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Intellectual Property</I></B>&#148; shall have the meaning set forth
in <U>Section</U><U></U><U>&nbsp;3.20</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Interest Period</I></B>&#148; shall mean, as to any SOFR Loan, the period
commencing on the date such SOFR Loan is disbursed or converted to or continued as a SOFR Loan and ending on the date one (1), three (3)&nbsp;or six (6)&nbsp;months thereafter, in each case as selected by the Borrower in its Notice of Borrowing or
Notice of Conversion/Continuation and subject to availability in accordance with <U>Sections 2.17(a)</U> and <U>(b)</U>; <U>provided</U> that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the Interest Period shall commence on the date of advance of or conversion to any SOFR Loan and, in the case of immediately successive
Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next
succeeding Business Day; <U>provided</U> that if any Interest Period would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on
the immediately preceding Business Day; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) 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 calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) no Interest Period shall extend beyond the Maturity Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) there shall be no more than eight (8)&nbsp;Interest Periods in effect at any time; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) no tenor that has been removed from this definition pursuant to <U>Section</U><U></U><U>&nbsp;2.17(c)(iv)</U> shall be available for
specification in any Notice of Borrowing or Notice of Conversion/Continuation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Interest Rate Contract</I></B>&#148; shall
mean any interest rate swap agreement, interest rate cap agreement, interest rate floor agreement, interest rate collar agreement, interest rate option or any other agreement regarding the hedging of interest rate risk exposure executed in
connection with hedging the interest rate exposure of any person and any confirming letter executed pursuant to such agreement, all as amended, restated, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Investment Grade Rating</I></B>&#148; shall mean a Debt Rating of both <FONT STYLE="white-space:nowrap">(a)&nbsp;BBB-</FONT> or
better from S&amp;P and (b)&nbsp;Baa3 or better from Moody&#146;s. Subject to the last sentence of the definition of Debt Rating, no Person shall be considered to have achieved an Investment Grade Rating unless it shall have achieved each rating
identified in <U>clauses (a)</U>&nbsp;and <U>(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lender</I></B>&#148; shall mean a Person listed on <U>Schedule 2.01</U>
and any other Person that shall become a party hereto pursuant to an Assignment and Acceptance or an accession agreement executed and delivered in accordance with <U>Section</U><U></U><U>&nbsp;2.28(a)</U>, other than such Person that ceases to be a
party hereto pursuant to an Assignment and Acceptance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lender Affiliate</I></B>&#148; shall mean, (a)&nbsp;with respect to any Lender,
(i)&nbsp;an Affiliate of such Lender or (ii)&nbsp;any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the
ordinary course of its business and is administered or managed by a Lender or an Affiliate of such lender and (b)&nbsp;with respect to any Lender that is a fund which invests in bank loans and similar extensions of credit, any other fund that
invests in bank loans and similar extensions of credit and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lending Office</I></B>&#148; shall mean, with respect to any Lender, the office of such Lender maintaining such Lender&#146;s Pro
Rata Percentage of the Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lien</I></B>&#148; shall mean, with respect to any asset, (a)&nbsp;any mortgage, deed of trust,
lien, pledge, encumbrance, hypothecation, charge or security interest in or on such asset, (b)&nbsp;the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset and
(c)&nbsp;in the case of securities, any purchase option, call or similar right of a third party (excluding rights of first refusal) with respect to such securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Loans</I></B>&#148; shall mean the loans made by the Lenders to the Borrower pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Loan Documents</I></B>&#148; shall mean (a)&nbsp;this Agreement, (b)&nbsp;each Note, (c)&nbsp;any Loan Modification Agreement,
(d)&nbsp;the Engagement Letter and (e)&nbsp;each other document or instrument now or hereafter executed and delivered by the Borrower in connection with, pursuant to or relating to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Loan Modification Agreement</I></B>&#148; shall mean a Loan Modification Agreement in form and substance reasonably satisfactory
to the Administrative Agent, the Borrower and the applicable Accepting Lenders, among the Borrower, such Accepting Lenders and the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Loan Modification Offer</I></B>&#148; shall have the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.28(a)</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Margin Stock</I></B>&#148; shall mean &#147;margin stock&#148; or &#147;margin securities&#148; as such terms are defined in
Regulation T, Regulation U and Regulation X. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Material Acquisition</I></B>&#148; shall mean any acquisition by the Borrower
directly or indirectly through any Subsidiary or by any of its Subsidiaries (in each case, other than by a Domestic Subsidiary that is not a Restricted Subsidiary), in a single transaction or in a series of related transactions, of any of
(a)&nbsp;all or any substantial portion of the property of, or a line of business or division of, or any other property of, another Person, (b)&nbsp;one or more properties from another Person, or (c)&nbsp;at least a majority of the voting Capital
Stock of another Person, in any such case whether or not involving a merger or consolidation with such other Person, in which the gross purchase price of the assets acquired in such acquisition is greater than or equal to $750,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Material Adverse Effect</I></B>&#148; shall mean a materially adverse effect on the business, operations, assets, property or
financial condition of the Borrower, its Domestic Subsidiaries that are Restricted Subsidiaries, and its Foreign Subsidiaries, taken as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Maturity Date</I></B>&#148; shall mean the earliest to occur of (a)&nbsp;December&nbsp;16, 2024, as such date may be extended in
accordance with <U>Section</U><U></U><U>&nbsp;2.16</U>, and (b)&nbsp;the date of any acceleration of the Loans pursuant to <U>Article VII</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Moody&#146;s</I></B>&#148; shall mean Moody&#146;s Investors Service, Inc. and
any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Multiemployer Plan</I></B>&#148; shall mean a multiemployer plan as defined in Section&nbsp;4001(a)(3)
of ERISA to which the Borrower or any ERISA Affiliate (other than one considered an ERISA Affiliate only pursuant to subsection (m)&nbsp;or (o) of Section&nbsp;414 of the Code) is making or accruing an obligation to make contributions, or has within
any of the preceding six (6)&nbsp;plan years made or accrued an obligation to make contributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Net Cash
Proceeds</I></B>&#148; means, with respect to any Equity Issuance or Debt Issuance, the gross cash proceeds received by the Borrower or any of its Restricted Subsidiaries therefrom <U>less</U> all reasonable and customary <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> legal, underwriting and other fees and expenses incurred in connection therewith <U>less</U> all taxes paid or reasonably estimated to be payable as a result
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>New Lender</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>New Maturity Date</I></B>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender</I></B>&#148; shall mean any Lender that has not consented to any
proposed amendment, modification, waiver or termination of any Loan Document which, pursuant to <U>Section</U><U></U><U>&nbsp;9.08(b)</U>, requires the consent of all Lenders or all affected Lenders and with respect to which the Required Lenders
shall have granted their consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender</I></B>&#148; shall have the
meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Non-Recourse</FONT></I></B>&#148; shall mean, with reference to any obligation or liability of
any person, any obligation or liability for which such person is not liable or obligated other than, if at all, as to its interest in a specifically identified asset only, subject to such limited exceptions to the
<FONT STYLE="white-space:nowrap">non-recourse</FONT> nature of such obligation or liability, such as fraud, misappropriation, misapplication and environmental indemnities, as are usual and customary in like transactions involving institutional
lenders at the time of the incurrence of such obligation or liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Non-Recourse</FONT>
Guarantee</I></B>&#148; shall mean a Guarantee of limited exceptions to <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Indebtedness such as fraud, misappropriation, misapplication and environmental indemnities, as are usual and customary in
like transactions involving institutional lenders at the time of the incurrence of such Guarantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Note</I></B>&#148; shall
mean a promissory note of the Borrower payable to the order of any Lender, in substantially the form of <U>Exhibit D</U> hereto, evidencing the Loan made by such Lender to the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Notice of Account Designation</I></B>&#148; shall have the meaning set forth in the definition of &#147;Borrower&#146;s
Account&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Notice of Borrowing</I></B>&#148; shall have the meaning assigned thereto in
<U>Section</U><U></U><U>&nbsp;2.02</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Notice of Conversion/Continuation</I></B>&#148; shall have the meaning assigned
thereto in <U>Section</U><U></U><U>&nbsp;2.10</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Notice of Prepayment</I></B>&#148; shall have the meaning assigned thereto
in <U>Section</U><U></U><U>&nbsp;2.03(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Obligations</I></B>&#148; shall mean (a)&nbsp;the Borrower&#146;s obligations
in respect of the due and punctual payment of principal of and interest on the Loans, in each case when and as due whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (b)&nbsp;all fees, expenses,
indemnities, reimbursements and other obligations, monetary or otherwise, of the Borrower under this Agreement or any other Loan Document and (c)&nbsp;all obligations, monetary or otherwise, of the Borrower under each Loan Document to which it is a
party. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>OFAC</I></B>&#148; means the U.S. Department of the Treasury&#146;s Office of
Foreign Assets Control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Overnight Rate</I></B>&#148; means, for any day, the greater of (a)&nbsp;the Federal Funds Rate and
(b)&nbsp;an overnight rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>PATRIOT Act</I></B>&#148; shall mean the USA PATRIOT Act (Title III of Pub. L. <FONT STYLE="white-space:nowrap">107-56</FONT>
(signed into law October&nbsp;26, 2001)), as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Payment Recipient</I></B>&#148; has the meaning assigned thereto in
<U>Section</U><U></U><U>&nbsp;8.11(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>PBGC</I></B>&#148; shall mean the Pension Benefit Guaranty Corporation referred to
and defined in ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Permitted Amendments</I></B>&#148; shall have the meaning assigned to such term in
<U>Section</U><U></U><U>&nbsp;2.28(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Permitted Holder</I></B>&#148; shall mean (a)&nbsp;(i) all lineal descendants of
Stewart W. Bainum, and all spouses and adopted children of such descendants, (ii)&nbsp;all trusts for the benefit of any person described in <U>clause (i)</U>&nbsp;and trustees of such trusts, (iii)&nbsp;all legal representatives of any person or
trust described in <U>clauses (i)</U>&nbsp;and <U>(ii)</U>, and (iv)&nbsp;all partnerships, corporations, limited liability companies or other entities controlled by a Person described in <U>clauses (i)</U>, <U>(ii)</U> or <U>(iii)</U> (such persons
referred to in this <U>clause (a)</U>&nbsp;collectively, &#147;<B><I>Bainum Affiliates</I></B>&#148;); or (b)&nbsp;any other Existing Stockholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Permitted Liquid Investments</I></B>&#148; shall mean (a)&nbsp;direct obligations of, or obligations the principal of and interest
on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), (b) investments in commercial paper having
credit ratings of at least <FONT STYLE="white-space:nowrap">A-2</FONT> from S&amp;P and <FONT STYLE="white-space:nowrap">P-2</FONT> from Moody&#146;s, (c)&nbsp;investments in certificates of deposit, bankers acceptances and time deposits issued or
guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus
and undivided profits of not less than $200,000,000, (d)&nbsp;investments in the ordinary course of business in customary repurchase agreements with respect to freely marketable, short-term securities of the type customarily subject to repurchase
agreements, (e)&nbsp;other readily marketable debt and equity securities traded on national securities exchanges or on other nationally recognized markets, including
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> markets, (f)&nbsp;investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market
investment funds or mutual funds, which are administered by reputable financial institutions, and the portfolios of which are limited to investments of the character, quality and maturity described in <U>clauses (a)</U>&nbsp;through <U>(e)</U>
above, (g)&nbsp;investments that fail to meet the requirements of <U>clause (f)</U>&nbsp;above solely because such investments do not constitute &#147;current assets&#148; due to their being maintained in irrevocable trusts in connection with the
Borrower&#146;s sponsorship of <FONT STYLE="white-space:nowrap">non-qualified</FONT> retirement savings and investment plans for certain employees and senior executives of the Borrower and (h)&nbsp;readily marketable direct obligations issued by any
foreign government or any political subdivision or public instrumentality thereof, in each case having a rating of <FONT STYLE="white-space:nowrap">BBB-</FONT> or better from S&amp;P or Baa3 or better from Moody&#146;s (or, if at any time neither
Moody&#146;s nor S&amp;P shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency) with maturities of 12 months or less from the date of acquisition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Permitted <FONT STYLE="white-space:nowrap">Non-Arms-Length</FONT> Unrestricted
Subsidiary Investments</I></B>&#148; shall mean loans, advances, capital contributions, guarantees and other investments by the Borrower or any Restricted Subsidiary in, to or for the benefit of any Unrestricted Subsidiary that are not on an
Arms-Length Basis, so long as such loans, advances, capital contributions, guarantees and other investments, when taken together with all other loans, advances, capital contributions, guarantees and other investments in, to or for the benefit of any
Unrestricted Subsidiaries that are not on an Arms-Length Basis made pursuant to this definition that are at the time outstanding, do not exceed the greater of (x) $100,000,000 and (y)&nbsp;ten percent (10.00%) of Consolidated Total Assets at such
time, calculated on the basis of amounts actually loaned, advanced, contributed, invested or guaranteed, net of any return on investment or return of capital with respect thereto and without regard to any
<FONT STYLE="white-space:nowrap">write-up</FONT> or write-down of the value thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Person</I></B>&#148; shall mean any
natural person, corporation, trust, joint venture, association, company, limited liability company, partnership or government, or any agency or political subdivision thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Plan</I></B>&#148; shall mean any pension plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section&nbsp;412 of the Code which is maintained for employees of the Borrower or any ERISA Affiliate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Platform</I></B>&#148;
shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;5.04</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Preferred Interests</I></B>&#148; shall
mean, with respect to any Person, Capital Stock issued by such Person that are entitled to a preference or priority over any other Capital Stock issued by such Person upon any distribution of such Person&#146;s property and assets, whether by
dividend or upon liquidation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Pricing Grid</I></B>&#148; shall have the meaning set forth in the definition of
&#147;Applicable Percentage&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Prime Rate</I></B>&#148; means, at any time, the rate of interest per annum publicly
announced from time to time by the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that the rate
announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Principal Property</I></B>&#148; shall have the meaning set forth in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Principal Property Subsidiary</I></B>&#148; shall mean a &#147;Restricted Subsidiary&#148;, as such term is defined in the
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Pro Rata Percentage</I></B>&#148; of any amount shall mean, with respect to any Lender at any time, the product of
such amount times a fraction the numerator of which is the amount of such Lender&#146;s Commitment at such time (or, if the Commitments shall have expired or been terminated, or following the funding of the Loans on the Closing Date, such
Lender&#146;s Facility Exposure at such time) and the denominator of which is the aggregate amount of the Lenders&#146; Commitments at such time (or, if the Commitments shall have expired or been terminated, or following the funding of the Loans on
the Closing Date, the aggregate Facility Exposure at such time). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Proposed Additional Loan</I></B>&#148; shall have the
meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(a)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Proprietary Information</I></B>&#148; shall have the
meaning given such term in <U>Section</U><U></U><U>&nbsp;9.15</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>PTE</I></B>&#148; means a prohibited transaction class
exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Public
Lender</I></B>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;5.04</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>QFC</I></B>&#148; has
the meaning specified in <U>Section</U><U></U><U>&nbsp;9.21(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>QFC Credit Support</I></B>&#148; has the meaning specified in
<U>Section</U><U></U><U>&nbsp;9.21</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Qualified Securitization Financing</I></B>&#148; means any Securitization Financing
of a Securitization Subsidiary that meets the following conditions: (x)&nbsp;the board of directors of the Borrower shall have determined in good faith that such Securitization Financing (including financing terms, covenants, termination events and
other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Securitization Subsidiary and (y)&nbsp;all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are
made at fair market value (as determined in good faith by the Borrower). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Recourse</I></B>&#148; shall mean, with reference to
any obligation or liability of any person, any liability or obligation that is not <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> to such person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Register</I></B>&#148; shall have the meaning given such term in <U>Section</U><U></U><U>&nbsp;9.04(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Regulation D</I></B>&#148; shall mean Regulation D of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Regulation T</I></B>&#148; shall mean Regulation T of the Board as from time to time
in effect and all official rulings and interpretations thereunder or thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Regulation U</I></B>&#148; shall mean
Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Regulation X</I></B>&#148; shall mean Regulation X of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Relevant Governmental Body</I></B>&#148; means the Federal Reserve Board and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Reportable Event</I></B>&#148; shall mean any reportable event as defined in Section&nbsp;4043(c) of ERISA or the regulations
issued thereunder with respect to a Plan (other than a Plan maintained by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant to subsection (m)&nbsp;or (o) of Section&nbsp;414 of the Code). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Required Lenders</I></B>&#148; shall mean, at any time, Lenders having Commitments representing at least a majority of the
aggregate Commitments or, if the Commitments shall have expired or been terminated, or following the funding of the Loans on the Closing Date, Lenders holding Loans representing at least a majority of the aggregate principal amount of the Loans then
outstanding, <I>provided</I> that the Commitment of, and the portion of the Loans, as applicable, held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Resolution Authority</I></B>&#148; means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK
Resolution Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Responsible Officer</I></B>&#148; of any Person shall mean any executive officer or Financial Officer
of such Person and any other officer or similar official thereof responsible for the administration of the obligations of such Person in respect of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Restricted Payment</I></B>&#148; shall have the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;6.10</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Restricted Subsidiary</I></B>&#148; shall mean all Subsidiaries of the Borrower that are not Unrestricted Subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Revolving Credit Agreement</I></B>&#148; means that certain Amended and Restated
Senior Unsecured Credit Agreement, dated as of August&nbsp;20, 2018, by and among the Borrower, the lenders from time to time party thereto and Wells Fargo Bank, National Association (successor to Deutsche Bank AG New York Branch), as administrative
agent, as the same may be amended, restated, extended, refinanced, replaced, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Revolving Credit Agreement Modification</I></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.08(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Revolving Credit Agreement Provisions</I></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.08(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>S&amp;P</I></B>&#148; shall mean Standard&nbsp;&amp; Poor&#146;s Rating Service, a division of S&amp;P Global Inc. and any
successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Sale and Lease</I></B><B><I><FONT STYLE="white-space:nowrap">-Back</FONT> Transaction</I></B>&#148; shall
mean any arrangement, directly or indirectly, with any person whereby such person shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such
property or other property which it intends to use for substantially the same purpose or purposes as the property being sold or transferred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Sanctioned Country</I></B>&#148; means at any time, a country, region or territory which is itself (or whose government (as
opposed to a member of the government) is) the subject or target of any Sanctions (including, as of the Closing Date, Cuba, Iran, North Korea, Syria, the Crimea, Zaporizhzhia and Kherson regions of Ukraine, and the
<FONT STYLE="white-space:nowrap">so-called</FONT> Donetsk People&#146;s Republic and Luhansk People&#146;s Republic). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Sanctioned Person</I></B>&#148; means, at any time, (a)&nbsp;any Person listed in any Sanctions-related list of designated Persons
maintained by OFAC (including OFAC&#146;s Specially Designated Nationals and Blocked Persons List and OFAC&#146;s Consolidated <FONT STYLE="white-space:nowrap">Non-SDN</FONT> List), the U.S. Department of State, the United Nations Security Council,
the European Union, any European member state, His Majesty&#146;s Treasury, or other relevant sanctions authority, (b)&nbsp;any Person, organized or resident in a Sanctioned Country, (c)&nbsp;any Person 50% or more owned by, or acting or purporting
to act for or on behalf of, directly or indirectly, any such Person or Persons described in <U>clauses (a)</U>&nbsp;and <U>(b)</U>, including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal entity by
Sanctioned Person(s) or (d)&nbsp;any Person otherwise a target of Sanctions, including vessels and aircraft, that are designated under any Sanctions program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Sanctions</I></B>&#148; shall mean any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade
embargoes and restrictions and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC or the U.S. Department of State), the United
Nations Security Council, the European Union, any European member state, His Majesty&#146;s Treasury, or other relevant sanctions authority in any jurisdiction in which (a)&nbsp;the Borrower or any of its Subsidiaries or Affiliates is located or
conducts business, (b)&nbsp;in which any of the proceeds of the Loans will be used, or (c)&nbsp;from which repayment of the Loans will be derived. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Securitization Assets</I></B>&#148; means the accounts receivable, financing receivables, other receivables, royalty or other
revenue streams and other rights to payment and any other assets related thereto subject to a Qualified Securitization Financing and the proceeds thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Securitization Fees</I></B>&#148; means distributions or payments made directly or by means of discounts with respect to any
participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with any Qualified Securitization Financing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Securitization Financing</I></B>&#148; means any of one or more receivables or
securitization financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the obligations of which are <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> (except for customary
representations, warranties, covenants and indemnities made in connection with such facilities) to the Borrower or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) pursuant to which the Borrower or any of its Restricted
Subsidiaries sells or grants a security interest in Securitization Assets to, or for the benefit of, either (a)&nbsp;a Person that is not a Restricted Subsidiary or (b)&nbsp;a Securitization Subsidiary that in turn sells or otherwise transfers or
grants a security interest in Securitization Assets to, or for the benefit of, a Person that is not a Restricted Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Securitization Subsidiary</I></B>&#148; means any Subsidiary formed for the purpose of, and that solely engages only in one or
more Qualified Securitization Financing and other activities reasonably related thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Share</I></B>&#148; shall have the
meaning set forth in <U>Section</U><U></U><U>&nbsp;2.16(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>SOFR</I></B>&#148; means a rate equal to the secured
overnight financing rate as administered by the SOFR Administrator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>SOFR Administrator</I></B>&#148; means the Federal
Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>SOFR Loan</I></B>&#148;
means any Loan bearing interest at a rate based on Adjusted Term SOFR as provided in <U>Article II.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>subsidiary</I></B>&#148; shall mean with respect to any Person, any corporation, association, joint venture, partnership or other
business entity (whether now existing or hereafter organized) of which at least a majority of the voting Capital Stock or other Capital Stock having ordinary voting power for the election of directors (or the equivalent) is, at the time as of which
any determination is being made, directly or indirectly owned or controlled by such Person or one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Subsidiary</I></B>&#148; shall mean any subsidiary of the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Supported QFC</I></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.21</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Syndication Agent</I></B>&#148; shall have the meaning specified in the recital of parties to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Taxes</I></B>&#148; shall have the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;2.20(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Term SOFR</I></B>&#148; means, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(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 &#147;<U>Periodic Term SOFR Determination Day</U>&#148;) that is two (2)&nbsp;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;
<U>provided</U>, <U>however</U>, that if as of 5:00 p.m. (Eastern 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 (3)&nbsp;U.S. Government Securities Business Days
prior to such Periodic Term SOFR Determination Day, and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(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 &#147;<U>Alternate Base Rate Term SOFR </U><U>Determination Day</U>&#148;) that is two (2)&nbsp;U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR
Administrator; <U>provided</U>, <U>however</U>, that if as of 5:00 p.m. (Eastern time) on any Alternate Base Rate 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 (3)&nbsp;U.S. Government
Securities Business Days prior to such Alternate Base Rate SOFR Determination Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Term SOFR Adjustment</I></B>&#148; means a
percentage equal to 0.10% per annum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Term SOFR Administrator</I></B>&#148; means 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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Term SOFR Reference Rate</I></B>&#148; means the forward-looking term rate based on SOFR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Termination Value</I></B>&#148; shall mean, in respect of any one or more Hedging Agreements, after taking into account the effect
