Globant (GLOB) 20-F 2019 FY Annual report (foreign)

Exhibit 4.9 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

dated as of

February 6, 2020

among

GLOBANT, LLC,

as Borrower

CERTAIN FINANCIAL INSTITUTIONS,

as Lenders,

and

HSBC BANK USA, N.A.,

as Administrative Agent, Issuing Bank and Swingline Lender

TABLE OF CONTENTS

Page

Article I Definitions		1
Section 1.1	Defined Terms	1
Section 1.2	Classification of Loans and Borrowings	32
Section 1.3	Terms Generally; Rules of Construction	32
Section 1.4	Accounting Terms and Determinations; IFRS	32
Section 1.5	Rounding	32
Section 1.6	Time of Day	33
Section 1.7	Divisions	33
Section 1.8	Amendment and Restatement; No Novation	33
Section 1.9	Availability of the LIBO Rate.	33
Article II The Credits		34
Section 2.1	Commitments	34
Section 2.2	Loans and Borrowings	34
Section 2.3	Requests for Borrowings	35
Section 2.4	Swingline Loans	36
Section 2.5	Letters of Credit	39
Section 2.6	Funding of Borrowings	44
Section 2.7	Interest Elections	45
Section 2.8	Termination and Reduction of Commitments	46
Section 2.9	Repayment of Loans; Evidence of Debt	47
Section 2.10	Prepayment of Loans	48
Section 2.11	Fees	49
Section 2.12	Interest	50
Section 2.13	Alternate Rate of Interest	51
Section 2.14	Increased Costs	52
Section 2.15	Change in Legality	54
Section 2.16	Break Funding Payments	54
Section 2.17	Taxes	54
Section 2.18	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	59
Section 2.19	Mitigation Obligations; Replacement of Lenders	60
Section 2.20	Cash Collateral	62
Section 2.21	Defaulting Lenders	62
Section 2.22	Incremental Facilities	65
Section 2.23	Effect of Benchmark Transition Event	67
Article III Representations and Warranties		68
Section 3.1	Organization; Powers	68
Section 3.2	Authorization; Enforceability	68
Section 3.3	Governmental Approvals; No Conflicts	68
Section 3.4	Financial Condition; No Material Adverse Effect	69
Section 3.5	Properties	69
Section 3.6	Litigation and Environmental Matters	70
Section 3.7	Compliance with Laws and Contractual Obligations; No Defaults	70

Section 3.8	Investment Company Status; Other Laws	70
Section 3.9	Taxes	70
Section 3.10	ERISA Compliance	71
Section 3.11	Insurance	71
Section 3.12	Margin Regulations	71
Section 3.13	Subsidiaries; Equity Interests	71
Section 3.14	Sanctions	72
Section 3.15	Disclosure	72
Section 3.16	Security Documents	72
Section 3.17	Solvency, etc.	73
Section 3.18	Reserved	73
Section 3.19	Burdensome Obligations	73
Section 3.20	Labor Matters	74
Section 3.21	Reserved	74
Section 3.22	EEA Financial Institution	74
Section 3.23	Anti-Corruption	74
Section 3.24	Use of Proceeds	74
Article IV Conditions Precedent		74
Section 4.1	Effective Date	74
Section 4.2	Each Credit Event	76
Article V Affirmative Covenants		77
Section 5.1	Financial Statements and Other Information	77
Section 5.2	Notices of Material Events	79
Section 5.3	Existence; Conduct of Business	80
Section 5.4	Payment of Obligations	80
Section 5.5	Maintenance of Properties; Insurance	80
Section 5.6	Books and Records; Inspection Rights	81
Section 5.7	Compliance with Laws and Contractual Obligations	81
Section 5.8	Use of Proceeds	81
Section 5.9	Further Assurances	82
Section 5.10	Deposit Accounts	82
Section 5.11	Accuracy of Information	82
Section 5.12	Additional Information	83
Article VI Negative Covenants		83
Section 6.1	Financial Covenants	83
Section 6.2	Indebtedness	83
Section 6.3	Liens	84
Section 6.4	Fundamental Changes	85
Section 6.5	Disposition of Property	86
Section 6.6	Investments, Loans, Advances, Guarantees and Acquisitions	87
Section 6.7	Hedging Agreements	88
Section 6.8	Restricted Payments	88
Section 6.9	Transactions with Affiliates	88
Section 6.10	Changes in Nature of Business	89
Section 6.11	Negative Pledges; Restrictive Agreements	89

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Section 6.12	Restriction of Amendments to Certain Documents	89
Section 6.13	Changes in Fiscal Periods	89
Section 6.14	Capital Expenditures	89
Section 6.15	Sanctions; Anti-Corruption	90
Section 6.16	Consolidated Net Revenue	90
Section 6.17	Lien on Equity Interests of the Borrower	90
Article VII Events of Default		90
Section 7.1	Events of Default	90
Section 7.2	Application of Funds	93
Article VIII The Administrative Agent		94
Section 8.1	Appointment and Authority	94
Section 8.2	Rights as a Lender	95
Section 8.3	Exculpatory Provisions	95
Section 8.4	Reliance by Administrative Agent	97
Section 8.5	Delegation of Duties	98
Section 8.6	Resignation of Administrative Agent	98
Section 8.7	Non-Reliance on Administrative Agent and Other Lenders	99
Section 8.8	No Other Duties, etc.	99
Section 8.9	Enforcement	100
Section 8.10	Administrative Agent May File Proofs of Claim	100
Section 8.11	Collateral and Guaranty Matters	101
Section 8.12	Lender Provided Hedging Agreements and Lender Provided Financial Service Products	102
Section 8.13	Merger	102
Section 8.14	Certain ERISA Matters	102
Article IX Miscellaneous		103
Section 9.1	Notices; Effectiveness; Electronic Communication	103
Section 9.2	Waivers; Amendments	105
Section 9.3	Expenses; Indemnity; Damage Waiver	107
Section 9.4	Successors and Assigns.	109
Section 9.5	Survival	114
Section 9.6	Counterparts; Integration; Effectiveness; Electronic Execution	114
Section 9.7	Severability	115
Section 9.8	Right of Setoff	115
Section 9.9	Governing Law; Jurisdiction; Etc.	115
Section 9.10	Waiver of Jury Trial	116
Section 9.11	Headings	117
Section 9.12	Treatment of Certain Information; Confidentiality	117
Section 9.13	Interest Rate Limitation	118
Section 9.14	PATRIOT Act	118
Section 9.15	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	118
Section 9.16	Judgment Currency	119
Section 9.17	Acknowledgement Regarding Any Supported QFCs	119

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SCHEDULES:

Schedule 2.1	-	Commitments
Schedule 2.5	-	Existing Letters of Credit
Schedule 3.6	-	Disclosed Matters
Schedule 3.11	-	Insurance
Schedule 3.13	-	Subsidiaries; Equity Interests
Schedule 3.20	-	Labor Matters
Schedule 6.2	-	Existing Indebtedness
Schedule 6.3	-	Existing Liens
Schedule 6.6	-	Existing Investments

EXHIBITS:

Exhibit A-1	-	Form of Revolving Note
Exhibit A-2	-	Form of Term Note
Exhibit A-3	-	Form of Swingline Note
Exhibit B	-	Form of Assignment and Assumption
Exhibit C	-	[Reserved]
Exhibit D-1	-	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Exhibit D-2	-	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Exhibit D-3	-	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Exhibit D-4	-	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Exhibit E	-	Form of Borrowing Request
Exhibit F	-	Form of Interest Election Request
Exhibit G	-	Form of Compliance Certificate
Exhibit H	-	Form of Section 6.4 Acquisition Certificate

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SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of February 6, 2020, among GLOBANT, LLC, a Delaware limited liability company (the “Borrower”), the Lenders (as defined hereinafter) that are from time to time parties hereto, and HSBC BANK USA, N.A. (“HSBC”), as Administrative Agent (in such capacity, the “Administrative Agent”), Issuing Bank (as defined hereinafter) and Swingline Lender (as defined hereinafter).

PRELIMINARY STATEMENT:

WHEREAS, the Borrower, the financial institutions party thereto as “Lenders” and HSBC BANK USA, N.A., as Administrative Agent are parties to that certain Amended and Restated Credit Agreement, dated as of the First Amendment and Restatement Date (as defined below) (as amended by that certain Amendment No. 1, dated as of July 26, 2019, and as may be further amended, amended and restated, supplemented or otherwise modified to the date hereof, the “Existing Credit Agreement”).

WHEREAS, the Borrower has requested that the Existing Credit Agreement be amended and restated to, among other things, extend the maturity date, and increase the amount of the Commitments made available to the Borrower.

NOW, THEREFORE, in consideration of their mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby amend and restate the Existing Credit Agreement in its entirety as follows:

Article IDefinitions

Section 1.1Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the acquisition of more than 50% of the Equity Interests of any Person, or otherwise causing any Person to become a Subsidiary or (c) a merger or consolidation or any other combination with another Person (other than a Person that is already a Subsidiary).

“Administrative Agent” has the meaning specified in the preamble and includes any successor administrative agent appointed underArticle VIII.

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

“Affiliate” means, with respect to a specified Person, another Person that directly or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

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“Agent Parties” has the meaning specified inSection 9.1(d)(ii).

“Aggregate Credit Exposure” means, at any time, the aggregate Total Credit Exposure of all of the Lenders.

“Agreement” means this Second Amended and Restated Credit Agreement.

“Alternate Base Rate” means, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the greatest of (a) the Prime Rate, (b) 1/2 of one percent above the Federal Funds Effective Rate, (c) the LIBO Rate for a Eurodollar Loan with a one-month Interest Period commencing on such day plus 1% and (d) 0%.

“Anti-Money Laundering Laws” means the PATRIOT Act; the U.S. Money Laundering Control Act of 1986 and the regulations and rules promulgated thereunder; the U.S. Bank Secrecy Act and the regulations and rules promulgated thereunder; and corresponding laws of (a) the European Union designed to combat money laundering and terrorist financing and (b) jurisdictions in which the Borrower operates or in which the proceeds of the Loans will be used or from which repayments of the Obligations will be derived.

“Applicable Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, ordinance, rule, regulation, requirement, restriction, permit, certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of its property and (y) all judgments, injunctions, orders, writs and decrees of all courts and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound.

“Applicable Percentage” means, with respect to any Lender at any time, subject to reallocation with respect to a Defaulting Lender pursuant toSection 2.21:

(a) with respect to Revolving Commitments, Revolving Loans, LC Exposure and Swingline Exposure, a percentage equal to a fraction, the numerator of which is such Lender’s Commitment and the denominator of which is the aggregate Revolving Commitments of all Lenders (provided that, if the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s share of the aggregate Revolving Credit Exposures at that time);

(b) with respect to the Term Loan Commitments and Term Loans, as the case may be, a percentage equal to a fraction, the numerator of which is the outstanding principal amount of such Lender’s Term Loan Commitment or Term Loan, as the case may be, and the denominator of which is the aggregate outstanding principal amount of all Term Loan Commitments or Term Loans, as the case may be; and

(c) with respect to the Aggregate Credit Exposure, a percentage equal to a fraction, the numerator of which is the sum of such Lender’s Total Credit Exposure, and the denominator of which is the sum of the Aggregate Credit Exposure of all Lenders.

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“Applicable Rate” means, for any day, with respect to any Base Rate Loan or Eurodollar Loan, the applicable percentage set forth below in the column entitled “Applicable Rate for Base Rate Loans” or “Applicable Rate for Eurodollar Loans”, as applicable:

Maximum Total Leverage Ratio	Applicable Rate for Base Rate Loans			Applicable Rate for Eurodollar Loans			Commitment Fee Rate			Delayed-Draw Fee Rate
Less than 1.50:1.00		0.500	%		1.500	%		0.20	%		0.20	%
Greater than or equal to 1.50:1.00		0.750	%		1.750	%		0.20	%		0.20	%

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

“Arranger” means HSBC Bank USA, N.A. as arranger of the Facilities.

“Asset Sale” means any Disposition of property or series of related Dispositions of property by the Borrower or any of its Subsidiaries (other than Dispositions for value the Net Cash Proceeds of which do not exceed $25,000 in the aggregate in any fiscal year).

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required bySection 9.4), and accepted by the Administrative Agent, in substantially the form ofExhibit B or any other form approved by the Administrative Agent.

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination of the Revolving Commitments.

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

“Base Rate” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.

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“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Government Body with respect to such currency or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBO Rate for syndicated credit facilities denominated in such currency and (b) the applicable Benchmark Replacement Adjustment for such Benchmark Replacement; provided that, if any Benchmark Replacement as so determined would be less than zero, such Benchmark Replacement shall be deemed to be zero for the purposes of this Agreement.

“Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBO Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, 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 (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Government Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for United States dollar-denominated syndicated credit facilities at such time.

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate”, the definition of “Interest Period”, timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the 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 the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the LIBO Rate with respect to a given currency:

(a)       in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the LIBO Rate permanently or indefinitely ceases to provide the LIBO Rate with respect to such currency; or

(b)       in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

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“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate with respect to such currency:

(a)       a public statement or publication of information by or on behalf of the administrator of the LIBO Rate announcing that such administrator has ceased or will cease to provide the LIBO Rate with respect to such currency, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate with respect to such currency;

(b)       a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBO Rate, a resolution authority with jurisdiction over the administrator for the LIBO Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBO Rate or any other Relevant Government Body, which states that the administrator of the LIBO Rate has ceased or will cease to provide the LIBO Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate with respect to such currency; or

(c)       a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate announcing that the LIBO Rate with respect to such currency is no longer representative.

“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) 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) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder in accordance withSection 2.23 and (y) ending at the time that a Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder pursuant toSection 2.23.

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

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

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“Borrower” has the meaning specified in thepreamble.

“Borrower Materials” has the meaning specified inSection 9.1(d)(i).

“Borrowing” means (a) Loans (other than Swingline Loans) of the same Type and Class made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance withSection 2.3, which shall be substantially in the form ofExhibit E.

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed;provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market.

“Capital Expenditures” means all expenditures which, in accordance with IFRS, would be required to be capitalized and shown on the consolidated balance sheet of the Borrower, including Capital Lease Obligations, but excluding (a) expenditures made in connection with the replacement, substitution or restoration of assets to the extent financed (i) from insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the assets being replaced or restored or (ii) with awards of compensation arising from the taking by eminent domain or condemnation of the assets being replaced, and (b) expenditures attributable to intangibles to the extent included in “Intangible Assets” on the consolidated balance sheet of the Borrower.

“Capital Lease Obligations” of any Person means 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 IFRS, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with IFRS.

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent and one or more of the Issuing Banks or Lenders, as collateral for LC Exposure, Swingline Exposure, obligations of Lenders to fund participations in respect of LC Exposure or Swingline Exposure and to indemnify the Administrative Agent under this Agreement, cash or deposit account balances or, if the Administrative Agent and each applicable Issuing Bank or Swingline Lender shall agree in their sole and absolute discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and each applicable Issuing Bank or Swingline Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

“Cash Equivalent Investments” means:

(a)       direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the date of acquisition thereof;

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(b)       investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s;

(c)       investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof 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 or any state thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000;

(d)       fully collateralized repurchase agreements with a term of not more than 30 days for securities described inclause (a) above and entered into with a financial institution satisfying the criteria described inclause (c) above;

(e)       shares of money market mutual or similar fund that (i) invests exclusively in assets satisfying the requirements ofclauses (a) through(c) of this definition, (ii) has net assets of not less than $5,000,000,000, and (iii) is rated AAA by S&P and Aaa by Moody’s;

(f)       money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000;

(g)       deposit accounts maintained with (i) any commercial bank satisfying the requirements ofclause (c) of this definition or (ii) any other commercial bank organized under the laws of the United States or any state thereof so long as the full amount maintained with any such other bank is insured by the Federal Deposit Insurance Corporation;

(h)       securities with maturities of one year or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s;

(i)        (i) certificates of deposit or bankers’ acceptances or time deposits maturing within 180 days from the date of acquisition thereof, in each case payable in Dollars or in the local currency where such funds are maintained and issued by any bank organized under the laws of any country which is organized and existing under the laws of the country in which such Person is organized or doing business and having at the date of acquisition thereof combined capital and surplus of not less than $500,000,000 (calculated at the then applicable exchange rate) and (ii) deposit accounts or local equivalents maintained with any bank that satisfies the criteria described in clause (i) above; and

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(j)        other short-term investments utilized by any Loan Party, Foreign Subsidiary or other Subsidiary operating outside the United States in accordance with normal investment practices for cash management in investments of a type analogous to the foregoing.

“CFC” means a controlled foreign corporation (as that term is defined in Section 957(a) of the IRC).

“Change in Control” means an event or a series of events by which (a) a Loan Party shall cease to own and control, of record and beneficially, directly or indirectly, 100% of the aggregate issued and outstanding Equity Interests of the Borrower having ordinary voting power on a fully diluted basis (which for this purpose shall exclude all Equity Interests that have not yet vested); (b) a Loan Party shall cease to have the ability to elect (either through share ownership or contractual voting rights) a majority of the board of directors or equivalent governing body of the Borrower; or (c) a majority of the board of directors of Globant S.A. (Luxembourg) are not Continuing Directors.

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

“Class” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Term Loans or Swingline Loans.

“Collateral” means any property of any Loan Party upon which a security interest in favor of the Administrative Agent for the benefit of the Secured Parties is purported to be granted pursuant to any Security Document;provided, that only 65% of the total outstanding voting Equity Interests of any first tier Subsidiary of a Loan Party that is a CFC (and none of the Equity Interests of any Subsidiary of such CFC) shall be Collateral.

“Commitment” means, with respect to each Lender, such Lender’s Revolving Commitment and Term Loan Commitment, as applicable. The initial amount of each Lender’s Commitment is set forth onSchedule 2.1, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.

“Commitment Fee Rate” means, the applicable percentage set forth in the column entitled “Commitment Fee Rate” in the definition of “Applicable Rate”.

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“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

“Communications” has the meaning specified inSection 9.1(d)(ii).

“Compliance Certificate” means a certificate substantially in the form ofExhibit G.

“Computation Period” means, as of any date of calculation, the immediately preceding four consecutive fiscal quarters.

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

“Consolidated” means, when used with reference to financial statements or financial statement items of Globant S.A. (Luxembourg) and its Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of IFRS.

“Consolidated EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for Globant S.A. (Luxembourg) and its Subsidiaries in accordance with IFRS, Consolidated Net Income for the most recently completed Computation Period, (a)plus, to the extent deducted in determining such Consolidated Net Income, (i) Consolidated Interest Expense, (ii) income tax expense, (iii) depreciation and amortization, (iv) non-cash (A) management compensation expenses for such period and (B) impairment charges with respect to intangible assets for such period, (v) reasonable and documented Transaction Costs, (vi) actual restructuring costs and integration costs in connection with any Acquisition, in each case to the extent paid or made within twelve (12) months of the closing of such Acquisition, (vii) to the extent not duplicative of any other expense or charge otherwise added back to Consolidated EBITDA, pro forma “run rate” cost savings and operating expense reductions to be realized as a result of Acquisitions that are reasonably identifiable, factually supportable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within twelve (12) months after any such Acquisition, net the amount of actual benefits realized during such period from such actions,provided, that the aggregate amount of any such Transaction Costs, restructuring and integration costs, “run rate” cost savings and operating expense reductions added back to the definition of Consolidated EBITDA underclauses (v) through(vii) of this definition during any fiscal quarter, shall not exceed 10% of Consolidated EBITDA for such fiscal quarter, (viii) mark-to-market losses with respect to Hedging Agreements, (ix) any loss incurred in connection with any sale or other disposition outside the ordinary course of business and (x) any non-cash losses for such period in respect of the remeasurement of contingent liabilities from a prior Computation Period in connection with any Acquisition permitted hereunder (b)minus, to the extent included in determining Consolidated Net Income (i) any interest income, (ii) mark-to-market gains with respect to Hedging Agreements, (iii) any gain incurred in connection with any sale or other disposition outside the ordinary course of business and (iv) any non-cash gains for such period in respect of the remeasurement of contingent liabilities from a prior Computation Period in connection with any Acquisition permitted hereunder.

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“Consolidated Interest Expense” means, for any Computation Period, the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase prices of assets, in each case to the extent treated as interest in accordance with IFRS, (b) all interest paid or payable with respect to discontinued operations and (c) the portion of rent expense under Capital Lease Obligations that are treated as interest in accordance with IFRS, in each case of or by Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated basis for the relevant period.

“Consolidated Net Income” means, as of any date of determination, the net income (or loss) of Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated basis for the most recently completed Computation Period;provided that, Consolidated Net Income shall exclude (a) extraordinary gains and extraordinary losses for such Computation Period, (b) the income of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of that income is not at the time permitted by operation of Applicable Law or the terms of its organizational documents or any agreement or instrument applicable to such Subsidiary, (c) the income or loss of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with Globant S.A. (Luxembourg) or any Subsidiary or the date that such Person’s assets are acquired by Globant S.A. (Luxembourg) or any Subsidiary, to the extent that such income or loss is not attributable to Globant S.A. (Luxembourg) or any Subsidiary and (d) the income of any Person in which any other Person (other than Globant S.A. (Luxembourg) or a Wholly Owned Subsidiary or any director holding qualifying shares in accordance with Applicable Law) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to Globant S.A. (Luxembourg) or a Wholly Owned Subsidiary by such Person during such Computation Period.

“Consolidated Net Revenue” means, as of any date of determination, the net revenue of Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated basis for the most recently completed Computation Period.

“Consolidated Total Debt” means, as of any date of determination, all Indebtedness of the Globant S.A. (Luxembourg) and its Subsidiaries determined on a Consolidated basis (including any Indebtedness (contingent or otherwise) incurred in connection with an Acquisition permitted hereunder) and, subject to the foregoing, excluding (a) contingent obligations in respect of Guarantees (except to the extent constituting Guarantees in respect of Indebtedness of a Person other than any Loan Party), (b) obligations in respect of one or more Hedging Agreements, (c) contingent obligations in respect of undrawn letters of credit and (d) solely for purposes of calculating Maximum Total Leverage Ratio, that portion of Capital Lease Obligations attributable to operating lease liabilities in accordance with IFRS.

“Continuing Directors” means, as of an date of determination, any director or manager (or their equivalent) of Globant S.A. (Luxembourg): (a) who was a director or manager (or their equivalent) on the Effective Date; or (b) whose nomination for election to serve as director or manager (or its equivalent) of Globant S.A. (Luxembourg) is recommended by a majority of the then Continuing Directors who at the time of such nomination are members of the Corporate Governance and Nominating Committee of Globant S.A. (Luxembourg), or is otherwise elected to the board of directors or managers (or their equivalent) with the approval of a majority of the then Continuing Directors at the time of such election.