of any legally enforceable netting agreement relating to such Hedging Agreements, (a)&nbsp;for any date on or after the date such Hedging Agreements have been closed out and termination value(s) determined in accordance therewith, such termination
value(s), and (b)&nbsp;for any date prior to the date referenced in <U>clause (a)</U>, the amount(s) determined as the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> value(s) for such Hedging
Agreements, as determined based upon one or more <FONT STYLE="white-space:nowrap">mid-market</FONT> or other readily available quotations provided by any recognized dealer in such Hedging Agreements (which may include a Lender or any Lender
Affiliate). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Trading with the Enemy Act</I></B>&#148; means the Trading with the Enemy Act, as amended, and each of the
foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended), and any other enabling legislation or executive order relating thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Transactions</I></B>&#148; shall have the meaning assigned to such term in <U>Section</U><U></U><U>&nbsp;3.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>UK Financial Institution</I></B>&#148; means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from
time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>UK
Resolution Authority</I></B>&#148; means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Unadjusted Benchmark Replacement</I></B>&#148; means the applicable Benchmark Replacement excluding the related Benchmark
Replacement Adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Unrestricted Subsidiaries</I></B>&#148; shall mean (a)&nbsp;all Foreign Subsidiaries of the Borrower,
(b)&nbsp;all Domestic Subsidiaries of the Borrower designated in writing to the Administrative Agent on or prior to the Closing Date as unrestricted (until redesignated as a Restricted Subsidiary in accordance with
<U>Section</U><U></U><U>&nbsp;5.09(b)</U>) and (c)&nbsp;such other Subsidiaries as may be designated or redesignated as unrestricted by the Borrower in accordance with <U>Section</U><U></U><U>&nbsp;5.09(a)</U> or <U>(b)</U>; <U>provided</U> that no
Subsidiary shall be an Unrestricted Subsidiary hereunder if such Subsidiary is not also an &#147;Unrestricted Subsidiary&#148; under (and as defined in) the Revolving Credit Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>U.S. Government Securities Business Day</I></B>&#148; means any day except for
(a)&nbsp;a Saturday, (b)&nbsp;a Sunday or (c)&nbsp;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>provided</U>, that for purposes of notice requirements in <U>Sections 2.02</U>, <U>2.03(b)</U>, and <U>2.10</U>, in each case, such day is also a Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>U.S. Special Resolution Regimes</I></B>&#148; has the meaning specified in <U>Section</U><U></U><U>&nbsp;9.21</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Wholly Owned Subsidiary</I></B>&#148; shall mean a Subsidiary all the Capital Stock or other ownership interest of which is owned
by the Borrower or a Wholly Owned Subsidiary of the Borrower (including any Subsidiary that would be wholly owned but for directors&#146; qualifying shares or similar matters). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Withdrawal Liability</I></B>&#148; shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal
from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Write-Down and
Conversion Powers</I></B>&#148; means, (a)&nbsp;with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the <FONT STYLE="white-space:nowrap">Bail-In</FONT>
Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule, and (b)&nbsp;with respect to the United Kingdom, any powers of
the applicable Resolution Authority under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that
liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to
suspend any obligation in respect of that liability or any of the powers under that <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation that are related to or ancillary to any of those powers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.02 <U>Terms Generally</U>. The definitions herein shall apply equally to both the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase
&#147;without limitation&#148;. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. The
words &#147;hereof,&#148; &#147;herein&#148; and &#147;hereunder&#148; 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. Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP consistently applied, as in effect from time to time; <I>provided, however</I>, that, for purposes of determining compliance with
any covenant set forth in <U>Article VI</U>, such terms shall be construed in accordance with GAAP as in effect on the date of this Agreement applied on a basis consistent with the application used in preparing the Borrower&#146;s audited financial
statements referred to in <U>Section</U><U></U><U>&nbsp;3.05</U>. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the
Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC <FONT STYLE="white-space:nowrap">470-20</FONT> on financial liabilities shall be
disregarded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.03 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.04 <U>Other Definitions and Provisions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Use of Capitalized Terms</U>. Unless otherwise defined therein, all capitalized terms defined in this Agreement shall have the defined
meanings when used in this Agreement and the other Loan Documents or any certificate, report or other document made or delivered pursuant to this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Times of Day</U>. Unless otherwise specified, all references herein to times of day
shall be references to Eastern time (daylight or standard, as applicable). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>References to Agreement and Laws</U>. Unless otherwise
expressly provided herein, (i)&nbsp;references to formation documents, governing documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions,
supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (ii)&nbsp;references to any Applicable Law shall
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Rates</U>. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect
to, (a)&nbsp;the continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred to in the
definition thereof, or with respect to 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), as it may or may not be adjusted pursuant to <U>Section</U><U></U><U>&nbsp;2.17(c)</U>, will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the
Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b)&nbsp;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 the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any
relevant adjustments thereto and such transactions may be adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate, Adjusted Term SOFR or Term
SOFR, or any other Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or
entity for damages of any kind, 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. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE CREDITS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.01 <U>Term Loan</U>. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon
the representations and warranties set forth in this Agreement and the other Loan Documents, each Lender severally agrees to make a Loan to the Borrower on the Closing Date in a principal amount equal to such Lender&#146;s Commitment as of the
Closing Date. Notwithstanding the foregoing, if the total Commitment as of the Closing Date is not drawn on the Closing Date, the undrawn amount shall automatically be cancelled. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.02 <U>Procedure for Advance of Loan</U>. The Borrower shall give the Administrative Agent irrevocable written notice
substantially in the form of <U>Exhibit <FONT STYLE="white-space:nowrap">A-1</FONT></U> (a &#147;<B><I>Notice of Borrowing</I></B>&#148;) prior to 11:00 a.m. on the Closing Date requesting that the Lenders make the Loan as an ABR Loan on such date
(provided that the Borrower may request, no later than two (2)&nbsp;U.S. Government Securities Business Days prior to the Closing Date (or such later date as is approved by the Administrative Agent in its sole discretion), that the Lenders make the
Loan as a SOFR Loan if the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in
<U>Section</U><U></U><U>&nbsp;2.18</U> of this Agreement). Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Not later than 1:00 p.m. on the
</P>
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Closing Date, each Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent&#146;s Office in immediately available funds, the amount of
such Loan to be made by such Lender on the Closing Date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Loan in immediately available funds by wire transfer to the Borrower&#146;s Account or such
other Person or Persons as may be designated by the Borrower in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.03 <U>Repayment and Prepayment of Loans</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Repayment of Loans</U>. The Borrower hereby agrees to repay the outstanding principal amount of all Loans in full on the Maturity Date,
together with all accrued but unpaid interest thereon. Each Lender agrees, promptly after a request from the Borrower following the Maturity Date, to return to the Borrower any Note issued to such Lender pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Optional Prepayment of Loans</U>. The Borrower may at any time and from time to time repay the Loans, in whole or in part, upon at
least<B> </B>three (3)<B></B>&nbsp;U.S. Government Securities Business Days&#146; notice to the Administrative Agent with respect to SOFR Loans and upon notice received no later than 2:00 p.m.<B> </B>(Eastern time) on the proposed date of repayment
with respect to ABR Loans, substantially in the form attached hereto as Exhibit <FONT STYLE="white-space:nowrap">A-3</FONT> (a &#147;<B><I>Notice of Prepayment</I></B>&#148;) (which notices shall be irrevocable unless the Borrower specifies in the
Notice of Prepayment that such prepayment is contingent on the consummation of an anticipated transaction, in which case the Borrower shall, as promptly as practicable, notify the Administrative Agent if such transaction will not occur as
scheduled), specifying (i)&nbsp;the date of repayment, (ii)&nbsp;the amount of repayment and (iii)&nbsp;whether the repayment is of SOFR Loans, ABR Loans, or a combination thereof, and, if of a combination thereof, the amount allocable to each. Upon
receipt of such notice, the Administrative Agent shall promptly notify each Lender. If any such notice is given, the amount specified in such notice shall be due and payable on the date set forth in such notice. Partial repayments shall be in an
aggregate amount of (i) $100,000<B> </B>or a whole multiple of $100,000 in excess thereof with respect to ABR Loans and (ii) $3,000,000 or a whole multiple of $1,000,000 in excess thereof with respect to SOFR Loans. Each such repayment shall be
accompanied by any amount required to be paid pursuant to <U>Section</U><U></U><U>&nbsp;2.18</U>. For the avoidance of doubt, the Borrower shall promptly reimburse the Lenders for any amounts required to be paid under
<U>Section</U><U></U><U>&nbsp;2.18</U> as a result of the revocation of any Notice of Prepayment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Mandatory Prepayments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Debt Issuances</U>. The Borrower shall make mandatory principal prepayments of the outstanding Loans in an amount equal
to one hundred percent (100%) of the aggregate Net Cash Proceeds from any Debt Issuance. Such prepayment shall be made within five (5)&nbsp;Business Days after the date of receipt of the Net Cash Proceeds of any such Debt Issuance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Equity Issuances</U>. The Borrower shall make mandatory principal prepayments of the outstanding Loans in an amount
equal to one hundred percent (100%) of the aggregate Net Cash Proceeds from any Equity Issuance. Such prepayment shall be made within five (5)&nbsp;Business Days after the date of receipt of the Net Cash Proceeds of any such Equity Issuance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>[Reserved]</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) <U>Notice</U>. Upon the occurrence of any event triggering the prepayment requirement under <U>clauses
(i)</U>&nbsp;through <U>(ii)</U> above, the Borrower shall promptly, but in any event no later than three (3)&nbsp;Business Days after such event, deliver notice thereof to the Administrative Agent and upon receipt of such notice, the Administrative
Agent shall promptly so notify the Lenders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) <U>Prepayment of SOFR Loans</U>. Each prepayment shall be accompanied by
any amount required to be paid pursuant to <U>Section</U><U></U><U>&nbsp;2.18</U>; <U>provided</U> that, so long as no Default or Event of Default shall have occurred and be continuing, if any prepayment of SOFR Loans is required to be made under
this <U>Section</U><U></U><U>&nbsp;2.03(c)</U> prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this <U>Section</U><U></U><U>&nbsp;2.03(c)</U> in respect of any such SOFR Loan prior to the last day of
the Interest Period therefor, the Borrower may, in its sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made thereunder together with accrued interest to the last day of such Interest Period into an
account held at, and subject to the sole control of, the Administrative Agent until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to or from the Borrower) to
apply such amount to the prepayment of such Loans in accordance with this <U>Section</U><U></U><U>&nbsp;2.03(c)</U>.&nbsp;Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent shall also be authorized
(without any further action by or notice to or from the Borrower) to apply such amount to the prepayment of the outstanding Loans in accordance with this <U>Section</U><U></U><U>&nbsp;2.03(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Hedging Agreements and other Borrowings</U>. No repayment or prepayment pursuant to this <U>Section</U><U></U><U>&nbsp;2.03</U> shall
affect any of the Borrower&#146;s obligations under any Hedging Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Payment of Interest and Other Expenses</U>. Each
repayment or prepayment pursuant to this <U>Section</U><U></U><U>&nbsp;2.03</U> shall be accompanied by accrued interest on the amount repaid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>No Reborrowings</U>. Amounts repaid or prepaid pursuant to this <U>Section</U><U></U><U>&nbsp;2.03</U> may not be reborrowed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.04 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.05 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.06 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.07 <U>Fees</U>. The Borrower agrees to pay the fees set forth in the Engagement Letter in accordance with the terms thereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.08 <U>Evidence of Indebtedness</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Loans</U>. The Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the
Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lenders to the Borrower and the
interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any
conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest
error. Any Lender, through the Administrative Agent, may request that Loans made by it be evidenced by a Note. In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to the order of such Lender (or, if requested
by such Lender, to such Lender and its registered assigns). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Conclusive Evidence</U>. To the extent no Note has been issued to a
Lender, this Agreement shall be deemed to comprise conclusive evidence for all purposes of the indebtedness resulting from the Loans hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.09 <U>Interest on Loans</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Interest Rate Options</U>. Subject to the provisions of this <U>Section</U><U></U><U>&nbsp;2.09</U>, Loans shall bear interest at
(A)&nbsp;the Alternate Base Rate <U>plus</U> the Applicable Percentage or (B)&nbsp;the Adjusted Term SOFR <U>plus</U> the Applicable Percentage (provided that Adjusted Term SOFR shall not be available until two (2)&nbsp;U.S. Government Securities
Business Days after the Closing Date unless the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in
<U>Section</U><U></U><U>&nbsp;2.18</U> of this Agreement), at the election of the Borrower. The Borrower shall select the rate of interest and Interest Period, if any, applicable to any Loan at the time a Notice of Borrowing is given pursuant to
<U>Section</U><U></U><U>&nbsp;2.02</U> or at the time a Notice of Conversion/Continuation is given pursuant to <U>Section</U><U></U><U>&nbsp;2.10</U>. Any SOFR Loan or any portion thereof as to which the Borrower has not duly specified an Interest
Period shall be deemed a SOFR Loan for a one (1)&nbsp;month Interest Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Default Rate</U>. Upon the occurrence and during the continuance of any payment Event of Default, and at the option of the Required
Lenders upon the occurrence and during the continuance of any other Event of Default, (i)&nbsp;the Borrower shall no longer have the option to request SOFR Loans, (ii)&nbsp;all outstanding SOFR Loans shall bear interest at a rate per annum of two
percent (2%) in excess of the rate then applicable to such Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate then applicable to ABR Loans, and (iii)&nbsp;all outstanding
ABR Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate then applicable to ABR Loans or such other Obligations arising hereunder or
under any other Loan Document. Interest at the default rate described in <U>clauses (ii)</U>&nbsp;through <U>(iii)</U> above shall accrue from and after the date on which the Required Lenders elect to impose such rate (or in the case of a payment
Event of Default, from and after the occurrence of such Event of Default) and for so long as such event of Default exists. Interest shall continue to accrue on the Loans after the filing by or against the Borrower of any petition seeking any relief
in bankruptcy or under any act or law pertaining to insolvency or debtor relief, whether state, federal or foreign. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Interest
Payment and Computation</U>. Interest on each ABR Loan shall be payable in arrears on the last Business Day of each calendar quarter commencing December&nbsp;31, 2023 and on the Maturity Date; and interest on each SOFR Loan shall be payable on the
last day of each Interest Period applicable thereto, and if such Interest Period extends over three (3)&nbsp;months, at the end of each three (3)&nbsp;month interval during such Interest Period, and on the Maturity Date; <U>provided</U> that
(i)&nbsp;in the event of any repayment or prepayment of any SOFR Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (ii)&nbsp;in the event of any conversion of any SOFR
Loan prior to the end of the Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. All computations of interest for ABR Loans shall be made on the basis of a year of 365 or 366 days, as
the case may be, and actual days elapsed. All other computations of fees and interest provided hereunder shall be made on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year and actual days elapsed (which results in more fees or
interest, as applicable, being paid than if computed on the basis of a <FONT STYLE="white-space:nowrap">365/366-day</FONT> year). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)
<U>Maximum Rate</U>. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable
Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the
rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders shall at the Administrative Agent&#146;s option (i)&nbsp;promptly refund to the Borrower any interest received by the Lenders in
excess of the maximum lawful rate or (ii)&nbsp;apply such excess to the principal balance of the Obligations on a <I>pro rata</I> basis. It is the intent hereof that the Borrower not pay or contract to pay, and that neither the Administrative Agent
nor any Lender receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by the Borrower under Applicable Law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Term SOFR Conforming Changes</U>. In connection with the use or administration of
Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become
effective without any further action or consent of any other party to this Agreement or any other Loan Document. 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 Term SOFR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.10 <U>Notice and Manner of Conversion or Continuation of Loans</U>. Provided
that no Default or Event of Default has occurred and is then continuing and subject to the provisions of <U>Section</U><U></U><U>&nbsp;2.17(a)</U> and <U>(c)</U>, the Borrower shall have the option to (a)&nbsp;convert at any time following the third
Business Day (or, with respect to ABR Loans made on the Closing Date, the second Business Day) after the Closing Date all or any portion of any outstanding ABR Loans in a principal amount equal to $3,000,000 or any whole multiple of $1,000,000 in
excess thereof into one or more SOFR Loans, (b)&nbsp;upon the expiration of any Interest Period, convert all or any part of its outstanding SOFR Loans in a principal amount equal to $3,000,000 or a whole multiple of $1,000,000 in excess thereof into
ABR Loans, or (c)&nbsp;upon the expiration of any Interest Period, continue any SOFR Loan in a principal amount of $3,000,000 or any whole multiple of $1,000,000 in excess thereof as a SOFR Loan. Whenever the Borrower desires to convert or continue
Loans as provided above, the Borrower shall give the Administrative Agent irrevocable prior written notice in the form attached as <U>Exhibit <FONT STYLE="white-space:nowrap">A-4</FONT></U> (a &#147;<B><I>Notice of
Conversion/Continuation</I></B>&#148;) not later than 11:00 a.m. three (3)&nbsp;U.S. Government Securities Business Days (or, with respect to ABR Loans made on the Closing Date, two (2)&nbsp;U.S. Government Securities Business Days) before the day
on which a proposed conversion or continuation of such Loan is to be effective specifying (A)&nbsp;the Loans to be converted or continued, and, in the case of any SOFR Loan to be converted or continued, the last day of the Interest Period therefor,
(B)&nbsp;the effective date of such conversion or continuation (which shall be a Business Day), (C) the principal amount of such Loans to be converted or continued, and (D)&nbsp;the Interest Period to be applicable to such converted or continued
SOFR Loan. If the Borrower fails to deliver a timely Notice of Conversion/Continuation prior to the end of the Interest Period for any SOFR Loan, then the applicable SOFR Loan shall be automatically continued as a SOFR Loan with an Interest Period
of one (1)&nbsp;month. Any such automatic continuation of a SOFR Loan shall be effective as of the last day of the Interest Period then in effect with respect to the applicable SOFR Loan. If the Borrower requests a conversion to, or continuation of,
a SOFR Loan, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. The Administrative Agent shall promptly notify the Lenders of such Notice of Conversion/Continuation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.11 <U>Manner of Payment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each payment by the Borrower on account of the principal of or interest on any Loan or of any fee, commission or other amounts payable to
the Lenders under this Agreement or any Loan shall be made not later than 1:00 p.m. on the date specified for payment under this Agreement to the Administrative Agent for the account of the applicable Lenders (except as set forth below) <I>pro rata
</I>in accordance with their respective Pro Rata Percentages (except as specified below) in Dollars, in immediately available funds and shall be made without any <FONT STYLE="white-space:nowrap">set-off,</FONT> counterclaim or deduction whatsoever.
Any payment received after such time but before 2:00 p.m. on such day shall be deemed a payment on such date for the purposes of <U>Article VII</U>, but for all other purposes shall be deemed to have been made on the next succeeding Business Day.
Any payment received after 2:00 p.m. shall be deemed to have been made on the next succeeding Business Day for all purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Pro
Rata Treatment</U>. Upon receipt by the Administrative Agent of each such payment, the Administrative Agent shall distribute to each applicable Lender at its address for notices set forth herein its <I>pro rata</I> share of such payment in
accordance with such Lender&#146;s Pro Rata Percentage (except as specified below) and shall wire advice of the amount of such credit to each such Lender. Each payment to the Administrative Agent of Administrative Agent&#146;s fees or expenses shall
be made for the account of the Administrative Agent. Any amount payable to any Lender under <U>Sections 2.16</U>, <U>2.17</U>, <U>2.18</U>, <U>2.19</U>, <U>2.20</U> or <U>9.05</U> </P>
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shall be paid to the Administrative Agent for the account of the applicable Lender. Subject to the definition of Interest Period, if any payment under this Agreement or any Loan shall be
specified to be made upon a day which is not a Business Day, it shall be made on the next day which is a Business Day and such extension of time shall in such case be included in computing any interest if payable along with such payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Defaulting Lenders</U>. Notwithstanding anything to the contrary contained in this <U>Section</U><U></U><U>&nbsp;2.11</U>, if any
Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, each payment by the Borrower hereunder shall be applied in accordance with <U>Section</U><U></U><U>&nbsp;2.27(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.12 <U>Crediting of Payments and Proceeds</U>. In the event that the Borrower shall fail to pay any of the Obligations when due
and the Obligations have been accelerated pursuant to <U>Article VII</U>, all payments received by the Lenders upon the Loans and the other Obligations and all net proceeds from the enforcement of the Obligations shall be applied: (a)&nbsp;first to
all expenses then due and payable by the Borrower hereunder and under the other Loan Documents, (b)&nbsp;then to all indemnity obligations then due and payable by the Borrower hereunder and under the other Loan Documents, (c)&nbsp;then to all
Administrative Agent&#146;s fees then due and payable, (d)&nbsp;then to all facility and other fees and commissions then due and payable, (e)&nbsp;then <I>pro rata</I> to accrued and unpaid interest on the Loans (<I>pro rata</I> in accordance with
all such amounts due), and (f)&nbsp;then to the principal amount of the Loans (<I>pro rata</I> in accordance with all such amounts due). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.13 <U>Adjustments</U>. If any Lender (a &#147;<B><I>Benefited Lender</I></B>&#148;) shall at any time receive any payment of
all or part of the Obligations owing to it, or interest thereon, or if any Lender shall at any time receive any collateral in respect to the Obligations owing to it (whether voluntarily or involuntarily, by
<FONT STYLE="white-space:nowrap">set-off</FONT> or otherwise) in a greater proportion than any such payment to and collateral received by any other Lender, if any, in respect of the similar Obligations owing to such other Lender, or interest
thereon, such Benefited Lender shall purchase for cash from the other Lenders such portion of each such other Lender&#146;s Loans, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be
necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders, <I>provided</I> that </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be
rescinded, and the purchase price and benefits returned to the extent of such recovery, but without interest; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) provisions of this
paragraph shall not be construed to apply to (A)&nbsp;any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement, (B)&nbsp;the application of cash collateral provided for in
<U>Section</U><U></U><U>&nbsp;2.27</U> or (C)&nbsp;any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary
thereof (as to which the provisions of this paragraph shall apply). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Borrower agrees that each Lender so purchasing a portion of another Lender&#146;s
Loans may exercise all rights of payment (including, without limitation, rights of <FONT STYLE="white-space:nowrap">set-off)</FONT> with respect to such portion as fully as if such Lender were the direct holder of such portion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.14 <U>Nature of Obligations of Lenders Regarding the Loans; Assumption by the Administrative Agent</U>. The obligations of the
Lenders under this Agreement to make the Loans are several and are not joint or joint and several. Unless the Administrative Agent shall have received notice from a Lender prior to a proposed borrowing date that such Lender will not make available
to the Administrative Agent such Lender&#146;s ratable portion of the amount to be borrowed on such date (which notice shall not release such Lender of its obligations hereunder), the Administrative Agent may assume that such Lender has made such
portion available to the Administrative Agent on the proposed borrowing date in accordance with the terms hereof, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount.
If such amount is made available to the Administrative Agent on a date </P>
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after such borrowing date, such Lender shall pay to the Administrative Agent on demand interest, until paid, for each day after the date such amount was due until the date such amount is paid to
the Administrative Agent, at the Federal Funds Rate for the first day such payment is not made, and thereafter at the interest rate applicable to such Loan pursuant to <U>Section</U><U></U><U>&nbsp;2.09(a)</U> or <U>(c)</U>, as the case may be. A
certificate of the Administrative Agent with respect to any amounts owing under this <U>Section</U><U></U><U>&nbsp;2.14</U> shall be conclusive, absent manifest error. If such Lender&#146;s Pro Rata Percentage of such borrowing is not made available
to the Administrative Agent by such Lender within three (3)&nbsp;Business Days after such borrowing date, the Administrative Agent shall be entitled to recover such amount made available by the Administrative Agent with interest thereon at the rate
per annum applicable to ABR Loans hereunder, on demand, from the Borrower. The failure of any Lender to make available its Pro Rata Percentage of any Loan requested by a Borrower shall not relieve it or any other Lender of its obligation, if any,
hereunder to make its Pro Rata Percentage of such Loan available on the borrowing date, but no Lender shall be responsible for the failure of any other Lender to make its Pro Rata Percentage of such Loan available on the borrowing date.
Notwithstanding anything set forth herein to the contrary, any Lender that fails to make available its Pro Rata Percentage of any Loan shall not (a)&nbsp;have any voting or consent rights under or with respect to any Loan Document or
(b)&nbsp;constitute a &#147;Lender&#148; (or be included in the calculation of Required Lenders hereunder) for any voting or consent rights under or with respect to any Loan Document, in each case, as described further in
<U>Section</U><U></U><U>&nbsp;2.27</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.15 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.16 <U>Extension of Maturity Date</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower may, by notice to the Administrative Agent (which shall promptly notify the Lenders) not less than 45 days and not more than
90 days prior to the Maturity Date, request that each Lender extend such Lender&#146;s initial Maturity Date to the date (the &#147;<B><I>New Maturity Date</I></B>&#148;) that is 364 days after the initial Maturity Date. Each Lender, acting in its
sole discretion, shall, by written notice to the Administrative Agent given no later than the date (the &#147;<B><I>Consent Date</I></B>&#148;) that is 20 days prior to the initial Maturity Date (<U>provided</U> that, if such date is not a Business
Day, the Consent Date shall be the next succeeding Business Day), advise the Administrative Agent as to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) whether or
not such Lender agrees to such extension of its initial Maturity Date (each Lender so agreeing to such extension being an &#147;<B><I>Extending Lender</I></B>&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) only if such Lender is an Extending Lender, whether or not such Lender also irrevocably offers to purchase additional
Loans from any <FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender (as defined below) (each Lender so offering to purchase additional Loans being an &#147;<B><I>Increasing Lender</I></B>&#148; as well as an Extending Lender) and, if so, the
amount of the additional Loans such Lender so irrevocably offers to purchase hereunder (such Lender&#146;s &#147;<B><I>Proposed Additional Loans</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Lender that determines not to extend its initial Maturity Date (a &#147;<B><I><FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender</I></B>&#148;)
shall notify the Administrative Agent (which shall notify the Lenders) of such fact promptly after such determination but in any event no later than the Consent Date, and any Lender that does not advise the Administrative Agent in writing on or
before the Consent Date shall be deemed to be a Non Extending Lender and (without limiting the Borrower&#146;s rights under <U>Section</U><U></U><U>&nbsp;2.16(c)</U>) shall have no liability to the Borrower in connection therewith. The election of
any Lender to agree to such extension shall not obligate any other Lender to so agree. The Administrative Agent shall notify the Borrower of each Lender&#146;s determination under this <U>Section</U><U></U><U>&nbsp;2.16(a)</U> no later than the date
15 days prior to the initial Maturity Date (or, if such date is not a Business Day, on the next preceding Business Day). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) If all of the Lenders are Extending Lenders, then, effective as of the initial Maturity Date (the &#147;<B><I>Extension
Effective Date</I></B>&#148;), the initial Maturity Date of each Lender shall be extended to the New Maturity Date, and the respective Loans of the Lenders will not be subject to change at such Extension Effective Date pursuant to this
<U>Section</U><U></U><U>&nbsp;2.16</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) If and only if the sum of (x)&nbsp;the aggregate amount of the Loans of the
Extending Lenders <U>plus</U> (y)&nbsp;the aggregate amount of the Proposed Additional Loans of the Increasing Lenders (such sum, the &#147;<B><I>Extending Loans</I></B>&#148;) shall be equal to at least 50% of the then total Loans, then: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) effective as of the Extension Effective Date, the initial Maturity Date of each Extending Lender shall be extended to the
New Maturity Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B) the Borrower shall (so long as no Event of Default shall have occurred and be continuing) have the
right, but not the obligation, to replace such <FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lender as a party to this Agreement in accordance with <U>Section</U><U></U><U>&nbsp;2.16(c)</U> prior to the initial Maturity Date; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(C) the Borrower shall have the right, but not the obligation, to pay the Extending Lenders (and to no other Lenders) an
extension fee, <I>provided</I> that if such fee is paid, it will be shared on a ratable basis among the Extending Lenders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) If neither of the conditions specified in <U>clause (i)</U>&nbsp;or <U>clause (ii)</U>&nbsp;of this
<U>Section</U><U></U><U>&nbsp;2.16(b)</U> is satisfied, then neither the then current Maturity Date nor the Loan of any Lender will change pursuant to this <U>Section</U><U></U><U>&nbsp;2.16</U>, and the Borrower will not have the right to take the
actions specified in <U>Section</U><U></U><U>&nbsp;2.16(b)(ii)(B)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Replacement by the Borrower of
<FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lenders pursuant to <U>Section</U><U></U><U>&nbsp;2.16(b)(ii)(B)</U> shall be effected as follows (certain terms being used in this <U>Section</U><U></U><U>&nbsp;2.16(c)</U> having the meanings
assigned to them in <U>Section</U><U></U><U>&nbsp;2.16(d)</U>) on the Assignment Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) the Assignors shall severally
assign and transfer to the Assignees, and the Assignees shall severally purchase and assume from the Assignors, all of the Assignors&#146; rights and obligations (including, without limitation, the Assignors&#146; respective Loans) hereunder and
under the other Loan Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) each Assignee shall pay to the Administrative Agent, for account of the Assignors, an
amount equal to such Assignee&#146;s Share of the aggregate outstanding principal amount of the Loans then held by the Assignors; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the Borrower shall pay to the Administrative Agent, for account of the Assignors, all interest, fees and other amounts
(other than principal of outstanding Loans) then due and owing to the Assignors by the Borrower hereunder (including, without limitation, payments due such Assignors, if any, under <U>Sections 2.17(c)</U>, <U>2.18</U>, <U>2.20</U>, and <U>9.05</U>).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The assignments provided for in this <U>Section</U><U></U><U>&nbsp;2.16(c)</U> shall be effected on the relevant Assignment Date in accordance with
<U>Section</U><U></U><U>&nbsp;9.04</U> and pursuant to one or more Assignments and Acceptances. After giving effect to such assignments, each Assignee shall have a Loan hereunder (which, if such Assignee was a Lender hereunder immediately prior to
giving effect to such assignment, shall be in addition to such Assignee&#146;s existing Loan) in an amount equal to the amount of its Assumed Loan. Upon any such assignment, such Assignor shall cease to be a party hereto but shall continue to be
obligated under <U>Section</U><U></U><U>&nbsp;8.07</U> with respect to liabilities attributable to any time period prior to the Assignment Date and be entitled to the benefits of <U>Section </U><U>9.05</U>, as well as to any fees and other amounts
accrued for its account under <U>Sections 2.07</U>, <U>2.17(c)</U>, <U>2.18</U> or <U>2.20</U> and not yet paid. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) For purposes of this <U>Section</U><U></U><U>&nbsp;2.16</U> the following terms shall
have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assigned Loans</I></B>&#148; means the Loans of <FONT STYLE="white-space:nowrap">Non-Extending</FONT> Lenders to be replaced
pursuant to <U>Section</U><U></U><U>&nbsp;2.16(b)(ii)(B)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assignees</I></B>&#148; means, at any time, Increasing Lenders
and, if the Assigned Loans exceed the aggregate amount of the Proposed Additional Loans, one or more New Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assignment
Date</I></B>&#148; means the initial Maturity Date or such earlier date as shall be acceptable to the Borrower, the relevant Assignors, the relevant Assignees and the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assignors</I></B>&#148; means, at any time, the Lenders to be replaced by the Borrower pursuant to
<U>Section</U><U></U><U>&nbsp;2.16(b)(ii)(B)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The &#147;<B><I>Assumed Loan</I></B>&#148; of each Assignee shall be determined as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If the aggregate amount of the Proposed Additional Loans of all of the Increasing Lenders shall exceed the
aggregate amount of the Assigned Loans, then (i)&nbsp;the amount of the Assumed Loan of each Increasing Lender shall be equal to (x)&nbsp;the aggregate amount of the Assigned Loans <I>multiplied by</I> (y)&nbsp;a fraction, the numerator of which is
equal to such Increasing Lender&#146;s Loan as then outstanding and the denominator of which is the aggregate amount of the Loans of all Increasing Lenders as then outstanding; and (ii)&nbsp;no New Lender shall be entitled to become a Lender
hereunder pursuant to <U>Section</U><U></U><U>&nbsp;2.16(c)</U> (and, accordingly, each New Lender shall have an Assumed Loan of zero). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If the aggregate amount of the Proposed Additional Loans of all of the Increasing Lenders shall be less than or equal to
the aggregate amount of the Assigned Loans, then: (i)&nbsp;the amount of the Assumed Loan of each Increasing Lender shall be equal to such Increasing Lender&#146;s Proposed Additional Loan; and (ii)&nbsp;the excess, if any, of the aggregate amount
of the Assigned Loans over the aggregate amount of the Proposed Additional Loans shall be allocated among New Lenders in such a manner as the Borrower and the Administrative Agent may agree. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>New Lender</I></B>&#148; means an Eligible Assignee approved by the Administrative Agent that the Borrower has requested to become
a Lender hereunder pursuant to this <U>Section</U><U></U><U>&nbsp;2.16</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Share</I></B>&#148; means, as to any Assignee, a
fraction the numerator of which is equal to such Assignee&#146;s Assumed Loan and the denominator of which is the aggregate amount of the Assumed Loans of all the Assignees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) In the event that an extension is effected pursuant to this <U>Section</U><U></U><U>&nbsp;2.16</U> (but subject to the provisions of
<U>Sections 2.05</U> and <U>2.06</U> and <U>Article VII</U>), the aggregate principal amount of all Loans shall be repaid in full ratably to the Lenders on the New Maturity Date. As of the Extension Effective Date, any and all references in this
Agreement or any of the other Loan Documents to the &#147;Maturity Date&#148; shall refer to the New Maturity Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding
anything to the contrary set forth herein, this <U>Section</U><U></U><U>&nbsp;2.16</U> shall supersede any provisions in <U>Section</U><U></U><U>&nbsp;2.11(c)</U> and <U>Section</U><U></U><U>&nbsp;9.08</U> to the contrary. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.17 <U>Changed Circumstances</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Circumstances Affecting Benchmark Availability</U>. Subject to <U>clause (c)</U>&nbsp;below, in connection with any request for a SOFR
Loan or a conversion to or continuation thereof or otherwise, if for any reason (i)&nbsp;the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not
exist for ascertaining Adjusted Term SOFR for the applicable Interest Period with respect to a proposed SOFR Loan on or prior to the first day of such Interest Period or (ii)&nbsp;the Required Lenders shall determine (which determination shall be
conclusive and binding absent manifest error) that Adjusted Term SOFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period and, in the case of <U>clause (ii)</U>, the
Required Lenders have provided notice of such determination to the Administrative Agent, then, in each case, the Administrative Agent shall promptly give notice thereof to the Borrower. Upon notice thereof by the Administrative Agent to the
Borrower, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to or continue any Loan as a SOFR Loan, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods)
until the Administrative Agent (with respect to <U>clause (ii)</U>, at the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, (A)&nbsp;the Borrower may revoke any pending request for a borrowing of, conversion to
or continuation of SOFR Loans (to the extent of the affected SOFR Loans or 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 (B)&nbsp;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 converted, together with any additional amounts required pursuant to <U>Section</U><U></U><U>&nbsp;2.18</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)
<U>Laws Affecting SOFR Availability</U>. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental
Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any SOFR Loan, or to determine or charge
interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and the other
Lenders (an &#147;<B><I>Illegality Notice</I></B>&#148;). Thereafter, until each affected Lender notifies the Administrative Agent and the Administrative Agent notifies the Borrower that the circumstances giving rise to such determination no longer
exist, (i)&nbsp;any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to a SOFR Loan or continue any Loan as a SOFR Loan, shall be suspended and (ii)&nbsp;if necessary to avoid such illegality, the
Administrative Agent shall compute the Alternate Base Rate without reference to <U>clause (c)</U>&nbsp;of the definition of &#147;Alternate Base Rate&#148;. 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), convert all SOFR Loans to ABR Loans (in each case, if necessary to avoid such illegality, the Administrative Agent shall compute the Alternate Base Rate without
reference to <U>clause (c)</U>&nbsp;of the definition of &#147;Alternate Base Rate&#148;), on the last day of the Interest Period 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. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to
<U>Section</U><U></U><U>&nbsp;2.18</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Benchmark Replacement Setting</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Benchmark Replacement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark
Transition Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00
p.m. on the fifth (5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not
received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this <U>Section</U><U></U><U>&nbsp;2.17(c)(i)(A)</U> will
occur prior to the applicable Benchmark Transition Start Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Benchmark Replacement Conforming Changes</U>. 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>Notices; Standards for Decisions and Determinations</U>. The Administrative Agent will promptly notify the Borrower
and the Lenders of (A)&nbsp;the implementation of any Benchmark Replacement and (B)&nbsp;the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The
Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to <U>Section</U><U></U><U>&nbsp;2.17(c)(iv)</U>. 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 <U>Section</U><U></U><U>&nbsp;2.17(c)</U>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or <FONT
STYLE="white-space:nowrap">non-occurrence</FONT> 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 <U>Section</U><U></U><U>&nbsp;2.17(c)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) <U>Unavailability of Tenor of Benchmark</U>. Notwithstanding anything to the contrary herein or in any other Loan
Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (1)&nbsp;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 (2)&nbsp;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 &#147;Interest Period&#148; (or any similar or
analogous definition) for any Benchmark settings at or after such time to remove such unavailable or <FONT STYLE="white-space:nowrap">non-representative</FONT> tenor and (B)&nbsp;if a tenor that was removed pursuant to <U>clause (A)</U>&nbsp;above
either (1)&nbsp;is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2)&nbsp;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 &#147;Interest Period&#148; (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such
previously removed tenor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) <U>Benchmark Unavailability Period</U>. Upon the Borrower&#146;s receipt of notice of the
commencement of a Benchmark Unavailability Period, (A)&nbsp;the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period
and, 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 and (B)&nbsp;any outstanding affected SOFR Loans will be deemed to have been converted to 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 the Alternate Base Rate based upon the then-current Benchmark or
such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Increased Costs</U>. If any Change in Law shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) except as provided in <U>Section</U><U></U><U>&nbsp;2.20(e)</U>, subject any of the Lenders (or any of their respective
Lending Offices) to any tax, duty or other charge with respect to any Loan or shall change the basis of taxation of payments to any of the Lenders (or any of their respective Lending Offices) of the principal of or interest on any Loan or any other
amounts due under this Agreement in respect thereof (except for any Taxes covered by <U>Section</U><U></U><U>&nbsp;2.20(c)</U> or Excluded Taxes); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) impose, modify or deem applicable any reserve (including, without limitation, any reserve imposed by the Board), special
deposit, insurance or capital or similar requirement against assets of, deposits with or for the account of, or credit extended by any of the Lenders (or any of their respective Lending Offices); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) impose on any Lender (or any of their respective Lending Offices) any other condition, cost or expense (other than Taxes)
affecting this Agreement or Loans made by such Lender, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and the result of any of the foregoing events described in <U>clause (i)</U>, <U>(ii)</U> or
<U>(iii)</U>&nbsp;above is to increase the costs to any of the Lenders of maintaining any SOFR Loan or to reduce the yield or amount of any sum received or receivable by any of the Lenders under this Agreement or under the Loans in respect of a SOFR
Loan then, upon the request of such Lender, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or Lenders for such increased cost or reduction. A certificate of such Lender setting forth in
reasonable detail the basis for determining such amount or amounts necessary to compensate such Lender shall be forwarded to the Borrower through the Administrative Agent and shall be conclusively presumed to be correct save for manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Exchange Indemnification and Increased Costs</U>. The Borrower shall, upon demand from the Administrative Agent, pay to the
Administrative Agent or any applicable Lender, the amount of (i)&nbsp;any loss or cost or increased cost incurred by the Administrative Agent or any applicable Lender or (ii)&nbsp;any reduction in any amount payable to or in the effective return on
the capital to the Administrative Agent or any applicable Lender. A certificate of the Administrative Agent setting forth the basis for determining such additional amount or amounts necessary to compensate the Administrative Agent or the applicable
Lender shall be conclusively presumed to be correct save for manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.18 <U>Indemnity</U>. The Borrower hereby
indemnifies each of the Lenders against any loss or expense (excluding loss of anticipated profits) which may arise or be attributable to each Lender&#146;s obtaining, liquidating or employing deposits or other funds acquired to effect, fund or
maintain any Loan (a)&nbsp;as a consequence of any failure by the Borrower to make any payment when due of any amount due hereunder in connection with a SOFR Loan, (b)&nbsp;due to any failure of the Borrower to borrow, continue or convert on a date
specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation, (c)&nbsp;due to any payment, prepayment or conversion of any SOFR Loan on a date other than the last day of the Interest Period therefor, or (d)&nbsp;due to the
assignment of any SOFR Loan other than on the last day of the applicable Interest Period therefor as a result of a request by the Borrower pursuant to <U>Section</U><U></U><U>&nbsp;2.16(c)</U> or <U>Section</U><U></U><U>&nbsp;2.26</U>. A certificate
of such Lender setting forth the basis for determining such amount or amounts necessary to compensate such Lender shall be forwarded to the Borrower through the Administrative Agent and shall be conclusively presumed to be correct save for manifest
error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.19 <U>Capital Requirements</U>. If any Lender determines that any Change in Law affecting such Lender or any
Lending Office of such Lender or such Lender&#146;s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the capital of, or has affected or would affect the amount of
capital or liquidity required to be maintained by, any Lender or any </P>
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corporation controlling such Lender as a consequence of, or with reference to this Agreement, the Loans, or the Commitments, below the rate which such Lender or such other corporation could have
achieved but for such Change in Law (taking into consideration such Lender&#146;s policies and the policies of such Lender&#146;s holding company with respect to capital adequacy and liquidity), then within five (5)&nbsp;Business Days after written
demand by any such Lender, the Borrower shall pay to such Lender from time to time as specified by such Lender additional amounts sufficient to compensate such Lender or other corporation for such reduction. A certificate submitted to the Borrower
and the Administrative Agent by such Lender setting forth in reasonable detail such amounts, shall, in the absence of manifest error, be presumed to be correct and binding for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.20 <U>Taxes</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Payments Free and Clear</U>. Except as otherwise provided in <U>Section</U><U></U><U>&nbsp;2.20(e)</U>, any and all payments by the
Borrower hereunder or under the Loans shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholding, and all liabilities with respect thereto excluding, (i)&nbsp;in
the case of each Lender and the Administrative Agent, income and franchise taxes imposed by the jurisdiction under the laws of which such Lender or the Administrative Agent (as the case may be) is organized or is or should be qualified to do
business or any political subdivision thereof, (ii)&nbsp;in the case of each Lender, income and franchise taxes imposed by the jurisdiction of such Lender&#146;s Lending Office or any political subdivision thereof, (iii)&nbsp;in the case of a
Foreign Lender (other than an assignee pursuant to a request by the Borrower under <U>Section</U><U></U><U>&nbsp;2.26</U>), any withholding tax that is imposed under any law in effect at the time such Foreign Lender becomes a party hereto (or
designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect
to such withholding tax pursuant to this <U>Section</U><U></U><U>&nbsp;2.20(a)</U>, (iv) in the case of a Foreign Lender, is attributable to such Foreign Lender&#146;s failure or inability (other than as a result of the occurrence, after the date of
this Agreement, of any Change in Law) to comply with <U>Section</U><U></U><U>&nbsp;2.20(e)</U> and (v)&nbsp;any U.S. federal withholding Taxes imposed under FATCA (all such taxes, levies, imposts, deductions, charges, withholdings and liabilities
not excluded by items (i), (ii), (iii) or (iv)&nbsp;being hereinafter referred to as &#147;<B><I>Taxes</I></B>,&#148; and all such excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities described in items (i), (ii), (iii)
or (iv)&nbsp;being hereinafter referred to as &#147;<B><I>Excluded Taxes</I></B>&#148;). If the Borrower shall be required by law to deduct or withhold any Taxes from or in respect of any sum payable hereunder or under any Loan to any Lender or the
Administrative Agent, (A)&nbsp;except as otherwise provided in <U>Section</U><U></U><U>&nbsp;2.20(e)</U>, the sum payable shall be increased as may be necessary so that after making all required deductions or withholdings (including deductions or
withholdings applicable to additional sums payable under this <U>Section</U><U></U><U>&nbsp;2.20</U>) such Lender or the Administrative Agent (as the case may be) receives an amount equal to the amount such party would have received had no such
deductions or withholdings been made, (B)&nbsp;the Borrower shall make such deductions or withholdings, (C)&nbsp;the Borrower shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with Applicable Law,
and (D)&nbsp;the Borrower shall deliver to the Administrative Agent and such Lender evidence of such payment to the relevant taxing authority or other Governmental Authority in the manner provided in <U>Section</U><U></U><U>&nbsp;2.20(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Stamp and Other Taxes</U>. In addition, the Borrower shall pay any present or future stamp, registration, recordation or documentary
taxes or any other similar fees or charges or excise or property taxes, levies of the United States or any state or political subdivision thereof or any applicable foreign jurisdiction which arise from any payment made hereunder or from the
execution, delivery or registration of, or otherwise with respect to, this Agreement, the Loans or the other Loan Documents, or the perfection of any rights or security interest in respect thereof (hereinafter referred to as &#147;<B><I>Other
Taxes</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Indemnity</U>. Except as otherwise provided in <U>Section</U><U></U><U>&nbsp;2.20(e)</U>, the Borrower shall
indemnify each Lender and the Administrative Agent for the full amount of Taxes and Other Taxes (including, without limitation, any Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this
<U>Section</U><U></U><U>&nbsp;2.20</U>) paid by such Lender or the Administrative Agent (as the case may be) and any liability </P>
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(including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. Such indemnification shall be
made within 30 days from the date such Lender or the Administrative Agent (as the case may be) makes written demand therefor. A certificate of the Administrative Agent or such Lender setting forth in reasonable detail the basis for determining such
indemnification shall be forwarded to the Borrower through the Administrative Agent and shall be conclusively presumed to be correct save for manifest error. Nothing contained in this <U>Section</U><U></U><U>&nbsp;2.20(c)</U> shall prevent the
Borrower from pursuing, at the sole cost and expense of the Borrower, the refund of any such Taxes or Other Taxes from the Foreign Lender which paid, or upon whose behalf the Borrower paid, such Taxes or Other Taxes if the Borrower in good faith
believes such taxes were incorrectly or illegally asserted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Evidence of Payment</U>. Within 30 days after the date of any payment
of Taxes or Other Taxes, the Borrower shall furnish to the Administrative Agent and the applicable Lender, at its address referred to in <U>Section</U><U></U><U>&nbsp;9.01</U>, the original or a certified copy of a receipt evidencing payment thereof
or other evidence of payment satisfactory to the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Delivery of Tax Forms</U>. To the extent required by
Applicable Law to reduce or eliminate withholding or payment of taxes, each Lender and the Administrative Agent shall deliver to the Borrower, with a copy to the Administrative Agent, on the Closing Date or concurrently with the delivery of the
relevant Assignment and Acceptance or any accession agreement executed and delivered in accordance with <U>Section</U><U></U><U>&nbsp;2.28(a)</U> two United States Internal Revenue Service Forms <FONT STYLE="white-space:nowrap">W-9,</FONT> Forms <FONT
STYLE="white-space:nowrap">W-8ECI,</FONT> Forms <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or Forms <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable (or successor forms) properly completed
and certifying in each case that such Lender is entitled to a complete exemption from withholding or deduction for or on account of any United States federal income taxes and backup withholding taxes. Each such Lender further agrees to deliver to
the Borrower, with a copy to the Administrative Agent, as applicable, two Form <FONT STYLE="white-space:nowrap">W-9,</FONT> Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> Form
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or Form <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> or successor applicable forms or manner of certification, as the case may be, on or before the date that
any such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most recent form previously delivered by it to the Borrower, certifying in the case of a Form <FONT STYLE="white-space:nowrap">W-9,</FONT> Form <FONT
STYLE="white-space:nowrap">W-8BEN,</FONT> Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or Form <FONT STYLE="white-space:nowrap">W-8ECI</FONT> (or successor forms) that such Lender is entitled to
receive payments under this Agreement without deduction or withholding of any United States federal income taxes (unless in any such case an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date
on which any such delivery would otherwise be required which renders such forms inapplicable or the exemption to which such forms relate unavailable and such Lender notifies the Borrower and the Administrative Agent that it is not entitled to
receive payments without deduction or withholding of United States federal income taxes) and, in the case of a Form <FONT STYLE="white-space:nowrap">W-9,</FONT> Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> Form
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or Form <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> establishing an exemption from United States backup withholding tax. 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&nbsp;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&nbsp;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&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Notwithstanding anything in any
Loan Document to the contrary, the Borrower shall not be required to pay additional amounts to any Lender or the Administrative Agent under <U>Section</U><U></U><U>&nbsp;2.20</U> or <U>Section</U><U></U><U>&nbsp;2.17(d)</U>, (i) if such Lender or
the Administrative Agent fails to comply with the requirements of this <U>Section</U><U></U><U>&nbsp;2.20(e)</U>, other than to the extent that such failure is due to a Change in Law occurring after the date on which such Lender or the
Administrative Agent became a party to this Agreement or (ii)&nbsp;that are the result of such Lender&#146;s or the Administrative Agent&#146;s gross negligence or willful misconduct, as applicable. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Survival</U>. Without prejudice to the survival of any other agreement of the
Borrower hereunder, the agreements and obligations of the Borrower and Lenders contained in this <U>Section</U><U></U><U>&nbsp;2.20</U> shall survive the payment in full of the Obligations and the termination of the Commitments of all Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Treatment of Certain Refunds</U>. If the Administrative Agent or a Lender determines, in its sole but reasonable discretion, that it
has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable and documented <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), <I>provided</I> that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This <U>paragraph (g)</U>&nbsp;shall not be
construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <U>Indemnification by Lenders</U>. Each Lender shall indemnify the Administrative Agent within 10 days after demand therefor, for the full
amount of any Excluded Taxes attributable to such Lender that are payable or paid by the Administrative Agent, and reasonable expenses arising therefrom or with respect thereto, whether or not such Excluded Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document against any amount due to the Administrative Agent under this <U>paragraph (h)</U>. The agreements in this <U>paragraph