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“Contractual Currency” has the meaning set forth inSection 9.16.

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

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

“Covered Party” has the meaning specified inSection 9.17(b).

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.

“Default” means any event or condition that constitutes an Event of Default or that with notice, lapse of time or both would become an Event of Default.

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

“Defaulting Lender” means, subject toSection 2.21(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, any Issuing Bank or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that, such Lender shall cease to be a Defaulting Lender pursuant to thisclause (c)upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action;provided that, a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more ofclauses (a) through(d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject toSection 2.21(b)) upon delivery of written notice of such determination to the Borrower, each Issuing Bank, the Swingline Lender and each Lender.

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“Delayed-Draw Fee Rate” means the applicable percentage set forth in the column entitled “Delayed-Draw Fee Rate” in the definition of “Applicable Rate” above.

“Disclosed Matters” means the actions, suits, litigation, investigations and proceedings and the environmental matters disclosed inSchedule 3.6.

“Disposition,” with respect to any property, means any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” have meanings correlative thereto.

“Disqualified Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or is mandatorily redeemable (other than solely for Equity Interests that are not otherwise Disqualified Equity Interests), pursuant to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Equity Interests that are not otherwise Disqualified Equity Interests), in whole or in part, (iii) provides for scheduled payments or dividends in cash or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is 91 days after the latest of the Revolving Maturity Date or Term Loan Maturity Date, as applicable;provided, that if such Equity Interests are issued to any plan for the benefit of employees of Globant S.A. (Luxembourg) or its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

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“Dollars” or “$” refers to lawful money of the United States.

“Domestic Subsidiary” means any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United States.

“Early Opt-in Election” means the occurrence of:

(a)       a determination by (i) the Administrative Agent, or (ii) the Required Lenders, with notification to the Administrative Agent (with a copy to the Borrower), that the Required Lenders have determined that Dollar-denominated syndicated credit facilities (1) being entered into at such time or (2) that include provisions similar toSection 2.23 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

(b)       the election by (i) the Administrative Agent or (ii) the Required Lenders to declare that an Early Opt-in Election has occurred, and the provision of written notice of such election by, as applicable, (x) the Administrative Agent to the Borrower and the Lenders or (y) the Required Lenders to the Administrative Agent (with a copy to the Borrower).

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

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

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

“Effective Date” means the date on which the conditions specified inSection 4.1 are satisfied (or waived in accordance withSection 9.2).

“Eligible Assignee” means any Person that meets the requirements to be an assignee underSection 9.4(b)(iii),(v) and(vi) (subject to such consents, if any, as may be required underSection 9.4(b)(iii)).

“Environmental Laws” means all Applicable Law relating in any way to the environment, preservation or reclamation of natural resources, the management, storage, use, holding, collection, accumulation, generation, manufacture, processing, treatment, stabilization, disposition, handling, transportation, release or threatened release of any Hazardous Material or to health and safety matters.

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“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment, or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.

“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated under it.

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the IRC or, solely for purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a single employer under Section 414 of the IRC.

“ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived), (b) the determination that any Pension Plan or Multiemployer Plan, as applicable, is considered an at-risk plan or that any Pension Plan or Multiemployer Plan, as applicable, is endangered or is in critical status within the meaning of Sections 430, 431 or 432 of the IRC or Sections 303, 304 or 305 of ERISA, (c) the incurrence by the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA, other than for PBGC premiums not yet due, (d) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan or the occurrence of any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, (e) the appointment of a trustee to administer any Pension Plan, (f) the withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or the cessation of operations by the Borrower or any ERISA Affiliate that would be treated as a withdrawal from a Pension Plan under Section 4062(d) of ERISA, (g) the partial or complete withdrawal by the Borrower or any ERISA Affiliate from any Multiemployer Plan or (h) the taking of any action to terminate any Pension Plan under Section 4041 or 4041A of ERISA.

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

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“Eurodollar,” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBO Rate.

“Event of Default” has the meaning specified inArticle VII.

“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and any other “keepwell, support or other agreement” for the benefit of such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties at the time the Guarantee of such Guarantor, or a grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes excluded in accordance with the first sentence of this definition.

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower underSection 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant toSection 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply withSection 2.17(g), and (d) any U.S. federal withholding Taxes imposed under FATCA.

“Existing Credit Agreement” has the meaning specified in the Preliminary Statement hereto.

“Existing Letter of Credit” has the meaning specified inSection 2.5(a).

“Facility” means each of (and “Facilities” means collectively both of) (a) the Term Loan Commitments and the extensions of credit made thereunder (the “Term Facility”), (b) the Revolving Commitments and the extensions of credit made thereunder (the “Revolving Facility”), and (c) each other credit facility that may be added to this Agreement after the date hereof.

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“FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the IRC, and any applicable intergovernmental agreements (and related official administrative guidance) with respect thereto.

“FCPA” has the meaning specified inSection 3.23.

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average rate (rounded upwards, if necessary, to the next 1/100 of 1%) charged by HSBC for such day for such transactions as determined by the Administrative Agent.

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

“Financial Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person.

“First Amendment and Restatement Date” means November 2, 2018.

“First Reaffirmation of Luxembourg Guaranty” means the reaffirmation, dated as of the First Amendment and Restatement Date, of the Luxembourg Guaranty Agreement by Globant S.A. (Luxembourg) in favor of the Administrative Agent for the benefit of the Secured Parties.

“First Reaffirmation of Security Agreement” means the reaffirmation, dated as of the First Amendment and Restatement Date, of the Security Agreement by the Borrower in favor of the Administrative Agent for the benefit of the Secured Parties.

“First Reaffirmation of Spanish Guaranty” means the reaffirmation, dated as of the First Amendment and Restatement Date, of the Spanish Guaranty Agreement by Globant S.A. (Spain) in favor of the Administrative Agent for the benefit of the Secured Parties.

“Fixed Charge Coverage Ratio” means, with respect to any Computation Period, the ratio of (a) the amount equal to (i) Consolidated EBITDAminus (ii) cash payments made in respect of operating lease liabilities in accordance with IFRS (other than in respect of cash Interest Expense specified in clause (b)(i) of this definition)minus (iii) the sum of Restricted Payments, share repurchases, income taxes paid in cash and Capital Expenditures (excluding any such Capital Expenditure to the extent made with proceeds of insurance covering such capital asset) to (b) the sum of (i) cash Interest Expenseplus (ii) scheduled principal payments of Indebtedness of Globant S.A. (Luxembourg) and its Subsidiariesplus (iii) any cash payments made in respect of contingent liabilities in connection with any Acquisition by Globant S.A. (Luxembourg) or any of its Subsidiaries.

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“Foreign Lender” means a Lender that is not a U.S. Person.

“Foreign Subsidiary” means any Subsidiary of the Borrower that is not a Domestic Subsidiary.

“FRB” means the Board of Governors of the Federal Reserve System of the United States.

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Bank, such Defaulting Lender’s Applicable Percentage of the outstanding LC Exposure with respect to Letters of Credit issued by such Issuing Bank other than LC Exposure as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any Swingline Lender, such Defaulting Lender’s Applicable Percentage of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities.

“Funding Rules” means the requirements relating to the minimum required contributions (including any installment payments) to Pension Plans and Multiemployer Plans, as applicable, and set forth in Sections 412 of the IRC and Section 302 of ERISA for periods prior to the effective date of the Pension Protection Act of 2006 and Sections 412, 430, 431, 432 and 436 of the IRC and Sections 302, 303, 304 and 305 of ERISA for periods on and after the effective date of the Pension Protection Act of 2006.

“Globant S.A. (Luxembourg)” means Globant S.A., a public limited company organized under the laws of the Grand Duchy of Luxembourg.

“Globant S.A. (Spain)” means Globant S.A., a single shareholder corporation organized under the laws of the Kingdom of Spain.

“Governmental Authority” means the government of the United States or any other nation, IBA or of any political subdivision thereof, whether state, regional 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).

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing, or having the economic effect of guaranteeing, any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation;provided that, the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business.

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“Guarantor” means Globant S.A. (Luxembourg), Globant S.A. (Spain) and each other Material Subsidiary that makes a guaranty of the Obligations in favor of the Administrative Agent for the benefit of the Secured Parties pursuant toSection 5.9;provided, that no CFC shall be a Guarantor.

“Hazardous Materials” means all toxic, corrosive, flammable, explosive, carcinogenic, mutagenic, infectious or radioactive substances or wastes and all other hazardous or toxic substances, wastes or other pollutants, or dangerous substance, including petroleum or any fraction thereof, petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

“Hedging Agreement” means any agreement with respect to any swap, cap, collar, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions;provided that, no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Hedging Agreement.

“HSBC” has the meaning specified in thepreamble.

“IBA” has the meaning specified inSection 1.9(a).

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements delivered under or referred to herein.

“Increased Cost Lender” has the meaning specified inSection 2.19(b).

“Incremental Revolving Commitment” has the meaning specified inSection 2.22(a).

“Incremental Revolving Commitment Effective Date” has the meaning specified inSection 2.22(a).

“Incremental Revolving Lender” has the meaning specified inSection 2.22(a).

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“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable incurred in the ordinary course of business that are not more than 60 days past due or that are currently being contested in good faith by appropriate proceedings in accordance withSection 5.4), (f) 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 Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) Disqualified Equity Interests of such Person, (k) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, and (l) all obligations, contingent or otherwise, of such Person under Hedging Agreements;provided that Indebtedness shall not include (i) any purchase price adjustment, earn-out, holdback or deferred payment of a similar nature incurred in connection with an Acquisition permitted under this Agreement so long as not evidenced by a note or similar written instrument (except to the extent that the amount payable pursuant to such purchase price adjustment, earn-out, holdback or deferred payment is reflected, or would otherwise be required to be reflected as a liability on a balance sheet prepared in accordance with IFRS) or (ii) prepaid or deferred revenue in connection with the sale of goods and/or the performance of services (including those related to customer advances) in the ordinary course of business. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document, and (b) to the extent not otherwise described inclause (a), Other Taxes.

“Indemnitee” has the meaning specified inSection 9.3(b).

“Information” has the meaning specified inSection 9.12.

“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance withSection 2.7, which shall be substantially in the form ofExhibit F.

“Interest Expense” means, for any period, the consolidated interest expense of Globant S.A. (Luxembourg) and its Subsidiaries for such period (including all imputed interest on Capital Lease Obligations).

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“Interest Payment Date” means (a) with respect to any Base Rate Loan (other than a Swingline Loan), the last day of each March, June, September and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid.

“Interest Period” means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect;provided that, (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

“Investment” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct or indirect advance, loan or other extension of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property or any payment for property or services for the account or use of others), or any purchase or acquisition of Equity Interests, evidences of Indebtedness or other securities of, such other Person and all other items that are or would be classified as investments on a balance sheet prepared in accordance with IFRS, and any purchase or other acquisition (in one transaction or a series of transactions) of any assets of any other Person constituting a business unit;provided that, the endorsement of negotiable instruments and documents in the ordinary course of business will not be deemed to be an Investment.

“IRC” means the Internal Revenue Code of 1986.

“IRS” means the United States Internal Revenue Service.

“ISP98” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the International Chamber of Commerce, Publication Number 590 (or such later version thereof as may be in effect at the time of issuance).

“Issuing Bank” means HSBC, in its capacity as issuer of Letters of Credit hereunder, or such other Lender as the Borrower may from time to time select as an Issuing Bank hereunder pursuant toSection 2.5, with the consent of the Administrative Agent;provided that, such Lender has agreed to be an Issuing Bank.

“Judgment Currency” has the meaning set forth inSection 9.16.

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“LC Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by, or otherwise acceptable to, the applicable Issuing Bank.

“LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit.

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such timeplus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP98 (or another rule or contractual provision having a similar effect), such Letter of Credit shall be deemed to be outstanding in the amount so remaining available to be drawn.

“LC Sublimit” means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate Revolving Commitments. The LC Sublimit is part of, and not in addition to, the Revolving Facility.

“Lender” means each Person listed onSchedule 2.1 and any other Person that shall have become a party hereto as a Lender pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context requires otherwise, the term “Lender” includes the Swingline Lender.

“Lender Provided Financial Service Product” means any agreement or other arrangements under which any Lender (under this Agreement or the Existing Credit Agreement) or any Affiliate thereof provides any of the following products or services to any of the Loan Parties: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) gift cards, (f) ACH transactions, (g) cash management, including electronic funds transfer, controlled disbursement, accounts or services, (h) overdraft, or (i) foreign currency exchange.

“Lender Provided Hedging Agreement” means any Hedging Agreement between a Loan Party and a counterparty that is a Lender (under this Agreement or the Existing Credit Agreement) or an Affiliate thereof.

“Letter of Credit” means any standby letter of credit issued pursuant to this Agreement.

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate per annum equal to the London interbank offered rate as administered by ICE Benchmark Administration Limited (or any successor to, or substitute for, such service, providing rate quotations comparable to those currently provided by ICE Benchmark Administration Limited, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) for deposits in Dollars (for delivery on such day) for such Interest Period as displayed on the Bloomberg Page BBAM1 screen page that displays such rate (or, in the event such rate does not appear on a page of the Bloomberg Page BBAM1 screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 a.m. (London time) on the day which is two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period;provided if such offered rate shall be less than zero, such rate shall be zero for the purposes of this Agreement. In the event that no such rate is available to the Administrative Agent, LIBO Rate shall be equal to a rate per annum equal to the average rate (rounded upwards, if necessary, to the next 1/100 of 1%) at which the Administrative Agent determines that Dollars in an amount comparable to the amount of the applicable advances are being offered to prime banks at approximately 11:00 a.m. (London time) on the day which is two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period for settlement in immediately available funds by leading banks in the London interbank market selected by the Administrative Agent;provided if such determination by the Administrative Agent shall be less than zero, such rate shall be deemed to be zero for the purposed of this Agreement.

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“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset, and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

“Loan Document” means this Agreement, the Luxembourg Guaranty Agreement, the Spanish Guaranty Agreement, the Security Documents, the First Reaffirmation of Spanish Guaranty, the First Reaffirmation of Luxembourg Guaranty, the Second Reaffirmation of Spanish Guaranty, the Second Reaffirmation of Luxembourg Guaranty, the Notes, the LC Applications and any other documents, agreements, certificates or instruments executed by or on behalf of any Loan Party or entered into in connection herewith.

“Loan Party” means, individually, each of the Borrower and each Guarantor and “Loan Parties” means, collectively, the Borrower and Guarantors.

“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.

“Luxembourg Guaranty Agreement” means the guaranty, dated as of August 3, 2017, by Globant S.A. (Luxembourg) in favor of the Administrative Agent for the benefit of the Secured Parties.

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, property, operations or financial condition of the Loan Parties and the Subsidiaries of the Borrower, taken as a whole, (b) the ability of any Loan Party to perform any of its obligations under any Loan Document, or (c) the validity or enforceability of this Agreement or any other Loan Document or the rights of or remedies or benefits available to the Administrative Agent, the Issuing Banks and the Lenders under the Loan Documents.

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“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Hedging Agreements, of any one or more of the Loan Parties in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of any Loan Party in respect of any Hedging Agreement at any time shall be the maximum aggregate amount that such Loan Party would be required to pay if such Hedging Agreement were terminated at such time.

“Material Subsidiary” means any direct and indirect Subsidiary of the Borrower that at any date of determination, holds more than $5,000,000 in assets (as determined in accordance with IFRS) and has generated more than $5,000,000 in revenue (determined in accordance with IFRS) for the Computation Period ending on the last day of the most recent period for which financial statements have been delivered after the Effective Date pursuant toSection 5.1;provided that all Subsidiaries that are not individually a “Material Subsidiary” shall not have aggregate total assets of more than $5,000,000 as of such date (determined in accordance with IFRS) or have generated more than $5,000,000 in aggregate total revenues (determined in accordance with IFRS) for such Computation Period.

“Maximum Total Leverage Ratio” means, as of the last day of any fiscal quarter, the ratio of (a) Consolidated Total Debt as of such dayto (b) Consolidated EBITDA for the Computation Period ending on such dayminus cash payments made in respect of operating lease liabilities in accordance with IFRS (other than the portion of rent expense under Capital Lease Obligations that are treated as interest expense in accordance with IFRS).

“Minimum Cash Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances, an amount equal to 103% of the Fronting Exposures of all Issuing Banks with respect to Letters of Credit issued and outstanding at such time, and (b) otherwise, an amount determined by the Administrative Agent and the Issuing Banks in their sole and absolute discretion.

“Moody’s” means Moody’s Investors Service, Inc., and any successor thereto.

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

“Net Cash Proceeds” means in connection with any Asset Sale (other than an Asset Sale of receivables permitted underSection 6.5 pursuant to a true sale under a factoring or purchase agreement) or any Recovery Event, the proceeds thereof in the form of cash and Cash Equivalent Investments (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or by the Disposition of any non-cash consideration received in connection therewith or otherwise, but only as and when received) of such Asset Sale or Recovery Event, net of attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document) and other customary fees and expenses actually incurred in connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with IFRS (providedthat, following the termination of such reserves, proceeds equal to any unused reserves shall be applied in accordance withSection 2.10(b)(i)).

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“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all affected Lenders in accordance with the terms ofSection 9.2(b), and (b) has been approved by the Required Lenders.

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

“Note” has the meaning specified inSection 2.9(f).

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document, or otherwise with respect to any Loan or Letter of Credit, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding;provided that the “Obligations” shall exclude any Excluded Swap Obligations.

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant toSection 2.19(b)).

“Participant” has the meaning specified inSection 9.4(d).

“Participant Register” has the meaning specified inSection 9.4(d).

“PATRIOT Act” means the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001” (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

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“Pension Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

“Permitted Encumbrances” means:

(a)       Liens imposed by law for taxes that are not yet due or are being contested in compliance withSection 5.4;

(b)       carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance withSection 5.4;

(c)       pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations, other than any Lien imposed by ERISA;

(d)       deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business;

(e)       judgment liens in respect of judgments that do not constitute an Event of Default underSection 7.1(k);

(f)        easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the Borrower or any Subsidiary;

(g)       any interest or title of a lessor under any operating lease entered into by the Borrower or any Subsidiary in the ordinary course of its business and covering only the assets so leased;

(h)       leases and subleases granted to others by the Borrower or any Subsidiary of the Borrower in the ordinary course of business on any real property that do not materially interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;

(i)        non-exclusive licenses of intellectual property granted in the ordinary course of business which do not, in any case, (x) materially detract from the value of the intellectual property subject thereto or (y) materially interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries and exclusive licenses of intellectual property granted in connection with any sale of assets permitted hereunder;

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

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(k)       Liens arising solely by virtue of any statutory or common law provision relating to bankers’ liens, rights of setoff or similar rights;

(l)       customary restrictions on dispositions of assets to be disposed of pursuant to merger agreements, stock or asset purchase agreements and similar agreements, in each case, to the extent the entry into such agreements is otherwise permitted hereunder;

(m)       Liens securing lease, utility and other similar deposits in the ordinary course of business;

(n)       setoff rights in connection with repurchase obligations in favor of the counterparty to such obligations in connection with Cash Equivalent Investments of a type referred to inclause (d) of the definition thereof; and

(o)       customary restrictions on assignment and transfer in intellectual property licenses under which the Borrower or any Subsidiary is a licensor or licensee;

provided that, the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” means any employee benefit plan (as defined in Section 3(3) of ERISA, including a Pension Plan), maintained, contributed to or required to be contributed to, by the Borrower or with respect to which the Borrower may have any liability.

“Platform” means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.

“Prime Rate” means the rate of interest per annum publicly announced from time to time by HSBC as its “prime rate” in effect at its office located at New York, New York; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. The “prime rate” is a rate set by HSBC based upon various factors including HSBC’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by HSBC shall take effect at the opening of business on the day specified in the public announcement of such change.

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

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

“QFC Credit Support” has the meaning specified inSection 9.17.

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“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.

“Recovery Event” means any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of any Person.

“Register” has the meaning specified inSection 9.4(c).

“Regulation U” means Regulation U of the FRB.

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

“Relevant Government Body” 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.

“Removal Effective Date” has the meaning specified inSection 8.6.

“Required Lenders” means, at any time, Lenders, (a) with respect to Revolving Lenders, having more than 50% of the Revolving Credit Exposure and (b) with respect to Term Lenders, having more than 50% of the Term Loan Commitments and outstanding Term Loans, as the case may be;provided that, the Revolving Credit Exposure, Term Loan Commitments and outstanding Term Loans of any Defaulting Lender shall be disregarded in determining Required Lenders at any time;provided  further that, if at any time there are two or three Lenders, “Required Lenders” shall not be less than two Lenders.

“Required Revolving Lenders” means, at any time, Revolving Lenders having more than 50% of the aggregate Revolving Credit Exposure of all Revolving Lenders (excluding the Revolving Credit Exposure of any Defaulting Lender);provided that, if at any time there are two or three Lenders, “Required Lenders” shall not be less than two Lenders.

“Resignation Effective Date” has the meaning specified inSection 8.6(a).

“Responsible Officer” means the chief executive officer, chief operating officer, president or Financial Officer of the Borrower, Globant S.A. (Luxembourg) or Globant S.A. (Spain), as applicable.

“Restricted Payment” means (i) any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Borrower or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Borrower or any Subsidiary, (ii) any payment of management fees or similar fees by the Borrower or any Subsidiary to any of its equity holders or any Affiliate thereof and (iii) any purchase of Equity Interests from present or former officers, directors or employees (or their respective spouses, ex-spouses or estates) of any Loan Party or any of their Subsidiaries in connection with restricted stock or the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives pursuant to management incentive plans upon the death, disability, retirement, severance or termination of employment of such officer, director or employee.

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“Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to assignments by or to such Lender pursuant toSection 9.4. The initial amount of each Lender’s Revolving Commitment is set forth onSchedule 2.1, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the Revolving Lenders’ Revolving Commitments is $250,000,000.

“Revolving Credit Exposure” means, as to any Revolving Lender at any time, the aggregate principal amount at such time of such Lender’s outstanding Revolving Loans, LC Exposure and participation in Swingline Loans at such time.

“Revolving Facility” has the meaning specified in the definition of “Facility” in this Section.

“Revolving Lender” means, as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving Credit Exposure.

“Revolving Loan” means a Loan made pursuant toSection 2.1.

“Revolving Maturity Date” means February 5, 2025 or any earlier date on which repayment of the Obligations in respect of Revolving Loans is accelerated pursuant to the terms hereof.

“S&P” means S&P Global Ratings, a division of Standard & Poor’s Financial Services LLC, and any successor thereto.

“Sanctions” has the meaning specified inSection 3.14.

“SEC” means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

“Second Reaffirmation of Luxembourg Guaranty” means the reaffirmation, dated as of the date hereof, of the Luxembourg Guaranty Agreement by Globant S.A. (Luxembourg) in favor of the Administrative Agent for the benefit of the Secured Parties.

“Second Reaffirmation of Security Agreement” means the reaffirmation, dated as of the date hereof, of the Security Agreement by the Borrower in favor of the Administrative Agent for the benefit of the Secured Parties.

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“Second Reaffirmation of Spanish Guaranty” means the reaffirmation, dated as of the date hereof, of the Spanish Guaranty Agreement by Globant S.A. (Spain) in favor of the Administrative Agent for the benefit of the Secured Parties.

“Secured Obligations” means, collectively, (i) the Obligations, and (ii) all obligations of any Loan Party under any Lender Provided Hedging Agreement or any Lender Provided Financial Service Product, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor Relief Law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding;provided that, the “Secured Obligations” shall exclude any Excluded Swap Obligations.

“Secured Parties” means the Administrative Agent, each Lender and any other holder of Secured Obligations.

“Security Agreement” means the Security Agreement, dated as of August 3, 2017, made by the Borrower in favor of the Administrative Agent for the benefit of the Secured Parties.

“Security Documents” means the Security Agreement, the First Reaffirmation of Security Agreement, the Second Reaffirmation of Security Agreement and all other security documents hereafter delivered to the Administrative Agent granting a Lien on any property of any Person to secure the Secured Obligations.

“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

“Spanish Guaranty Agreement” means the guaranty, dated as of August 3, 2017, by the Globant S.A. (Spain) in favor of the Administrative Agent for the benefit of the Secured Parties.

“Subsidiary” means, with respect to any Person, any other Person the accounts of which would be consolidated with those of such Person in such Person’s consolidated financial statements if such financial statements were prepared in accordance with IFRS as well as any other Person (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, by such Person, or (b) that is, as of such date, otherwise Controlled by such Person. Unless the context otherwise specifically requires, the term “Subsidiary” shall refer to a Subsidiary of the Borrower.

“Supported QFC” has the meaning specified inSection 9.17.

“Swap Obligations” means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

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“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

“Swingline Lender” means HSBC, in its capacity as lender of Swingline Loans hereunder, or such other Lender as the Borrower may from time to time select, with the consent of the Administrative Agent, as the Swingline Lender hereunder pursuant toSection 2.4;provided that, such Lender has agreed to be a Swingline Lender.

“Swingline Loan” means a Loan made pursuant toSection 2.4.

“Swingline Sublimit” means an amount equal to the lesser of (a) $5,000,000, and (b) the aggregate Revolving Commitments. The Swingline Sublimit is part of, and not in addition to, the Revolving Facility.

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

“Term Facility” has the meaning specified in the definition of “Facility” in this Section.

“Term Lender” means, as of any date of determination, Lenders having a Term Loan Commitment or a Term Loan.

“Term Loan” means an advance by any Term Lender under the Term Facility made pursuant toSection 2.1.

“Term Loan Commitment” means (a) as to any Term Lender, the aggregate commitment of such Lender to make a Term Loan as set forth onSchedule 2.1 or in the Assignment and Assumption executed by such Lender pursuant to which such Lender shall have assumed its Term Loan Commitment, as applicable, and (b) as to all Lenders, the aggregate commitment of all Lenders to make Term Loans, which aggregate commitment is $100,000,000 on the date of this Agreement.

“Term Loan Commitment Termination Date” means the earlier of (i) the first date on which Term Loans are funded in full pursuant to the terms hereof and (ii) the date that is eighteen months following the Effective Date.

“Term Loan Maturity Date” means February 5, 2025 or any earlier date on which repayment of the Obligations in respect of the Term Loans is accelerated pursuant to the terms hereof.

“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Government Body.

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“Total Credit Exposure” means, as to any Lender at any time, the outstanding unused Commitments, the Revolving Credit Exposure and the outstanding Term Loans of such Lender at such time.

“Trade Date” has the meaning specified inSection 9.4(b)(i)(B).

“Transaction Costs” means, with respect to the Transactions or any Acquisition, the reasonable and documented fees, charges and other amounts related to the Transactions (including, in each case, any reasonable and documented underwriting, commitment, arrangement, structuring or similar fees), reasonable and documented merger and acquisition fees (including any investment and banking or brokerage fees, reasonable and documented legal fees and expenses, consulting and valuation fees, due diligence fees or any other fees and expenses in connection therewith).

“Transactions” means (a) the repayment of all Loans outstanding under the Existing Credit Agreement, together with all interest and other amounts due and payable with respect thereto, (b) the execution, delivery and performance by the Loan Parties of the Loan Documents, (c) the borrowing of Loans, (d) the use of the proceeds thereof and (e) the issuance of Letters of Credit.

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the LIBO Rate or the Alternate Base Rate.

“UK Bribery Act” has the meaning specified inSection 3.23.

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

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

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

“U.S. Special Resolution Regimes” has the meaning specified inSection 9.17.

“U.S. Tax Compliance Certificate” has the meaning specified inSection 2.17(g)(ii)(B)(3).

“Wholly Owned Subsidiary” means, as to any Person, any other Person all of the Equity Interests of which (other than directors’ qualifying shares required by law) are owned by such Person directly and/or through other Wholly Owned Subsidiaries.

“Withholding Agent” means any Loan Party and the Administrative Agent.

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

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Section 1.2Classification ofLoansandBorrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).

Section 1.3Terms Generally; Rules of Construction. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

Section 1.4Accounting Terms and Determinations;IFRS. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with IFRS, as in effect from time to time;provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in IFRS or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in IFRS or in the application thereof, then such provision shall be interpreted on the basis of IFRS as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.

Section 1.5Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number.

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Section 1.6Time of Day. Unless otherwise specified, all references herein to time of day shall be references to Eastern time (daylight or standard, as applicable).

Section 1.7Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

Section 1.8Amendment and Restatement; No Novation. This Agreement constitutes an amendment and restatement of the Existing Credit Agreement. All indebtedness and other obligations under the Existing Credit Agreement are hereby renewed and continued and hereafter will be governed by this Agreement. The execution and delivery of this Agreement is not intended to constitute a novation of any indebtedness or other obligations owing to the Lenders under the Existing Credit Agreement. As of the date hereof, the credit facility described in the Existing Credit Agreement shall be amended, supplemented, modified, and restated in its entirety by the credit facility described herein, and all loans and other obligations of the Borrower outstanding as of such date under the Existing Credit Agreement shall be deemed to be loans and obligations outstanding under this Agreement without any further action by any Person, except that the Administrative Agent, the Lenders and the lenders under the Existing Credit Agreement that are not Lenders under this Agreement (if any) shall make such transfer and advances of funds, repayments of loan and obligations under the Existing Credit Agreement, and other adjustments as are necessary in the opinion of the Administrative Agent so that the outstanding balance of all Loans and Obligations hereunder on the Effective Date, including any Loans funded on the Effective Date under this Agreement, reflect the Commitments of each Lender hereunder on the Effective Date. Notwithstanding anything to the contrary in the Existing Credit Agreement or in this Agreement, no other documents or instruments, including any Assignment and Assumption, shall be, or shall be required to be, executed in connection with any such assignments (all of which requirements are hereby waived), and such assignments shall be deemed to be made with all applicable representations, warranties and covenants as if evidenced by an Assignment and Assumption. On the Effective Date, the applicable Lenders shall make full cash settlement with one another either directly or through the Administrative Agent, as the Administrative Agent may direct or approve, with respect to all assignments, reallocations and other changes in Commitments and the portion of the outstanding Loans allocable to each Lender, such that after giving effect to such settlements, the Commitments of each Lender shall be as set forth on Schedule 2.1. The Borrower shall not be required to repay any loans or obligations under the Existing Credit Agreement in connection with the execution and delivery of this Agreement.

Section 1.9Availability of the LIBO Rate.

(a)The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on LIBO Rate Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event that the London interbank market rate is no longer available or in certain other circumstances as described inSection 2.23, the mechanisms for determining an alternative rate as set forth inSection 2.23 may be used.

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(b)There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBO Rate or that it will have the same volume or liquidity as did LIBO Rate prior to its discontinuance or unavailability.

(c)The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to(a) the administration of, submission of or any other matter related toLIBO Rate, any component definition thereof or rates reference in the definition thereof or any alternative, comparable or successor rate thereto(including any then-currentBenchmark Replacement),including whether the composition or characteristics of any such alternative, comparable or successor rate(including anyBenchmark Replacement)will be similar to, or produce the same value of economic equivalence of,LIBO Rate or anyBenchmark Replacement, or(b) the effect, implementation or composition of anyBenchmark Replacement Conforming Changes.

Article II

The Credits

Section 2.1Commitments. Subject to the terms and conditions set forth herein, (a) each Revolving Lender (severally and not jointly) agrees to make Revolving Loans to the Borrower in Dollars from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment then in effect, or (ii) the sum of the total Revolving Credit Exposure exceeding the aggregate Revolving Commitments and (b) each Term Lender (severally and not jointly) agrees to make Term Loans available to the Borrower from time to time beginning on the Effective Date and ending on the Term Loan Commitment Termination Date in an amount equal to such Lender’s Term Loan Commitment; provided that, during such period, (i) the Borrower may request no more than four Borrowings of Term Loans and (ii) each such Borrowing will be in an amount of not less than $10,000,000. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.

Section 2.2LoansandBorrowings(a). (a) Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the applicable Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder;provided that, the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth inSection 2.4.

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(b)Subject toSection 2.13, each TermBorrowing and Revolving Borrowingshall be comprised entirely ofBase Rate LoansorEurodollar Loansas theBorrowermay request in accordance with thisAgreement;provided that, allBorrowingsmade on theEffective Datemust be made asBase Rate Borrowings(unless theBorrowerexecutes a funding indemnity letterin form and substance reasonably satisfactory to the Administrative Agent) but may be converted intoEurodollar Borrowingsin accordance withSection 2.7. Each Swingline Loan shall be a Base Rate Loan. EachLenderat its option may make anyEurodollar Loanby causing any domestic or foreign branch orAffiliateof suchLenderto make suchLoan;provided that, any exercise of such option shall not affect the obligation of theBorrowerto repay suchLoanin accordance with the terms of thisAgreement.

(c)At the commencement of eachInterest Periodfor anyEurodollar Borrowing, suchBorrowingshall be in an aggregate amount that is an integral multiple of$1,000,000 and not less than$5,000,000. At the time that eachBase Rate Borrowingis made, suchBorrowingshall be in an aggregate amount that is an integral multiple of$500,000 and not less than$1,000,000;provided that, aBase Rate Revolving Borrowingmay be in an aggregate amount that is equal to the entire unused balance of the total RevolvingCommitmentsthen in effect or is required to finance the reimbursement of an LC Disbursement as contemplated bySection 2.5(e). Each Swingline Loan shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000.Borrowingsof more than oneType and Classmay be outstanding at the same time;provided that, there shall not at any time be more than a total of sevenEurodollar Borrowings under the Facilitiesoutstanding.

(d)Notwithstanding any other provision of thisAgreement, theBorrowershall not be entitled to request, or to elect to convert or continue anyBorrowing of any Classif theInterest Periodrequested with respect thereto would end after the RevolvingMaturity Date (in the case of Revolving Loans) or the Term Loan Maturity Date (in the case of Term Loans).

Section 2.3Requests forBorrowings. To request a Borrowing (other than a Swingline Borrowing, which may be requested underSection 2.4(a)), the Borrower shall notify the Administrative Agent of such request by submitting a Borrowing Request signed by the Borrower by (a) in the case of a Eurodollar Borrowing, not later than 1:00 p.m. three Business Days before the date of the proposed Borrowing or (b) in the case of a Base Rate Borrowing, not later than 1:00 p.m. one Business Day before the date of the proposed Borrowing;provided that, any such notice of a Base Rate Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated bySection 2.5(e) may be given not later than 10:00 a.m. on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and shall be submitted by hand delivery, telecopy or electronic communication to the Administrative Agent. Each such Borrowing Request shall specify the following information in compliance withSection 2.2:

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(i)the aggregate principal amount of the requestedBorrowing;

(ii)the date of suchBorrowing, which shall be aBusiness Day;

(iii)whether suchBorrowingis to be aBase Rate Borrowingor aEurodollar Borrowing;

(iv)the Class of such Borrowing;

(v)in the case of aEurodollar Borrowing, the initialInterest Periodto be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and

(vi)the location and number of theBorrower’s account to which funds are to be disbursed, which shall comply with the requirements ofSection 2.6.

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be a Base Rate Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender in the applicable Facility of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

Section 2.4Swingline Loans.

(a)Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance on the agreements of the Revolving Lenders set forth in this Section, agrees to make Swingline Loans under the Revolving Commitments to the Borrower in Dollars from time to time on any Business Day during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Sublimit, (ii) the total Revolving Credit Exposure exceeding the total Revolving Commitments then in effect, or (iii) Revolving Credit Exposure of any Revolving Lender exceeding such Lender’s Revolving Commitment; provided that, the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. Each Swingline Loan shall be in an amount that is not less than $1,000,000. Swingline Loans shall be Base Rate Loans. Immediately upon the making of a Swingline Loan by the Swingline Lender, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline Lender a participation in such Swingline Loan in an amount equal to such Revolving Lender’s Applicable Percentage of the amount of such Swingline Loan.

(b)To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by submitting a Borrowing Request signed by the Borrower (by hand delivery, telecopy or, if arrangements for doing so have been approved by the Administrative Agent, electronic communication), not later than 12:00 noon on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to a deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.5(e), by remittance to the applicable Issuing Bank) by 3:00 p.m. on the requested date of such Swingline Loan.

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(c)(i)            The Swingline Lender may, at any time and from time to time in its sole and absolute discretion, request, on behalf of the Borrower (which hereby irrevocably authorizes the Swingline Lender to so request on its behalf), on one Business Day’s notice given by the Swingline Lender not later than 12:00 noon, that each Revolving Lender make, and each Revolving Lender hereby agrees to make, a Base Rate Loan in an amount equal to such Revolving Lender’s Applicable Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Borrowing Request for purposes hereof) and in accordance with the requirements ofSections 2.2 and2.3, without regard to the minimums and multiples specified therein, but subject to the aggregate unused Revolving Commitments and the conditions set forth inSection 4.2. The Swingline Lender shall furnish the Borrower with a copy of such Borrowing Request promptly after delivering such notice to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Borrowing Request available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable Swingline Loan) for the account of the Swingline Lender at the Administrative Agent’s office not later than 10:00 a.m. one Business Day after the date of such Borrowing Request, whereupon, subject toclause (c)(ii) of this Section, each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount.

(ii)If for any reason any Swingline Loan cannot be refinanced by a Revolving Borrowing in accordance withclause (c)(i) of this Section, the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline Lender (or, if the Swingline Lender has not submitted a request for Base Rate Loans, the Swingline Lender may request by notice to the Administrative Agent) that each of the Revolving Lenders fund its participation in the relevant Swingline Loan and each Revolving Lender’s payment to the Administrative Agent for the account of the Swingline Lender pursuant toclause (c)(i) shall be deemed payment in respect of such participation. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan funded pursuant to thisclause (c), and thereafter payments in respect of such Swingline Loan (to the extent of such funded participations) shall be made to the Administrative Agent and not to the Swingline Lender.

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(iii)Each Revolving Lender agrees that its obligation to acquire participations in Swingline Loans and make Revolving Loans pursuant to thisSection 2.4 is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, counterclaim, recoupment, defense, deduction, abatement, withholding or reduction whatsoever; provided that, each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section is subject to the conditions set forth inSection 4.2.

(iv)Each Revolving Lender shall comply with its obligations under thisSection 2.4(c) by wire transfer of immediately available funds, in the same manner as provided inSection 2.6 with respect to Loans made by such Revolving Lender (andSection 2.6 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Lender’s participation was outstanding and funded and, in the case of principal and interest payments, to reflect such Revolving Lender’s pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline Loans then due) shall be promptly remitted, in like funds received, to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent, in such funds, to the Revolving Lenders that shall have made their payments pursuant to thisSection 2.4(c) and to the Swingline Lender, as their interests may appear; provided that, any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to thisSection 2.4 shall not relieve the Borrower of any default in the payment thereof.

(v)Any Swingline Lender may resign at any time by giving 30 days’ prior notice of its resignation to the Administrative Agent, the Lenders and the Borrower. Upon receipt of any such notice of resignation, a successor Swingline Lender (which shall be a Lender) may be appointed by the Required Lenders or the Borrower, in each case, with the consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed). If no such successor shall have been so appointed by the Required Lenders or the Borrower and shall have accepted such appointment within 30 days after the retiring Swingline Lender gives notice of its resignation (or such earlier day as shall be agreed by the Borrower), such resignation shall become effective on such thirtieth day, whether or not a successor has been appointed. After the resignation of a Swingline Lender hereunder, the retiring Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swingline Lender under this Agreement and the other Loan Documents with respect to Swingline Loans made by it prior to such resignation but shall not be required to make any additional Swingline Loans.

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Section 2.5Letters of Credit.

(a)General. Subject to the terms and conditions set forth herein, each Issuing Bank agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section, (i) from time to time on any Business Day during the Availability Period, to issue Letters of Credit, in forms reasonably acceptable to the Administrative Agent and such Issuing Bank, for the account of the Borrower and to amend or extend Letters of Credit previously issued by it, in accordance withSection 2.5(b), and (ii) to honor drawings under the Letters of Credit; provided that, no Issuing Bank shall be obligated to issue any Letter of Credit or to amend or extend any Letter of Credit if, after giving effect thereto, (x) the total Revolving Credit Exposure would exceed the total Revolving Commitments then in effect or (y) the LC Exposure would exceed the LC Sublimit. Letters of Credit shall constitute utilization of the Revolving Commitments. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any LC Application or other agreement submitted by the Borrower to, or entered into by the Borrower with, any Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue, and shall not issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Person that is the subject of Sanctions, or in any country or territory that is the subject of Sanctions, or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement. It is hereby acknowledged and agreed that each of the letters of credit described onSchedule 2.5 (each, an “Existing Letter of Credit”) shall constitute a “Letter of Credit” for all purposes of this Agreement and shall be deemed issued under this Agreement on the Effective Date.

(b)Notice of Issuance. Amendment, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment or extension of an outstanding Letter of Credit), the Borrower shall deliver by hand or telecopy (or if arrangements for doing so have been approved the Administrative Agent and by the applicable Issuing Bank, electronic communication) to such Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance, amendment or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply withclause (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend or extend such Letter of Credit. The form of any requested Letter of Credit or any requested amendment or extension of a Letter of Credit shall be reasonably acceptable to the applicable Issuing Bank. No Issuing Bank shall be obligated to issue any Letter of Credit (i) in violation of any Applicable Law or policy of such Issuing Bank or any Revolving Lender, (ii) if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, (iii) except as otherwise agreed by the Administrative Agent and such Issuing Bank, if such Letter of Credit is in an initial stated amount less than $25,000, or (iv) if such Letter of Credit contains any provision for automatic reinstatement of the stated amount after any drawing thereunder. If requested by the applicable Issuing Bank, the Borrower also shall submit an LC Application in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i) the LC Exposure shall not exceed the LC Sublimit, (ii) the total Revolving Credit Exposure shall not exceed the total Revolving Commitments then in effect, and (iii) the other conditions thereto set forth in this Agreement are met. No Issuing Bank shall be under any obligation to amend or extend any Letter of Credit if (i) such Issuing Bank would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (ii) the beneficiary of such Letter of Credit does not accept the proposed amendment thereto.

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(c)Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any extension thereof, one year after such extension), and (ii) the date that is 30 days prior to the Revolving Maturity Date; provided that, any Letter of Credit may, with the consent of the applicable Issuing Bank, be automatically extendable for successive one-year periods (which shall in no event extend beyond the date referred to in the foregoingclause (ii)).

(d)Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of any Issuing Bank or the Revolving Lenders, each applicable Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Revolving Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable Issuing Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided inclause (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender agrees that its obligation to acquire participations pursuant to thisSection 2.5(d) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

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(e)Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m. on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon on (i) the Business Day that the Borrower receives such notice, if such notice is received prior to 10:00 a.m. on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance withSection 2.3 or2.4 that such payment be financed with a Base Rate Revolving Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Base Rate Revolving Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided inSection 2.6with respect to Loans made by such Revolving Lender (andSection 2.6 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to thisSection 2.5(e), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to thisSection 2.5(e) to reimburse such Issuing Bank, then to such Revolving Lenders and such Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to thisSection 2.5(e) to reimburse any Issuing Bank for any LC Disbursement (other than the funding of Base Rate Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

(f)Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided inclause (e)of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by any Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of recoupment or setoff against, the Borrower’s Obligations hereunder. None of the Administrative Agent, the Lenders or any Issuing Bank, or any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any circumstance referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of any Issuing Bank; provided that, the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to indirect, special, punitive, consequential or exemplary damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by Applicable Law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of such Issuing Bank (as determined in a final and non-appealable judgment by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties hereto expressly agree that the applicable Issuing Bank may, in its sole and absolute discretion, either accept documents that appear on their face to be in substantial compliance with the terms of the related Letter of Credit, without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit, and such Issuing Bank shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

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(g)Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit issued by it. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower in writing (by hand delivery, telecopy or, if arrangements for doing so have been approved by the Administrative Agent, electronic communication) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that, any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.

(h)Interim Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant toclause (e) of this Section, thenSection 2.12(c) shall apply. Interest accrued pursuant to thisclause (h) shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant toclause (e) of this Section to reimburse such Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment.

(i)Replacement of Issuing Banks; Resignation of Issuing Bank.

(i)Any Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant toSection 2.11(e). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter, and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

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(ii)Any Issuing Bank may resign at any time by giving 30 days’ prior notice of its resignation to the Administrative Agent, the Lenders and the Borrower. Upon receipt of any such notice of resignation, a successor Issuing Bank (which shall be a Lender) may be appointed by the Required Lenders or the Borrower, in each case, with the consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed). If no such successor shall have been so appointed by the Required Lenders or the Borrower and shall have accepted such appointment within 30 days after the retiring Issuing Bank gives notice of its resignation (or such earlier day as shall be agreed by the Borrower), such resignation shall become effective on such thirtieth day, whether or not a successor has been appointed. After the resignation of an Issuing Bank hereunder, the retiring Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation but shall not be required to issue additional Letters of Credit or to extend or increase any existing Letter of Credit.