(h)</U>&nbsp;shall survive the resignation and/or replacement of the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.21 <U>Mitigation by
Lenders</U>. If any Lender requests compensation pursuant to <U>Section</U><U></U><U>&nbsp;2.17</U> or <U>Section</U><U></U><U>&nbsp;2.19</U>, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to <U>Section</U><U></U><U>&nbsp;2.20</U>, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, solely in the judgment of such Lender, such designation or assignment (a)&nbsp;would eliminate or reduce amounts payable pursuant to <U>Section</U><U></U><U>&nbsp;2.17</U>,
<U>Section</U><U></U><U>&nbsp;2.19</U> or <U>Section</U><U></U><U>&nbsp;2.20</U>, as the case may be, in the future and (b)&nbsp;would not subject such Lender to any unreimbursed cost or expense and would not otherwise be practically disadvantageous
to such Lender. Failure or delay on the part of any Lender to demand compensation pursuant to <U>Section</U><U></U><U>&nbsp;2.17</U> or <U>Section</U><U></U><U>&nbsp;2.19</U> shall not constitute a waiver of such Lender&#146;s right to demand such
compensation, <I>provided</I> that the Borrower shall not be required to compensate a Lender pursuant to such Sections for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the
event giving rise to such increased costs or reductions and of such Lender&#146;s intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 day period
referred to above shall be extended to include the period of retroactive effect thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.22 <U>General Policy of
Lenders</U>. Notwithstanding anything in this Agreement to the contrary, no Lender shall be entitled to compensation under <U>Section</U><U></U><U>&nbsp;2.17</U>, <U>Section</U><U></U><U>&nbsp;2.18</U>, <U>Section</U><U></U><U>&nbsp;2.19</U> or
<U>Section</U><U></U><U>&nbsp;2.20</U> if it shall not be the general policy or practice of such Lender to demand such compensation in similar circumstances and unless such demand is generally consistent with such Lender&#146;s treatment of
comparable borrowers of such Lender with respect to similarly affected commitments or loans; <I>provided</I>, <I>however</I>, that no Lender shall be obligated to disclose confidential information relating to its other borrowers to establish its
general policies or practices with respect to such compensation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.23 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.24 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.25 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.26 <U>Replacement of Certain Lenders</U>.<B></B>&nbsp;In the event any Lender (a)&nbsp;shall have requested additional
compensation from the Borrower under <U>Section</U><U></U><U>&nbsp;2.17(d</U>), <U>Section</U><U></U><U>&nbsp;2.19</U> or <U>Section</U><U></U><U>&nbsp;2.20</U>, (b) shall have given notice under <U>Section</U><U></U><U>&nbsp;2.17</U> of its
inability to make or maintain as such any SOFR Loan, (c)&nbsp;is a Defaulting Lender hereunder, or (d)&nbsp;is a <FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender, the Borrower may, at its sole expense and effort, require such Lender
(each, a &#147;<B><I>Departing Lender</I></B>&#148;) to transfer and assign, without recourse (in accordance with and subject to the restrictions contained in, and the consents required by, <U>Section</U><U></U><U>&nbsp;9.04</U>) all its interests,
rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such assigned obligations (which assignee may be another Lender, if a Lender accepts such assignment); <I>provided, however</I>, that
(i)&nbsp;such assignment shall not conflict with any Applicable Law, (ii)&nbsp;the Borrower shall have received a written<B> </B>consent of the Administrative Agent in the case of an assignee that is not a Lender, which consent shall not
unreasonably be withheld, and (iii)&nbsp;the Borrower or such assignee shall have paid to the Departing Lender in immediately available funds the principal of and interest accrued to the date of such payment on the Loans made by it hereunder and all
other amounts owed to it hereunder. If such Departing Lender does not execute and deliver to the Administrative Agent a duly completed Assignment and Acceptance and/or any other documentation necessary to reflect such replacement within a period of
time deemed reasonable by the Administrative Agent after the later of (x)&nbsp;the date on which the replacement Lender executes and delivers such Assignment and Acceptance and/or such other documentation and (y)&nbsp;the date on which the Departing
Lender receives all payments described in <U>clause (iii)</U>, then such Departing Lender shall be deemed to have executed and delivered such Assignment and Acceptance and/or such other documentation as of such date and the Borrower shall be
entitled (but not obligated) to execute and deliver such Assignment and Acceptance and/or such other documentation on behalf of such Departing Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.27 <U>Defaulting Lenders</U>. 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
<U>Waivers and Amendments</U>. Such Defaulting Lender&#146;s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in <U>Section</U><U></U><U>&nbsp;9.08(b)</U> and the
definition of &#147;Required Lenders&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Reallocation of Payments</U>. 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, or otherwise, and including any amounts made available to the Administrative Agent for the account of such
Defaulting Lender pursuant to <U>Section</U><U></U><U>&nbsp;9.06</U>), shall be applied at such time or times as may be determined by the Administrative Agent as follows: <U>first</U>, to the payment of any amounts owing by such Defaulting Lender to
the Administrative Agent hereunder; <U>second</U>, 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; <U>third</U>, to the payment of any amounts owing to the Administrative Agent or the Lenders as a result of any judgment of a court of competent jurisdiction obtained by the
Administrative Agent or any Lender against such Defaulting Lender as a result of such Defaulting Lender&#146;s breach of its obligations under this Agreement; <U>fourth</U>, so long as no Default or Event of Default exists, to the payment of any
amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender&#146;s breach of its obligations under this Agreement; and
<U>fifth</U>, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction. 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 <U>Section</U><U></U><U>&nbsp;2.27(b)</U> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Defaulting Lender Cure</U>. If the Borrower and the Administrative Agent agree in
writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the date specified in such notice and subject to any
conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the
Administrative Agent may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Percentages, whereupon such Lender will cease to be a Defaulting Lender, <I>provided</I> 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 <I>provided</I>, <I>further</I>, 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&#146;s having been a Defaulting Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.28 <U>Certain Permitted Amendments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower may, by written notice to the Administrative Agent from time to time after the Closing Date, but not more than one time
during the term of this Agreement, make one or more offers (each, a &#147;<B><I>Loan Modification Offer</I></B>&#148;) to all the Lenders to make one or more Permitted Amendments pursuant to procedures reasonably specified by the Administrative
Agent and reasonably acceptable to the Borrower. Such notice shall set forth (i)&nbsp;the terms and conditions of the requested Permitted Amendment and (ii)&nbsp;the date on which such Permitted Amendment is requested to become effective (which
shall not be less than 10 Business Days or more than 30 Business Days after the date of such notice, unless otherwise agreed to by the Administrative Agent). Notwithstanding anything to the contrary in <U>Section</U><U></U><U>&nbsp;9.08</U>, each
Permitted Amendment shall only require the consent of the Borrower, the Administrative Agent and those Lenders that accept the applicable Loan Modification Offer (such Lenders, the &#147;<B><I>Accepting Lenders</I></B>&#148;), and each Permitted
Amendment shall become effective only with respect to the Loans of the Accepting Lenders. In connection with any Loan Modification Offer, the Borrower may, at its sole option, repay in full all outstanding Loans to one or more of the Lenders that
are not Accepting Lenders, and accrued but unpaid interest and fees (along with any amount owing pursuant to <U>Section</U><U></U><U>&nbsp;2.18</U>), at such time owing to such Lender, with such repayment being made upon the effectiveness of the
Permitted Amendment. Additionally, the Borrower may request any other Eligible Assignee (including any required consent of the Administrative Agent, such consent not to be unreasonably withheld) to provide Loans on the terms set forth in such Loan
Modification Offer in an amount not to exceed the amount of the Loans repaid pursuant to the preceding sentence, <I>provided</I> that each Eligible Assignee (that is not an existing Lender) shall execute an accession agreement to this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower and each Accepting Lender shall execute and deliver to the Administrative Agent a Loan Modification Agreement and such
other documentation as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof. The Administrative Agent shall promptly notify each Lender as to the effectiveness
of each Loan Modification Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Loan Modification Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the
existence and terms of the Permitted Amendment evidenced thereby and only with respect to the Loans of the Accepting Lenders, including any amendments necessary to treat the applicable Loans of the Accepting Lenders as a new &#147;Class&#148; of
loans hereunder. Notwithstanding the foregoing, no Permitted Amendment shall become effective unless the Administrative Agent, to the extent reasonably requested by the Administrative Agent, shall have received legal opinions, board resolutions,
officer&#146;s and secretary&#146;s certificates and other documentation consistent with those delivered on the Closing Date under this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) &#147;<B><I>Permitted Amendments</I></B>&#148; means any or all of the following:
(i)&nbsp;an extension of the Maturity Date, (ii)&nbsp;an increase in the interest rate with respect to the Loans of the Accepting Lenders, (iii)&nbsp;the inclusion of additional fees to be payable to the Accepting Lenders in connection with the
Permitted Amendment (including any upfront fees), (iv) such amendments to this Agreement and the other Loan Documents as shall be appropriate, in the reasonable judgment of the Administrative Agent, to provide the rights and benefits of this
Agreement and other Loan Documents to each new &#147;Class&#148; of loans resulting therefrom, <I>provided</I> that payments of principal and interest on Loans (including loans of Accepting Lenders) shall continue to be shared pro rata in accordance
with <U>Section</U><U></U><U>&nbsp;2.11(c)</U>, except that notwithstanding <U>Section</U><U></U><U>&nbsp;2.11(c)</U> the Loans of the Lenders that are not Accepting Lenders may be repaid on their applicable Maturity Date, without any pro rata
repayment of loans of Accepting Lenders with a different Maturity Date, and (v)&nbsp;such other amendments to this Agreement and the other Loan Documents as shall be appropriate, in the reasonable judgment of the Administrative Agent, to give effect
to the foregoing Permitted Amendments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) This <U>Section</U><U></U><U>&nbsp;2.28</U> shall supersede any provision in
<U>Section</U><U></U><U>&nbsp;9.08</U> to the contrary. Notwithstanding any reallocation into extending and <FONT STYLE="white-space:nowrap">non-extending</FONT> &#147;Classes&#148; in connection with a Permitted Amendment, all Loans to the Borrower
under this Agreement shall rank <I>pari passu</I> in right of payment. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Borrower represents and warrants to each of the Lenders that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.01 <U>Organization; Powers</U>. Each of the Borrower and the Restricted Subsidiaries (a)&nbsp;is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, except, in the case of any Restricted Subsidiary whose failure to be validly existing or in good standing could not reasonably be expected to have a Material
Adverse Effect, (b)&nbsp;has all requisite power and authority to own its property and assets and to carry on its business as now conducted and as proposed to be conducted, except where the failure to do so could not reasonably be expected to result
in a Material Adverse Effect, (c)&nbsp;is qualified to do business in every jurisdiction where such qualification is required, except where the failure so to qualify could not reasonably be expected to result in a Material Adverse Effect, and
(d)&nbsp;in the case of the Borrower, has the power and authority to execute, deliver and perform its obligations under each Loan Document to which it is party and each other agreement or instrument contemplated thereby and in the case of the
Borrower, to borrow and incur other obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.02 <U>Authorization</U>.&nbsp;The execution, delivery and
performance by the Borrower of the Loan Documents to which it is to be a party and the borrowings of the Loans, and the use of proceeds thereof (collectively, the &#147;<B><I>Transactions</I></B>&#148;) (a) have been duly authorized by all requisite
action, including approval of the Borrower&#146;s Board of Directors and if required, stockholder action on the part of the Borrower, or, in the case of the use of proceeds thereof, will be so authorized in the ordinary course after the Closing
Date, and (b)&nbsp;will not (i)&nbsp;violate (A) any provision of law,<B> </B>statute, rule or regulation applicable to the Borrower or any Subsidiary if such matter could reasonably be expected to have a Material Adverse Effect, or of the
certificate or articles of incorporation or other constitutive documents or <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Borrower or any Subsidiary, (B)&nbsp;any order of any Governmental Authority if such matter could reasonably be
expected to have a Material Adverse Effect or (C)&nbsp;any provision of any indenture, agreement or other instrument to which the Borrower or any Subsidiary is a party or by which any of them or any of their property is or may be bound if such
matter could reasonably be expected to have a Material Adverse Effect, (ii)&nbsp;be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under any such indenture, agreement or other
instrument if such matter could reasonably be expected to have a Material Adverse Effect or (iii)&nbsp;result in the creation or imposition of any Lien (other than pursuant to the Loan Documents or the Indenture) upon or with respect to any property
or assets now owned or hereafter acquired by the Borrower or any Restricted Subsidiary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.03 <U>Enforceability</U>. This Agreement has been duly executed and delivered
by the Borrower and constitutes, and each other Loan Document when executed and delivered by the Borrower will constitute, a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, except as
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors&#146; rights generally and by general principles of equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.04 <U>Governmental Approvals</U>.&nbsp;No action, consent or approval of, registration or filing with or any other action by
any Governmental Authority is or will be required in connection with the Transactions, except such as have been made or obtained and are in full force and effect or will be made or obtained in accordance with applicable laws, except when failure to
obtain any such consents or approvals could not reasonably be expected to cause a Material Adverse Effect or jeopardize enforceability of any of the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.05 <U>Financial Statements</U>.&nbsp;The Borrower has heretofore furnished to Administrative Agent (i)<B></B>&nbsp;the
Consolidated balance sheets and statements of income and cash flow of the Borrower and its Consolidated Subsidiaries as of and for the fiscal year ended December&nbsp;31, 2022, audited and accompanied by the opinion of Ernst&nbsp;&amp; Young LLP,
independent public accountants and (ii)&nbsp;the unaudited Consolidated balance sheets and statements of income and cash flow of the Borrower and its Consolidated Subsidiaries as of and for the fiscal quarter ended September&nbsp;30, 2023 certified
by the Financial Officer of the Borrower.<B> </B>Such financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its Consolidated Subsidiaries as of such date<B>s </B>and for
such periods.<B> </B>Such balance sheet<B>s </B>and the notes thereto disclose all material liabilities, direct or contingent, of the Borrower and its Consolidated Subsidiaries as of the date<B>s</B> thereof. Such financial statements were prepared
in accordance with GAAP applied on a consistent basis, subject in the case of <U>clause (ii)</U>&nbsp;above to normal <FONT STYLE="white-space:nowrap">year-end</FONT> audit adjustments and the absence of footnotes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.06 <U>No Material Adverse Change</U>.&nbsp;As of the date hereof, there has been no material adverse change in the business,
assets, operations, property, or financial condition of the Borrower, its Domestic Subsidiaries that are Restricted Subsidiaries and its Foreign Subsidiaries, taken as a whole, since December&nbsp;31, 2022, not previously disclosed in writing to the
Administrative Agent or Lenders or disclosed in public filings of the Borrower made with the Securities and Exchange Commission prior to the Closing Date and publicly available electronically at www.sec.gov or www.choicehotels.com (it being
understood that changes in general economic conditions shall not be deemed to constitute such a material adverse change). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.07 <U>Title to Properties; Possession Under Leases</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each of the Borrower and the Restricted Subsidiaries has good and marketable title to, or valid leasehold interests in, all its properties
and assets, except (i)&nbsp;for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes or (ii)&nbsp;where such failure would
not otherwise, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. All such material properties and assets are free and clear of Liens, other than Liens permitted by <U>Section</U><U></U><U>&nbsp;6.02</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each of the Borrower and the Restricted Subsidiaries has complied with all obligations under all leases to which it is a party and
all such leases are in full force and effect, except to the extent any failure to do so would not reasonably be expected to have a Material Adverse Effect. Each of the Borrower and the Subsidiaries enjoys peaceful and undisturbed possession under
all such material leases, except to the extent any failure to do so would not reasonably be expected to have a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.08 <U>[Reserved]</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.09 <U>Litigation; Compliance with Laws</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) There are not any actions, suits or proceedings at law or in equity or by or before any Governmental Authority now pending or, to the
knowledge of any Responsible Officer of the Borrower, threatened against or affecting the Borrower or any Restricted Subsidiary or any business, property or rights of any such Person and to the knowledge of any Responsible Officer of the Borrower
there are not any investigations now pending or threatened against the Borrower or any Restricted Subsidiary, in each case, (i)&nbsp;which involve any Loan Document or the Transactions (excluding any such actions, suits or proceedings threatened by
the Lenders or the Administrative Agent) or (ii)&nbsp;as to which there is a reasonable probability of an adverse determination and which, if such probable adverse determination occurred, could, individually or in the aggregate, reasonably be
anticipated to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) To the best knowledge of any Responsible Officer of the Borrower, neither the
Borrower nor any of the Subsidiaries is in violation of any law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default could reasonably be
anticipated to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.10 <U>Agreements</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Neither the Borrower nor any of the Subsidiaries is a party to any agreement or instrument or subject to any corporate or other
restriction that has resulted or could reasonably be anticipated to result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Neither the Borrower nor any
of its Subsidiaries is in default in any manner under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which it or any of its
properties or assets are or may be bound, where such default could reasonably be anticipated to result in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.11 <U>Federal Reserve Regulations</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Neither the Borrower nor any of the Subsidiaries is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying Margin Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Following application of the proceeds of each Loan, not more
than twenty-five percent (25%) of the value of the assets of the Borrower will be Margin Stock. No part of the proceeds of any Loan has been used for any purpose that violates the provisions of Regulations T, U or X. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.12 <U>Investment Company Act</U>.&nbsp;Neither the Borrower nor any of its Subsidiaries is an &#147;investment company&#148; as
defined in, or subject to regulation under, the Investment Company Act of 1940. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.13 <U>Use of Proceeds</U>.&nbsp;The
Borrower will use the proceeds of the Loans in accordance with <U>Section</U><U></U><U>&nbsp;5.08</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.14 <U>Tax
Returns</U>.&nbsp;Each of the Borrower and the Restricted Subsidiaries has filed or caused to be filed all Federal, state, local and foreign tax returns required to have been filed by it and has paid or caused to be paid all taxes shown to be due
and payable on such returns or on any assessments received by it, except, in each case, (a)&nbsp;taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary shall have set aside on its books
reserves as shall be required in conformity with GAAP or (b)&nbsp;to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.15 <U>No Material Misstatements</U>.&nbsp;No information, report, financial
statement, exhibit or schedule (other than information of a general economic or industry nature) furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of any Loan Document or included
therein or delivered pursuant thereto (as modified or supplemented by other information so furnished) contained or contains when furnished any untrue statement of material fact or omitted or omits to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were or are made, not materially misleading, <I>provided</I> that notwithstanding the foregoing with respect to financial projections, financial projections shall, to the actual
knowledge of the chief financial officer of the Borrower, represent good faith estimates of the financial condition and operations of the Borrower and its Subsidiaries (using assumptions that the chief financial officer of the Borrower believes in
good faith to be reasonable at the time prepared and made available, it being recognized by the Administrative Agent and the Lenders that such projections are not to be viewed as facts or guaranties of future performance, that actual results during
the period or periods covered by such projections may differ from the projected results and that such differences may be material and that the Borrower makes no representation that such projections will in fact be realized). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.16 <U>Employee Benefit Plans</U>.&nbsp;Except as would not reasonably be expected to have a Material Adverse Effect, with
respect to each of the Plans, (i)&nbsp;each of the Borrower and its ERISA Affiliates is in compliance in all material respects with the applicable provisions of ERISA and the regulations and published interpretations thereunder, (ii)&nbsp;no
Reportable Event has occurred as to which the Borrower or any ERISA Affiliate was required to file a report with the PBGC, (iii)&nbsp;the present value of all benefit liabilities under each Plan (based on those assumptions used to fund such Plan)
did not, as of the last annual valuation date applicable thereto, exceed the value of the assets of such Plan, (iv)&nbsp;neither the Borrower nor any ERISA Affiliate has incurred any Withdrawal Liability or any other liability under Title IV of
ERISA (other than premiums not yet due) that remains unpaid, (v)&nbsp;neither the Borrower nor any ERISA Affiliate has received any notification that any Multiemployer Plan is in reorganization or has been terminated within the meaning of Title IV
of ERISA, and to the best knowledge of any Responsible Officer of the Borrower no Multiemployer Plan is reasonably expected to be in reorganization or to be terminated, and (vi)&nbsp;neither the Borrower nor any ERISA Affiliate has received any
notice from the PBGC regarding the funded status of any Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.17 <U>Environmental Matters</U>.&nbsp;Except with respect to
matters that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect, the Borrower and each Restricted Subsidiary has complied with all Federal, state, local and other statutes, ordinances, orders,
judgments, rulings and regulations relating to environmental pollution or to environmental regulation or control or to employee health or safety. Except with respect to matters that individually or in the aggregate would not reasonably be expected
to have a Material Adverse Effect, neither the Borrower nor any Restricted Subsidiary has received notice of any failure so to comply. Except with respect to matters that individually or in the aggregate would not reasonably be expected to have a
Material Adverse Effect, the Borrower&#146;s and the Subsidiaries facilities do not manage any hazardous wastes, hazardous substances, hazardous materials, toxic substances, toxic pollutants or substances similarly denominated, as those terms or
similar terms are used in the Resource Conservation and Recovery Act, the Comprehensive Environmental Response Compensation and Liability Act, the Hazardous Materials Transportation Act, the Toxic Substance Control Act, the Clean Air Act, the Clean
Water Act or any other applicable law, in violation of any such law or any regulations promulgated pursuant thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.18
<U>Solvency</U>.&nbsp;As of the Closing Date, with respect to the Borrower and the Restricted Subsidiaries, collectively, (a)&nbsp;the fair valuation of and the present fair saleable value of their assets, measured on a going concern basis, exceed
the amount<B> </B>that will be required to be paid on or in respect of their existing debts and other probable liabilities at a fair valuation (including contingencies) as such debts and liabilities mature, as such value and such liabilities are
determined in accordance with Sections 101 of the Bankruptcy Code or Sections 1 and 2 of the Uniform Fraudulent Transfer Act, (b)&nbsp;their assets do not constitute unreasonably small capital for the Borrower and the Restricted Subsidiaries to
carry out their businesses as now conducted and as proposed to be conducted and (c)&nbsp;they do not intend to incur debts or liabilities beyond their ability to pay such debts and liabilities as they mature. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.19 <U>OFAC</U>. Neither the Borrower nor any of its Subsidiaries is
(i)&nbsp;a Sanctioned Person, (ii)&nbsp;under administrative, civil or criminal investigation for an alleged violation of, or received notice from or made a voluntary disclosure to any governmental entity regarding a possible violation of,
Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering Laws, or (iii)&nbsp;directly or indirectly derive revenues from investments in, or
transactions with, Sanctioned Persons in violation of applicable Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.20 <U>Intellectual Property</U>. Except as
could not reasonably be expected to have a Material Adverse Effect: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower and each of its Restricted Subsidiaries owns or has
the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, &#147;<B><I>Intellectual
Property</I></B>&#148;) necessary to the conduct of their respective businesses as now conducted, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other
Person; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower and each of its Restricted Subsidiaries have taken all such steps as they deem reasonably necessary to protect
their respective rights under and with respect to such Intellectual Property; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) To the knowledge of any Responsible Officer of the
Borrower, no claim has been asserted in writing by any Person with respect to the use of any Intellectual Property by the Borrower or any of its Restricted Subsidiaries, or challenging or questioning the validity of any Intellectual Property; and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The use of such Intellectual Property by the Borrower and each of its Restricted Subsidiaries does not infringe on the rights of any
Person, subject to such claims and infringements as do not, in the aggregate, give rise to any material liabilities on the part of the Borrower or any of its Restricted Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.21 <U>Anti-Corruption Laws; Anti-Money Laundering Laws</U>. The Borrower and all of its Subsidiaries and, to the knowledge of
any Responsible Officer of the Borrower, all directors, officers, employees, agents or Affiliates thereof, are in compliance in all material respects with applicable Sanctions (including the Trading with the Enemy Act), Anti-Money Laundering Laws
Anti-Corruption Laws and the Patriot Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.22 <U>Affected Financial Institution</U>. Neither the Borrower nor any of its
Subsidiaries is an Affected Financial Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.23 <U>Beneficial Ownership</U>. As of the Closing Date, the information
included in the Beneficial Ownership Certification delivered by the Borrower prior to the Closing Date is true and correct in all respects. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS OF LENDING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.01 <U>Conditions to Effectiveness and Making of Loans</U>.&nbsp;The effectiveness of this Agreement and the obligations of the
Lenders to make the Loans on the Closing Date hereunder are subject to the satisfaction of the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The
Administrative Agent shall have received (i)&nbsp;a copy of the certificate or articles of incorporation (or analogous documents) and all amendments thereto of the Borrower certified as of a recent date by the Secretary of State (or other
appropriate Governmental Authority) of the state (or country) of its organization or such other evidence as is reasonably satisfactory to the Administrative Agent; (ii)&nbsp;a certificate as to the good standing (or other analogous certification to
the extent available) of the Borrower as<B> </B>of a recent date, from the appropriate Secretary of State (or other appropriate Governmental Authority) or such other evidence as is reasonably satisfactory to the Administrative Agent; (iii)&nbsp;a
certificate of the Secretary or Assistant Secretary of the Borrower dated the Closing Date and certifying (A)&nbsp;that attached thereto is a true and complete copy of the <FONT STYLE="white-space:nowrap">by-laws</FONT> (or such other analogous
documents to the extent available) of the Borrower as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in <U>clause (B)</U>&nbsp;below, (B) that attached thereto is a true and complete copy
of resolutions duly adopted by the Board of Directors of the Borrower authorizing the execution, delivery and performance of the Loan Documents to which it is party the borrowings hereunder, and that such resolutions have not been modified,
rescinded or amended and are in full force and effect, (C)&nbsp;that the certificate or articles of incorporation (or analogous documents) of the Borrower have not been amended since the date of the last amendment thereto shown on the certificate of