(j)Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Revolving Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposures representing greater than 50% of the aggregate LC Exposure) demanding the deposit of cash collateral pursuant to this clause (j), the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Issuing Banks and the Revolving Lenders, an amount in cash equal to 103% of the LC Exposure as of such date;provided that, upon the occurrence of any Event of Default with respect to the Borrower described inSection 7.1(h) andSection 7.1(i), the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable without demand or other notice of any kind. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Obligations. The Borrower hereby grants to the Administrative Agent, for the benefit of the Issuing Banks and the Revolving Lenders, and agrees to maintain, a first priority security interest in all such Cash Collateral to secure the Secured Obligations, free and clear of all other Liens. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such cash collateral account and the amounts deposited therein shall not bear interest. Moneys in such cash collateral account shall be applied by the Administrative Agent to reimburse the Issuing Banks for LC Disbursements for which they have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposures representing greater than 50% of the aggregate LC Exposure), shall be applied to satisfy other Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived.

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(k)Applicability of ISP98. Unless otherwise expressly agreed by the applicable Issuing Bank and the Borrower when a Letter of Credit is issued, the rules of ISP98 shall apply to each standby Letter of Credit.

Section 2.6Funding ofBorrowings.

(a)Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender’s Applicable Percentage;provided that, Swingline Loans shall be made as provided inSection 2.4. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York, New York and designated by the Borrower in the applicable Borrowing Request;provided that, Base Rate Revolving Loans made to finance the reimbursement of an LC Disbursement as provided inSection 2.5(e) shall be remitted by the Administrative Agent to the applicable Issuing Bank.

(b)Unless theAdministrative Agentshall have received notice from aLenderprior to the proposed date of anyBorrowingthat suchLender willnot make available to theAdministrative AgentsuchLender’s share of suchBorrowing, theAdministrative Agentmay assume that suchLenderhas made such share available on such date in accordance withclause (a) of this Section and may, in its sole and absolute discretion in reliance upon such assumption, make available to theBorrowera corresponding amount. In such event, if aLenderhas not in fact made its share of the applicableBorrowingavailable to theAdministrative Agent, then the applicableLenderand theBorrowerseverally agree to pay to theAdministrative Agentforthwith on demand such corresponding amount with interest thereon, for each day from andincludingthe date such amount is made available to theBorrowerto but excluding the date of payment to theAdministrative Agent, at (i) in the case of suchLender, the greater of theFederal Funds Effective Rateand a rate determined by theAdministrative Agentin accordance with banking industry rules on interbank compensation, or (ii) in the case of theBorrower, the interest rate applicable toBase Rate Loans of the applicable Class. If suchLenderpays such amount to theAdministrative Agent, then such amount shall constitute suchLender’sLoanincluded in suchBorrowing. If theBorrowerand suchLendershall pay such interest to theAdministrative Agentfor the same or an overlapping period, theAdministrative Agentshall promptly remit to theBorrowerthe amount of such interest paid by theBorrowerfor such period. Any payment by theBorrowershall be without prejudice to any claim theBorrowermay have against aLenderthat shall have failed to make such payment to theAdministrative Agent. Nothing in thisSection 2.6(b) shall obligate theAdministrative Agentto prefund any amount.

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Section 2.7Interest Elections(a). (a) Each Borrowing initially shall be of the Type and Class specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request or as otherwise specified inSection 2.3. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.

(b)To make an election pursuant to this Section, theBorrowershall notify theAdministrative Agentof such election by submitting anInterest Election Request signedby theBorrowerby the time that a RevolvingBorrowing Requestwould be required underSection 2.3 if theBorrowerwere requesting aBorrowingof theTyperesulting from such election to be made on theeffective dateof such election (it being understood that such notification procedure also applies when the Borrower elects to continue or convert a Term Borrowing). Each suchInterest Election Requestshall be irrevocable and shall be submitted by hand delivery or telecopy (or, if arrangements for doing so have been approved by the Administrative Agent, electronic communication) to theAdministrative Agent.

(c)Each writtenInterest Election Requestshall specify the followinginformationin compliance withSection 2.2:

(i)theBorrowingto which suchInterest Election Requestapplies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resultingBorrowing(in which case theinformationto be specified pursuant toclauses(iii) and(iv) below shall be specified for each resultingBorrowing);

(ii)theeffective dateof the election made pursuant to suchInterest Election Request, which shall be aBusiness Day;

(iii)whether the resultingBorrowingis to be aBase Rate Borrowingor aEurodollar Borrowing; and

(iv)if the resultingBorrowingis aEurodollar Borrowing, theInterest Periodto be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.”

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

(d)Promptly following receipt of anInterest Election Request, theAdministrative Agentshall advise eachLenderof the details thereof and of suchLender’s portion of each resultingBorrowing.

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(e)If theBorrowerfails to deliver a timelyInterest Election Requestwith respect to aEurodollar Borrowingprior to the end of theInterest Periodapplicable thereto, then, unless suchBorrowingis repaid as providedherein, at the end of suchInterest PeriodsuchBorrowingshall be converted to aBase Rate Borrowing. Notwithstanding any contrary provisionhereof, if anEvent of Defaulthas occurred and is continuing and theAdministrative Agent, at the request of theRequired Lenders, so notifies theBorrower, then, so long as anEvent of Defaultis continuing (i) no outstandingBorrowingmay be converted to or continued as aEurodollar Borrowingand (ii) unless repaid, eachEurodollar Borrowingshall be converted to aBase Rate Borrowingat the end of theInterest Periodapplicable thereto.

Section 2.8Termination and Reduction of Commitments.

(a)Unless previously terminated, the Revolving Commitments shall be automatically and permanently reduced to zero on the Revolving Maturity Date. Unless previously terminated, Term Loan Commitments shall be automatically and permanently reduced to zero on the Term Loan Commitment Termination Date.

(b)TheBorrowermay, at any time and from time to time, reduce or terminate the RevolvingCommitments or the Term Loan Commitments;provided that, (i) each partial reduction of theCommitmentshall be in a minimum amount of$10,000,000or in an integral multiple of$1,000,000in excess thereof, and (ii) theBorrowershall not terminate or reduce the RevolvingCommitmentsif, after giving effect to any concurrent prepayment of theLoansin accordance withSection 2.10, the sum of the RevolvingCredit Exposurewould exceed the aggregate RevolvingCommitments.

(c)TheBorrowershall notify theAdministrative Agentof any election to reduce or terminate the Term Loan Commitments or the RevolvingCommitmentsunderclause (b) of this Section at least threeBusiness Daysprior to theeffective dateof such reduction or termination, specifying such election and theeffective datethereof. Promptly following receipt of any such notice, theAdministrative Agentshall advise the Lenders of the contents thereof. Each notice delivered by theBorrowerpursuant to this Section shall be irrevocable;provided that, any such notice of reduction or termination of the Term Loan Commitments or the RevolvingCommitmentsdelivered by theBorrowermay state that such notice is conditioned upon the effectiveness of other credit facilities or closing of another transaction, in which case such notice may be revoked by theBorrower(by notice to theAdministrative Agenton or prior to the specifiedeffective date) if such condition is not satisfied. Any reduction or termination of the Term Loan Commitments or the RevolvingCommitmentsshall be permanent.

(d)Each termination or reduction in the Term Loan Commitments shall be made ratably among the Term Lenders in accordance with their applicable Term Loan Commitments. Each termination or reduction in the RevolvingCommitmentsshall be made ratably among the Revolving Lenders in accordance with their respective applicable RevolvingCommitments.

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Section 2.9Repayment ofLoans; Evidence of Debt.

(a)The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving Lender the then-unpaid principal amount of each Revolving Loan on the Revolving Maturity Date, (ii) to the Administrative Agent for the account of each Term Lender the then-unpaid principal amount of each Term Loan on the Term Loan Maturity Date, and (iii) to the Swingline Lender the then-unpaid principal amount of each Swingline Loan on the earlier of the Revolving Maturity Date and the first date after such Swingline Loan is made that is the last day of a calendar month and is at least two Business Days after such Swingline Loan is made; provided that, on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding.

(b)TheBorrower hereby unconditionally promises to pay to theAdministrative Agent, for the account of eachTerm Lender, suchTerm Lender’sApplicable Percentage of the initial aggregate principal amount ofTerm Loans extended to theBorrower in equal quarterly amounts for each year following theEffective Date equal to the percentage set forth next to such year in the table below (which payments shall be made, commencing with the first full fiscal quarter following theBorrowing thereof, on the last day of each March, June, September and December of each year), with any then-unpaid principal amount, together with all other amounts owed with respect thereto, payable on theTerm Loan Maturity Date:

Year	Percentage
Year 1	5.0%
Year 2	5.0%
Year 3	7.5%
Year 4	10.0%
Year 5	10.0%

(c)EachLendershall maintain, in accordance with its usual practice, an account oraccountsevidencing theindebtednessof theBorrowerto suchLenderresulting from eachLoanmade by suchLender,includingthe amounts of principal and interest payable and paid to suchLenderfrom time to timehereunder.

(d)TheAdministrative Agentshall maintainaccountsin which it shall record (i) the amount of eachLoanmadehereunderand any promissorynoteevidencing suchLoan, the Class andTypethereof and theInterest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from theBorrowerto eachLender hereunder, and (iii) the amount of any sum received by theAdministrative Agent hereunderfor the account of the Lenders and eachLender’s share thereof.

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(e)The entries made in theaccountsmaintained pursuant toclause (c)or(d) of this Section shall beprima facie evidence of the existence and amounts of theObligationsrecorded therein;provided that, the failure of anyLenderor theAdministrative Agentto maintain suchaccountsor any error therein shall not in any manner affect the obligation of theBorrowerto repay theObligationsor theLoansin accordance with the terms of thisAgreement.

(f)AnyLendermay request thatLoansmade by it be evidenced by a promissory note (each, a “Note”) substantially in the form ofExhibit A-1 for the Revolving Note,Exhibit A-2 for the Term Note, andExhibit A-3 for the Swingline Note. Insuch event, theBorrowershall prepare, execute and deliver to suchLender Notespayable to the order of suchLender(or, if requested by suchLender, to suchLenderand its registered assigns). Thereafter, theLoansevidenced by suchNotesand interest thereon shall at all times (includingafter assignment pursuant toSection 9.4)be represented by one or moreNotespayable to the order of the payee named therein.

Section 2.10Prepayment ofLoans.

(a)Voluntary. The Borrower shall have the right at any time and from time to time to prepay any Term Borrowing or Revolving Loan in whole or in part, subject to prior notice in accordance with this Section. Each voluntary prepayment of the Term Loans shall be applied to the remaining installments of the Term Loans in the direct order of maturity.

(b)Mandatory.

(i)TheBorrower shall make a prepayment of theLoansuntil paid in full upon the occurrence of any of the following at the following times and in the following amounts: Concurrently with the receipt by theBorrower or any of itsSubsidiaryof anyNet Cash Proceeds from anyAsset Sale orRecovery Event, in an amount equal to 100% of suchNet Cash Proceeds;provided that, (x) so long as noEvent of Default shall have occurred and be continuing, and (y) upon written notice to theAdministrative Agent, theBorrower, directly or through one or more of itsSubsidiaries, shall have the option to invest suchNet Cash Proceeds within 180 days of receipt thereof in assets of thetype used in the business of theBorroweror any of itsSubsidiaries;providedfurther that, if suchNet Cash Proceeds are not so reinvested within such 180-day period but are committed to be reinvested pursuant to a binding obligation, theBorrower or itsSubsidiaries (as applicable) shall have an additional 90 days to reinvest suchNet Cash Proceeds.

(ii)Mandatory prepayments of theLoans shall be applied,first, to prepayment of theTerm Loans to the remaining installments of theTerm Loans in the direct order of maturity;second, if all theTerm Loans have been paid in full, to prepayment of theSwingline Loans;third, if allTerm Loans andSwingline Loans have been paid in full, to repayment of outstandingLC Disbursements;fourth, if allTerm Loans,Swingline Loans and outstandingLC Disbursements have been paid in full, to prepayment of theRevolving Loans; andfifth, if allTerm Loans,Swingline Loans, outstandingLC Disbursements andRevolving Loans have been paid in full, toCash CollateralizeallLC Exposure, if any, in an amount equal to 103% of suchLC Exposure, on terms, pursuant to documentation, and in form and substance reasonably satisfactory to theAdministrative Agent and each applicableIssuing Bank.

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(c)Notice Matters. TheBorrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by submitting a written notice signed by the Borrower (by hand delivery, telecopy or, if arrangements for doing so have been approved by the Administrative Agent, electronic communication) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 1:00 p.m. three Business Days before the date of prepayment, (ii) in the case of prepayment of a Base Rate Borrowing, not later than 1:00 p.m. one Business Day before the date of prepayment, or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid;provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated bySection 2.8, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance withSection 2.8. Promptly following receipt of any such notice relating to a Term Borrowing or Revolving Borrowing, the Administrative Agent shall advise the Lenders in the applicable Facility of the contents thereof. Each partial prepayment of any Term Borrowing or Revolving Borrowing underSection 2.10(a) shall be in an amount that would be permitted in the case of an advance of a Term Borrowing or Revolving Borrowing of the same Type as provided inSection 2.2. Prepayments shall be accompanied by accrued interest to the extent required bySection 2.12. If a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant toSection 2.16.

(d)Overadvance. TheBorrowershall prepayRevolving Loans and Swingline Loans hereunderin such amounts and at such times (includingin connection with any optional or scheduled reduction of the total amount of theRevolving Commitments) to assure that the totalRevolving Credit Exposuredoes not exceed the then-current total amount ofRevolving Commitments.

Section 2.11Fees.

(a)CommitmentFees. TheBorroweragrees to pay to theAdministrative Agentfor the account of each RevolvingLenderacommitmentfee, which shall accrue at the Commitment Fee Rateper annum of the average daily amount of the unused RevolvingCommitment (if any)of suchLenderduring the period from andincludingtheEffective Dateto but excluding the date on which such RevolvingCommitmentterminates. Accruedcommitmentfees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the RevolvingCommitmentsterminate, commencing on the first such date to occur after the datehereof.

(b)Delayed-Draw Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Term Lender a delayed-draw fee, which shall accrue at the Delayed-Draw Fee Rate per annum of the amount of the unused Term Loan Commitment (if any) of such Lender during the period from and including the Effective Date to but excluding the Term Loan Commitment Termination Date. Accrued delayed-draw fees shall be payable in arrears on the last day of March, June, September and December of each year and on the Term Loan Commitment Termination Date.

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(c)Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of (x) the date on which such Revolving Lender’s Revolving Commitment terminates and (y) the date on which such Revolving Lender ceases to have any LC Exposure (provided that, thisclause (i) is subject toSection 2.12(c)), and (ii) to each applicable Issuing Bank a fronting fee of 0.25% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) allocable to Letters of Credit issued by such Issuing Bank during the period from and including the Effective Date to but excluding the later of the (x) date on which such Issuing Bank’s Revolving Commitments terminates and (y) the date on which such Issuing Bank ceases to have any LC Exposure, as well as the applicable Issuing Bank’s standard fees with respect to the issuance, amendment or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following the last day of each such month, commencing on the first such date to occur after the Effective Date;provided that, any accrued fees in respect of a Letter of Credit shall be payable on the date on which such Letter of Credit terminates, all such fees shall be payable on the date on which the Revolving Commitments terminate, and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Banks pursuant to thisSection 2.11(c) shall be payable within 10 days after demand.

(d)Administrative Agent’s Fees. TheBorroweragrees to pay to theAdministrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between theBorrowerand theAdministrative Agent.

(e)Computation of Fees; Etc. All fees payable under this Section shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (includingthe first day but excluding the last day). Each determination by theAdministrative Agentof a feehereundershallbe conclusive absent manifest error. All fees payablehereundershall be paid on the dates due, in immediately available funds, to (i) theAdministrative Agentfor distribution, in the case ofcommitmentfees and participation fees, to the Lenders and (ii)to the applicable Issuing Bank, in the case of fees payable to such Issuing Bank. Fees, once paid, shall be fully earned and shall not be refundable under any circumstances.

Section 2.12Interest.

(a)The Loans comprising each Base Rate Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rateplus the Applicable Rate.

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(b)TheLoanscomprising eachEurodollar Borrowingshall bear interest at theLIBO Ratefor theInterest Periodin effect for suchBorrowingplus theApplicable Rate.

(c)Notwithstanding anything to the contraryherein, upon the request of the Required Lenders, at any time anEvent of Defaultexists,(i)theApplicable Ratewith respect to eachLoan and any Letter of Creditshall be increased by 2%, and(ii)all other amounts payable by theBorrower hereundershall bear interest at a rate 2% above the rate applicable toBase Rate Borrowingsas provided inclause (a) above, in each of the foregoingclauses (i) and(ii), after as well as before judgment;provided, that the increases described in thisclause (c) shall be effective immediately upon (x) any amount of principal of any Loan not being paid when due (without regard to any applicable grace period), whether at stated maturity, by acceleration or otherwise, or (y) an Event of Default described inSection 7.1(h) orSection 7.1(i).

(d)Accrued interest on eachLoanshall be payable in arrears on eachInterest Payment Datefor suchLoanand, in the case of Revolving Loans, upon termination of the RevolvingCommitments;provided that, (i) interest accrued pursuant toclause (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of anyLoan(other than a prepayment of aBase RateRevolvingLoanprior to the end of theAvailability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of anyEurodollar Loanprior to the end of the currentInterest Periodtherefor, accrued interest on suchLoanshall be payable on theeffective dateof such conversion.

(e)All interesthereundershall be computed on the basis of a year of 360 days, except that interest computed by reference to theAlternate Base Rateat times when theAlternate Base Rateis based on thePrime Rateshall be computed on the basis of a year of 365 days (or 366 days in a leap year) and, in each case, shall be payable for the actual number of days elapsed (includingthe first day but excluding the last day). The applicableAlternate Base RateorLIBO Rateshall be determined by theAdministrative Agent, and such determination shallbe conclusive absent manifest error.

Section 2.13Alternate Rate of Interest. Subject toSection 2.23, notwithstanding any other provision of this Agreement, if prior to the commencement of any Interest Period for a Eurodollar Borrowing:

(a)theAdministrative Agentdetermines (which determination shallbe conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining theLIBO Ratefor anInterest Periodwith the duration of suchInterest Period; or

(b)theAdministrative Agentis advised by theRequired Lendersthat theLIBO Ratefor suchInterest Period willnot adequately and fairly reflect the cost to such Lenders of making or maintaining theirLoansincluded in suchBorrowingfor anInterest Periodwith the duration of suchInterest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, followed promptly by written confirmation thereof delivered by telecopy (or if arrangements for doing so have been approved by the Administrative Agent, electronic communication) as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, then (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing with an Interest Period having the duration of such Interest Period shall be ineffective and any such Eurodollar Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto and (ii) if any Borrowing Request requests a Eurodollar Borrowing with an Interest Period having the duration of such Interest Period, such Borrowing shall be made as a Eurodollar Borrowing having an Interest Period with the shortest available duration described in the definition of “Interest Period” or, in the absence of any such available duration, as a Base Rate Borrowing.

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Section 2.14Increased Costs.

(a)Increased Costs Generally. If any Change in Law shall:

(i)impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, anyLender(except any reserve requirement contemplated bySection 2.14(e));

(ii)subject anyRecipientto anyTaxes(other than (A)Indemnified Taxes, (B)Taxesdescribed inclauses (b) through(d) of the definition of “Excluded Taxes”, and (C)Connection Income Taxes) on itsloans, loan principal, letters of credit, commitments, or otherobligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

(iii)impose on anyLenderor any Issuing Bank or the London interbank market any other condition, cost or expense (other thanTaxes) affecting thisAgreementorLoansmade by suchLender or any Letter of Credit or participation therein;

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

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(b)Capital Requirements. If anyLender orIssuing Bank determines that anyChange in Lawaffecting suchLender orIssuing Bank or any lending office of suchLenderor suchLender’s or Issuing Bank’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on suchLender’s or Issuing Bank’s capital or on the capital of suchLender’s or Issuing Bank’s holding company, if any, as a consequence of thisAgreement, theCommitmentsof suchLenderor theLoansmade by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by an Issuing Bank, to a level below that which suchLenderor Issuing Bank or suchLender’s or Issuing Bank’s holding company could have achieved but for suchChange in Law (taking into consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s or Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time theBorrower willpay to such Lender or Issuing Bank, as the case may be,such additional amount or amounts aswillcompensate suchLenderor Issuing Bank or suchLender’s or Issuing Bank’s holding company for any such reduction suffered.

(c)Certificates for Reimbursement. A certificate of aLender, Issuing Bankor otherRecipientsetting forth the amount or amounts necessary to compensate suchLender, Issuing Bankor otherRecipientor its holding company, as the case may be, as specified inclause (a) or(b) of this Section and delivered to theBorrower, shallbe conclusive absent manifest error. TheBorrowershall paysuch Lender, Issuing Bank or other Recipient, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

(d)Delay in Requests. Failure or delay on the part of any Lender, Issuing Bank or other Recipient to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s, Issuing Bank’s or other Recipient’s right to demand such compensation; provided that, the Borrower shall not be required to compensate a Lender, Issuing Bank or other Recipient pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender, Issuing Bank or other Recipient, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s, Issuing Bank’s or such other Recipient’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

(e)Eurodollar Liabilities. TheBorrowershall pay to eachLender, as long as suchLendershall be required to maintain reserves with respect to liabilities or assets consisting of orincludingEurodollar funds or deposits (currently known as “Eurodollar liabilities”), additional interest on the unpaid principal amount of eachEurodollar Loanequal to the actual costs of such reserves allocated to suchLoanby suchLender(as determined by suchLenderin good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on suchLoan;provided that, theBorrowershall have received at least ten (10) days’ prior notice (with a copy to theAdministrative Agent) of such additional interest from suchLender. If aLenderfails to give notice ten (10) days prior to the relevantInterest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice.

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Section 2.15Change in Legality. Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or maintain, or convert any Loan into, a Eurodollar Loan, then, upon written notice by such Lender to the Borrower and to the Administrative Agent, which notice shall specify the extent of such unlawfulness (e.g., whether such unlawfulness applies to Eurodollar Loans generally or only to Interest Periods of a particular length):

(a)any request for the making or continuation of, or the conversion ofBase Rate Loansinto,Eurodollar Loansshall, solely as to suchLenderand to the extent aEurodollar Loanby suchLenderwould be (or during the applicableInterest Periodwould become) unlawful, be disregarded and theLoanof suchLenderthat would be part of the applicableBorrowingofEurodollar Loansshall be made as, converted to or continue to be maintained as aBase Rate Loan(or bear interest at such other rate as may be agreed between theBorrowerand suchLender); and

(b)each outstandingEurodollar Loanof suchLendershall, on the last day of theInterest Periodtherefor (unless suchLoanmay be continued as aEurodollar Loanfor the full duration of any requested newInterest Periodwithout being unlawful) or on such earlier date as suchLendershall specify is necessary pursuant to the applicable Changein Law, convert to aBase Rate Loan.