good standing (or other analogous certification or such other evidence reasonably satisfactory to the Administrative Agent) furnished pursuant to <U>clause (i)</U>&nbsp;or <U>(ii)</U> above, and (D)&nbsp;as to the incumbency and specimen signature
of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of the Borrower; (iv)&nbsp;a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant
Secretary executing the certificate pursuant to (iii)&nbsp;above; and (v)&nbsp;such other documents as the Administrative Agent or the Lenders may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Administrative Agent shall have received a certificate of the Borrower, dated the Closing Date and signed by a Financial Officer of
the Borrower confirming compliance with the conditions precedent set forth in paragraphs (o)&nbsp;and (p) of <U>Section</U><U></U><U>&nbsp;4.01</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Administrative Agent shall have received a favorable written opinion of Hogan Lovells US LLP, special counsel to the Borrower, dated
the Closing Date and addressed to the Administrative Agent and the Lenders, in form and substance satisfactory to the Administrative Agent and the Lenders, and the Borrower hereby instructs such counsel to deliver such opinion to the Administrative
Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Neither the Borrower nor any of its Restricted Subsidiaries shall have outstanding any Indebtedness, other than
(i)&nbsp;Indebtedness incurred under the Loan Documents and (ii)&nbsp;other Indebtedness permitted under <U>Section</U><U></U><U>&nbsp;6.01</U> and outstanding on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) No condition, circumstance, action, suit, investigation or proceeding is pending or, to the knowledge of the Borrower, threatened in any
court or before any arbitrator or Governmental Authority that could be reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The
Administrative Agent shall have received counterparts of all Loan Documents signed on behalf of the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The Administrative
Agent shall have received an original Note duly executed by the Borrower and payable to the order of each Lender that has requested the same. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Borrower shall have received all material governmental, shareholder and third party consents and approvals necessary (or any other
material consents as determined in the reasonable discretion of the Administrative Agent) in connection with the transactions contemplated by this Agreement and the other Loan Documents and the other transactions contemplated hereby and all
applicable waiting </P>
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periods shall have expired without any action being taken by any Person that could reasonably be expected to restrain, prevent or impose any material adverse conditions on the Borrower or such
other transactions or that could seek or threaten any of the foregoing, and no law or regulation shall be applicable which in the reasonable judgment of the Administrative Agent could reasonably be expected to have such effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before any Governmental
Authority to enjoin, restrain, or prohibit, or to obtain substantial damages in respect of, or which is related to or arises out of this Agreement or the other Loan Documents or the consummation of the transactions contemplated hereby or thereby, or
which, in the Administrative Agent&#146;s sole discretion, would make it inadvisable to consummate the transactions contemplated by this Agreement or the other Loan Documents or the consummation of the transactions contemplated hereby or thereby.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) No material adverse change in the business, assets, operations, property, liabilities (actual or contingent) or financial condition
of the Borrower and its Subsidiaries, taken as a whole, shall have occurred since December&nbsp;31, 2022 except as disclosed in public filings of the Borrower made with the Securities and Exchange Commission prior to the Closing Date and publicly
available electronically at www.sec.gov or www.choicehotels.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) (i) The Borrower shall have provided to the Administrative Agent and
the Lenders the documentation and other information requested by the Administrative Agent or any Lender to comply with its &#147;know your customer&#148; requirements and to confirm compliance with all applicable Sanctions, Anti-Money Laundering
Laws, Anti-Corruption Laws, the Trading with the Enemy Act and the Patriot Act, and (ii)&nbsp;if the Borrower qualifies as a &#147;legal entity customer&#148; within the meaning of the Beneficial Ownership Regulation, a Beneficial Ownership
Certification for the Borrower; in each case delivered at least five Business Days prior to the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) The Administrative
Agent shall have received a Notice of Account Designation in the form attached hereto as <U>Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) The Administrative Agent shall have received a Notice of Borrowing as required by <U>Section</U><U></U><U>&nbsp;2.02</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) The representations and warranties set forth in <U>Article III</U> hereof shall be true and correct in all material respects on and as of
the Closing Date with the same effect as though made on and as of such date, unless qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true and correct in all respects and except to the
extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct on and as of such earlier date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) No Default or Event of Default shall have occurred and be continuing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notices shall be conclusive and binding. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AFFIRMATIVE COVENANTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
Borrower<B> </B>covenants and agrees with each Lender that, so long as this Agreement shall remain in effect or the principal of or interest on any Loan, any fees or any other expenses or amounts payable under any Loan Document shall be unpaid
(other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted), unless the Required Lenders shall otherwise consent in writing, the Borrower shall, and shall cause each of the Restricted Subsidiaries
to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.01 <U>Existence; Businesses and Properties</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise
permitted under <U>Section</U><U></U><U>&nbsp;6.05</U>, and except for inactive Restricted Subsidiaries that do not engage in any business and except for Restricted Subsidiaries whose failure to maintain legal existence would not reasonably be
expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep
in full force and effect the rights, licenses, permits, franchises, authorizations, patents, copyrights, trademarks and trade names used in the conduct of its business, except to the extent any failure to do so would not reasonably be expected to
have a Material Adverse Effect; comply with all applicable laws, rules, regulations and orders of any Governmental Authority, whether now in effect or hereafter enacted, except to the extent any failure to do so would not reasonably be expected to
have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Except where the failure to do so could not reasonably be expected to have a Material Adverse Effect,
(i)&nbsp;maintain and operate its business in primarily the manner in which it is presently conducted and operated; and (ii)&nbsp;at all times maintain and preserve all property used in the conduct of such business and keep such property in good
repair, working order and condition and from time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith
may be properly conducted at all times. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.02 <U>Insurance</U>.&nbsp;Keep its insurable properties adequately insured at all
times by financially sound and reputable insurers; maintain such other insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies in the same or similar
businesses, including public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by it; and maintain such other
insurance as may be required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.03 <U>Taxes</U>.&nbsp;Pay and discharge promptly when due all taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent or in default, as well as all lawful and valid claims for labor, materials and supplies or otherwise
which, if unpaid, would reasonably be expected to have a Material Adverse Effect; <I>provided, however</I>, that such payment and discharge shall not be required with respect to any such tax, assessment, charge, levy or claim so long as the validity
or amount thereof shall be contested in good faith by appropriate proceedings and the Borrower or such Restricted Subsidiary shall have set aside on its books reserves with respect thereto as shall be required in conformity with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.04 <U>Financial Statements, Reports, etc</U>.&nbsp;In the case of the Borrower, furnish to the Administrative Agent (for
further delivery by the Administrative Agent to the Lenders in accordance with its customary practice): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) within 90 days after the end
of each fiscal year, its audited Consolidated balance sheets and related statements of income and cash flow, showing the financial condition of the Borrower and its Consolidated Subsidiaries as of the close of such fiscal year and the results of its
operations and the operations of such Subsidiaries during such year, all audited by Ernst&nbsp;&amp; Young LLP or such other independent public accountants of recognized national standing reasonably acceptable to the Administrative Agent and
accompanied by an opinion of such accountants (which shall not be qualified in any material respect) to the effect that such Consolidated financial statements fairly present in all material respects the financial condition and results of operations
of the Borrower on a Consolidated basis in accordance with GAAP consistently applied; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) within 50 days after the end of each of the first three fiscal quarters of each fiscal
year, beginning with the fiscal quarter ending March&nbsp;31, 2024, its unaudited Consolidated balance sheets and related statements of income and cash flow, showing the financial condition of the Borrower and its Consolidated Subsidiaries as of the
close of such fiscal quarter and the results of its operations and the operations of such Subsidiaries during such fiscal quarter and the then elapsed portion of the fiscal year, all certified by the Financial Officer of the Borrower as fairly
presenting in all material respects the financial condition and results of operations of the Borrower on a Consolidated basis in accordance with GAAP consistently applied, subject to normal <FONT STYLE="white-space:nowrap">year-end</FONT> audit<B>
</B>adjustments and the absence of footnotes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) concurrently with any delivery of financial statements under <U>clause (a</U>)&nbsp;or
(<U>b</U>) above, a certificate of the accounting firm or the Financial Officer of the Borrower opining on or certifying such statements (which certificate, when furnished by an accounting firm, may be limited to accounting matters and disclaim
responsibility for legal interpretations) and in any event will be based on the actual knowledge after due inquiry of the Person giving the certificate, and: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred,
specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) setting forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with the
covenants contained in <U>Section</U><U></U><U>&nbsp;6.11</U> and, if applicable, <U>Section</U><U></U><U>&nbsp;6.12</U>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) with respect to the computations delivered pursuant to <U>Section</U><U></U><U>&nbsp;5.04(c)(ii)</U>, the Financial
Officer shall break out and separately provide the financial information relating solely to Domestic Subsidiaries that are Unrestricted Subsidiaries and certify the accuracy of such information; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) promptly after the same become publicly available, copies (which such deliveries may be made by email) of all periodic and other reports,
proxy statements and other materials filed by it with the Securities and Exchange Commission, or any Governmental Authority succeeding to any of or all the functions of said Commission, or with any national securities exchange, or distributed to its
shareholders, as the case may be; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) promptly upon a Responsible Officer of the Borrower becoming aware of a change in the Debt Rating
(including the initial issuance of any Investment Grade Rating or the failure to maintain any Investment Grade Rating); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) promptly
following any change in beneficial ownership of the Borrower that would render any statement in an existing Beneficial Ownership Certification untrue or inaccurate, an updated Beneficial Ownership Certification (it being understood that no reporting
shall be required pursuant to this <U>clause (f)</U>&nbsp;with respect to the Borrower as long as it remains listed on the New York Stock Exchange); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) promptly from time to time, such other information regarding the operations, business affairs and financial condition of the Borrower or
any Restricted Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender may reasonably request, including, without limitation, any information that the Administrative Agent or any Lender deems
reasonably necessary from time to time in order to comply with its &#147;know your customer&#148; requirements and to confirm compliance with all applicable Sanctions, Anti-Money Laundering Laws, Anti-Corruption Laws, the Trading with the Enemy Act
and the Patriot Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any of the deliveries required by this <U>Section</U><U></U><U>&nbsp;5.04</U> may be made by email to the Administrative Agent in
accordance with <U>Section</U><U></U><U>&nbsp;9.01</U>, <I>provided</I> that the financial statements required to be delivered pursuant to paragraphs (a)&nbsp;and (b) above and the information required to be delivered pursuant to paragraph
(d)&nbsp;above shall </P>
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be deemed to have been delivered on the earlier of (A)&nbsp;the date on which the Borrower has posted such information on the Securities and Exchange Commission&#146;s website and (B)&nbsp;the
date on which the Borrower has posted such information, and has provided notice to the Administrative Agent of such posting of, such information on the Borrower&#146;s website and/or on the internet at the website address provided in such notice, or
at another website accessible by the Lenders without charge. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Borrower hereby acknowledges that (a)&nbsp;the Administrative Agent will make available
to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, &#147;<B><I>Borrower Materials</I></B>&#148;) by posting the Borrower Materials on
DebtDomain<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Intralinks<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, SyndTrak<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP> or another similar electronic system (the
&#147;<B><I>Platform</I></B>&#148;) and (b)&nbsp;certain of the Lenders may be &#147;public-side&#148; Lenders (i.e., Lenders that do not wish to receive material <FONT STYLE="white-space:nowrap">non-public</FONT> information with respect to the
Borrower or its securities) (each, a &#147;<B><I>Public Lender</I></B>&#148;). The Borrower hereby agrees that, if requested by the Administrative Agent, it will use commercially reasonable efforts to identify that portion of the Borrower Materials
that may be distributed to the Public Lenders and that (i)&nbsp;all such Borrower Materials shall be clearly and conspicuously marked &#147;PUBLIC&#148; which, at a minimum, shall mean that the word &#147;PUBLIC&#148; shall appear prominently on the
first page thereof; (ii)&nbsp;by marking Borrower Materials &#147;PUBLIC,&#148; the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing any material <FONT
STYLE="white-space:nowrap">non-public</FONT> information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (<I>provided, however</I>, that to
the extent such Borrower Materials constitute Proprietary Information, they shall be treated as set forth in <U>Section</U><U></U><U>&nbsp;9.15</U>); (iii)&nbsp;all Borrower Materials marked &#147;PUBLIC&#148; are permitted to be made available
through a portion of the Platform designated &#147;Public Investor;&#148; and (iv)&nbsp;the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked &#147;PUBLIC&#148; as being suitable only for posting on a portion
of the Platform not designated &#147;Public Investor.&#148; Notwithstanding the foregoing, (x)&nbsp;the Borrower shall be under no Obligation to mark any Borrower Materials &#147;PUBLIC&#148; and (y)&nbsp;each Public Lender shall designate to the
Administrative Agent one or more persons who are entitled to receive and view Borrower Materials containing material <FONT STYLE="white-space:nowrap">non-public</FONT> information to the same extent as Lenders that are not Public Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.05 <U>Litigation and Other Notices</U>.&nbsp;Furnish to the Administrative Agent written notice of the following promptly after
a Responsible Officer of the Borrower learns of it (for further delivery by the Administrative Agent to the Lenders in accordance with its customary practice): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with
respect thereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the filing or commencement of, or any written threat or notice of intention of any Person to file or commence, any
action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority, against the Borrower or any Affiliate thereof as to which there is a reasonable probability of an adverse determination and which, if such probable
adverse determination occurred, could reasonably be anticipated to result in a Material Adverse Effect; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) any development that has
resulted in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.06 <U>ERISA</U>.&nbsp;(a) Comply with the applicable provisions of ERISA, except
where the failure to comply could not reasonably be expected to have a Material Adverse Effect and (b)&nbsp;furnish to the Administrative Agent and each Lender (i)&nbsp;as soon as possible, and in any event within 30 days after any Responsible
Officer of the Borrower or any ERISA Affiliate either knows or has reason to know that any Reportable Event has occurred that alone or together with any other Reportable Event could reasonably be expected to result in a Material Adverse Effect, a
statement of a Financial Officer of the Borrower setting forth details as to such Reportable Event and the action proposed to be taken with respect thereto, together with a copy of the notice, if any, of such Reportable Event given to the PBGC,
(ii)&nbsp;promptly after receipt thereof, a copy of any notice the Borrower or any ERISA Affiliate may receive from the PBGC relating to the funded status of any Plan or to the intention of the PBGC to terminate any Plan or Plans (other than a Plan
maintained </P>
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by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant to subsection (m)&nbsp;or (o) of Section&nbsp;414 of the Code) or to appoint a trustee to administer any Plan or Plans,
in each case, where such event could reasonably be expected to have a Material Adverse Effect, (iii)&nbsp;within 10 days after the due date for filing with the PBGC pursuant to Section&nbsp;412(n) of the Code of a notice of failure to make a
required installment or other payment with respect to a Plan, in each case, where such event could reasonably be expected to have a Material Adverse Effect, a statement of a Financial Officer of the Borrower setting forth details as to such failure
and the action proposed to be taken with respect thereto, together with a copy of such notice given to the PBGC and (iv)&nbsp;promptly and in any event within 30 days after receipt thereof by the Borrower or any ERISA Affiliate from the sponsor of a
Multiemployer Plan, a copy of each notice received by the Borrower or any ERISA Affiliate concerning (A)&nbsp;the imposition of Withdrawal Liability or (B)&nbsp;a determination that a Multiemployer Plan is, or is expected to be, terminated or in
reorganization, in each case, within the meaning of Title IV of ERISA, in each case, that could reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.07 <U>Maintaining Records; Access to Properties and Inspections</U>. Maintain all financial records in accordance with GAAP and
upon reasonable notice by any Lender permit any representatives designated by such Lender, subject to <U>Section</U><U></U><U>&nbsp;9.15</U>, to visit and inspect the financial records and the properties of the Borrower or any Restricted Subsidiary
at reasonable times during normal business hours and as often as requested and to make extracts from and copies of such financial records, and permit any representatives designated by any Lender to discuss the affairs, finances and condition of the
Borrower or any Restricted Subsidiary with the officers thereof and independent accountants therefor, in each case subject to any applicable limitation set forth in <U>Section</U><U></U><U>&nbsp;5.04(g)</U>. So long as no Event of Default exists,
the Borrower shall not be required to reimburse the Administrative Agent or any Lender for expenses incurred in connection with any such inspection or examination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.08 <U>Use of Proceeds</U>.&nbsp;Use the proceeds of the Loans only (a)&nbsp;to pay fees and expenses in connection with the
entering into of this Agreement and the Facilities, and the related transactions, and (b)&nbsp;for general corporate purposes of the Borrower and its Restricted Subsidiaries, including, without limitation, working capital, investments, acquisitions,
repayment of other Indebtedness, payment of dividends, repurchasing outstanding capital stock and capital expenditures (<I>provided</I> that such activities are permitted by any other provisions of this Agreement and the other Loan Documents). In no
event shall (a)&nbsp;any part of the proceeds of the Loans be used by the Borrower (i)&nbsp;to purchase or carry margin stock or to extend credit to others for the purpose of&nbsp;purchasing&nbsp;or carrying Margin Stock or (ii)&nbsp;fund any
operations in, finance any investments or activities in, or make any payments to, a Person in violation of any Sanctions, any Anti-Terrorism Laws, Anti-Money Laundering Laws or any Anti-Corruption Laws, (b)&nbsp;the funds used to repay the
Facilities be derived from any unlawful activity in violation of any Anti-Terrorism Law, any Anti-Money Laundering Law or any Anti-Corruption Law or (c)&nbsp;more than twenty-five percent (25%) of the value of the assets of the Borrower and its
Subsidiaries be Margin Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.09 <U>Additional Subsidiaries; Principal Properties</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Additional Domestic Subsidiary</U>. If at any time after the Closing Date, the Borrower or any Subsidiary creates or acquires any
Domestic Subsidiary that is to be designated as an Unrestricted Subsidiary for the fiscal period in which it was created or acquired, not later than the required date of delivery of the certificate required by
<U>Section</U><U></U><U>&nbsp;5.04(c)</U> for the fiscal period in which such Domestic Subsidiary was formed or acquired (or such later date as may be agreed by the Administrative Agent, in its discretion), the Borrower shall designate such Domestic
Subsidiary as an Unrestricted Subsidiary in accordance with<U> Section</U><U></U><U>&nbsp;5.09(b). </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Designation and
Redesignation of Subsidiaries</U>. So long as no Default or Event of Default exists or would result from such designation or redesignation, the Borrower may, at any time upon written notice to the Administrative Agent, (1)&nbsp;redesignate any
Restricted Subsidiary as an Unrestricted Subsidiary, (2)&nbsp;redesignate any Domestic Subsidiary previously designated as an Unrestricted Subsidiary as a </P>
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Restricted Subsidiary, or (3)&nbsp;designate any newly created or acquired Domestic Subsidiary as an Unrestricted Subsidiary. No such designation of a new Subsidiary as an Unrestricted Subsidiary
or redesignation of a Restricted Subsidiary as an Unrestricted Subsidiary under this <U>subsection (b)</U>&nbsp;shall be permitted <U>unless</U>, at the time in question, the Borrower would have the right, without causing a Default or Event of
Default, to invest an amount of money equal to the value of such Unrestricted Subsidiary&#146;s assets directly or indirectly in the equity of such Unrestricted Subsidiary in compliance with <U>Section</U><U></U><U>&nbsp;6.04</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Sanctions, Anti-Money Laundering Laws and Anti-Corruption Laws</U>. The Borrower and all of its Subsidiaries will maintain in effect
policies and procedures designed to promote compliance by the Borrower and its Subsidiaries and their respective directors, officers, employees and agents with applicable Sanctions, Anti-Money Laundering Laws, Anti-Corruption Laws, the Trading with
the Enemy Act and the Patriot Act. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NEGATIVE COVENANTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
Borrower covenants and agrees with each Lender and the Administrative Agent that, so long as this Agreement shall remain in effect or the principal of or interest on any Loan, any fees or any other expenses or amounts payable under any Loan Document
shall be unpaid (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted), unless the Required Lenders shall otherwise consent in writing, the Borrower shall not, and shall not cause or permit
any of the Restricted Subsidiaries to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.01 <U>Indebtedness</U>.&nbsp;Incur, create or assume any Indebtedness if a Default
or an Event of Default would exist after giving effect to the incurrence, creation or assumption of such Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.02
<U>Liens</U>.&nbsp;Create, incur, assume or permit to exist any Lien on any property or assets (including stock or other securities of any Person, including any Restricted Subsidiary) now owned or hereafter acquired by it or on any income or
revenues or rights (excluding rights of first refusal) in respect of any thereof, except Liens satisfying any of the following tests: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
Liens on property or assets of the Borrower and its Restricted Subsidiaries existing on the date hereof and set forth in <U>Schedule 6.02</U>; <I>provided, however</I>, that such Liens shall secure only those obligations which they secure on the
date hereof except as otherwise permitted hereunder; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) any Lien existing on any property or asset prior to the acquisition thereof by
the Borrower or any Restricted Subsidiary; <I>provided, however</I>, that (i)&nbsp;such Lien is not created in contemplation of or in connection with such acquisition and (ii)&nbsp;such Lien does not apply to any other property or assets of the
Borrower or any Restricted Subsidiary; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Liens for taxes, assessments or governmental or quasi-governmental charges or levies not yet
due or which are being contested in compliance with <U>Section</U><U></U><U>&nbsp;5.03</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) carriers&#146;, warehousemen&#146;s,
mechanics, materialmen&#146;s, repairmen&#146;s or other like Liens arising in the ordinary course of business and securing obligations that are not due or which are being contested in compliance with <U>Section</U><U></U><U>&nbsp;5.03</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) statutory liens of landlords in respect of property leased by the Borrower or any Restricted Subsidiary; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) pledges and deposits made in the ordinary course of business in compliance with workmen&#146;s compensation, unemployment insurance and
other social security laws or regulations; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) deposits and other Liens in scope consistent with industry practice to secure the
performance of bids, trade contracts (other than for Indebtedness), leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary
course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) zoning restrictions, easements,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">rights-of-way,</FONT></FONT> restrictions on use of real property and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not
substantial in amount and do not materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries taken as a whole; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) (i) Liens created under the Loan Documents to secure the Obligations (and refinancings thereof) and (ii)&nbsp;Liens in the form of cash
collateral securing obligations under the Revolving Credit Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) other Liens to secure purchase-money Indebtedness (including
Capital Lease Obligations) of the Borrower or any Restricted Subsidiary, and refinancings, renewals and replacements thereof, <I>provided</I> that (i)&nbsp;such Liens do not apply to any property or assets of the Borrower or any Restricted
Subsidiary consisting of franchise brands (whether now owned or hereafter acquired) and related Franchise Agreements and (ii)&nbsp;each such Lien is limited to the property and assets acquired in connection with such purchase-money Indebtedness;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) other Liens to secure <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Indebtedness of the Borrower or any Restricted Subsidiary
and refinancings, renewals and replacements thereof, <I>provided</I> that such Liens do not apply to any property or assets of the Borrower or any Restricted Subsidiary consisting of franchise brands (whether now owned or hereafter acquired) and
related Franchise Agreements; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) Liens to secure Recourse Indebtedness of the Borrower or any Restricted Subsidiary and permitted
refinancings thereof, <I>provided</I> that (i)&nbsp;such Lien does not apply to any property or assets of the Borrower or such Restricted Subsidiary consisting of franchise brands (whether now owned or hereafter acquired) and related Franchise
Agreements and (ii)&nbsp;the aggregate outstanding principal amount of Recourse Indebtedness secured by Liens shall not at any time exceed the <U>greater</U> of (A) $100,000,000 and (B) 15% of Consolidated Net Assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) Liens on the property of the Borrower or any of its Restricted Subsidiaries in favor of landlords securing licenses, subleases or leases
entered into in the ordinary course of business and not materially interfering with the conduct of the business of the Borrower and its Restricted Subsidiaries taken as a whole; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) Liens arising from precautionary UCC financing statement filings (or equivalent filings, registrations or agreements in foreign
jurisdictions) regarding operating leases entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) Liens securing judgments which do not constitute an Event of Default or Liens created by or existing from any litigation or legal
proceeding that are currently being contested in good faith by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) customary Liens in favor of a banks or other depository or financial institutions arising as a matter of law and encumbering deposits or
other funds maintained with such financial institution (including rights of setoff); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) Liens on insurance policies and the proceeds
thereof securing the financing of the premiums with respect thereto; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) Liens of a collecting bank arising under
<FONT STYLE="white-space:nowrap">Section&nbsp;4-210</FONT> of the Uniform Commercial Code on items in the course of collection; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) Liens
in the nature of good faith deposits required in connection with, or escrow arrangements securing indemnification obligations associated with, any investment transaction permitted under <U>Section</U><U></U><U>&nbsp;6.04</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) Liens resulting from the refinancing, renewal or extension of obligations secured by any Lien permitted by <U>clause (a)</U>&nbsp;or