Section 2.16Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant toSection 2.10), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked underSection 2.8(c) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant toSection 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at the LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then-current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan) over (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate that such Lender would bid were it to bid, at the commencement of such period, for Dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, including in reasonable summary detail a description of the basis for such compensation and a calculation of such amount or amounts, shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.

Section 2.17Taxes.

(a)Issuing Bank; FATCA. For purposes of thisSection 2.17, the term “Lender” includes any Issuing Bank and the term “Applicable Law” includes FATCA.

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(b)Payments Free ofTaxes. Any and all payments by or on account of any obligation of anyLoan Partyunder anyLoan Document shall be made without deduction or withholding for anyTaxes, except as required byApplicable Law. If anyApplicable Law(as determined in the good faith discretion of an applicableWithholding Agent) requires the deduction or withholding of anyTaxfrom any such payment by aWithholding Agent, then the applicableWithholding Agentshall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevantGovernmental Authorityin accordance withApplicable Lawand, if suchTaxis anIndemnified Tax, then the sum payable by the applicableLoan Partyshall be increased as necessary so that after such deduction or withholding has been made (includingsuch deductions and withholdings applicable to additional sums payable under this Section) the applicableRecipientreceives an amount equal to the sum it would have received had no such deduction or withholding been made.

(c)Payment ofOther Taxesby theBorrower. TheBorrowershall timely pay to the relevantGovernmental Authorityin accordance withApplicable Law, or, at the option of theAdministrative Agent, timely reimburse it for the payment of, anyOther Taxes.

(d)Indemnification by theLoan Parties. TheLoan Partiesshall jointly and severally indemnify eachRecipient, within ten (10) days after demand therefor, for the full amount of anyIndemnified Taxes(including Indemnified Taxesimposed or asserted on or attributable to amounts payable under this Section) payable or paid by suchRecipientor required to be withheld or deducted from a payment to suchRecipientand any reasonable expenses arising therefrom or with respect thereto, whether or not suchIndemnified Taxeswere correctly or legally imposed or asserted by the relevantGovernmental Authority. A certificate as to the amount of such payment or liability delivered to theBorrowerby aLender(with a copy to theAdministrative Agent), or by the Administrative Agenton its own behalf or on behalf of aLender, shallbe conclusive absent manifest error.

(e)Indemnification by the Lenders. EachLendershall severally indemnify theAdministrative Agent, within ten (10) days after demand therefor, for (i) anyIndemnified Taxesattributable to suchLender(but only to the extent that anyLoan Partyhas not already indemnified theAdministrative Agentfor suchIndemnified Taxesand without limiting the obligation of theLoan Partiesto do so), (ii) anyTaxesattributable to suchLender’s failure to comply with the provisions ofSection 9.4(d) relating to the maintenance of aParticipant Register, and (iii) anyExcluded Taxesattributable to suchLender, in each case, that are payable or paid by theAdministrative Agentin connection with anyLoan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not suchTaxeswere correctly or legally imposed or asserted by the relevantGovernmental Authority. A certificate as to the amount of such payment or liability delivered to anyLenderby theAdministrative Agentshallbe conclusive absent manifest error. EachLenderhereby authorizes theAdministrative Agentto set off and apply any and all amounts at any time owing to suchLenderunder anyLoan Documentor otherwise payable by theAdministrative Agentto theLenderfrom any other source against any amount due to theAdministrative Agentunder thisclause (e).

(f)Evidence of Payments. As soon as practicable after any payment ofTaxesby anyLoan Partyto a Governmental Authority pursuant to thisSection 2.17, suchLoan Partyshall deliver to theAdministrative Agentthe original or a certified copy of a receipt issued by suchGovernmental Authorityevidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to theAdministrative Agent.

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(g)Status of Lenders.

(i)AnyLenderthat is entitled to an exemption from or reduction of withholdingTaxwith respect to payments made under anyLoan Document shall deliver to theBorrowerand theAdministrative Agent, at the time or times reasonably requested by theBorroweror theAdministrative Agent, such properly completed and executed documentation reasonably requested by theBorroweror theAdministrative Agentaswillpermit such payments to be made without withholding or at a reduced rate of withholding. In addition, anyLender, if reasonably requested by theBorroweror theAdministrative Agent, shall deliver such other documentation prescribed byApplicable Lawor reasonably requested by theBorroweror theAdministrative Agentaswillenable theBorroweror theAdministrative Agentto determine whether or not suchLenderis subject to backup withholding orinformationreporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,executionand submission of such documentation (other than such documentation set forth inSections 2.17(g)(ii)(A) and2.17(g)(ii)(B) and2.17(g)(ii)(D) below) shall not be required if, in theLender’s reasonable judgment, such completion,executionor submission would subject suchLenderto any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of suchLender.

(ii)Without limiting the generality of the foregoing, in the event that theBorroweris aU.S. Person,

(A)anyLenderthat is aU.S. Personshall deliver to theBorrowerand theAdministrative Agenton or prior to the date on which suchLenderbecomes aLenderunder thisAgreement(and from time to time thereafter upon the reasonable request of theBorroweror theAdministrative Agent), executed originals ofIRSForm W-9 certifying that suchLenderis exempt from U.S. federal backup withholding tax;

(B)anyForeign Lendershall, to the extent it is legally entitled to do so, deliver to theBorrowerand theAdministrative Agent(in such number of copies as shall be requested by therecipient) on or prior to the date on which suchForeign Lenderbecomes aLenderunder thisAgreement(and from time to time thereafter upon the reasonable request of theBorroweror theAdministrative Agent), whichever of the following is applicable:

(1)in the case of aForeign Lenderclaiming the benefits of an income tax treaty to which the United States is a party, (x) with respect to payments of interest under anyLoan Document, executed originals ofIRS Form W-8BEN or W-8BEN-Eestablishing an exemption from, or reduction of, U.S. federal withholdingTaxpursuant to the “interest” Article of such tax treaty and (y) with respect to any other applicable payments under anyLoan Document,IRS Form W-8BEN or W-8BEN-Eestablishing an exemption from, or reduction of, U.S. federal withholdingTaxpursuant to the “business profits” or “other income” Article of such tax treaty;

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(2)executed originals ofIRSForm W-8ECI;

(3)in the case of aForeign Lenderclaiming the benefits of the exemption for portfolio interest under Section 881(c) of theIRC, (x) a certificate substantially in the form ofExhibit D-1 to the effect that suchForeign Lenderis not a “bank” within the meaning of Section 881(c)(3)(A) of theIRC, a “10 percent shareholder” of theBorrowerwithin the meaning of Section 881(c)(3)(B) of theIRC, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of theIRC(a “U.S. Tax Compliance Certificate”), and (y) executed originals ofIRS Form W-8BEN or W-8BEN-E; or

(4)to the extent aForeign Lenderis not the beneficial owner, executed originals ofIRSForm W-8IMY, accompanied byIRSForm W-8ECI,IRS Form W-8BEN or W-8BEN-E, aU.S. Tax Compliance Certificate substantially in the form ofExhibit D-2 orExhibit D-3,IRSForm W-9, and/or other certification documents from each beneficial owner, as applicable;provided that, if theForeign Lenderis a partnership and one or more direct or indirect partners of suchForeign Lenderare claiming the portfolio interest exemption, suchForeign Lendermay provide aU.S. Tax Compliance Certificate substantially in the form ofExhibit D-4 on behalf of each such direct and indirect partner; and

(C)anyForeign Lendershall, to the extent it is legally entitled to do so, deliver to theBorrowerand theAdministrative Agent(in such number of copies as shall be requested by therecipient), on or prior to the date on which suchForeign Lenderbecomes aLenderunder thisAgreement(and from time to time thereafter upon the reasonable request of theBorroweror theAdministrative Agent), executed originals of any other form prescribed byApplicable Lawas a basis for claiming exemption from or a reduction in U.S. federal withholdingTax, duly completed, together with such supplementary documentation as may be prescribed byApplicable Lawto permit theBorroweror theAdministrative Agentto determine the withholding or deduction required to be made.

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(D)If a payment made to aLenderunder anyLoan Documentwould be subject to U.S. federal withholdingTaximposed byFATCAif suchLenderwere to fail to comply with the applicable reporting requirements ofFATCA(includingthose contained in Section 1471(b) or 1472(b) of theIRC, as applicable), suchLendershall deliver to theBorrowerand theAdministrative Agentat the time or times prescribed by law and at such time or times reasonably requested by theBorroweror theAdministrative Agentsuch documentation prescribed byApplicable Law(includingas prescribed by Section 1471(b)(3)(C)(i) of theIRC) and such additional documentation reasonably requested by theBorroweror theAdministrative Agentas may be necessary for theBorrowerand theAdministrative Agentto comply with theirobligationsunderFATCAand to determine that suchLenderhas complied with suchLender’sobligationsunderFATCAor to determine the amount to deduct and withhold from such payment. Solely for purposes of thisclause (D), “FATCA” shallincludeany amendments made toFATCAafter the date of thisAgreement.

(h)Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of anyTaxesas to which it has been indemnified pursuant to thisSection 2.17 (includingby the payment of additional amounts pursuant to thisSection 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to theTaxesgiving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevantGovernmental Authoritywith respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to thisclause(h) (plus any penalties, interest or otherchargesimposed by the relevantGovernmental Authority) in the event that such indemnified party is required to repay such refund to suchGovernmental Authority. Notwithstanding anything to the contrary in thisclause(h), in no eventwillthe indemnified party be required to pay any amount to an indemnifying party pursuant to thisclause(h) the payment of which would place the indemnified party in a less favorable net after-Taxposition than the indemnified party would have been in if theTaxsubject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to suchTaxhad never been paid. Thisclause(h) shall not be construed to require any indemnified party to make available itsTaxreturns (or any otherinformationrelating to itsTaxesthat it deems confidential) to the indemnifying party or any otherPerson.

(i)Survival. Each party’sobligationsunder thisSection 2.17 shall survive the resignation or replacement of theAdministrative Agentor any assignment of rights by, or the replacement of, aLender, the termination of theCommitmentsand the repayment, satisfaction or discharge of all otherObligations.

(j)Updates. EachLenderagrees that if any form or certification it previously delivered pursuant to thisSection 2.17 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify theBorrowerand theAdministrative Agentin writing of its legal inability to do so.

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Section 2.18Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

(a)The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable underSection 2.14,2.16 or2.17, or otherwise) prior to 2:00 p.m. on the date when due, in immediately available funds, without defense, deduction, recoupment, set-off or counterclaim. Any amounts received after such time on any date may, in the sole and absolute discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon and fees with respect thereto. All such payments shall be made to the Administrative Agent at its offices at 425 5th Avenue, New York, NY 10018, except payments to be made directly to any Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant toSections 2.14,2.16,2.17 and9.3 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension;provided that if the next succeeding Business Day is after the Revolving Maturity Date or the Term Loan Maturity Date, as applicable, payment shall be made on the immediately preceding Business Day. All payments hereunder shall be made in Dollars.

(b)Except as otherwise provided inSection 7.2, if, at any time, insufficient funds are received by and available to theAdministrative Agentto pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then duehereunder, such funds shall be applied (i) first, towards payment of interest and fees then duehereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then duehereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

(c)If anyLendershall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of itsLoansor otherobligations hereunderresulting in suchLenderreceiving payment of a proportion of the aggregate amount of itsLoansand accrued interest thereon or other suchobligationsgreater than itspro rata share thereof as providedherein, then theLenderreceiving such greater proportion shall (i) notify theAdministrative Agentof such fact, and (ii) purchase (for cash at face value) participations in theLoansand such otherobligationsof the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respectiveLoansand other amounts owing to them;provided that:

(x)  if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

(y) the provisions of thisSection 2.18(c) shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the application of Cash Collateral provided for inSection 2.20 or (C) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant other than to the Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall apply).

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The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

(d)Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Borrower will not make such payment, the Administrative Agent may in its sole and absolute discretion assume that the Borrower has made such payment on such date in accordance herewith and may, in its sole and absolute discretion in reliance upon such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Nothing in thisSection 2.18(d) shall obligate the Administrative Agent to prefund any amount.

(e)Theobligationsof the Lendershereunderto makeLoans, to fund participations in Letters of Credit and Swingline Loansand to make payments pursuant toSection 9.3(c) are several and not joint. The failure of anyLenderto make anyLoan, tofundany such participation or to make any payment underSection 9.3(c) on any date requiredhereundershall not relieve any otherLenderof its corresponding obligation to do so on such date, and noLendershall be responsible for the failure of any otherLenderto so make itsLoan, to purchase its participation or to make its payment underSection 9.3(c).

Section 2.19MitigationObligations; Replacement of Lenders.

(a)Designation of a Different Lending Office. If anyLenderrequests compensation underSection 2.14, or delivers a notice described inSection 2.15, or requires theBorrowerto pay anyIndemnified Taxor additional amount to anyLenderor any Governmental Authority for the account of anyLenderpursuant toSection 2.17, then suchLendershall (at the request of theBorrower) use reasonable efforts to designate a different lending office for funding or booking itsLoans hereunderor to assign its rights andobligations hereunderto another of its offices, branches or affiliates, if, in the judgment of suchLender, such designation or assignment (i) would eliminate or reduce any amount payable pursuant toSection 2.14or2.17, or illegality, as the case may be, in the future, and (ii) would not subject suchLenderto any unreimbursed cost or expense and would not otherwise be disadvantageous to suchLender. TheBorrowerhereby agrees to pay all reasonable costs and expenses incurred by anyLenderin connection with any such designation or assignment.

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(b)Replacement of Lenders. If anyLenderrequests compensation underSection 2.14, or if anyLenderdelivers a notice described inSection 2.15 or if theBorroweris required to pay anyIndemnified Taxor additional amount to anyLenderor any Governmental Authority for the account of anyLenderpursuant toSection 2.17, and, in each case, suchLenderhas declined or is unable to designate a different lending office in accordance withSection 2.19(a) (each suchLender, an “Increased Cost Lender”), or if anyLenderis aDefaulting Lenderor aNon-Consenting Lender, then theBorrowermay, at its sole expense and effort, upon notice to suchLenderand theAdministrative Agent, require suchLenderto assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by,Section 9.4), all of its interests, rights (other than its existing rights to payments pursuant toSection 2.14 orSection 2.17)andobligationsunder thisAgreementand the relatedLoan Documentsto anEligible Assigneethat shall assume suchobligations(which assignee may be anotherLender, if aLenderaccepts such assignment);provided that:

(i)theBorrowershall have paid to theAdministrative Agentthe assignment fee (if any) specified inSection 9.4 (other than in the case of the replacement of a Defaulting Lender or a Non-Consenting Lender);

(ii)suchLendershall have received payment of an amount equal to the outstanding principal of itsLoans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to ithereunderand under the otherLoan Documents (includingany amounts underSection 2.16)from the assignee (to the extent of such outstanding principal and accrued interest and fees) or theBorrower(in the case of all other amounts);

(iii)in the case of any such assignment resulting from a claim for compensation underSection 2.14 or payments required to be made pursuant toSection 2.17, such assignmentwillresult in a reduction in such compensation or payments thereafter;

(iv)in the case of any such assignment resulting from a notice of illegality underSection 2.15, such assignmentwilleliminate such illegality;

(v)such assignment does not conflict withApplicable Law; and

(vi)in the case of any assignment resulting from aLenderbecoming aNon-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

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Section 2.20Cash Collateral. At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or any Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Issuing Banks’ Fronting Exposures with respect to such Defaulting Lender (determined after giving effect toSection 2.21(a)(iv)and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Cash Collateral Amount.

(a)Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of any Issuing Bank, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for such Defaulting Lender’s obligation to fund participations in respect of LC Exposure, to be applied pursuant toclause (b) below. If, at any time, the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Banks as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Cash Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the applicable Defaulting Lender).

(b)Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under thisSection 2.20 orSection 2.21 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of LC Exposure (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

(c)Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing Bank’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to thisSection 2.20 following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and each Issuing Bank that there exists excess Cash Collateral;provided that, subject toSection 2.21, the Person providing Cash Collateral and each Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations;provided further that, to the extent that such Cash Collateral was provided by the Borrower, any such Cash Collateral so held shall remain subject to the security interest granted pursuant to the Loan Documents.

Section 2.21Defaulting Lenders.

(a)Defaulting LenderAdjustments. Notwithstanding anything to the contrary contained in thisAgreement, if anyLenderbecomes aDefaulting Lender, then, until such time as suchLenderis no longer aDefaulting Lender, to the extent permitted byApplicable Law:

(i)Waivers and Amendments. SuchDefaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to thisAgreementor any otherLoan Document shall be restricted as set forth in the definition ofRequired Lenders.

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(ii)Defaulting LenderWaterfall. Any payment of principal, interest, fees or other amounts received by theAdministrative Agentfor the account of suchDefaulting Lender(whether voluntary or mandatory, at maturity, pursuant toSection 7.1 or otherwise), or received by theAdministrative Agentfrom aDefaulting Lenderpursuant toSection 9.8, shall be applied at such time or times as may be determined by theAdministrative Agentas follows:first, to the payment of any amounts owing by suchDefaulting Lenderto theAdministrative Agent hereunder;second, to the payment on apro ratabasis of any amounts owing by such Defaulting Lender to any Issuing Bank or Swingline Lender hereunder;third, to Cash Collateralize the Issuing Banks’ Fronting Exposures with respect to such Defaulting Lender in accordance withSection 2.20;fourth, as theBorrowermay request (so long as noDefault or Event of Defaultexists), to the funding of anyLoanin respect of which suchDefaulting Lenderhas failed tofundits portion thereof as required by thisAgreement, as determined by theAdministrative Agent;fifth, if so determined by theAdministrative Agentin its sole and absolute discretion, to be held in a deposit account asCash Collateralfor release in such order as theAdministrative Agentshall determine in order to satisfy (x) suchDefaulting Lender’s potential future fundingobligationswith respect toLoansunder thisAgreement, and (y) the Issuing Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance withSection 2.20;sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Banks or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; andeighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction;provided that, if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made, or the related Letters of Credit were issued, at a time when the conditions set forth inSection 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all Non-Defaulting Lenders on apro ratabasis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC Exposure and Swingline Loans are held by the Lenderspro  ratain accordance with the Commitments under the applicable Facility without giving effect toSection 2.21(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to thisSection 2.21(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

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(iii)Certain Fees.

(A)No Defaulting Lender shall be entitled to receive any commitment fee pursuant toSection 2.11(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

(B)Each Defaulting Lender shall be entitled to receive participation fees underSection 2.11(c) with respect to its participation in Letters of Credit for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant toSection 2.20.

(C)With respect to any participation fees with respect to Letters of Credit not required to be paid to any Defaulting Lender pursuant toclause (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in LC Exposure or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant toclause (iv) below, (y) pay to each Issuing Bank and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

(iv)Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in LC Exposure and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth inSection 4.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject toSection 9.15, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

(v)Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall, within one Business Day following notice by the Administrative Agent, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure, and (y) second, Cash Collateralize the Issuing Banks’ Fronting Exposure in accordance with the procedures set forth in Section 2.20.

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(b)Defaulting LenderCure. If theBorrower,theAdministrative Agent, the Swingline Lender and each Issuing Bankagree in writing that aLenderis no longer aDefaulting Lender, theAdministrative Agent willso notify the parties hereto, whereupon as of theeffective datespecified in such notice and subject to any conditions set forth therein (which mayincludearrangements with respect to anyCash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstandingLoansof the other Lenders or take such other actions as theAdministrative Agentmay determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and SwinglineLoansto be heldpro rata by the Lenders in accordance with theCommitments under the applicable Facility (without giving effect toSection 2.21(a)(iv)), whereupon suchLender willcease to be aDefaulting Lender;provided that, no adjustmentwillbe made retroactively with respect to fees accrued or payments made by or on behalf of theBorrowerwhile thatLenderwas aDefaulting Lender; andprovided further that, except to the extent otherwise expressly agreed by the affected parties, no changehereunderfromDefaulting LendertoLender willconstitute a waiver or release of any claim of any partyhereunderarising from thatLender’s having been aDefaulting Lender.

(c)New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan, and (ii) no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

Section 2.22Incremental Facilities.

(a)The Borrower may by written notice to the Administrative Agent elect to request an increase in Revolving Commitments (the “Incremental Revolving Commitments”), which Incremental Revolving Commitments shall be on terms identical to those applicable to the other Revolving Commitments in place on the applicable Incremental Revolving Commitment Effective Date, by an amount (for all such requests) not in excess of $100,000,000 in the aggregate;provided that, (i) any such request for an Incremental Revolving Commitment shall be in a minimum amount of $10,000,000 (or, if less, the remaining portion of the available Incremental Revolving Commitments) and integral multiples of $1,000,000 in excess of such amount, and (ii) the Borrower may not submit more than four such requests during the term of this Agreement. Each such notice shall specify (i) the date (each, an “Incremental Revolving Commitment Effective Date”) on which the Borrower proposes that the Incremental Revolving Commitments shall be effective, which shall be a date not less than 15 Business Days (or such shorter period as agreed by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent, and (ii) the identity of each Lender or other Person that is an Eligible Assignee (each, an “Incremental Revolving Lender”) to whom the Borrower proposes any portion of such Incremental Revolving Commitments be allocated and the amounts of such allocations;provided that, any Lender approached to provide all or a portion of the Incremental Revolving Commitments may elect or decline, in its sole discretion, to provide an Incremental Revolving Commitment. Each Lender shall notify the Administrative Agent within the required time period whether or not it agrees to provide any portion of the applicable Incremental Revolving Commitments and, if so, shall specify the amount of such Incremental Revolving Commitments it desires to be allocated to it. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitments. Such Incremental Revolving Commitments shall become effective as of such Incremental Revolving Commitment Effective Date;provided that, (i) the Borrower shall pay all reasonable and documented out-of-pocket expenses (including any upfront fees and reasonable and documented fees and out-of-pocket expenses of counsel) of the Incremental Revolving Lenders and the Administrative Agent, (ii) the Borrower shall have delivered to the Administrative Agent a certificate dated as of such Incremental Revolving Commitment Effective Date and signed by a Financial Officer (x) certifying and attaching the resolutions adopted by the Borrower approving the applicable Incremental Revolving Commitments, and (y) certifying that (1) no Default exists on such Incremental Revolving Commitment Effective Date before or after giving effect to such Incremental Revolving Commitments, (2) both before and after giving effect to the Incremental Revolving Commitments, the representations and warranties of the Loan Parties contained herein and in the other Loan Documents are true and correct in all material respects on and as of the Incremental Revolving Commitment Effective Date (except to the extent such representations and warranties relate solely to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date), and (3) the Borrower is inpro forma compliance with each of the financial covenants set forth inSection 6.1 as of the last day of the most recently ended fiscal quarter after giving effect to such Incremental Revolving Commitments, calculated assuming the Incremental Revolving Commitments are fully drawn, (iii) the Incremental Revolving Commitments shall be effected pursuant to one or more agreements in form and substance satisfactory to the Administrative Agent, executed and delivered by the Borrower, each Incremental Revolving Lender and the Administrative Agent, and each of which shall be recorded in the Register and each Incremental Revolving Lender shall be subject to the requirements set forth inSection 2.17(g), and (iv) the Borrower shall deliver or cause to be delivered a certificate as to the foregoing and any legal opinions, reaffirmations of security, reaffirmations of guarantees or other documents reasonably requested by the Administrative Agent in connection with any such transaction.