<U>(b)</U> of this <U>Section</U><U></U><U>&nbsp;6.02</U>, so long as (x)&nbsp;the principal amount of the obligations secured thereby is not increased as a result thereof (except to the extent Liens securing any such incremental obligations are
independently permitted under (and applied as a utilization of the basket described in) <U>Section</U><U></U><U>&nbsp;6.02(l)</U> above) and (y)&nbsp;such renewals, replacements and extensions do not result in Liens applying to any property or
assets which are not already subject to the Liens securing the respective obligations being renewed, replaced or extended; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) Liens on
the Securitization Assets arising in connection with a Qualified Securitization Financing, including, to the extent consistent with customary market practice for such financing, Liens on Capital Stock or other securities issued by a Securitization
Subsidiary securing obligations under such Qualified Securitization Financing; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Liens on any Principal Property or the Capital
Stock of any Principal Property Subsidiary granted in favor of the trustee under the Indenture that are <I>pari passu</I> with the Liens granted in favor of the Administrative Agent under the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.03 <U>Sale and Lease-Back Transactions</U>.&nbsp;Enter into any Sale and Lease-Back Transaction unless immediately thereafter
the value (determined as of the time of sale in accordance with GAAP) of all property the subject of Sale and Lease-Back Transactions, when added to the aggregate principal amount of Indebtedness of the Borrower or any Restricted Subsidiary secured
at such time by Liens permitted only under <U>Sections 6.02(j)</U> and <U>(k)</U>, does not exceed 15% of Consolidated Total Assets at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.04 <U>Investments, Loans and Advances</U>.&nbsp;Purchase, hold or acquire any Capital Stock, comparable ownership interests,
evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make any investment or any other interest in (including any Guarantee of the Indebtedness of), any other Person, except: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) (i) loans, advances, capital contributions, guarantees and other investments existing on the date hereof and (ii)&nbsp;loans, advances,
capital contributions, guarantees and other investments by the Borrower or any Restricted Subsidiary in the capital stock or comparable ownership interests of any Subsidiary (other than with respect to Unrestricted Subsidiaries), including by means
of contributions to such Subsidiary of Hotel Properties and Guarantees of such Subsidiary&#146;s Indebtedness and other obligations; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)
loans, advances, capital contributions, guarantees and other investments by the Borrower to Restricted Subsidiaries or by Subsidiaries to the Borrower or any Restricted Subsidiary, in each case to the extent no Default or Event of Default would
result after giving effect thereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Permitted Liquid Investments; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) so long as no Default or Event of Default has occurred and is continuing, loans and advances by the Borrower and its Restricted
Subsidiaries to their employees, officers, and directors in the ordinary course of business in an aggregate amount outstanding at any time not in excess of $2,000,000; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) (i) other investments, capital contributions, guarantees, loans and advances made in
connection with hospitality-related business activities and ancillary business activities reasonably related thereto (other than with respect to Unrestricted Subsidiaries), (ii) loans, advances, capital contributions, guarantees and other
investments by the Borrower or any Restricted Subsidiary in any Unrestricted Subsidiary on an Arms-Length Basis, (iii)&nbsp;capital contributions to Unrestricted Subsidiaries to the extent permitted by <U>clause (b)</U>&nbsp;of
<U>Section</U><U></U><U>&nbsp;6.07</U> and (iv)&nbsp;Permitted <FONT STYLE="white-space:nowrap">Non-Arms-Length</FONT> Unrestricted Subsidiary Investments; <I>provided</I> that, in each case of this <U>clause (e)</U>, at the time that any such
investment is incurred, (x)&nbsp;no Default or Event of Default has occurred and is continuing, or would exist after giving effect thereto and (y)&nbsp;the Borrower is in compliance with <U>Section</U><U></U><U>&nbsp;6.11</U> and, if applicable,
<U>Section</U><U></U><U>&nbsp;6.12</U> (both immediately before and immediately after giving effect thereto); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) so long as no Default
or Event of Default has occurred and is continuing, repurchases of the outstanding stock of the Borrower in accordance with <U>Section</U><U></U><U>&nbsp;6.10</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) other investments, capital contributions, guarantees, loans and advances not otherwise permitted pursuant to this
<U>Section</U><U></U><U>&nbsp;6.04</U> in an aggregate amount outstanding at any time not in excess of $50,000,000; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) subject to the
satisfaction of the requirements of the definition of &#147;Qualified Securitization Financing&#148;, (i) loans, advances, capital contributions, guarantees and other investments in or relating to a Securitization Subsidiary that, in the good faith
determination of the Borrower are necessary or advisable to effect any Qualified Securitization Financing (including any contribution of replacement or substitute assets to such subsidiary) or any repurchase obligation in connection therewith and
(ii)&nbsp;distributions or payments of Securitization Fees and purchases of Securitization Assets in connection with a Qualified Securitization Financing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Hedging Agreements of the Borrower or any of its Restricted Subsidiaries entered into by such Person in the ordinary course of business
for <FONT STYLE="white-space:nowrap">non-speculative</FONT> purposes; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) to the extent constituting an investment, obligations of
the Borrower arising under <U>Article X</U> of the Revolving Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of <U>Section</U><U></U><U>&nbsp;5.09(a)</U> and <U>clauses
(d)</U>, <U>(e)</U> and <U>(g)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;6.04</U>, calculations shall be on the basis of amounts actually invested, net of any return on investment or return of capital with respect to such investments, and
without regard to any <FONT STYLE="white-space:nowrap">write-up</FONT> or write-down of the value of such investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.05
<U>Mergers and Consolidations</U>.&nbsp;Merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of
transactions) all or substantially all its assets whether now owned or hereafter acquired, including by an allocation of assets among newly divided limited liability companies pursuant to a &#147;plan of division&#148; under the Delaware Limited
Liability Company Act, except that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) (i) the Borrower may merge or consolidate with a Subsidiary or (ii)&nbsp;a Subsidiary may merge or
consolidate with the Borrower, in each case so long as the Borrower is the surviving entity; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) any Subsidiary may merge or consolidate
with another Subsidiary; <I>provided</I> that if the surviving entity is a Domestic Subsidiary that is to constitute an Unrestricted Subsidiary, the provisions of <U>Section</U><U></U><U>&nbsp;5.09(a)</U> shall apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) any Restricted Subsidiary may merge or consolidate with another Restricted Subsidiary; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) the Borrower or any Subsidiary may merge or consolidate with another Person;
<I>provided, however</I>, that (i)&nbsp;the Borrower or such Subsidiary is the surviving entity, or in the case of a Subsidiary, such merger or consolidation of such Subsidiary into another Person is a disposition or Asset Sale permitted hereunder
and (ii)&nbsp;no Default or Event of Default has occurred and is continuing, or would exist after giving effect to such merger or consolidation; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) the Borrower and any of its Restricted Subsidiaries may consummate dispositions and Asset Sales permitted by
<U>Section</U><U></U><U>&nbsp;6.06</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.06 <U>Asset Sales</U>.&nbsp;Consummate any Asset Sale if (a)&nbsp;a Default or
Event of Default has occurred and is continuing, or would occur after giving effect thereto or (b)&nbsp;such Asset Sale consists of any franchise brand (whether now owned or hereafter acquired) and the Borrower would not be in pro forma compliance
with the covenants set forth in <U>Section</U><U></U><U>&nbsp;6.11</U> and, if applicable, <U>Section</U><U></U><U>&nbsp;6.12</U>, after giving effect to such Asset Sale and any substantially simultaneous repayment of Indebtedness with the proceeds
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.07 <U>Transactions with Affiliates</U>.&nbsp;Other than (a)&nbsp;investments, loans, advances, guarantees and
other transactions permitted pursuant to <U>Section</U><U></U><U>&nbsp;6.04</U>, <U>Section</U><U></U><U>&nbsp;6.05</U> and <U>Section</U><U></U><U>&nbsp;6.10</U>, (b) capital contributions to Unrestricted Subsidiaries that are Wholly Owned
Subsidiaries, (c)&nbsp;transactions pursuant to the reasonable requirements of the Borrower&#146;s or a Restricted Subsidiary&#146;s business and consistent with the types of transactions entered into by the Borrower or its Restricted Subsidiaries
with Unrestricted Subsidiaries prior to the Closing Date (as determined in good faith by the Borrower) and (d)&nbsp;transactions among the Borrower and its Restricted Subsidiaries, sell or transfer any property or assets to, guarantee Indebtedness
for the benefit of, make investments in or loans to, or purchase or acquire any property or assets from, or otherwise enter into any other transactions with, any of its Affiliates (other than the Borrower and its Restricted Subsidiaries) that would
be material in relation to the business, operations, financial condition or properties of the Borrower and its Restricted Subsidiaries, taken as a whole, unless such transaction is conducted on an Arms-Length Basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.08 <U>Certain Accounting Changes; Organizational Documents</U>.&nbsp;(a) Change its fiscal year end from December&nbsp;31, or
make any change in its accounting treatment and reporting practices except as required or permitted by GAAP, (b)&nbsp;amend, modify or change its articles of incorporation (or corporate charter or other similar organizational documents) or amend,
modify or change its bylaws (or other similar documents) in any manner that is adverse in any material respect to the rights or interests of the Lenders or (c)&nbsp;with respect to the Borrower, reorganize or reincorporate in a jurisdiction (other
than its then-existing jurisdiction of organization or incorporation or another jurisdiction located in the United States). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.09 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.10 <U>Restricted Payments</U>. Declare or pay any dividends on, purchase, redeem, retire, defease or otherwise acquire for
value any Capital Stock of the Borrower now or hereafter outstanding, return any capital to stockholders of the Borrower, or make any distribution of assets, Capital Stock, obligations or securities to its stockholders (collectively,
&#147;<B><I>Restricted Payments</I></B>&#148;); <I>provided</I>, <I>however</I>, that the Borrower may take such actions only so long as no Event of Default shall have occurred and be continuing or would result therefrom. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.11 <U>Consolidated Leverage Ratio</U>.&nbsp;As of the last day of each fiscal quarter commencing with the fiscal quarter ending
on December&nbsp;31, 2023<B> </B>and thereafter, in the case of the Borrower, permit the Consolidated Leverage Ratio to exceed 4.50:1.00; <I>provided</I>, <I>however</I>, that on up to two (2)&nbsp;nonconsecutive occasions, the Consolidated Leverage
Ratio may increase to a maximum of 5.50:1.00 for up to three (3)&nbsp;consecutive fiscal quarters commencing with the fiscal quarter in which a Material Acquisition has occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.12 <U>Consolidated Fixed Charge Coverage Ratio</U>.&nbsp;In the case of the Borrower, permit the Consolidated Fixed Charge
Coverage Ratio as of the last day of each fiscal quarter commencing with the fiscal quarter ending on December&nbsp;31, 2023 to be less than 2.50:1.00; <I>provided</I>, that until such time that the Borrower no longer maintains an Investment Grade
Rating, the requirements of this <U>Section</U><U></U><U>&nbsp;6.12</U> shall not apply for all purposes of this Agreement (including for purposes of any other provision that references this <U>Section</U><U></U><U>&nbsp;6.12</U>). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.13 <U>OFAC</U>. The Borrower will not (A)&nbsp;engage in, or permit any
Subsidiary to engage in, any dealings or transactions in violation of applicable Sanctions or (B)<U></U>&nbsp;directly or indirectly use the proceeds of the Loans, or lend, contribute or otherwise make available to any Subsidiary, joint venture
partner or other Person such extensions of credit or proceeds, (i) to fund any activities or businesses of or with any Sanctioned Person, or (ii)<U></U> in any other manner that would result in a violation of Sanctions by any Person (including any
Person participating in the Facility, whether as underwriter, advisor, investor, or otherwise) or any Anti-Money Laundering Laws or Anti-Corruption Laws. The Borrower shall notify the Administrative Agent in writing not more than five (5)<U></U>
Business Day after first becoming aware of any breach of this <U>Section</U><U></U><U>&nbsp;6.13</U><U>.</U> </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EVENTS OF DEFAULT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In case
of the happening of any of the following events (&#147;<B><I>Events of Default</I></B>&#146;&#146;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) any representation or warranty
made or deemed made in or in connection with any Loan Document or Loan hereunder, or any representation, warranty, statement or information contained in any report, certificate, financial statement or other instrument furnished in connection with or
pursuant to any Loan Document, shall with respect to any representation or warranty hereunder prove to have been false or misleading in any material respect when so made, deemed made or furnished; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) default shall be made in the payment of any principal of any Loan when and as the same shall become due and payable, whether at the due
date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) default shall be made in the payment
of any interest on any Loan or any fee or any other amount (other than an amount referred to in <U>clause (b)</U>&nbsp;above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied
for a period of five Business Days; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) default shall be made in the due observance or performance by the Borrower of any covenant,
condition or agreement contained in <U>Section</U><U></U><U>&nbsp;5.01(a)</U> or in <U>Article VI</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) default shall be made in the
due observance or performance by the Borrower of any covenant, condition or agreement contained in any Loan Document (other than those specified in <U>clauses (b)</U>, <U>(c)</U> and <U>(d)</U>&nbsp;above) and such default shall continue
unremedied<I> </I>(i)&nbsp;for a period of 10 Business Days after notice thereof from the Administrative Agent to the Borrower in the case of <U>Sections 5.04(a)</U>, <U>5.04(b)</U>, <U>5.04(c)</U> or <U>5.05(a)</U> or (ii)&nbsp;for a period of 30
days after notice from the Administrative Agent to the Borrower in all other cases; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) the Borrower shall (i)&nbsp;fail to pay any
principal or interest due in respect of any Indebtedness (other than in respect of the Loans) in an aggregate principal amount (or, with respect to any Hedging Agreement, the Termination Value) in excess of $50,000,000, when and as the same shall
become due and payable by the Borrower, after taking into account all applicable notice, grace or cure periods or (ii)&nbsp;fail to observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument
evidencing or governing any Indebtedness (other than in respect of the Loans) in an aggregate principal amount (or, with respect to any Hedging Agreement, the Termination Value) in excess of $50,000,000, if the effect of such failure or event
referred to in this <U>clause (ii)</U>&nbsp;is to cause such Indebtedness to become due prior to its stated maturity or, with respect to a Hedging Agreement, such Hedging Agreement to be terminated; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
in a court of competent jurisdiction seeking (i) relief in respect of the Borrower, or of a substantial part of the property or assets of the Borrower, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other
Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower, or for a substantial part of the property or
assets of the Borrower, or (iii)&nbsp;the <FONT STYLE="white-space:nowrap">winding-up</FONT> or liquidation of the Borrower; and such proceeding or petition shall continue undismissed for 90 days or an order or decree approving or ordering any of
the foregoing shall be entered; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) the Borrower shall (i)&nbsp;voluntarily commence any proceeding or file any petition seeking relief
under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii)&nbsp;consent to the institution of, or fail to contest in a timely
and appropriate manner, any proceeding or the filing of any petition described in <U>clause (g)</U> above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the
Borrower or for a substantial part of the property or assets of the Borrower, (iv)&nbsp;file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v)&nbsp;make a general assignment for the benefit of
creditors, (vi)&nbsp;become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii)&nbsp;take any action for the purpose of effecting any of the foregoing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) one or more judgments for the payment of money in an aggregate amount (net of any amounts paid or fully covered by independent third party
insurance as to which the relevant insurance company does not dispute coverage) in excess of $50,000,000 shall be rendered against the Borrower, and the same shall remain undischarged for a period of 90 consecutive days during which execution shall
not be effectively stayed, or any judgment creditor shall levy upon assets or properties of the Borrower to enforce any such judgment and such levy has not been effectively stayed within 10 days; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) a Reportable Event or Reportable Events, or a failure to make a required installment or other payment (within the meaning of
Section&nbsp;430 of the Code), shall have occurred with respect to any Plan or Plans that reasonably could be expected to result in liability of the Borrower to the PBGC or to a Plan and, within 30 days after the reporting of any such Reportable
Event to the Administrative Agent or after the receipt by the Administrative Agent of the statement required pursuant to <U>Section</U><U></U><U> 5.06</U>, the Administrative Agent shall have notified the Borrower in writing that (i)&nbsp;the
Required Lenders have made a determination that, on the basis of such Reportable Event or Reportable Events or the failure to make a required payment, there are reasonable grounds (A)&nbsp;for the termination of such Plan or Plans by the PBGC,
(B)&nbsp;for the appointment by the appropriate United States District Court of a trustee to administer such Plan or Plans or (C) for the imposition of a lien in favor of a Plan or the PBGC and that such events or conditions, together with all other
events or conditions described in this <U>clause (j)</U>, if any, could reasonably be expected to have a Material Adverse Effect and (ii)&nbsp;as a result thereof an Event of Default exists hereunder; or (x)&nbsp;a trustee shall be appointed by a
United States District Court to administer any such Plan or Plans or (y)&nbsp;the PBGC shall institute proceedings to terminate any Plan or Plans, and in each case of this <U>clause (j)</U>, such event, together with all other such events or
conditions described in this <U>clause (j)</U>, if any, could reasonably be expected to have a Material Adverse Effect; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) (i) the
Borrower or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that it has incurred Withdrawal Liability to such Multiemployer Plan and (ii)&nbsp;the Borrower or such ERISA Affiliate does not have reasonable grounds
for contesting such Withdrawal Liability or is not in fact contesting such Withdrawal Liability in a timely and appropriate manner, and in each case of this <U>clause (k)</U>, such event or condition, together with all other such events or
conditions described in this <U>clause (k)</U>, if any, could reasonably be expected to have a Material Adverse Effect; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) the Borrower or any ERISA Affiliate shall have been notified by the sponsor of a
Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, and in each case of this <U>clause (l)</U>, such event or condition, together with all other such events or
conditions described in this <U>clause (l)</U>, if any, could reasonably be expected to have a Material Adverse Effect; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) there
shall have occurred a Change in Control; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then, and in every such event (other than an event with respect to the Borrower described in <U>clause
(g)</U>&nbsp;or (<U>h</U>) above), and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Borrower, take any or all of the following actions, at the
same or different times: (i)&nbsp;terminate forthwith the Commitments and (ii)&nbsp;declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable,
together with accrued interest thereon and any unpaid accrued fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding; and in any event with respect to the Borrower described in <U>clause
(g)</U>&nbsp;or <U>(h)</U> above, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued fees and all other liabilities of the Borrower accrued
hereunder and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in
any other Loan Document to the contrary notwithstanding. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE AGENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.01
<U>Appointment</U>. Each of the Lenders hereby irrevocably designates and appoints the Administrative Agent named herein to act on its behalf as the Administrative Agent of such Lender under this Agreement and the other Loan Documents for the term
hereof and each such Lender irrevocably authorizes the Administrative Agent named herein, as Administrative Agent for such Lender, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise
such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and such other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any
provision to the contrary elsewhere in this Agreement or such other Loan Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein and therein, or any fiduciary relationship with any
Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or the other Loan Documents or otherwise exist against the Administrative Agent. Any reference to the Administrative
Agent in this <U>Article VIII</U> shall be deemed to refer to the Administrative Agent solely in its capacity as Administrative Agent and not in its capacity as a Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.02 <U>Delegation of Duties</U>. The Administrative Agent may execute any of its respective duties under this Agreement and the other
Loan Documents by or through agents or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative
Agent shall not be responsible for the negligence or misconduct of any agents or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> selected by the Administrative Agent with reasonable care,
<I>provided</I> that this <U>Section</U><U></U><U>&nbsp;8.02</U> shall not be construed to relieve such agents or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> from liability. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8.03 <U>Exculpatory Provisions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Neither the Administrative Agent nor any of its officers, directors, employees, agents, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorneys-in-fact,</FONT></FONT> subsidiaries or Affiliates shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) be subject to any
agency, trust, fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly
provided for herein or in the other Loan Documents), <U>provided</U> that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that
is contrary to any Loan Document or Applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law or that may
effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Federal, state or foreign bankruptcy, insolvency, receivership or similar law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) have any duty to disclose, and shall not be liable for the failure to disclose to any Lender or any other Person, any
credit or other information relating concerning the business, prospects, operations, properties, assets, financial or other condition or creditworthiness of the Borrower that is communicated to, obtained by or otherwise in the possession of the
Person serving as the Administrative Agent, any Arranger or their respective Related Parties in any capacity, except for notices, reports and other documents that are required to be furnished by the Administrative Agent to the Lenders pursuant to
the express provisions of this Agreement; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) be required to account to any Lender for any sum or profit received by
the Administrative Agent for its own account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Administrative Agent, the Arrangers and their respective Affiliates shall not be
liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i)&nbsp;with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in <U>Section</U><U></U><U> 9.8</U> and <U>Section</U><U></U><U>
7</U>) or (ii)&nbsp;in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment. The Administrative Agent shall be
deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default and indicating that such notice is a &#147;Notice of Default&#148; is given to the Administrative Agent by the
Borrower or a Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Administrative Agent, the Arrangers and their respective Affiliates shall not be responsible for or have
any duty or obligations to any Lender or participant or any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii)&nbsp;the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or
the occurrence of any Default or Event of Default, (iv)&nbsp;the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or
priority of any Lien purported to be created by the Loan Documents, (v)&nbsp;the value or the sufficiency of any Collateral, or (vi)&nbsp;the satisfaction of any condition set forth in <U>Article IV</U> or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Administrative Agent, the Arrangers and their respective Affiliates shall not be
responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrower or any officer thereof contained in this Agreement or the other Loan Documents or in any certificate, report, statement
or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or the other Loan Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement or the other Loan Documents or for any failure of the Borrower to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.04 <U>Reliance by the Administrative Agent</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice,
consent, certificate, affidavit, letter, cablegram, telegram, email, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent also may rely upon
any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying thereon. The Administrative Agent shall be fully
justified in failing or refusing to take any action under this Agreement and the other Loan Documents unless it shall first receive such advice or concurrence of the Required Lenders (or, when expressly required hereby or by the relevant other Loan
Documents, all the Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action
except for its own gross negligence or willful misconduct. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Required Lenders (or, when
expressly required hereby, all the Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) For purposes of determining compliance with the conditions specified in <U>Section</U><U></U><U>&nbsp;4.01</U>, each Lender that has
signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the
Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)
The Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the
avoidance of doubt, any action that may be in violation of the automatic stay under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law or that may effect a forfeiture, modification or termination of property of a
Defaulting Lender in violation of any Federal, state or foreign bankruptcy, insolvency, receivership or similar law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.05
<U>Notice of Default</U>. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless it has received notice from a Lender or the Borrower referring to this Agreement,
describing such Default or Event of Default and stating that such notice is a &#147;notice of default&#148;. In the event that the Administrative Agent receives such a notice, it shall promptly give notice thereof to the other Lenders (and if the
notice comes from any other Lender, to the Borrower). The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, when expressly required hereby, all
the Lenders), <I>provided</I> that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable in the best interests of the Lenders, except to the extent that other provisions of this Agreement expressly require that any such action be taken or not be taken only with the consent and
authorization or the request of the Lenders or Required Lenders, as applicable. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.06 <U><FONT STYLE="white-space:nowrap">Non-Reliance</FONT> on the
Administrative Agent and Other Lenders</U>. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its respective officers, directors, employees, agents,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact,</FONT></FONT> subsidiaries or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any
review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon
the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and
creditworthiness of the Borrower and its Subsidiaries and made its own decision to make its Loans and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to
make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Borrower. Except for notices, reports and other documents expressly required to be
furnished to the Lenders by the Administrative Agent hereunder or by the other Loan Documents, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business,
operations, property, financial and other condition or creditworthiness of the Borrower which may come into the possession of the Administrative Agent or any of its respective officers, directors, employees, agents, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorneys-in-fact,</FONT></FONT> subsidiaries or Affiliates. Nothing in this Agreement or any other Loan Document shall require the Administrative Agent or any of its directors, officers, agents or employees to carry out
any &#147;know your customer&#148; or other checks in relation to any Person on behalf of any Lender and each Lender confirms to the Administrative Agent that it is solely responsible for any such checks it is required to carry out and that it may
not rely on any statement in relation to such checks made by the Administrative Agent or any of its respective directors, officers, agents or employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.07 <U>Indemnification</U>. The Lenders agree to indemnify the Administrative Agent in its capacity as such and (to the extent
not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to the respective amounts of their Pro Rata Percentages from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Loans) be imposed on, incurred by or asserted against the