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On each Incremental Revolving Commitment Effective Date, subject to the terms and conditions set forth in this Section, each Incremental Revolving Commitment shall be a Revolving Commitment and part of the Revolving Facility (and not a separate Facility hereunder), each Incremental Revolving Lender providing such Incremental Revolving Commitment shall be, and have all the rights of, a Revolving Lender, and the Revolving Loans made by it on such Incremental Revolving Commitment Effective Date pursuant to this Section shall be Revolving Loans, for all purposes of this Agreement. Except for purposes of thisSection 2.22(a), any Incremental Revolving Commitments that are designated as an increase to the Revolving Commitments shall be deemed to be effective as of the applicable Incremental Revolving Commitment Effective Date, and after the effectiveness of such Incremental Revolving Commitments, Revolving Commitments for all purposes of this Agreement.

(b)          The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Incremental Revolving Commitment Effective Date. Any existing Revolving Lender that has a Note and participates in any Incremental Revolving Commitment shall, following request therefor and substantially contemporaneously with the delivery of its Note to be replaced to the Borrower, receive a replacement Note that evidences the aggregate principal amount of its Revolving Loans outstanding hereunder. Any new Lender requesting a Note shall receive such a Note in an amount equal to the aggregate principal amount of its Incremental Revolving Commitment.

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(c)          The Incremental Revolving Commitments established pursuant to thisSection 2.22, and all Revolving Loans thereunder, shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents and shall, without limiting the foregoing, benefit equally and ratably with the Obligations from the Guarantors and security interests created by the Security Documents.

Section 2.23Effect of Benchmark Transition Event.

(a)Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBO Rate 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 (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and 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 of each Class. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBO Rate with a Benchmark Replacement pursuant to thisSection 2.23(a) will occur prior to the applicable Benchmark Transition Start Date.

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

(c)Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (1) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness of any Benchmark Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or the Lenders pursuant to thisSection 2.23(c), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, 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 hereto, except, in each case, as expressly required pursuant to thisSection 2.23(c).

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(d)Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Eurodollar Borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, in the case of a request for a borrowing of, conversion to or continuation of Dollar denominated Loans, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to the Alternate Base Rate Loans. During any Benchmark Unavailability Period, the component of the Alternate Base Rate based upon the LIBO Rate will not be used in any determination of the Alternate Base Rate.

Article IIIRepresentations and Warranties

The Borrower represents and warrants to the Administrative Agent, the Issuing Banks and the Lenders that:

Section 3.1Organization; Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to own or lease its property and to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification.

Section 3.2Authorization; Enforceability. The Transactions are within the corporate or other applicable organizational powers of the Loan Parties and have been duly authorized by all necessary corporate or other applicable organizational actions and, if required, actions by stockholder and other equity holders. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is a party thereto and constitutes, or will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Section 3.3Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other Person, except such as have been obtained or made and are in full force and effect, (b) will not violate any Applicable Law or the charter, by-laws or other organizational documents of any Loan Party or any Subsidiary of the Borrower or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary of the Borrower or their assets, or give rise to a right thereunder to require any payment to be made by any Loan Party or any Subsidiary of the Borrower, and (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any Subsidiary of the Borrower (except for Liens created by the Security Documents).

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Section 3.4Financial Condition; NoMaterial Adverse Effect.

(a)The Borrower has furnished the Lenders a balance sheet and statements of income, stockholders’ equity and cash flows of Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated basis as of and for the fiscal year ended 2018, audited on by independent public accountants. Such financial statements were prepared in accordance with IFRS consistently applied, present fairly the financial position and results of operations and cash flows of Globant S.A. (Luxembourg) and its Subsidiaries on a Consolidated basis as of such dates and for such periods.

(b)No Loan Party has any material liabilities, contingent or otherwise, or forward or long-term commitments that are not disclosed in the financial statements referred to inSection 3.4(a) or in the notes thereto. NoMaterial Adverse Effecthas occurred since December 31, 2018and no other facts or circumstances exist nor has any development or event occurred that has had or could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect(other than the Disclosed Matters, but only to the extent amounts paid in respect of any or all Disclosed Matters do not exceed in the aggregate $1,500,000).

(c)All balance sheets, all statements of income and of cash flows and all other financialinformationof Globant S.A. (Luxembourg) and itsSubsidiariesfurnished pursuant toSection 5.1 have been andwillfor periods following theEffective Datebe prepared in accordance withIFRSconsistently applied, and do orwillpresent fairly the financial condition of thePersonscovered thereby on a Consolidated basis as at the dates thereof and the results of their operations for the periods then ended.

(d)The forecasted balance sheet and statements of income and cash flows of Globant S.A. (Luxembourg) and its Subsidiaries delivered pursuant toSection 5.1(d) were prepared on a Consolidated basis in good faith on the basis of the assumptions stated therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented, at the time of delivery, Globant S.A. (Luxembourg)’sreasonable estimate of its future financial condition and performance, it being understood that such forecasts (i) are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control, that no assurance can be given that any particular projections will be realized, the actual results may differ and that such differences may be material and (ii) are not a guarantee of performance.

Section 3.5Properties. Each of the Borrower and its Subsidiaries has (i) in the case of owned real property, good and marketable title to, (ii) in the case of owned personal property, good and valid title to, and (iii) in the case of leased real or personal property, valid and enforceable leasehold interests (as the case may be) in, all its real and personal property necessary or used in the ordinary conduct of its business, except for defects in title that could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The property of the Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted bySection 6.3.

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Section 3.6Litigation and Environmental Matters.

(a)There are no actions, suits, litigation, investigations or proceedings by, of or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened by or against or affecting any Loan Party or any Subsidiary of the Borrower or against any of its property or assets (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters, but only to the extent amounts paid in respect of any or all Disclosed Matters do not exceed in the aggregate $1,500,000), or (ii) that involve, or purport to affect or pertain to, this Agreement, any other Loan Document or the Transactions.

(b)Except with respect to any matters that,individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, no Loan Party orSubsidiary of the Borrower(i) has failed to comply with anyEnvironmental Lawor any remediation order, notice of claim, notice of infraction or other order under anyEnvironmental Lawor to obtain, maintain or comply with any permit, license or other approval required under anyEnvironmental Law, (ii) has become subject to anyEnvironmental Liability, (iii) has received notice of any claim with respect to anyEnvironmental Liability, or (iv) knows of any basis for anyEnvironmental Liability.

(c)Except with respect to any other matters that,individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, with respect to any realpropertyowned or leased byany Loan Partyor any Subsidiary of the Borrower, (i) there has been no release ofHazardous Materialsat, from, or to the realproperty,includingthe soils, surface waters, or ground waters thereof, and (ii) there are no conditions at the realpropertywhich, with the passage of time, or giving of notice, or both, would be reasonably likely to result in anEnvironmental Liability.

Section 3.7Compliance with Laws and Contractual Obligations; NoDefaults. Each Loan Party and each Subsidiary of the Borrower is in compliance in all material respects with all Applicable Laws. Each Loan Party and each Subsidiary of the Borrower is in compliance with all of its Contractual Obligations, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Neither any Loan Party nor any Subsidiary of the Borrower is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the Transactions.

Section 3.8Investment CompanyStatus; Other Laws. No Loan Party or Subsidiary of the Borrower is or is required to be registered as an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

Section 3.9Taxes. Each Loan Party and each Subsidiary of the Borrower has timely filed or caused to be filed all federal, state and other material Tax returns and reports required to have been filed by it and has paid or caused to be paid all federal, state and other material taxes, assessments, fees and other governmental charges required to have been paid by it or levied or imposed upon it or its properties, income or assets otherwise due and payable, except Taxes that are being contested in good faith by appropriate proceedings diligently conducted and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with IFRS.

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Section 3.10ERISA Compliance. Each Plan is in compliance in all material respects with all applicable requirements of ERISA, the IRC and other Applicable Law. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. No claim, action, suit, audit or investigation with respect to any Plan exists or has been commenced or, to the knowledge of the Borrower, threatened, other than routine claims for benefits and except for such claims, actions, suits, audits and investigations that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules arising under ERISA with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. The Borrower and each ERISA Affiliate has complied with the Funding Rules with respect to each Pension Plan, and no waiver of the minimum funding requirements under the Funding Rules has been applied for or obtained. As of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430 of the IRC) is 60% or higher and no facts or circumstances exist that could reasonably be expected to cause the funding target attainment percentage to drop below such threshold as of the most recent valuation date.

Section 3.11Insurance. Set forth onSchedule 3.11 is a complete and accurate summary of the property and casualty insurance program of the Loan Parties as of the Effective Date (including the names of all insurers, policy numbers, expiration dates, amounts and types of coverage, annual premiums, exclusions, deductibles, self-insured retention and a description in reasonable detail of any self-insurance program, retrospective rating plan, fronting arrangement or other risk assumption arrangement involving any Loan Party). The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates.

Section 3.12Margin Regulations. No Loan Party and no Subsidiary thereof is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U), or extending credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of any Loan or any Letter of Credit have been used, directly or indirectly, to purchase or carry, or to extend credit to others to purchase or carry, any margin stock (within the meaning of Regulation U) or for any other purpose that entails a violation of any Regulations of the FRB, including Regulation U.

Section 3.13Subsidiaries;Equity Interests. No Loan Party has any Subsidiaries other than those specifically disclosed inPart I ofSchedule 3.13 (and any Subsidiaries that are permitted to have been organized or acquired after the Effective Date in accordance withSection 6.6). All of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by a Loan Party in the amounts specified onPart IofSchedule 3.13 free and clear of all Liens (other than Liens created by the Security Documents and Liens permitted underSection 6.3). No Loan Party has any equity investments in any other Person other than those specifically disclosed inPart II ofSchedule 3.13 (and any Subsidiaries that are permitted to have been organized or acquired after the Effective Date in accordance withSection 6.6). All of the outstanding Equity Interests in the Borrower have been validly issued, and are fully paid and nonassessable and are owned by Globant S.A. (Spain) in the amounts specified onPart III ofSchedule 3.13 free and clear of all Liens.

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Section 3.14Sanctions. None of the Loan Parties, any of their respective Subsidiaries, any director or officer, or any employee, agent, or affiliate, of the respective Loan Parties or any of their respective Subsidiaries is a Person that is, or is owned or controlled by Persons that are, (i) the subject of any sanctions administered or enforced by the US Department of the Treasury’s Office of Foreign Assets Control, the US Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, the Hong Kong Monetary Authority or other relevant sanctions authority (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions, including, without limitation, currently, Cuba, the Crimea region of Ukraine, Iran, North Korea and Syria.

Section 3.15Disclosure. The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any Loan Party or any Subsidiary of the Borrower is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. The reports, financial statements, certificates or other information (whether in writing or orally) furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender pursuant to or in connection with the Loan Documents (as modified or supplemented by other information so furnished), when taken as a whole, do not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time made, it being understood that such forecasts (i) are not to be viewed as facts and are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control, that no assurance can be given that any particular projections will be realized, that actual results may differ and that such differences may be material and adverse and (ii) are not a guarantee of performance.

Section 3.16Security Documents. The Security Agreement has created, and continues to create, in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of the Collateral described in the Security Agreement, financing statements and other filings in appropriate form have been filed in the appropriate offices, and the Borrower has granted, and continues to grant, a fully perfected first priority Lien on, and security interest in, all right, title and interest of the Borrower in such Collateral and the proceeds thereof solely to the extent a security interest can be perfected solely by such filing or other action required thereunder as security for the Secured Obligations, in each case prior and superior in right to any other Person (except for Liens permitted bySection 6.3).

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Section 3.17Solvency, etc.

(a)On the Effective Date, and immediately prior to and after giving effect to the Transactions and to the issuance of each Letter of Credit and each Borrowing hereunder and the use of the proceeds thereof, with respect to the Borrower, individually, (a) the fair value of its assets is greater than the amount of its liabilities (including contingent liabilities), (b) the present fair saleable value of its assets is not less than the amount that will be required to pay the probable liability on its debts as they become absolute and matured, (c) it is able to pay its debts and other liabilities (including contingent liabilities) as they become absolute and matured in the ordinary course of business, (d) it does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such debts and liabilities mature, and (e) it is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which its property would constitute unreasonably small capital;provided that, the amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

(b)On the Effective Date, and immediately prior to and after giving effect to the Transactions and each Borrowing hereunder and the use of the proceeds thereof, (a) the fair value of the assets of the Loan Parties (on a Consolidated basis) is greater than the amount of the liabilities (including contingent liabilities), (b) the present fair saleable value of the assets of the Loan Parties (on a Consolidated basis) is not less than the amount that will be required to pay the probable liability of the Loan Parties (on a Consolidated basis) on their debts as they become absolute and matured, (c) the Loan Parties (on a Consolidated basis) are able to pay their debts and other liabilities (including contingent liabilities) as they become absolute and matured in the ordinary course of business, (d) the Loan Parties do not intend to, and do not believe that they will, incur debts or liabilities beyond their ability to pay as such debts and liabilities mature, and (e) the Loan Parties (on a Consolidated basis) are not engaged in business or a transaction, and are not about to engage in business or a transaction, for which their property would constitute unreasonably small capital;provided that, the amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

Section 3.18Reserved.

Section 3.19Burdensome Obligations. No Loan Party is a party to any agreement or contract or subject to any restriction contained in its organizational documents which could reasonably be expected to have a Material Adverse Effect.

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Section 3.20Labor Matters. Except as set forth onSchedule 3.20, no Loan Party is subject to any labor or collective bargaining agreement. There are no existing or threatened strikes, lockouts or other labor disputes involving any Loan Party that, individually or in the aggregate could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of the Loan Parties are not in violation of the Fair Labor Standards Act or any other Applicable Law dealing with such matters in any material respect.

Section 3.21Reserved

Section 3.22EEA Financial Institution. No Loan Party is an EEA Financial Institution.

Section 3.23Anti-Corruption. None of the Loan Parties or Subsidiaries of the Loan Parties or any of their respective directors or officers or, to the knowledge of any of the Loan Parties or Subsidiaries of the Loan Parties, any of their respective agents, employees, Affiliates or any Person acting on behalf of such party, is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable anti-bribery law or Anti-Money Laundering Laws, rules or regulations in any applicable jurisdiction, including but not limited to, the United Kingdom Bribery Act 2010 and the rules and regulations thereunder (the “UK Bribery Act”), the U.S. Foreign Corrupt Practices Act of 1977, and the rules and regulations thereunder (the “FCPA”). Furthermore, the Loan Parties and, to the knowledge of the Loan Parties, their respective Affiliates have conducted their business in compliance with the UK Bribery Act, the FCPA and similar laws, rules or regulations and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

Section 3.24Use of Proceeds. The proceeds of the Loans and Letters of Credit shall be used to pay fees, commissions and expenses of the Transactions, for lawful general corporate purposes (including, without limitation, payments in connection with Acquisitions permitted hereunder) and working capital requirements of the Borrower.

Article IV

Conditions Precedent

Section 4.1Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance withSection 9.2):

(a)TheAdministrative Agent(or its counsel) shall have received from each party hereto either (i) a counterpart of thisAgreement signedon behalf of such party, or (ii) written evidence satisfactory to theAdministrative Agent(which mayincludetelecopy or electronic transmission of asigned signaturepage of thisAgreement) that such party hassigneda counterpart of thisAgreement.

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(b)TheAdministrative Agentshall have received the following, eachin form and substance satisfactory to the Administrative Agent:

(i)a counterpart of (x) the Second Reaffirmation of LuxembourgGuaranty Agreementexecuted by Globant S.A. (Luxembourg) and (y) the Second Reaffirmation of Spanish Guaranty Agreement executed by Globant S.A. (Spain);

(ii)a counterpart of the Second Reaffirmation ofSecurity Agreementexecuted by theBorrower;

(iii)each document (including Uniform Commercial Codefinancing statements, if any additional filings are necessary) required by theSecurity Documents or reasonably requested by theAdministrative Agentto be filed, registered or recorded in order to create in favor of theAdministrative Agent, for the benefit of theSecured Parties, a perfectedLienon theCollateral that is capable of being perfected by the filing of a Uniform Commercial Code financing statementdescribed therein, prior to all otherLiens(subject only toLienspermitted pursuant toSection 6.3), in proper form for filing, registration or recording;

(iv)certified copies of Uniform Commercial Code and otherLiensearchreportsdated a date near to theEffective Date, listing all effective financing statements and otherLienfilings that name theBorrower(under their current names and any previous names) as debtors, together with (A) copies of such financing statements or otherLienfilings, and (B) such Uniform Commercial Code termination statements or amendments or otherLienterminations, as applicable, as theAdministrative Agentmay request;

(v)such documents, incumbency and other certificates as theAdministrative Agentor its counsel may reasonably request relating to the organization, existence and good standing of theLoan Parties, the authorization of theTransactions, the identity, authority and capacity of eachResponsible Officerthereof authorized to act as aResponsible Officerin connection with thisAgreementand the otherLoan Documents and any other legal matters relating to theLoan Parties, thisAgreementor theTransactions(it being understood and agreed that theAdministrative Agentand the Lenders shall be entitled to conclusively rely on such documents, incumbency and certificates until notice is received by theAdministrative Agentfrom theBorrowerto the contrary);

(vi)evidence satisfactory to theAdministrative Agentof the receipt of all consents required to effect theTransactions,includingall regulatory approvals and licenses, if applicable;

(vii)evidence (if additional evidence is necessary) of the existence of insurance required to be maintained pursuant toSection 5.5, together with evidence that the Administrative Agent has been named as lender’s loss payee and an additional insured on all related insurance policies; and

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(viii)a certificate, dated theEffective Dateandsignedby aResponsible Officerof theBorrower, confirming compliance with the conditions set forth inclauses (a) and(b) ofSection 4.2.

(c)TheAdministrative Agentshall have received favorable written legal opinions (addressed to theAdministrative Agentand the Lenders and dated theEffective Date) ofNew York counsel for theLoan Parties, Luxembourg counsel to Globant S.A. (Luxembourg), and Spanish counsel to Globant S.A. (Spain), eachin form and substance reasonably satisfactory to the Administrative Agent, and covering such other matters relating to theLoan Parties, theLoan Documents or theTransactionsas theRequired Lendersshall reasonably request.

(d)EachLendershall have received payment of all fees and other amounts due and payable on or prior to theEffective Date,including, to the extent invoiced at least one (1) Business Day prior to the Effective Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by theBorrower hereunder.

(e)TheAdministrative Agentand eachLendershall have received all documentation and otherinformationrequired by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,includingthePATRIOT Act, in each case, to the extent requested in writing at least five (5) Business Days prior to the Effective Date.

(f)Since December 31, 2018, there shall not have occurred any Material Adverse Effect.

(g)The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

Section 4.2Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of each Issuing Bank to issue, amend or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

(a)The representations and warranties of theLoan Partiesset forth in theLoan Documentsshall be true and correct in all material respects (except to the extent already qualified by materiality, in which case any such representation or warranty shall be true and correct in all respects) on and as of the date of suchBorrowing or the date of issuance, amendment or extension of such Letter of Credit, as applicable, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except to the extent already qualified by materiality, in which case any such representation or warranty shall be true and correct in all respects) as of such earlier date.

(b)At the time of and immediately after giving effect to suchBorrowing or the date of issuance, amendment or extension of such Letter of Credit, as applicable,noDefault or Event of Defaultshall have occurred or is continuing.

Each Borrowing and each issuance, amendment or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified inclauses (a) and(b) of this Section.

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Article V

Affirmative Covenants

So long as any Lender has any Commitment hereunder, any Loans, any Obligations or any other amount payable hereunder or under any other Loan Document has not been paid in full, or any Letter of Credit remains outstanding (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the applicable Issuing Bank shall have been made), the Borrower covenants and agrees, for itself and its Subsidiaries, with the Administrative Agent, the Issuing Banks and the Lenders that:

Section 5.1Financial Statements and Other Information. The Borrower shall furnish, or shall cause to be furnished, to the Administrative Agent and each Lender:

(a)as soon as practicable, but in any event within 120 days after the end of each fiscal year:

(i)Globant S.A. (Luxembourg)’s audited balance sheet and related statements of operations,shareholders’ equityand cash flows as of the end of and for such year on a Consolidated basis, all reported on by independentpublicaccountants selected by Globant S.A. (Luxembourg) andreasonably acceptable to the Administrative Agent (it being understood and agreed that Deloitte & Co. S.A. is deemed acceptable to the Administrative Agent)(without any qualification or exception which (x) is of a “going concern” or similar nature (other than any qualifications arising from the Loans hereunder maturing, in accordance with their terms on a non-accelerated basis, less than one year following the date of such financial statements), (y) relates to the limited scope of examination of matters relevant to such financial statement, or (z) relates to the treatment or classification of any item in such financial statement and which, as a condition to its removal, would require an adjustment to such item the effect of which could be reasonably expected to result in a Default or Event ofDefault) to the effect that such financial statements present fairly, in all material respects, the financial position and results of operations of Globant S.A. (Luxembourg) and itsSubsidiarieson a Consolidated basis in accordance withIFRSconsistently applied;

(ii)Borrower’s balance sheet and related statements of operations (which shall include, for the avoidance of doubt, an accounts receivable report), as of the end of and for such year on a Consolidated basis, all certified by a Financial Officer of the Borrower as presenting fairly, in all material respects, the financial position and results of operations of Borrower in accordance withIFRSconsistently applied;

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(b)as soon as practicable, but in any event within60days after the end of each of the first three fiscal quarters of each fiscal year of theBorrower’s and Globant S.A. (Luxembourg)’sbalance sheet and related statements of operations (which shall include, for the avoidance of doubt, with respect to the Borrower only, an accounts receivable report),shareholders’ equityand cash flows as of the end of and for such fiscal quarter and the then-elapsed portion of the fiscal year, each certified by aFinancial Officer of the Borrower and Globant S.A. (Luxembourg), respectively,as presenting fairly, in all material respects, the financial position and results of operations of theBorrower and Globant S.A. (Luxembourg)’sconsolidatedSubsidiarieson a Consolidated basis in accordance withIFRSconsistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

(c)concurrently with any delivery of financial statements underclause (a) or(b) above, a duly completed and executedCompliance Certificateof aFinancial Officerof theBorrower and Globant S.A. (Luxembourg), as applicable,(i) certifying as to whether aDefault or Event of Defaulthas occurred or is continuing and, if aDefault or Event of Defaulthas occurred and is continuing, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance withSections 6.1, and (iii) stating whether any change inIFRSor in the application thereof has occurred since the date of the audited financial statements referred to inSection 3.4 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;

(d)as soon as available, but in any event within 90 days after the end of each fiscal year of Globant S.A. (Luxembourg), forecasts prepared by management of Globant S.A. (Luxembourg) on a Consolidated basis, in form satisfactory to the Administrative Agent and the Required Lenders, of statements of income of Globant S.A. (Luxembourg) and its Subsidiaries on a quarterly basis for the immediately following fiscal year and any projected changes in financial position of Globant S.A. (Luxembourg) and its Subsidiaries and a description of the underlying assumptions applicable thereto, and as soon as available, significant revisions, if any, of such forecast with respect to such fiscal year;

(e)promptly following any request therefor, such otherinformationregarding the operations, business affairs and financial condition of any Loan Party or anySubsidiary of the Borrower (including, without limitation, information and certifications regarding whether the Guarantors constitute “eligible contract participants” as defined in the Commodity Exchange Act and the regulations thereunder), or compliance with the terms of theLoan Documents, as theAdministrative Agentor anyLendermay reasonably request. The Administrative Agent and each Lender agrees to keep all information obtained by them pursuant to thisclause (e) confidential in accordance withSection 9.12. Notwithstanding the foregoing, no Loan Party or Subsidiary thereof shall be required to disclose any information to the extent that (i) such Loan Party or Subsidiary is prohibited from furnishing such other information (x) by Applicable Law or (y) a binding confidentiality obligation owed by such Loan Party or such Subsidiary to any third party (provided that such confidentiality obligations were not entered into in contemplation of the requirements of thisSection 5.1(e)), it being understood and agreed that thisSection 5.1(e) shall not be applied to augment the periodic reporting obligation of any Loan Party under this Agreement, (ii) such information constitutes non-financial trade secrets or non-financial proprietary information or (iii) such information is subject to attorney client privilege or constitutes attorney work product;provided that, in each case, the Borrower shall provide notice to the Administrative Agent that such information is being withheld and (other than with respect toclause (iii) above) the Borrower shall use its commercially reasonable efforts to obtain the relevant consents and to communicate, to the extent both feasible and permitted under applicable law or confidentiality obligation, the applicable information.

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Section 5.2Notices of Material Events. The Borrower shall furnish to the Administrative Agent for distribution to each Lender written notice of the following:

(a)promptly, and in any event within three (3) days after any Responsible Officer of theBorroweror any otherLoan Partyobtains knowledge thereof, the occurrence of anyDefaultorEvent of Default;

(b)promptly, and in any event within three (3) days after any Responsible Officer of theBorroweror any otherLoan Partyobtains knowledge thereof, the filing or commencement of any action, suit or proceeding by or before any arbitrator orGovernmental Authorityagainst or affecting any Loan Party or anySubsidiary of the Borrower that, if adversely determined,could reasonably be expected to result in a Material Adverse Effect;

(c)promptly upon a Responsible Officer of the Borrower or anyLoan Partyobtaining knowledge thereof, the occurrence of anyERISA Event(or the maintenance, commencement or, to the knowledge of theBorrower, threat of any claim, action, suit, audit or investigation with respect to anyPlanother than routine claims for benefits) that, alone or together with any otherERISA Eventsthat have occurred (and any such claims, actions, suits, audits or investigations with respect to anyPlanthat are being maintained or have commenced or, to the knowledge of theBorrower, have been threatened),could reasonably be expected to result in liabilityof theBorrowerand itsSubsidiariesin an aggregate amount exceeding$500,000;

(d)promptly upon any Responsible Officer of theBorroweror any otherLoan Partyobtaining knowledge thereof, any material change in accounting policies or financial reporting practices byany Loan Party or any Subsidiary of the Borrower;

(e)promptly upon any Responsible Officer of the Borrower or any Loan Party obtaining knowledge thereof, any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect, including, without limitation, (i) breach or non-performance of, or any default under, a Contractual Obligation of any Loan Party or any Subsidiary of the Borrower and (ii) the commencement of, or any material development in, any litigation or proceeding affecting any Loan Party or any Subsidiary of the Borrower, including pursuant to any applicable Environmental Laws; and

(f)promptly, and in any event, within three (3) days after any Responsible Officer of the Borrower or any other Loan Party obtains knowledge thereof, the occurrence of any of the actions or events set forth inclauses (h),(i) or(j) ofSection 7.1 with respect any Subsidiary of a Loan Party.

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Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

Section 5.3Existence; Conduct of Business. Each Loan Party shall, and shall cause each other Loan Party and each Material Subsidiary to, do or cause to be done all things necessary to (a) preserve, renew and keep in full force and effect its legal existence and good standing (or its jurisdictional equivalent) under the laws of the jurisdiction of its organization, (b) maintain all requisite power and authority to carry on its business as now conducted, (c) except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, preserve, renew and keep in full force and effect its qualification to do business in, and its good standing (or its jurisdictional equivalent) in, every jurisdiction where such qualification is required, and (d) preserve, renew and keep in full force and effect all other rights, qualifications, licenses, permits, privileges and franchises necessary or desirable to the conduct of its business;provided that, the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution expressly permitted underSection 6.4.

Section 5.4Payment ofObligations. Each Loan Party shall, and shall cause each Subsidiary of the Borrower to, pay as the same shall become due and payable all of its material obligations and liabilities, including Tax liabilities, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings diligently conducted, and (b) the Borrower or such Loan Party or such Subsidiary of the Borrower has set aside on its books adequate reserves with respect thereto in accordance with IFRS.

Section 5.5Maintenance ofProperties; Insurance. The Borrower shall, and shall cause each other Loan Party to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, (b) make all necessary repairs thereto and renewals and replacements thereof except, in the case of each ofclauses (a) and(b), where the failure to do so could not reasonably be expected to have a Material Adverse Effect, and (c) maintain, with financially sound and reputable insurance companies that are not Affiliates of the Borrower, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. The Borrower shall cause each issuer of an insurance policy to provide the Administrative Agent with an endorsement (i) showing the Administrative Agent as lenders loss payee with respect to each policy of property or casualty insurance and naming the Administrative Agent and each Lender as an additional insured with respect to each policy of liability insurance, (ii) providing that 30 days’ notice shall be given to the Administrative Agent prior to any cancellation of, material reduction or change in coverage provided by or other material modification to such policy, and (iii) reasonably acceptable in all other respects to the Administrative Agent.

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Section 5.6Books and Records; Inspection Rights(a). (a) Each Loan Party shall, and shall cause each Subsidiary of the Borrower to, keep proper books of record and account in which complete and accurate entries, in all material respects, in conformity with IFRS consistently applied are made of all dealings and transactions in relation to its assets, business and activities.

(b)Each Loan Party shall, and shall cause eachSubsidiary of the Borrowerto, permit any representatives designated by theAdministrative Agentor anyLender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested;provided that, when aDefault or Event of Defaulthas occurred or is continuing, theAdministrative Agentor anyLender(or any of their respective representatives) may do any of the foregoing at the expense of theBorrowerat any time during normal business hours and without advance notice. All such inspections or audits by theAdministrative Agentshall be at theBorrower’s expense;provided that (i) so long as no Default or Event of Default exists, the Borrower shall not be required to reimburse the Administrative Agent for inspections or audits more frequently than once in each fiscal year and (ii) any such reimbursement shall be limited to reasonable and documented expenses. TheBorrowerhereby authorizes and instructs its independent accountants to discuss theBorrower’s affairs, finances and condition with theAdministrative Agentand anyLender, at theAdministrative Agent’s or suchLender’s request;provided, that, unless an Event of Default shall have occurred and is continuing, the Borrower shall have been afforded a reasonable opportunity to be present at any such discussions. The Administrative Agent and each Lender agrees to keep all information obtained by them pursuant to this Section confidential in accordance withSection 9.12. Notwithstanding the foregoing, no Loan Party or Subsidiary thereof shall be required to disclose any information to the extent that (i) such Loan Party or Subsidiary is prohibited from furnishing such other information (x) by Applicable Law or (y) a binding confidentiality obligation owed by such Loan Party or such Subsidiary to any third party (provided that such confidentiality obligations were not entered into in contemplation of the requirements of thisSection 5.6), it being understood and agreed that thisSection 5.6 shall not be applied to augment the periodic reporting obligation of any Loan Party under this Agreement, (ii) such information constitutes non-financial trade secrets or non-financial proprietary information or (iii) such information is subject to attorney client privilege or constitutes attorney work product;provided that, in each case, the Borrower shall provide notice to the Administrative Agent that such information is being withheld and (other than with respect toclause (iii) above) the Borrower shall use its commercially reasonable efforts to obtain the relevant consents and to communicate, to the extent both feasible and permitted under applicable law or confidentiality obligation, the applicable information.

Section 5.7Compliance with Laws and Contractual Obligations. Each Loan Party shall, and shall cause each Subsidiary of the Borrower to, comply in all material respects with Applicable Law (including Environmental Laws, Sanctions and Anti-Money Laundering Laws), and perform in all material respects its Contractual Obligations.

Section 5.8Use of Proceeds. The proceeds of the Loans and Letters of Credit shall be used only to pay Transaction Costs, for lawful general corporate purposes (including, without limitation, payments in connection with Acquisitions permitted hereunder) and working capital of the Borrower. No part of the proceeds of any Loan or Letter of Credit shall be used, whether directly or indirectly, for any purpose that entails a violation of any Regulation of the FRB, including Regulations T, U and X.

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Section 5.9Further Assurances.

(a)Each Loan Party shall take such actions as are necessary or as the Administrative Agent or the Required Lenders may reasonably request from time to time, at the Borrower’s expense, to carry out more effectively the purposes of the Loan Documents and to ensure that the Secured Obligations are secured by substantially all of the assets of the Borrower and each Material Subsidiary (as well as all Equity Interests of each Domestic Subsidiary and 65% of all Equity Interests of each Foreign Subsidiary that is owned by either the Borrower or a Domestic Subsidiary) and guaranteed by Globant S.A. (Luxembourg), Globant S.A. (Spain) and each Material Subsidiary (including, upon the acquisition or creation thereof, any Material Subsidiary acquired or created after the Effective Date), in each case as the Administrative Agent may determine in its reasonable discretion;provided that, no Loan Party shall be required to (i) take any collateral perfection action other than the filing of Uniform Commercial Code financing statements or (ii) bear the costs or expenses of any collateral perfection other than as described inclause (i), in each case, except following the request of the Administrative Agent following the occurrence and during the continuance of an Event of Default.

(b)Reserved.

(c)If anyMaterial Subsidiaryis formed or acquired after theEffective Date, theBorrowershall promptly, and in any event within30 days (or such longer period as the Administrative Agent may agree)after such newly formed or acquired MaterialSubsidiaryis formed or acquired, notify theAdministrative Agentthereof, and cause suchMaterial Subsidiaryto become aGuarantorby delivering to theAdministrative Agentany applicableSecurity Documents (in each case in the form contemplated hereby or otherwise acceptable to the Administrative Agent), duly executed and delivered by suchMaterial Subsidiary, pursuant to which suchMaterial Subsidiaryagrees to be bound by the terms and provisions thereof, such Security Documents to be accompanied by appropriate corporate resolutions, other corporate documentation and legal opinionsin form and substance reasonably satisfactory to the Administrative Agentand its counsel.

(d)TheBorrowershall furnish to theAdministrative Agentat least30days’ prior written notice of any change(i)in anyLoan Party’s legal name (as set forth in its certificate of organization or like document), (ii) in the jurisdiction of incorporation or organization of anyLoan Partyor in the form of its organization, or (iii) in anyLoan Party’s organizational identification number (if applicable).

(e)Not later than five days after delivery of financial statements pursuant toSection 5.1(a), the Borrower shall deliver to the Administrative Agent a certificate duly executed by a Responsible Officer of the Borrower (i) setting forth any updates toSchedule 3.13 or (ii) confirming that there has been no change in such information since the Effective Date or the most recent certificate delivered pursuant to this Section (as applicable).

Section 5.10Deposit Accounts. Unless the Administrative Agent otherwise consents in writing, the Borrower shall maintain its primary operating accounts with the Administrative Agent or any Lender.

Section 5.11Accuracy ofInformation. The Borrower will ensure that any information, including financial statements or other documents, prepared by or on behalf of the Borrower and furnished to the Administrative Agent or the Lenders in connection with any Loan Document or any amendment or modification thereof or waiver thereunder contains no material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading, and the furnishing of such information shall be deemed to be a representation and warranty by the Borrower on the date thereof as to the matters specified in thisSection 5.11.

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Section 5.12Additional Information. Promptly following any request therefor, provide information and documentation reasonably requested by the Administrative Agent or any Lender to evidence compliance withSection 3.14, or for the purpose of the Administrative Agent’s or such Lender’s compliance with “know your customer” and Anti-Money Laundering Laws, rules and regulations, including, without limitation, the PATRIOT Act and FCPA.

Article VI

Negative Covenants

So long as any Lender has any Commitment hereunder, any Loans, any Obligations or any other amount payable hereunder or under any other Loan Document has not been paid in full, or any Letter of Credit remains outstanding (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the applicable Issuing Bank shall have been made), the Borrower covenants and agrees, for itself and on behalf of its Subsidiaries, with the Administrative Agent, the Issuing Banks and the Lenders that:

Section 6.1Financial Covenants.

(a)Fixed Charge Coverage Ratio. The Borrower shall not permit the Fixed Charge Coverage Ratio for any Computation Period to be less than 1.25 to 1.00for such period.

(b)Maximum Total Leverage Ratio. The Maximum Total Leverage Ratio as of the last day of any Computation Period shall not exceed 3.00 to 1.00 for such period.

Section 6.2Indebtedness. The Borrower shall not, and shall not cause or permit any Subsidiary of the Borrower to, create, incur, assume or permit to exist any Indebtedness, except:

(a)Indebtednesscreated under theLoan Documents;

(b)Indebtednessexisting on the datehereofand set forth inSchedule 6.2, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof, except reasonable fees and expenses incurred in connection with such extension, renewal or replacement, or change any direct or contingent obligor with respect thereto;

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(c)Indebtednessof theBorrowerto anySubsidiaryand of anySubsidiaryto theBorroweror any otherSubsidiary;

(d)Guaranteesby theBorrowerofIndebtednessotherwise permittedhereunderof anySubsidiaryand by anySubsidiaryofIndebtednessotherwise permittedhereunderof theBorroweror any otherSubsidiary;

(e)Indebtednessof theBorroweror anySubsidiary of the Borrowerincurred to finance theacquisition, construction, repair, development or improvement of any fixed or capital assets,including Capital Lease Obligationsand anyIndebtednessassumed in connection with theacquisitionof any such assets or secured by aLienon any such assets prior to theacquisitionthereof, and extensions, renewals and replacements of any suchIndebtednessthat do not increase the outstanding principal amount thereof except reasonable fees and expenses incurred in connection with such extension, renewal or replacement;provided that, (i) suchIndebtednessis incurred prior to or within90 daysafter suchacquisitionor the completion of such construction, repair, development or improvement, and (ii) the aggregate principal amount ofIndebtednesspermitted by thisclause (e) shall not exceed $2,000,000at any time outstanding;

(f)Indebtednessof anyPersonthat becomes aSubsidiary of the Borrowerafter the datehereof;provided that, (i) suchIndebtednessexists at the time suchPersonbecomes aSubsidiary of the Borrowerand is not created in contemplation of or in connection with suchPersonbecoming aSubsidiary of the Borrower, and (ii) the aggregate principal amount ofIndebtednesspermitted by thisclause (f) shall not exceed$2,000,000at any time outstanding;

(g)Reserved.

(h)obligations(contingent or otherwise) of theBorroweror anySubsidiaryexisting or arising under anyHedging Agreement permitted underSection 6.7;

(i)Reserved.

(j)contingent liabilities arising with respect to customary indemnificationobligationsin favor ofsellers, unsecured earn-outs or deferred purchase price obligations, or other similar contingent payment obligations in connection with Acquisitions permitted underSection 6.4 and purchasers in connection withDispositionspermitted underSection 6.5; and

(k)other unsecuredIndebtednessin an aggregate principal amount not exceeding$2,000,000at any time outstanding.

Section 6.3Liens. The Borrower shall not, and shall not cause or permit any of its Subsidiaries to create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:

(a)Lienspursuant to anyLoan Document;

(b)Permitted Encumbrances;

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(c)anyLienon anypropertyorassetof theBorroweror anySubsidiaryexisting on the datehereofand set forth inSchedule 6.3;provided that, (i) suchLienshall not apply to any otherpropertyorassetof theBorroweror anySubsidiary, and (ii) suchLienshall secure only thoseobligationswhich it secures on the datehereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof except for reasonable fees and expenses incurred in connection with such extension, renewal or replacement;

(d)any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary;provided that, (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary, and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof except for reasonable fees and expenses incurred in connection with such extension, renewal or replacement;

(e)Lienson fixed or capital assets acquired, constructed or improved by theBorroweror anySubsidiary;provided that, (i) such security interests secureIndebtednesspermitted byclause (e) ofSection 6.2, (ii) such security interests and theIndebtednesssecured thereby are incurred prior to or within90 daysafter suchacquisitionor the completion of such construction or improvement, (iii) theIndebtednesssecured thereby does not exceed the cost or fair market value, whichever is lower, of the fixed or capital assets being acquired, constructed or improved, and (iv) such security interests shall not apply to any otherpropertyor assets of theBorroweror anySubsidiary; and

(f)Liensand rights of setoff of banks and securities intermediaries in respect of depositaccountsand securitiesaccountsmaintained in the ordinary course of business.

Section 6.4Fundamental Changes. No Loan Party shall, and no Loan Party shall cause or permit any Subsidiary of the Borrower to, 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 of its assets, or all or substantially all of the Equity Interests of any Subsidiary (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Person may merge with and into the Borrower in a transaction in which the Borrower is the surviving corporation, (ii) any Person (other than the Borrower, Globant S.A. (Luxembourg) or Globant S.A. (Spain)) may merge into any Subsidiary in a transaction in which the surviving entity is a Subsidiary, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to a Wholly Owned Subsidiary, (iv) any Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders (v) any merger or consolidation to effect an Investment permitted underSection 6.6 or a Disposition permitted underSection 6.5, and (vi) any Acquisition by a Loan Party or any Wholly Owned Subsidiary where:

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(A)immediately before and after giving effect to suchAcquisition, noDefaultshall exist;

(B)immediately before and after giving effect to suchAcquisition on a pro forma basis, as at the end of the most recent fiscal quarter for which financial statements are delivered, (x) the Maximum Total Leverage Ratio shall be no greater than 2.25 to 1.00, and (y) the Loan Parties shall be inpro  forma compliance with the Fixed Charge Coverage Ratio set forth inSection 6.1(a);

(C)in the case of theAcquisitionof anyPerson, the board of directors or other applicable managing entity of suchPersonshall have approved suchAcquisition;

(D)if requested by the Administrative Agent, reasonably prior to suchAcquisition, theAdministrative Agentshall have received complete executed or conformed copies of each material document, instrument andagreementto be executed in connection with suchAcquisitiontogether with allliensearchreportsandlienrelease letters and other documents as theAdministrative Agentmay require to evidence the termination ofLienson the assets or business to be acquired;

(E)the provisions ofSections 5.9 and5.12 shall be satisfied; and

(F)if requested by the Administrative Agent, reasonably prior to such Acquisition, the Borrower shall have delivered to the Administrative Agent a certificate of its Chief Financial Officer in the form ofExhibit H attached hereto certifying as to compliance with the requirements set forth in clauses (A) through (E) above;

provided that,any such merger involving a Person that is not a Wholly Owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted bySection 6.6.

Section 6.5DispositionofProperty. The Borrower shall not, and shall not cause or permit any of its Subsidiaries to, Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Equity Interests to any Person, except:

(a)theDispositionof obsolete or worn outpropertyin the ordinary course of business;

(b)the sale ofinventoryin the ordinary course of business;

(c)the sale or issuance of anySubsidiary’sEquity Intereststo theBorroweror anyother Loan Party or, in the case of any Subsidiary that is not a Loan Party, to any other Subsidiary that is not a Loan Party;

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(d)anyDispositionof assets (i) from oneForeign Subsidiaryto anotherForeign Subsidiary, (ii) from one Domestic Subsidiary to another Domestic Subsidiary, (iii) from oneLoan Partyto anotherLoan Partyor (iv) from aSubsidiaryto aLoan Party;

(e)sales ofCash Equivalent Investmentsin the ordinary course of business and for fair market value;

(f)Disposition of receivables pursuant to a true sale under a factoring or receivables purchase agreement; provided that (i) the purchase price for the receivables shall be the fair market value with a market standard discount for a sale or receivables under a factoring or purchase agreement; (ii) the purchase price is paid 100% in cash; (iii) the Net Cash Proceeds of such sale are deposited into the Borrower’s operating accounts at the Administrative Agent or Citibank, N.A. on the day such proceeds are paid to the Borrower; and (iv) the aggregate purchase price of such receivables sold during any Fiscal Year under such a factoring or purchase agreement shall not exceed $15,000,000; and

(g)theDispositionof otherpropertynot described inclauses (a) through(f) above for not less than fair market value as long as (i) at least 75% of the consideration therefor consists of cash andCash Equivalent Investments, and (ii) the aggregate fair market value of suchpropertyso disposed of does not exceed$1,000,000.