Administrative Agent in any way relating to or arising out of this Agreement or the other Loan Documents, or any documents, reports or other information provided to the Administrative Agent or any Lender or contemplated by or referred to herein or
therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; <I>provided</I> that no Lender shall be liable for the payment of any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from the Administrative Agent&#146;s bad faith, gross negligence or willful misconduct. The agreements in this
<U>Section</U><U></U><U>&nbsp;8.07</U> shall survive the payment of the Obligations and the termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.08 <U>The Administrative Agent in Its Individual Capacity</U>. The Administrative Agent and its respective subsidiaries and
Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower as though the Administrative Agent were not the Administrative Agent hereunder. With respect to any Loans made or renewed by it, the
Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms &#147;Lender&#148; and
&#147;Lenders&#148; shall include the Administrative Agent in its individual capacity. The relationship between the Administrative Agent and the Lenders, and the relationship among the Lenders, is not intended by the parties to create, and shall not
create, any trust, joint venture or partnership relation between them. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.09 <U>Resignation of the Administrative Agent; Successor Administrative
Agent</U>. Subject to the appointment and acceptance of a successor as provided below, the Administrative Agent may resign as the Administrative Agent at any time by giving notice thereof to the Lenders and the Borrower. Upon any such resignation,
the Required Lenders shall appoint from among the Lenders a successor Administrative Agent for the Lenders, which successor Administrative Agent shall be consented to by the Borrower at all times other than during the existence of an Event of
Default (which consent of the Borrower shall not be unreasonably withheld or delayed). If no successor Administrative Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the
Administrative Agent&#146;s giving of notice of resignation, then the Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which successor shall be a bank with an office in the United States, or an Affiliate
of any such bank with an office in the United States, <I>provided</I> that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (i)&nbsp;the Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, (ii)&nbsp;all payments, and communications provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender directly and (iii)&nbsp;all determinations provided to be made by the Administrative Agent shall instead be made by the Required Lenders, until such time as the Required
Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of any appointment as an Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to
and become vested with all rights, powers, privileges and duties of the retiring Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder without any other or further act or deed on the
part of such retiring Administrative Agent or any other Lender. After any retiring Administrative Agent&#146;s resignation hereunder as Administrative Agent, the provisions of this <U>Article VIII</U> and <U>Section</U><U></U><U>&nbsp;9.05</U> shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. If no successor Administrative Agent has accepted appointment as Administrative Agent by the date which is 30 days
following a retiring Administrative Agent&#146;s notice of resignation, the retiring Administrative Agent&#146;s resignation shall nevertheless thereupon become effective and the Required Lenders shall perform all of the duties of the Administrative
Agent hereunder until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.10 <U>Other Agents, Arrangers and Managers</U>. None of the Persons identified on the facing page, in the preamble of this
Agreement or on the signature pages of this Agreement as a <FONT STYLE="white-space:nowrap">&#147;co-syndication</FONT> agent,&#148; &#147;sole bookrunner&#148; or &#147;joint lead arranger&#148; shall have any right, power, obligation, liability,
responsibility or duty under this Agreement in such capacity. Without limiting the foregoing, none of the Persons so identified shall in such capacity have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges
that it has not relied, and will not rely, on any of the Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.11 <U>Erroneous Payments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each Lender and any other party hereto hereby severally agrees that if (i)&nbsp;the Administrative Agent notifies (which such notice shall
be conclusive absent manifest error) such Lender or any other Person that has received funds from the Administrative Agent or any of its Affiliates, either for its own account or on behalf of a Lender (each such recipient, a &#147;<B><I>Payment
Recipient</I></B>&#148;) that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment
Recipient (whether or not known to such Payment Recipient) or (ii)&nbsp;any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates)&nbsp;(x) that is in a different amount than, or on a different date from,
that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its </P>
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Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y)&nbsp;that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the
Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z)&nbsp;that such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in
part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in <U>clauses (i)</U>&nbsp;or <U>(ii)</U> of this <U>Section</U><U></U><U>&nbsp;8.11(a)</U>, whether received as a payment, prepayment or
repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an &#147;<B><I>Erroneous Payment</I></B>&#148;), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the time of
its receipt of such Erroneous Payment; <U>provided</U> that nothing in this Section shall require the Administrative Agent to provide any of the notices specified in <U>clauses (i)</U>&nbsp;or <U>(ii)</U> above. Each Payment Recipient agrees that it
shall not assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of <FONT STYLE="white-space:nowrap">set-off</FONT> or recoupment with respect to any demand, claim or counterclaim by the
Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on &#147;discharge for value&#148; or any similar doctrine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Without limiting the immediately preceding <U>clause (a)</U>, each Payment Recipient agrees that, in the case of <U>clause (a)(ii)</U>
above, it shall promptly notify the Administrative Agent in writing of such occurrence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) In the case of either <U>clause (a)(i)</U> or
<U>(a)(ii)</U> above, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the
Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no later than two (2)&nbsp;Business Days thereafter, return to the
Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the
date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) In the event that an Erroneous Payment
(or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding <U>clause (c)</U>, from any Lender that is a Payment Recipient or an
Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an &#147;<B><I>Erroneous Payment Return Deficiency</I></B>&#148;), then at the sole discretion of the Administrative Agent and upon the Administrative Agent&#146;s written
notice to such Lender (i)&nbsp;such Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments) of the relevant Class&nbsp;with respect to which such Erroneous Payment was
made (the &#147;<B><I>Erroneous Payment Impacted Class</I></B>&#148;) to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent&#146;s applicable lending affiliate in an amount that is equal to the Erroneous
Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the &#147;<B><I>Erroneous Payment Deficiency
Assignment</I></B>&#148;) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee
of such Erroneous Payment Deficiency Assignment. The parties hereto acknowledge and agree that (1)&nbsp;any assignment contemplated in this <U>clause (d)</U>&nbsp;shall be made without any requirement for any payment or other consideration paid by
the applicable assignee or received by the assignor, (2)&nbsp;the provisions of this <U>clause (d)</U>&nbsp;shall govern in the event of any conflict with the terms and conditions of <U>Section</U><U></U><U>&nbsp;9.04</U> and (3)&nbsp;the
Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Each party hereto hereby agrees that (x)&nbsp;in the event an Erroneous Payment (or
portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1)&nbsp;shall be subrogated to all the rights of such Payment Recipient with respect
to such amount and (2)&nbsp;is authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient
from any source, against any amount due to the Administrative Agent under this <U>Section</U><U></U><U>&nbsp;8.11</U> or under the indemnification provisions of this Agreement, (y)&nbsp;the receipt of an Erroneous Payment by a Payment Recipient
shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the Borrower, except to the extent such Erroneous Payment is, and solely with respect to the
amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower for the purpose of making a payment on the Obligations and (z)&nbsp;to the extent that an Erroneous Payment was in any way or at any
time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as
if such payment or satisfaction had never been received. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Each party&#146;s obligations under this
<U>Section</U><U></U><U>&nbsp;8.11</U> shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment,
satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Nothing in this
<U>Section</U><U></U><U>&nbsp;8.11</U> will constitute a waiver or release of any claim of the Administrative Agent hereunder arising from any Payment Recipient&#146;s receipt of an Erroneous Payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.12 <U>Certain ERISA Matters</U>. (a)&nbsp;Each Lender (x)&nbsp;represents and warrants, as of the date such Person became a
Lender party hereto, and (y)&nbsp;covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent and each Arranger and their respective
Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) such Lender is not using &#147;plan assets&#148; (within the meaning of Section&nbsp;3(42) of ERISA or otherwise) of one or
more Benefit Plans in connection with the loans, advances or the Commitments, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) the transaction exemption set forth in
one or more PTEs, such as PTE <FONT STYLE="white-space:nowrap">84-14</FONT> (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE <FONT STYLE="white-space:nowrap">95-60</FONT> (a class
exemption for certain transactions involving insurance company general accounts), PTE <FONT STYLE="white-space:nowrap">90-1</FONT> (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE <FONT
STYLE="white-space:nowrap">91-38</FONT> (a class exemption for certain transactions involving bank collective investment funds) or PTE <FONT STYLE="white-space:nowrap">96-23</FONT> (a class exemption for certain transactions determined by <FONT
STYLE="white-space:nowrap">in-house</FONT> asset managers), is applicable with respect to such Lender&#146;s entrance into, participation in, administration of and performance of the obligations of such Lender in respect of the loans, advances, the
Commitments and this Agreement, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) (A) such Lender is an investment fund managed by a &#147;Qualified Professional
Asset Manager&#148; (within the meaning of Part VI of PTE <FONT STYLE="white-space:nowrap">84-14),</FONT> (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer
and perform the obligations of such Lender in respect of the loans, advances, the Commitments and this Agreement, (C)&nbsp;the entrance into, participation in, administration of and performance of the obligations of such Lender in respect of the
loans, advances, the Commitments and this Agreement satisfies the requirements of <FONT STYLE="white-space:nowrap">sub-sections</FONT> (b)&nbsp;through (g) of Part I of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> and (D)&nbsp;to the best
knowledge of such Lender, the requirements of subsection (a)&nbsp;of Part I of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> are satisfied with respect to such Lender&#146;s entrance into, participation in, administration of and performance of
the obligations of such Lender in respect of the loans, advances, the Commitments and this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In addition, unless <U><FONT STYLE="white-space:nowrap">sub-clause</FONT>
(i)</U>&nbsp;in the immediately preceding <U>clause (a)</U>&nbsp;is true with respect to a Lender, such Lender further (x)&nbsp;represents and warrants, as of the date such Person became a Lender party hereto, and (y)&nbsp;covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the
benefit of the Borrower, that none of the Administrative Agent, Arrangers or their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in the Loans, the Commitments and this Agreement (including in connection with
the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.01 <U>Notices</U>. Except as otherwise provided in this Agreement, all notices and communications hereunder shall be in writing
(for purposes hereof, the term &#147;writing&#148; shall include information in electronic format such as electronic mail, telecopy and internet web pages), or by telephone subsequently confirmed in writing. Any notice shall be effective if
delivered by hand delivery or sent via electronic mail, posting on an internet web page, telecopy, recognized overnight courier service or certified mail, return receipt requested, and shall be presumed to be received by a party hereto (i)&nbsp;on
the date of delivery if delivered by hand or sent by electronic mail, posting on an internet web page, telecopy, (ii)&nbsp;on the next Business Day if sent by recognized overnight courier service and (iii)&nbsp;on the third Business Day following
the date sent by certified mail, return receipt requested. A telephonic notice to the Administrative Agent as understood by the Administrative Agent will be deemed to be the controlling and proper notice in the event of a discrepancy with or failure
to receive a confirming written notice. Notices to any party shall be sent to it at the following addresses, or any other address as to which all the other parties are notified in writing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) if to the Borrower, at 915 Meeting Street, North Bethesda, Maryland 20852, Attention of General Counsel at simone.wu@choicehotels.com and
contracts@choicehotels.com, with a copy to the Chief Financial Officer of the Borrower at scott.oaksmith@choicehotels.com and maria.uy@choicehotels.com; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) if to the Administrative Agent, to Wells Fargo Bank, National Association, at MAC <FONT STYLE="white-space:nowrap">D1109-019,</FONT> 1525
West W.T. Harris Blvd., Charlotte, NC 28262, Attention of: Syndication Agency Services, Telephone No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (704)
<FONT STYLE="white-space:nowrap">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590-2706,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Facsimile&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No.:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (844) <FONT STYLE="white-space:nowrap">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879-5899,</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email:
Agencyservices.requests@wellsfargo.com; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) if to a Lender, to it at its address (or facsimile number) set forth in <U>Schedule
2.01</U> or in the Assignment and Acceptance or accession agreement executed and delivered in accordance with <U>Section</U><U></U><U>&nbsp;2.28(a)</U> pursuant to which such Lender became a party hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Administrative Agent hereby designates its office located at the address set forth above, or any subsequent office which shall have been
specified for such purpose by written notice to the Borrower and Lenders, as the Administrative Agent&#146;s Office referred to herein, to which payments due are to be made and at which Loans will be disbursed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided in <U>Section</U><U></U><U>&nbsp;9.14(c)</U>, all notices and other communications given to any party hereto in
accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt, in each case delivered, sent or mailed (properly addressed) to such party as provided in this <U>Section</U><U></U><U>&nbsp;9.01</U> or in
accordance with the latest unrevoked direction from such party given in accordance with this <U>Section</U><U></U><U>&nbsp;9.01</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.02 <U>Survival of Agreement</U>.&nbsp;All covenants, agreements,
representations and warranties made by the Borrower herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by
the Administrative Agent and the Lenders and shall survive the making by the Lenders of the Loans, regardless of any investigation made by the Administrative Agent or the Lenders or on their behalf, and shall continue in full force and effect as
long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is outstanding (other than contingent indemnification obligations to the extent no claim giving rise
thereto has been asserted) and so long as the Commitments have not been terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.03 <U>Binding Effect</U>.&nbsp;This
Agreement shall become effective when it shall have been executed by the Borrower and the Administrative Agent and when the Administrative Agent shall have received copies hereof which, when taken together, bear the signatures of each Lender, and
thereafter shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent and each Lender and their respective successors and assigns, except that the Borrower may not assign or delegate its rights or obligations hereunder
or any interest herein without the prior consent of all the Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.04 <U>Successors and Assigns</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns
of such party; and all covenants, promises and agreements by or on behalf of the Borrower, the Administrative Agent or the Lenders that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Lender may assign to one or more Eligible Assignees all or a portion of its interests, rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); <I>provided, however</I>, that (i)&nbsp;except in the case of an assignment to a Lender or a Lender Affiliate, the Borrower (unless an Event of Default
under <U>clause (b)</U>, <U>(c)</U>, <U>(g)</U> or <U>(h)</U>&nbsp;of <U>Article VII</U> or a Default in the performance and observance of <U>Section</U><U></U><U>&nbsp;6.11</U> or, if applicable, <U>Section</U><U></U><U>&nbsp;6.12</U>, has occurred
and is continuing, in which case the Borrower&#146;s consent to such assignment shall not be required) and the Administrative Agent must give their prior written consent to such assignment (which consent shall not be unreasonably withheld or
delayed), (ii) except in the case of an assignment to a Lender or a Lender Affiliate or an assignment of all of a Lender&#146;s Commitment, the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the
date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 and the amount of the Commitment of such Lender remaining after such assignment shall not be less than
$5,000,000 or shall be zero, (iii)&nbsp;the parties to each such assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500 for the account of the
Administrative Agent (<I>provided, however</I>, that (A)&nbsp;no such fee shall be payable in the case of an assignment to a Lender Affiliate and (B)&nbsp;the Administrative Agent shall have the right to waive such fee in its sole discretion) and
(iv)&nbsp;the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. Upon acceptance and recording pursuant to <U>Section</U><U></U><U>&nbsp;9.04(e)</U>, from and after the effective date
specified in each Assignment and Acceptance, which effective date shall be at least five Business Days after the execution thereof, (A)&nbsp;the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement and (B)&nbsp;the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its
obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lenders rights and obligations under this Agreement, such Lender shall cease to be a party hereto (but shall
continue to be entitled to the benefits of <U>Sections 2.17</U>, <U>2.18</U>, <U>2.19</U>, <U>2.20</U> and <U>9.05</U>, as well as to any fees accrued for its account hereunder and not yet paid)). If the consent of the Borrower is required pursuant
to this <U>Section</U><U></U><U>&nbsp;9.04</U>, and the Borrower does not respond to the Administrative Agent&#146;s request for consent within five (5)&nbsp;Business Days of the receipt of such request, the consent shall be deemed given.
Notwithstanding the foregoing, no such assignment will be made by any Lender to any Defaulting Lender or any of their respective Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons
described in this sentence. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) By executing and delivering an Assignment and Acceptance, the assigning Lender
thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i)&nbsp;such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned
thereby free and clear of any adverse claim and that its Commitment, and the outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment and
Acceptance, (ii)&nbsp;except as set forth in <U>clause (i)</U>&nbsp;above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection
with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto or the financial condition of the
Borrower or any Subsidiary or the performance or observance by the Borrower or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii)&nbsp;such
assignee represents and warrants that it is legally authorized to enter into such Assignment and Acceptance; (iv)&nbsp;such assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements
delivered pursuant to <U>Section</U><U></U><U>&nbsp;5.04</U> and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v)&nbsp;such assignee will
independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement; (vi)&nbsp;such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent
by the terms hereof, together with such powers as are reasonably incidental thereto; and (vii)&nbsp;such assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be
performed by it as a Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Administrative Agent shall maintain at one of its offices in Charlotte, North Carolina a copy of
each Assignment and Acceptance delivered<B> </B>to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time
to time (the &#147;<B><I>Register</I></B>&#148;). The entries in the Register shall be conclusive in the absence of manifest error and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender (with respect to such Lender&#146;s information), at any reasonable time
and from time to time upon reasonable prior notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Upon its receipt of a duly completed Assignment and Acceptance executed by an
assigning Lender and an assignee together with (i)&nbsp;an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), (ii) if applicable, the processing and recordation fee referred
to in <U>Section</U><U></U><U>&nbsp;9.04(b)</U> and (iii)&nbsp;if required, the written consent of the Borrower and the Administrative Agent to such assignment, the Administrative Agent shall (A)&nbsp;accept such Assignment and Acceptance,
(B)&nbsp;record the information contained therein in the Register and (C)&nbsp;give prompt notice thereof to the Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Each Lender
may without the consent of or notice to the Borrower, the Administrative Agent or any other Lender sell participations to one or more banks or other entities (excluding any natural person, a holding company, investment vehicle or trust for, or owned
or operated for, the primary benefit of a natural person, Defaulting Lender or Affiliate of a Defaulting Lender, the Borrower or any Affiliate or Subsidiary of the Borrower) in all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans owing to it) in a minimum gross amount of </P>
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$5,000,000 per participating bank or entity; <I>provided, however</I>, that (i)&nbsp;such Lender&#146;s obligations under this Agreement shall remain unchanged, (ii)&nbsp;such Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations, (iii)&nbsp;the participating banks or other entities shall be entitled to the benefit of the cost protection provisions contained in <U>Sections 2.17</U>,
<U>2.18</U>, <U>2.19</U>, <U>2.20</U> and <U>9.06</U> to the same extent as if they were Lenders but not in excess of those cost protections to which the Lender from which it purchased its participation would be entitled to under <U>Sections
2.17</U>, <U>2.18</U>, <U>2.19</U>, <U>2.20</U> and <U>9.06</U> and (iv)&nbsp;the Borrower, the Administrative Agent, and the other Lenders shall continue to deal solely and directly with such Lender (and shall not be required to deal with any
participating bank or other entity, notwithstanding any other provision contained herein) in connection with such Lender&#146;s rights and obligations under this Agreement, and such Lender shall retain the sole right to enforce the obligations of
the Borrower relating to the Loans and to approve any amendment, modification or waiver of any provision of this Agreement (other than amendments, modifications or waivers decreasing any fees payable hereunder to such Lender, increasing the
Commitment of such Lender or decreasing the amount of principal of or the rate at which interest is payable on the Loans of such Lender, extending any scheduled principal payment date or date fixed for the payment of interest on the Loans of such
Lender). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Any Lender or participant may, in connection with any assignment or participation or proposed assignment or participation
pursuant to this <U>Section</U><U></U><U>&nbsp;9.04</U>, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower; <I>provided,
however</I>, that, prior to any such disclosure of information designated by the Borrower as confidential, each such assignee or participant or proposed assignee or participant shall execute an agreement whereby such assignee or participant shall
agree to preserve the confidentiality of such confidential information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Notwithstanding any other provision set forth in this
Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement, including in favor of the Federal Reserve Bank; <I>provided, however</I>, that no such assignment shall release a Lender from
any of its obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no
such assignment will be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon
distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent,
the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x)&nbsp;pay and satisfy in full all payment liabilities then
owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (y)&nbsp;acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its Pro Rata
Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder becomes effective under applicable law without compliance with the provisions of this paragraph, then the
assignee of such interest will be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)
Upon notice to the Borrower from the Administrative Agent or any Lender of the loss, theft, destruction or mutilation of any Lender&#146;s promissory note, the Borrower will execute and deliver, in lieu of such original promissory note, a
replacement promissory note, identical in form and substance to, and dated as of the same date as, the promissory note so lost, stolen or mutilated, subject to delivery by such Lender to the Borrower of an affidavit of lost note and indemnity in
customary form. Upon the execution and delivery of the replacement promissory note, all references herein or in any of the other Loan Documents to the lost, stolen or mutilated promissory note shall be deemed references to the replacement promissory
note. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.05 <U>Expenses; Indemnity</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Borrower agrees to pay all reasonable and documented
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (i)&nbsp;incurred by each of the Administrative Agent, the Arrangers and their Affiliates in connection with the preparation of this Agreement and
the other Loan Documents delivered on the Closing Date and the syndication of the facilities provided for herein (whether or not the transactions hereby contemplated shall be consummated), (ii) incurred by the Administrative Agent in connection with
any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions thereby contemplated shall be consummated), including without limitation, all costs related to electronic or internet distribution of
information hereunder or (iii)&nbsp;incurred by the Administrative Agent or any Lender in connection with the enforcement or protection of their rights (as such rights may relate to the Borrower or any Restricted Subsidiary) in connection with this
Agreement and the other Loan Documents or in connection with the Loans made hereunder, in each case including the reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and
disbursements of the Administrative Agent, and, in connection with any <FONT STYLE="white-space:nowrap">&#147;work-out&#148;</FONT> or any enforcement or protection of the rights of the Lenders or the Administrative Agent hereunder, any other
counsel for the Administrative Agent and counsel for any Lender; <I>provided</I>, <I>however</I>, that in connection with any one such action or any separate but substantially similar or related actions in the same jurisdiction, the Borrower shall
not be liable for the fees and expenses of more than one counsel to the Administrative Agent (along with one local counsel in each applicable jurisdiction) and one separate counsel to the Lenders (along with one local counsel in each applicable
jurisdiction), unless there shall exist an actual conflict of interest among such Persons, and in such case, not more than one additional counsel to the affected parties (along with one additional local counsel in each applicable jurisdiction). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower agrees to indemnify the Administrative Agent, each Lender, each Arranger, each
<FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agent and their respective affiliates and the respective directors, officers, employees and agents of each of the foregoing (each such Person, an &#147;<B><I>Indemnitee</I></B>&#148;) against,
and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, obligations, actions or causes of action brought by a third party, settlement payments and related expenses, including reasonable and documented <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> counsel fees and expenses, incurred, suffered, sustained or required to be paid by or asserted against any Indemnitee by reason of or resulting from or in
connection with any claim, litigation, investigation or proceeding (regardless of whether any Indemnitee is a party thereto) in any way related to (i)&nbsp;the execution or delivery of this Agreement or any other Loan Document or any agreement or
instrument contemplated thereby, the performance by the parties thereto of their respective obligations thereunder or the consummation of the Transactions or (ii)&nbsp;the use of the proceeds of the Loans; <I>provided, however</I>, that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x)&nbsp;are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from (1)&nbsp;the gross negligence or willful misconduct of such Indemnitee or (2)&nbsp;the breach in bad faith by such Indemnitee of such Indemnitee&#146;s obligations under any Loan Document, (y)&nbsp;arise out of any claim or action that
does not involve an act or omission of the Borrower or any of its Subsidiaries and that is brought by an Indemnitee against any other Indemnitee (other than any claim or action against any Indemnitee in its capacity or in fulfilling its role as the
Administrative Agent or the Arranger under this Agreement) or (z)&nbsp;constitute amounts in respect of Excluded Taxes other than taxes arising from any <FONT STYLE="white-space:nowrap">non-tax</FONT> claim. In the case of any claim, litigation,
investigation or proceeding to which the indemnity in this <U>Section</U><U></U><U>&nbsp;9.05(b)</U> applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, its directors,
shareholders or creditors or any Indemnitee (subject to the proviso in the preceding sentence), whether or not any Indemnitee is otherwise a party thereto and whether or not the transactions contemplated by the Loan Documents are consummated.