Section 6.6Investments,Loans, Advances,GuaranteesandAcquisitions. The Borrower shall not, and shall not cause or permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a Wholly Owned Subsidiary prior to such merger) any Investment, except:

(a)Cash Equivalent Investments;

(b)Investmentsby theBorrowerin theEquity Interestsof itsSubsidiaries;

(c)Investments by any Loan Party in any other Loan Party;

(d)loansor advances made by theBorrowerto anySubsidiaryand made by anySubsidiaryto theBorroweror any otherSubsidiary;

(e)GuaranteesconstitutingIndebtednesspermitted bySection 6.2;

(f)(i) advances to officers, directors and employees of theBorrowerandSubsidiariesin an aggregate amount not to exceed$50,000at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes and (ii) Investments consisting of loans to employees to finance the purchase of Equity Interests (other than Disqualified Equity Interests) of the Borrower pursuant to employee stock purchase plans or agreements approved by the Borrower’s board of directors in an aggregate principal amount not to exceed $50,000 outstanding at any time;

(g)bank deposits in the ordinary course of business;

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(h)Investmentsconsisting of extensions of credit in the nature ofaccountsreceivable or notes receivable arising from the grant of trade credit in the ordinary course of business, andInvestmentsreceived in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

(i)non-cash consideration received, to the extent permitted by theLoan Documents, in connection with theDispositionofpropertypermitted by thisAgreement;

(j)Investments to consummate Acquisitions permitted bySection 6.4;

(k)Hedging Agreements permitted bySection 6.7, to the extent any such Hedging Agreement constitutes an Investment;

(l)Investmentslisted onSchedule 6.6 as of theEffective Date; and

(m)Investments existing when a Person becomes a Subsidiary or at the time such Person merges or consolidates with the Borrower or any Subsidiary as permitted underSection 6.4, so long as such Investments were not made in contemplation of such Person becoming a Subsidiary or of such consolidation, merger or Acquisition;

provided that, any Investment that when made complies with the requirements of the definition of the term “Cash Equivalent Investment” may continue to be held notwithstanding that such Investment if made thereafter would not comply with such requirements.

Section 6.7Hedging Agreements. The Borrower shall not, and shall not cause or permit any of its Subsidiaries to, enter into any Hedging Agreement, except (a) Hedging Agreements entered into to hedge or mitigate risks to which the Borrower or any such Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any Subsidiary), and (b) Hedging Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate, from floating to fixed rates, or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any such Subsidiary.

Section 6.8Restricted Payments. The Loan Parties shall not, and shall not cause or permit any of their Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payments in an aggregate amount that exceeds $10,000,000 during any fiscal year.

Section 6.9TransactionswithAffiliates.

(a)No Loan Party shall, and no Loan Party shall cause or permit any Subsidiary of the Borrower to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (i) in the ordinary course of business on terms and conditions not less favorable to such Loan Party or Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (ii) transactions between or among the Loan Parties not involving any other Affiliates, (iii) transactions expressly permitted pursuant to this Agreement, (iv) employment, consulting, severance and other service or benefit related arrangements between the Loan Parties and their respective officers and employees in the ordinary course of business, (v) the payment of ordinary course customary fees, expenses and indemnities to directors, officers, employees and consultants of the Loan Parties, and (vi) any transaction with an Affiliate that, as such, has been expressly approved by either a majority of such Loan Party’s independent directors or a committee of such Loan Party’s directors consisting solely of independent directors, in each case, in accordance with such independent directors’ fiduciary duties in their capacity as such and upon advice from independent counsel.

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(b)The Borrower shall not maintain intercompany payables owed to any of its Affiliates organized under the laws of the Argentine Republic, except to the extent (i) such payables qualify underSection 6.9(a)(i) above and (ii) the aggregate amount of such payables do not exceed an amount equal to five times the average monthly amount of such Affiliates’ billings for the immediately preceding 12 month period.

Section 6.10Changes in Nature of Business. No Loan Party or any Subsidiary of a Loan Party shall engage in any business other than businesses of the type conducted by such entity on the date of execution of this Agreement and businesses reasonably incidental or related thereto and any reasonable extension thereof.

Section 6.11Negative Pledges; Restrictive Agreements. The Borrower shall not, and shall not cause or permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any such Subsidiary to create, incur or permit to exist any Lien upon any of its property, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its Equity Interests or to make or repay loans or advances to the Borrower or any such Subsidiary or to Guarantee Indebtedness of the Borrower or any such Subsidiary or transfer any of its properties to any Loan Party;provided that, (i) the foregoing shall not apply to restrictions and conditions imposed by Applicable Law or by the Loan Documents, (ii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of any asset or a Subsidiary of the Borrower pending such sale;provided that, such restrictions and conditions apply only to the asset or the Subsidiary of the Borrower that is to be sold and such sale is permitted hereunder, and (iii)clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof.

Section 6.12Restriction of Amendments to Certain Documents. No Loan Party shall amend such Person’s articles or certificates of organization or formation, operating agreement or other agreement, instrument or document affecting such Person’s organization, management or governance, in each case, in any respect which is materially adverse to the Lenders.

Section 6.13Changes in Fiscal Periods. No Loan Party shall change its fiscal year to end on a day other than December 31 or change its method of determining fiscal quarters.

Section 6.14Capital Expenditures. The Borrower will not, and will not permit any other Loan Party or Subsidiary thereof to, make or commit to make any Capital Expenditure,except for such Capital Expenditures made in the ordinary course of business during any fiscal year in an aggregate amount not to exceed 10% of the Consolidated Net Revenue for such period.

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Section 6.15Sanctions; Anti-Corruption.

(a)The Borrower will not, directly or indirectly, use the proceeds of the Loans or any Letter of Credit, or lend, contribute or otherwise make available such proceeds to any Loan Party or any Subsidiary of a Loan Party, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans or Letters of Credit, whether as Administrative Agent, Arranger, Issuing Bank, Lender, underwriter, advisor, investor or otherwise).

(b)No part of the proceeds of the Loans or any Letter of Credit will be used, directly or indirectly (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to anyPersonin violation of theUK Bribery Act, the FCPA or any other applicable anti-corruption law or otherwise, or (ii) for any other payment that could constitute a violation of any applicable anti-bribery law or anti-corruption law (including, without limitation, the UK Bribery Act or the FCPA).

Section 6.16Consolidated Net Revenue. The percentage of the Consolidated Net Revenue attributed to the Borrower and its Subsidiaries shall not be less than 60% of the Consolidated Net Revenue.

Section 6.17Lien on Equity Interests of the Borrower. The Borrower shall not cause or permit any Guarantor to create, incur, assume or suffer to exist any Lien upon the Equity Interests of the Borrower other than any Lienin favor of the Administrative Agent for the benefit of the Secured Parties.

Article VII

Events of Default

Section 7.1Events of Default. If any of the following events (“Events of Default”) shall occur:

(a)theBorrowershall fail to pay any principal of anyLoan or any reimbursement obligation in respect of any LC Disbursementwhen and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by reason of acceleration or otherwise;

(b)theBorrowershall fail to pay any interest on anyLoanor any fee or any other amount (other than an amount referred to inclause (a) of this Section) payable under thisAgreementor any otherLoan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period ofthree (3) Business Days;

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(c)any representation or warranty made or deemed made by or on behalf of theBorroweror any otherLoan Partyin or in connection with thisAgreement, any otherLoan Document or any amendment or modificationhereofor thereof or waiverhereunderor thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with thisAgreement, any otherLoan Document or any amendment or modificationhereofor thereof or waiverhereunderor thereunder, shall prove to have been incorrect or misleading in any material respect (except for representations and warranties that are qualified by materiality, which shall not be incorrect or misleading in any respect) when made or deemed made;

(d)anyLoan Partyshall fail to observe or perform any covenant, condition oragreementcontained inSection 2.20, Section5.1(a),(b),and(c),Section 5.2,Section 5.3 (with respect to the existence of anyLoan Party),Section 5.6(b),Section 5.8 orSection 5.9 or inArticle VI;

(e)the Borrower or any other Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or any other Loan Document (other than those specified inclause(a),(b) or(d) of this Section), and such failure shall continue unremedied for a period of 30 days after the earlier of (x) notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender), and (y) the date a Responsible Officer of the Borrower or such other Loan Party becomes aware of such failure;

(f)any Loan Partyshall fail to make any payment (whether of principal or interest and regardless of amount) in respect of anyMaterial Indebtedness, when and as the same shall become due and payable, which failure shall continue beyond any applicable cure period specified in the agreement or instrument governing such Material Indebtedness;

(g)any event or condition occurs that results in anyMaterial Indebtednessbecoming due prior to its scheduled maturity or that enables or permits(with or without the giving of notice, the lapse of time or both)the holder or holders of anyMaterial Indebtednessor any trustee or agent on its or their behalf to cause anyMaterial Indebtednessto become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity or (in the case of anyMaterial Indebtednessconstituting aGuarantee) to become payable;provided that, thisclause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such voluntary sale or transfer is permitted under this Agreement;

(h)an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect ofany Loan Partyor anySubsidiary of the Borroweror its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or anySubsidiary of the Borroweror for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

(i)any Loan Partyor anySubsidiary of the Borrowershall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described inclause (h)of this Section, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or anySubsidiary of the Borroweror for a substantial part of any of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing;

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(j)any Loan Partyor anySubsidiary of the Borrowershall admit in writing its inability or fail generally to pay its debts as they become due;

(k)one or more judgments for the payment of money in an aggregate amount in excess of$1,000,000shall be rendered againsta Loan PartyanySubsidiaryor any combination thereof (not paid or covered by insurance) and the same shall remain undischarged for a period of 60 consecutive days during whichexecutionshall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of a Loan Party or anySubsidiaryto enforce any such judgment;

(l)anERISA Eventshall have occurred that,when taken together with all otherERISA Eventsthat have occurred, could reasonably be expected toresult in a Material Adverse Effect;

(m)any provision of anyLoan Document, at any time after itsexecutionand delivery and for any reason other than as expressly permittedhereunderor thereunder or satisfaction in full of all theObligations, shall cease to be in full force and effect; or anyLoan Partyor any otherPerson acting on any Loan Party’s behalfshall contest in any manner the validity or enforceability of any material provision of anyLoan Document in writing; or anyLoan Partyshall deny that it has any or further liability or obligation under anyLoan Document, or shall purport to revoke, terminate or rescind any provision of anyLoan Document;

(n)aChange in Controlshall occur;or

(o)any of the actions or events set forth inclauses (h),(i) or(j) of thisSection 7.1 shall occur with respect to one or more Subsidiaries of any Loan Party, and such action or event could reasonably be expected to (after giving effect to any applicable threshold or grace period), individually or in the aggregate, result in a Material Adverse Effect;

then, and in every such event (other than an event with respect to the Borrower described inclause (h) or(i) of this Section), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments (if not theretofore terminated) shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations of the Borrower (including all amounts of LC Exposure, whether or not the beneficiary of any then-outstanding Letter of Credit shall have demanded payment thereunder) accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described inclause (h)or(i) of this Section, the Commitments (if not theretofore terminated) shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations of the Borrower and the other Loan Parties (including all amounts of LC Exposure, whether or not the beneficiary of any then-outstanding Letter of Credit shall have demanded payment thereunder) accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. With respect to all Letters of Credit having undrawn and unexpired amounts at the time of an acceleration pursuant to this clause, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to 103% of the aggregate then undrawn and unexpired amount of such Letters of Credit in accordance withSection 2.5(j).

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Section 7.2Application of Funds. After the exercise of remedies provided for inSection 7.1 (or after the Loans have automatically become immediately due and payable and the LC Exposure has automatically been required to be Cash Collateralized), any amounts received on account of the Secured Obligations shall be applied by the Administrative Agent in the following order:

First, to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including legal expenses payable underSection 9.3 and amounts payable underArticle II) payable to the Administrative Agent in its capacity as such;

Second, to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders (including legal expenses payable underSection 9.3 and amounts payable underArticle II), ratably among them in proportion to the amounts described in thisclause Second payable to them;

Third, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans and LC Disbursements, ratably among the holders of such Secured Obligations in proportion to the respective amounts described in thisclause Third payable to them;

Fourth, to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and LC Disbursements, the termination value under Lender Provided Hedging Agreements and Lender Provided Financial Service Products and to Cash Collateralize the portion of the LC Exposure comprised of the aggregate undrawn amount of Letters of Credit as provided inSection 7.1, ratably among the holders of such Secured Obligations in proportion to the respective amounts described in thisclause Fourth held by them;provided that, Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above in this Section;

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Fifth, to the payment of all other Secured Obligations of the Loan Parties that are due and payable to the Administrative Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Secured Obligations owing to the Administrative Agent and the other Secured Parties on such date; and

Last, the balance, if any, after all of the Secured Obligations have been paid in full, to the Borrower or as otherwise required by Applicable Law.

Subject toSections 2.5(j) and2.20, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant toclause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above and, if no Secured Obligations remain outstanding, remitted to the Borrower.

Notwithstanding the foregoing, Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Obligations otherwise set forth above in this Section.

Article VIII

TheAdministrative Agent

Section 8.1Appointment and Authority.

(a)Each of the Lenders and the Issuing Banks hereby irrevocably appointsHSBCto act on its behalf as theAdministrative Agent hereunderand under the otherLoan Documents and authorizes theAdministrative Agentto take such actions on its behalf and to exercise such powers as are delegated to theAdministrative Agentby the termshereofor thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of theAdministrative Agent, the Lenders and the Issuing Banks, and neither theBorrowernor any otherLoan Partyshall have any rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”hereinor in any otherLoan Documents (or any other similar term) with reference to theAdministrative Agentis not intended to connote any fiduciary or other implied (or express) obligation arising under agency doctrine of anyApplicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

(b)EachLenderhereby authorizes theAdministrative Agentto (i) execute, deliver and perform as acollateralagent under thisAgreementand each otherLoan Document to which theAdministrative Agentis or is intended to be a party, (ii) exercise and enforce any and all rights, powers and remedies provided to theAdministrative Agentor anyLenderby thisAgreementand each otherLoan Document to which theAdministrative Agentis or is intended to be a party, anyapplicable law, or any other document, instrument, oragreement, and (iii) take any other action under thisAgreementand each otherLoan Document to which theAdministrative Agentis or is intended to be a party whichAdministrative Agentin its sole discretion shall deem advisable and in the best interests of the Lenders. Notwithstanding the foregoing, the Administrative Agent shall not commence an enforcement action (as such term is defined in theLoan Documents) except at the direction of theRequired Lenders;provided that, if theAdministrative Agentis prohibited by any court order orapplicable lawfrom commencing any enforcement action, theAdministrative Agentshall not be obligated to commence such enforcement action until such authority is obtained. All decisions with respect to thetypeof enforcement action which is to be commenced shall be made by, and all actions with respect to prosecution and settlement of such enforcement action shall require the direction of theRequired Lenders, and theAdministrative Agentshall not be required to take any enforcement action in the absence of any such direction. TheAdministrative Agent willuse its commercially reasonable efforts to pursue diligently the prosecution of any enforcement action, which theAdministrative Agentis so authorized or directed to initiate pursuant to thisAgreement. TheAdministrative Agentshall make available to the Lenders copies of all notices it receives in connection with theCollateralor any enforcement action promptly upon receipt. Subject to the terms of thisAgreement, theAdministrative Agentagrees to administer and enforce thisAgreementand the otherSecurity Documents to which it is a party and to foreclose upon, collect and dispose of theCollateraland to apply the proceeds therefrom, for the benefit of theSecured Parties, as provided in thisAgreement, and otherwise to perform its duties andobligationsas a “collateralagent”hereunderin accordance with the termshereof.

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Section 8.2Rights as aLender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of business with, the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. The obligations of each Lender under the Loan Documents are several and not joint. Failure by any Lender to perform its obligations under the Loan Documents does not affect the obligations of any other Lender under the Loan Documents.

Section 8.3Exculpatory Provisions.

(a)TheAdministrative Agentshall not have any duties orobligationsexcept those expressly set forthhereinand in the otherLoan Documents, and its dutieshereundershall be administrative in nature. Without limiting the generality of the foregoing, theAdministrative Agent:

(i)shall not be subject to any fiduciary or other implied duties, regardless of whether aDefaulthas occurred and is continuing;

(ii)shall not have any duty to take any discretionary action or exercise any discretionary power, except discretionary rights and powers expressly contemplated hereby or by the otherLoan Documents that theAdministrative Agentis required to exercise as directed in writing by theRequired Lenders(or such other number or percentage of the Lenders as shall be expressly provided forhereinor in the otherLoan Documents);provided that, theAdministrative Agentshall not be required to take any action that, in its opinion or the opinion of its counsel, may expose theAdministrative Agentto liability or that is contrary to anyLoan Document orApplicable Law,includingfor the avoidance of doubt any action that may be in violation of the automatic stay under anyDebtor Relief Lawor that may affect a forfeiture, modification or termination ofpropertyof aDefaulting Lenderin violation of anyDebtor Relief Law, and theAdministrative Agentshall in all cases be fully justified in failing or refusing to acthereunderor under any otherLoan Document unless it first receives further assurances of its indemnification from the Lenders that it may require,includingprepayment of any related expenses and any other protection it requires against any and all costs, expenses and liabilities it may incur in taking or continuing to take any such action; in no event shall theAdministrative Agentbe required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of its dutieshereunderor in the exercise of any of its rights or powers;

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(iii)shall not, except as expressly set forthhereinand in the otherLoan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, anyinformationrelating to theBorroweror any of itsAffiliatesthat is communicated to or obtained by thePersonserving as theAdministrative Agentor any of itsAffiliatesin any capacity; and

(iv)shall not incur any liability for not performing any act of fulfilling any duty, obligation or responsibilityhereunderby reason of any occurrence beyond thecontrolof theAdministrative Agent(includingbut not limited to any act or provision of any present or future law or regulation orGovernmental Authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communicationfacility).

(b)Neither theAdministrative Agentnor any of its directors, officers, employees or agents shall be liable for any action taken or not taken by it (i) with the consent or at the request or direction of theRequired Lenders(or such other number or percentage of the Lenders as shall be necessary, or as theAdministrative Agentshall believe in good faith shall be necessary, under the circumstances as provided inSection 9.2 andSection 7.1), which consent or direction theAdministrative Agentmay solicit at any time, or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. TheAdministrative Agentshall be deemed not to have knowledge of anyDefaultunless and until notice describing suchDefaultis given to theAdministrative Agentin writing by theBorrower, aLenderor an Issuing Bank referring to thisAgreement, describing suchDefaultand stating that such notice is a “Notice of Default” or “Notice of Event of Default”.

TheAdministrative Agentshall take such action with respect to suchDefaultas may be directed by theRequired Lendersin accordance with the terms of thisAgreement; provided that unless and until theAdministrative Agenthas received any such direction from theRequired Lenders, theAdministrative Agentmay (but shall not be obligated to) take such action, or refrain from taking such action, with respect to any suchDefaultas it shall deem advisable or in the best interest of the Lenders and Issuing Banks.

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(c)TheAdministrative Agentshall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with thisAgreementor any otherLoan Document, (ii) the contents of any certificate, report or other document deliveredhereunderor thereunder or in connection herewith or therewith, (iii) the performance or observance of any covenant,agreementor other term or condition set forthhereinor therein or the occurrence of anyDefault, (iv) the validity, enforceability, effectiveness or genuineness of thisAgreement, any otherLoan Document or any otheragreement, instrument or document, or (v) the satisfaction of any condition set forth inArticle IV or elsewhereherein, other than to confirm receipt of items expressly required to be delivered to theAdministrative Agent.

(d)Nothing in thisAgreementshall require theAdministrative Agentor any of itsRelated Partiesto carry out any “know your customer” or other checks in relation to anyPersonon behalf of anyLenderand eachLenderconfirms to theAdministrative Agentthat 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 theAdministrative Agentor any of itsRelated Parties.

(e)TheAdministrative Agentshall be entitled to take any action or refuse to take any action which theAdministrative Agentregards as necessary for theAdministrative Agentto comply with anyApplicable Law, regulation or court order or the rules, operating procedures or market practice of any relevant stock exchange or other market or clearing system.

Section 8.4Reliance byAdministrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Bank prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, at the expense of the Borrower and/or the Lenders, as applicable, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

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Section 8.5             Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Facilities as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.

Section 8.6Resignation ofAdministrative Agent.

(a)The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Banks and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent meeting the qualifications set forth above;provided that, in no event shall any such successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

(b)If thePersonserving asAdministrative Agentis aDefaulting Lenderpursuant toclause (d) of the definition thereof, theRequired Lendersmay, to the extent permitted byApplicable Law, by notice in writing to theBorrowerand suchPersonremove suchPersonasAdministrative Agentand, in consultation with theBorrower, appoint a successor. If no such successor shall have been so appointed by theRequired Lendersand shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by theRequired Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

(c)With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removedAdministrative Agentshall be discharged from its duties andobligations hereunderand under the otherLoan Documents (except that in the case of anyCollateralheld by theAdministrative Agenton behalf of the Lenders or the Issuing Banks under anyLoan Document, the retiring or removedAdministrative Agentshall continue to hold suchCollateraluntil such time as a successorAdministrative Agentis appointed), and (ii) except for any indemnity payments owed to the retiring or removedAdministrative Agent, all payments,communicationsand determinations provided to be made by, to or through theAdministrative Agentshall instead be made by or to eachLenderand Issuing Bank directly, until such time, if any, as theRequired Lendersappoint a successorAdministrative Agentas provided for above. Upon the acceptance of a successor’s appointment asAdministrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removedAdministrative Agent(other than any rights to indemnity payments owed to the retiring or removedAdministrative Agent), and the retiring or removedAdministrative Agentshall be discharged from all of its duties andobligations hereunderor under the otherLoan Documents. The fees payable by theBorrowerto a successorAdministrative Agentshall be the same as those payable to its predecessor unless otherwise agreed between theBorrowerand such successor. After the retiring or removedAdministrative Agent’s resignation or removalhereunderand under the otherLoan Documents, the provisions of this Article andSection 9.3 shall continue in effect for the benefit of such retiring or removedAdministrative Agent, its sub-agents and their respectiveRelated Partiesin respect of any action taken or omitted to be taken by any of them while the retiring or removedAdministrative Agentwas acting asAdministrative Agent.

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(d)In addition to the resignation rights set forth inSection 2.4(c)(v) andSection 2.5(i)(ii), any resignation by HSBC as Administrative Agent pursuant to this Section shall also constitute its resignation as Issuing Bank and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank and Swingline Lender, (ii) the retiring Issuing Bank and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank with respect to such Letters of Credit.

Section 8.7Non-Reliance onAdministrative Agentand Other Lenders. Each Lender and Issuing Bank acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities. Each Lender and Issuing Bank represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

Section 8.8No Other Duties, etc. Anything herein to the contrary notwithstanding, the Arranger shall not have any powers, duties or responsibilities under this Agreement or any other