Promptly after receipt by an Indemnitee of notice of any complaint or the commencement of any action or proceeding with respect to which indemnification is being sought hereunder, such Person shall notify the Borrower of such complaint or of the
commencement of such action or proceeding, but failure so to notify the Borrower will relieve the Borrower from any liability which the Borrower may have hereunder only if and to the extent that such failure results in the forfeiture by the Borrower
of substantial rights and defenses, and shall not in any event relieve the Borrower from any other obligation or liability that the Borrower may have to any Indemnitee otherwise than under this Agreement. If the Borrower so elects or is requested by
such Indemnitee, the Borrower shall assume the defense of such action or proceeding, including the employment of counsel </P>
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reasonably satisfactory to the Indemnitee and the payment of the reasonable fees and disbursements of such counsel. In the event, however, such<B> </B>Indemnitee reasonably determines in its
judgment that having common counsel would present such counsel with a conflict of interest or if the defendant in, or targets of, any such action or proceeding include both the Indemnitee and the Borrower, and such Indemnitee reasonably concludes
that there may be legal defenses available to it or other Indemnitees that are different from or in addition to those available to the Borrower or if the Borrower fails to assume the defense of the action or proceeding or to employ counsel
reasonably satisfactory to such Indemnitee, in either case in a timely manner, then the Indemnitee may employ separate counsel to represent or defend it in any such action or proceeding and the Borrower shall pay the reasonable fees and
disbursements of such counsel. In any action or proceeding the defense of which the Borrower assumes, the Indemnitee shall have the right to participate in such litigation and to retain its own counsel at the Indemnitee&#146;s own expense. The
Borrower further agrees that it shall not, without the prior written consent of the Indemnitee, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which
indemnification may be sought hereunder (whether or not an Indemnitee is an actual or potential party to such claim, action, suit or proceeding) unless such settlement, compromise or consent includes (i)&nbsp;an unconditional release of each
Indemnitee hereunder from all liability arising out of such claim, action, suit or proceeding or (ii)&nbsp;a covenant not to sue each Indemnitee, or another similar alternative which is consented to by each Indemnitee party to such claim, action,
suit or proceeding, which covenant not to sue or other approved alternative has the effect of an unconditional release of each Indemnitee hereunder from all liability arising out of such claim, action, suit or proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The provisions of this <U>Section</U><U></U><U>&nbsp;9.05</U> shall remain operative and in full force and effect regardless of the
expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any
investigation made by or on behalf of the Administrative Agent, any Arranger or any Lender. All amounts due under this <U>Section</U><U></U><U>&nbsp;9.05</U> shall be payable upon written demand therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.06 <U>Right of Setoff</U>.&nbsp;If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized
at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, but excluding trust accounts) at any time held and other indebtedness at
any time owing by such Lender to or for the credit or the account of the Borrower against any of and all the Obligations held by such Lender which are then due and owing, irrespective of whether or not such Lender shall have made any demand under
this Agreement and although such obligations may be unmatured. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender, but the failure to give such notice shall not
affect the validity of such setoff and application. The rights of each Lender under this <U>Section</U><U></U><U>&nbsp;9.06</U> are in addition to other rights and remedies (including other rights of setoff) which such Lender may have (it being
assumed for purposes of this <U>Section</U><U></U><U>&nbsp;9.06</U> that such Lender shall convert any amount so setoff into the relevant currency on the date of such setoff). Notwithstanding the foregoing, if any Defaulting Lender exercises any
such right of setoff, (x)&nbsp;all amounts so set off will be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;2.27(b)</U> and, pending such payment, will be
segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and (y)&nbsp;the Defaulting Lender will provide promptly to the Administrative Agent a statement
describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.07 <U>Applicable Law</U>. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.08 <U>Waivers; Amendment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) No failure or delay of the Administrative Agent or any Lender in exercising any power or right hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies which they would otherwise have. No waiver of any provision of this
Agreement or any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by <U>Section</U><U></U><U>&nbsp;9.08(b)</U>, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except, in the
case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the
Administrative Agent and the Borrower, in each case with the consent of the Required Lenders; <I>provided, however</I>, that (subject to <U>Section</U><U></U><U>&nbsp;2.28</U> in the case of Permitted Amendments) no such agreement shall
(i)&nbsp;decrease the principal amount of, or extend (other than as contemplated in <U>Section</U><U></U><U>&nbsp;2.16</U>) the maturity of or any scheduled principal payment date or date for the payment of any interest on, any Loan or fees, or
waive or excuse any such payment or any part thereof, or decrease any fees or the rate of interest on any Loan (other than (A)&nbsp;interest or fees arising in connection with the occurrence of an Event of Default, or (B)&nbsp;the fee described in
<U>Section</U><U></U><U>&nbsp;9.04(b)</U>), without, in each case, the prior written consent of each Lender affected thereby, (ii)&nbsp;increase any Commitment without the prior written consent of the Lender holding such Commitment (it being
understood that a waiver of any Default or Event of Default shall not constitute such an increase), (iii) release the Borrower from its obligations under the Loan Documents without the written consent of each Lender, or (iv)&nbsp;amend or modify the
provisions of <U>Section</U><U></U><U>&nbsp;2.11(b)</U>, <U>Section</U><U></U><U>&nbsp;2.12</U>, the provisions of this <U>Section</U><U></U><U>&nbsp;9.08(b)</U>, the definition of the &#147;Required Lenders&#148;, any other provision of this
Agreement that expressly provides that the consent of all Lenders is required or any other provisions requiring payment to be made for the ratable account of the Lenders, without, in each case, the prior written consent of each affected Lender;
<I>provided</I> <I>further</I> that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. Notwithstanding anything to the
contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may
be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x)&nbsp;the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y)&nbsp;any waiver,
amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Anything herein to the contrary notwithstanding, but subject to <U>Section</U><U></U><U>&nbsp;2.17(a)</U> and <U>(c)</U>, if the
Administrative Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or the other Loan Documents or an inconsistency between a provision of this Agreement and/or a provision of
the other Loan Documents, the Administrative Agent and the Borrower shall be permitted to amend such provision to cure such ambiguity, omission, mistake, defect or inconsistency, and, in each case, such amendment shall become effective without any
further action or consent of any other party to any Loan Document if the Required Lenders do not provide the Administrative Agent with written notice of objection to such amendment within ten Business Days following receipt of notice thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything to the contrary in this <U>Section</U><U></U><U>&nbsp;9.08</U>, the Administrative Agent and the Borrower may,
without the consent of any Lender, (x)&nbsp;enter into amendments or modifications to this Agreement or any of the other Loan Documents or (y)&nbsp;enter into additional Loan Documents, in each case, as the Administrative Agent reasonably deems
appropriate in order to implement any Benchmark Replacement or any Conforming Changes or otherwise effectuate the terms of <U>Section</U><U></U><U>&nbsp;2.17(c)</U> in accordance with the terms of <U>Section</U><U></U><U>&nbsp;2.17(c)</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) (i) If the Required Lenders (as defined in the Revolving Credit Agreement) agree in
writing to amend, modify, waive or restate any of the terms of the Revolving Credit Agreement relating to reporting requirements, representations and warranties, affirmative covenants, negative covenants, financial covenants, changes in GAAP, events
of default and associated definitions (the &#147;<B><I>Revolving Credit Agreement Provisions</I></B>&#148;) (which may include a written waiver of an existing actual or potential default or event of default that is intended to be eliminated by such
amendment, modification, waiver or restatement) (each of the foregoing, a &#147;<B><I>Revolving Credit Agreement Modification</I></B>&#148;), then (A)&nbsp;except to the extent such Lender has provided written notice to the Borrower that the terms
of this <U>Section</U><U></U><U>&nbsp;9.08(e)(i)(A)</U> do not apply to such Lender&#146;s agreement to such Revolving Credit Agreement Modification, any Lender that is also (or whose Affiliate is) a &#147;Lender&#148; under the Revolving Credit
Agreement who affirmatively agreed to such Revolving Credit Agreement Modification shall be deemed to have consented to a corresponding amendment, modification, waiver or restatement of the terms of this Agreement corresponding to the Revolving
Credit Agreement Provisions amended, modified, waived or restated by the Revolving Credit Agreement Modification (a &#147;<B><I>Corresponding Modification</I></B>&#148;) and (B)&nbsp;if the Lenders described in <U>clause (A)</U>&nbsp;above
constitute the Required Lenders, then, unless the Borrower notifies the Administrative Agent that this Agreement shall not require a Corresponding Modification, simultaneously with the effectiveness of such Revolving Credit Agreement Modification,
the applicable provisions of this Agreement shall be deemed automatically amended, modified or restated, or such waiver, consent or approval granted, pursuant to a Corresponding Modification in a manner consistent with the Revolving Credit Agreement
Modifications under the Revolving Credit Agreement. If requested by the Borrower or the Administrative Agent, the Borrower, the Administrative Agent and each approving Lender (including any Lender deemed to have approved as described above) shall
execute and deliver a written amendment to, restatement of, or waiver, consent or approval under, this Agreement memorializing such modification, restatement, waiver, consent or approval. Notwithstanding anything to the contrary in this subsection,
the terms of this subsection shall not apply to any modification, restatement, waiver, consent or approval regarding any of the matters described in <U>Section</U><U></U><U>&nbsp;9.08(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) At any time that the Administrative Agent is not a &#147;Lender&#148; under the Revolving Credit Agreement, the Borrower agrees to
provide the Administrative Agent with (x)&nbsp;a copy of all draft documents distributed to the &#147;Lenders&#148; under the Revolving Credit Agreement with respect to the Revolving Credit Agreement Modification promptly upon such distribution and
(y)&nbsp;a final, executed copy of each document in respect of each Revolving Credit Agreement Modification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.09 <U>Entire
Agreement</U>.&nbsp;This Agreement and the other Loan Documents constitute the entire contract between the parties relative to the subject matter hereof. Any previous agreement among the parties with respect to the subject matter hereof is
superseded by this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any party other than the parties hereto and thereto any rights, remedies,
obligations or liabilities under or by reason of this Agreement or the other Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.10 <U>Waiver of Jury Trial;
Consequential and Punitive Damages</U>.&nbsp;Each party hereto hereby waives, to the fullest extent permitted by applicable law, (a)&nbsp;any right it may have to a trial by jury in respect of any litigation directly or indirectly arising out of,
under or in connection with this Agreement or any of the other Loan Documents and (b)&nbsp;any claims for punitive damages (to the extent such claims arise from the use of proceeds of the Loans for the purpose of acquisitions). Each party hereto
(i)&nbsp;certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii)&nbsp;acknowledges
that it and the other parties hereto have been induced to enter into this Agreement and the other Loan Documents, as applicable, by, among other things, the mutual waivers and certifications in this <U>Section</U><U></U><U>&nbsp;9.10</U>. Further,
the Borrower hereby agrees not to assert any claim against any Indemnitee on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Facilities, the actual or proposed use of the
proceeds of the Loans, the Loan Documents or any of the transactions contemplated by the Loan Documents. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.11 <U>Severability</U>.&nbsp;In the event any one or more of the provisions
contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be
affected or impaired thereby. The parties shall endeavor in <FONT STYLE="white-space:nowrap">good-faith</FONT> 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.12 <U>Counterparts; Electronic Signatures</U>.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in
<U>Section</U><U></U><U>&nbsp;9.03</U>. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by email (with the executed counterpart of the signature page attached to the email in PDF format or similar format)
shall be effective as delivery of an original executed counterpart of this Agreement. The words &#147;execute,&#148; &#147;execution,&#148; &#147;signed,&#148; &#147;signature,&#148; &#147;delivery&#148; and words of like import in or related to
this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection with this
Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the
Administrative Agent, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature 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. Each party hereto agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same extent as a manual,
original signature. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into
PDF format), or an electronically signed paper converted into another format, for transmission, delivery and/or retention. Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an
Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; <U>provided</U> that without limiting the foregoing, (i)&nbsp;to the extent the Administrative Agent has
agreed to accept such Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the executing party without
further verification and (ii)&nbsp;upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof. Without limiting the generality of the
foregoing, each party hereto hereby (A)&nbsp;agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent,
the Lenders and the Borrower, electronic images of this Agreement or any other Loan Document (in each case, including with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original,
and (B)&nbsp;waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.13 <U>Headings</U>.&nbsp;Article and Section headings and the Table of Contents 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. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.14 <U>Jurisdiction; Consent to Service of Process; Judgment Currency</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each of the Borrower, the Lenders and the Administrative Agent hereby irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the County and City of New York, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may
be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this
Agreement or the other Loan Documents against the Borrower or its properties in the courts of any jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each of the Borrower,
the Lenders and the Administrative Agent hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this agreement or the other Loan Documents in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Borrower and each other party hereto consents to service
of process in the manner provided for notices in <U>Section</U><U></U><U>&nbsp;9.01</U>. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in one currency into another
currency, the parties hereto agree, to the fullest extent that they may effectively do so under applicable law, that the rate of exchange used shall be the spot rate at which in accordance with normal banking procedures the first currency could be
purchased in New York City with such other currency by the Person obtaining such judgment on the Business Day preceding that on which final judgment is given. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The parties hereto agree, to the fullest extent that they may effectively do so under applicable law, that the obligations of the Borrower
to make payments in any currency of the principal of and interest on the Loans of the Borrower and any other amounts due from the Borrower hereunder to the Administrative Agent as provided in <U>Sections 2.03(a)</U>&nbsp;(i) shall not be discharged
or satisfied by any tender, or any recovery pursuant to any judgment, in any currency other than the relevant currency, except to the extent that such tender or recovery shall result in the actual receipt by the Administrative Agent at its relevant
office on behalf of the Lenders of the full amount of the relevant currency expressed to be payable in respect of the principal of and interest on the Loans and all other amounts due hereunder (it being assumed for purposes of this <U>clause
(i)</U>&nbsp;that the Administrative Agent will convert any amount tendered or recovered into the relevant currency on the date of such tender or recovery), (ii) shall be enforceable as an alternative or additional cause of action for the purpose of
recovering in the relevant currency the amount, if any, by which such actual receipt shall fall short of the full amount of the relevant currency so expressed to be payable and (iii)&nbsp;shall not be affected by an unrelated judgment being obtained
for any other sum due under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.15 <U>Confidentiality</U>.&nbsp;Unless otherwise agreed to in writing by the
Borrower, each of the Administrative Agent and the Lenders hereby agrees to keep all Proprietary Information (as defined below) confidential and not to disclose or reveal any Proprietary Information to any Person other than the Administrative
Agent&#146;s, such Lender&#146;s and their respective Affiliates&#146; directors, officers, employees, Affiliates, attorneys, accountants, consultants, vendors and agents and to actual or potential assignees and participants (subject to
<U>Section</U><U></U><U>&nbsp;9.04(g)</U> in the case of disclosure to actual or potential assignees and </P>
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participants) and actual or potential counterparties (or advisors) to any swap or derivatives transaction, and then, in each case, only to such Persons who need to know such Proprietary
Information in connection with the transactions contemplated hereby, if they are informed of the confidential nature of such Proprietary Information and directed to observe the confidentiality obligations of this paragraph as if they were parties
hereto; <I>provided, however</I>, that the Administrative Agent or any Lender may disclose Proprietary Information (a)&nbsp;as required by law, rule, regulation or judicial process (in which case, such disclosing party shall, to the extent permitted
by law, inform the Borrower promptly in advance thereof), (b) as requested or required by any state or Federal or foreign authority or examiner regulating banks or banking, (c)&nbsp;subject to appropriate confidentiality protections for the benefit
of the Borrower, in any legal proceedings between the Administrative Agent or such Lender and the Borrower arising out of this Agreement, (d)&nbsp;on a confidential basis to any rating agency in connection with rating the Borrower or its
Subsidiaries or the Loans or (e)&nbsp;in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder. For purposes of this Agreement, the term &#147;<B><I>Proprietary Information</I></B>&#148; shall include all information about the Borrower or any of their Affiliates which has been furnished by or on behalf of the Borrower or any of
its Affiliates, whether furnished before or after the date hereof, and regardless of the manner in which it is furnished; <I>provided, however</I>, that Proprietary Information does not include information which (w)&nbsp;is independently developed
by a Lender or its Affiliate, (x)&nbsp;is or becomes generally available to the public other than as a result of a disclosure by the Administrative Agent or any Lender not permitted by this Agreement, (y)&nbsp;was obtained or otherwise became
available to the Administrative Agent or any Lender on a nonconfidential basis prior to its disclosure to the Administrative Agent or such Lender by the Borrower or any of its Affiliates or (z)&nbsp;becomes available to the Administrative Agent or
any Lender on a nonconfidential basis from a Person other than the Borrower or its Affiliates who, to the best knowledge of the Administrative Agent or such Lender, as the case may be, is not otherwise bound by a confidentiality agreement with the
Borrower or any of its Affiliates, or is not otherwise prohibited from transmitting the information to the Administrative Agent or such Lender. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and
information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan
Documents, and the Commitments. Notwithstanding any other provision in this Agreement or any other Loan Document to the contrary, (x)&nbsp;the parties hereby agree that each party (and each employee, representative, or other agent of each party) may
each disclose to any and all persons, without limitation of any kind, the United States tax treatment and United States tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to
each party relating to such United States tax treatment and United States tax structure and (y)&nbsp;the Administrative Agent may disclose the identity of any Defaulting Lender to the other Lenders and the Borrower if requested by any Lender or the
Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.16 <U>Rights and Remedies Cumulative; <FONT STYLE="white-space:nowrap">Non-Waiver;</FONT> etc</U>. The
enumeration of the rights and remedies of the Administrative Agent and the Lenders set forth in this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude
the exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit
or otherwise. No delay or failure to take action on the part of the Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power
or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing between the Borrower, the Administrative Agent and
the Lenders or their respective agents or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.17 <U>USA Patriot Act</U>. The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the
requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Administrative Agent and
each such Lender to identify the Borrower in accordance with the PATRIOT Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.18 <U>No Fiduciary Duties</U>. The Borrower agrees that nothing in the Loan
Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Administrative Agent, any Lender or any Affiliate thereof, on the one hand, and the Borrower, its
stockholders or its Affiliates, on the other. The Borrower agrees that the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are
<FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transactions. The Borrower agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own
independent judgment with respect to such transactions and the process leading thereto. The Borrower acknowledges that the Administrative Agent, the Lenders and their respective Affiliates may have interests in, or may be providing or may in the
future provide financial or other services to other parties with interests which the Borrower may regard as conflicting with its interests and may possess information (whether or not material to the Borrower) other than as a result of (x)&nbsp;the
Administrative Agent acting as administrative agent hereunder or (y)&nbsp;the Lenders acting as lenders hereunder, that the Administrative Agent or any such Lender may not be entitled to share with the Borrower. Without prejudice to the foregoing,
the Borrower agrees that the Administrative Agent, the Lenders and their respective Affiliates may (a)&nbsp;deal (whether for its own or its customers&#146; account) in, or advise on, securities of any Person, and (b)&nbsp;accept deposits from, lend
money to, act as trustee under indentures of, accept investment banking engagements from and generally engage in any kind of business with other Persons in each case, as if the Administrative Agent were not the Administrative Agent and as if the
Lenders were not Lenders, and without any duty to account therefor to the Borrower. The Borrower hereby irrevocably waives, in favor of the Administrative Agent, the <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agents, the Lenders and the
Arrangers, any conflict of interest which may arise by virtue of the Administrative Agent, the <FONT STYLE="white-space:nowrap">Co-Syndication</FONT> Agents, the Arrangers and/or the Lenders acting in various capacities under the Loan Documents or
for other customers of the Administrative Agent, any Arranger or any Lender as described in this <U>Section</U><U></U><U>&nbsp;9.18</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.19 [Reserved] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.20 <U>Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of Affected Financial Institutions</U>.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any
Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder or
under any other Loan Document which may be payable to it by any party hereto that is an Affected Financial Institution; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the
effects of any <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action on any such liability, including, if applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)
a reduction in full or in part or cancellation of any such liability; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) a conversion of all, or a portion of, such
liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of
ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
the applicable Resolution Authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.21 <U>Acknowledgement Regarding Any Supported QFCs</U>. To the extent that
the Loan Documents provide support, through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support, &#147;<B><I>QFC Credit Support</I></B>&#148; and each such QFC a &#147;<B><I>Supported
QFC</I></B>&#148;), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the &#147;<B><I>U.S. Special Resolution Regimes</I></B>&#148;) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that
the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In the event a Covered Entity that is party to a Supported QFC (each, a &#147;<B><I>Covered Party</I></B>&#148;) becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and
any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than
such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is
understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) As used in this <U>Section</U><U></U><U>&nbsp;9.21</U>, the following terms have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) &#147;<B><I>BHC Act Affiliate</I></B>&#148; of a party means an &#147;affiliate&#148; (as such term is defined under, and
interpreted in accordance with, 12 U.S.C. &#167; 1841(k)) of such party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) &#147;<B><I>Covered Entity</I></B>&#148;
means any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance
with, 12 C.F.R. &#167; 252.82(b); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B) a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance
with, 12 C.F.R. &#167; 47.3(b); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(C) a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance
with, 12 C.F.R. &#167; 382.2(b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) &#147;<B><I>Default Right</I></B>&#148; has the meaning assigned to that term in,
and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv)
&#147;<B><I>QFC</I></B>&#148; has the meaning assigned to the term &#147;qualified financial contract&#148; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 5390(c)(8)(D). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Pages Follow</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Borrower, the Administrative Agent and the Lenders have caused this
Agreement to be duly executed by their respective authorized officers as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><U>BORROWER</U>:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CHOICE HOTELS INTERNATIONAL, INC.,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">a Delaware corporation</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Scott E. Oaksmith</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Scott E. Oaksmith</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Chief Financial Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CREDIT AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. (2023) </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><U>ADMINISTRATIVE AGENT AND LENDER:</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WELLS FARGO BANK, NATIONAL ASSOCIATION,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Administrative Agent and a Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Katherine A. Marcotte</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Katherine A. Marcotte</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CREDIT AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. (2023) </P>

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<TD WIDTH="92%"></TD></TR>


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<TD VALIGN="bottom" COLSPAN="3"><U>LENDER:</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BANK OF AMERICA, N.A.,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
a Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kyle Pearson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Kyle Pearson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Senior Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CREDIT AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. (2023) </P>

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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><U>LENDER:</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TRUIST BANK,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a
Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Lisa Garling</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Lisa Garling</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CREDIT AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. (2023) </P>

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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><U>LENDER:</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S. BANK NATIONAL ASSOCIATION,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael Day</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Michael Day</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CREDIT AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. (2023) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><U>LENDER:</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GOLDMAN SACHS BANK USA,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jonathan Dworkin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Jonathan Dworkin</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Authorized Signatory</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CREDIT AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. (2023) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><U>LENDER:</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JPMORGAN CHASE BANK, N.A.,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jordan Santora</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Jordan Santora</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CREDIT AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. (2023) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><U>LENDER:</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PNC BANK, NATIONAL ASSOCIATION,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Reco C. Collins</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Reco C. Collins</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Senior Vice President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CREDIT AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. (2023) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><U>LENDER:</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CAPITAL ONE, NATIONAL ASSOCIATION,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Benjamin Lucas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Benjamin Lucas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Duly Authorized Signatory</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CREDIT AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. (2023) </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule 2.01 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Commitments </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Lender</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Commitment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Applicable<BR>Percentage</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">WELLS FARGO BANK, NATIONAL ASSOCIATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.500000000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BANK OF AMERICA, N.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.500000000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TRUIST BANK</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.500000000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. BANK NATIONAL ASSOCIATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.500000000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GOLDMAN SACHS BANK USA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.500000000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">JPMORGAN CHASE BANK, N.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.500000000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PNC BANK, NATIONAL ASSOCIATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.500000000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CAPITAL ONE, NATIONAL ASSOCIATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,500,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.500000000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>500,000,000.00</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>100.000000000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SCHEDULES TO CREDIT
AGREEMENT </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CHOICE HOTELS INTERNATIONAL, INC. </P>

</DIV></Center>

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    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/instance" />
    <xsd:import schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/linkbase" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/dei/2023/dei-2023.xsd" namespace="http://xbrl.sec.gov/dei/2023" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/numeric" />
    <xsd:import schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/non-numeric" />
    <xsd:import schemaLocation="https://xbrl.sec.gov/naics/2023/naics-2023.xsd" namespace="http://xbrl.sec.gov/naics/2023" />
    <xsd:import schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" namespace="http://xbrl.org/2005/xbrldt" />
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="chh-20231218_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:title="Label Links, all" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="chh-20231218_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:title="Presentation Links, all" xlink:type="simple" />
      <link:roleType roleURI="http://www.choicehotels.com//20231218/taxonomy/role/DocumentDocumentAndEntityInformation" id="Role_DocumentDocumentAndEntityInformation">
        <link:definition>100000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>chh-20231218_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20231012.2 -->
<!-- Creation date: 12/19/2023 1:39:26 AM Eastern Time -->
<!-- Copyright (c) 2023 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>chh-20231218_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20231012.2 -->
<!-- Creation date: 12/19/2023 1:39:26 AM Eastern Time -->
<!-- Copyright (c) 2023 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.choicehotels.com//20231218/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="chh-20231218.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://www.choicehotels.com//20231218/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" order="32.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" order="33.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressPostalZipCode" order="34.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" order="35.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
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    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" order="36.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
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    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_Security12bTitle" order="41.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
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  </link:presentationLink>
</link:linkbase>
</XBRL>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>6
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm139721513383776">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Dec. 18, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">CHOICE HOTELS INTERNATIONAL INC /DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001046311<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 18,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-13393<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">52-1209792<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">915 Meeting Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">North Bethesda<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">20852<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(301)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">592-5000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock, Par Value $0.01 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CHH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
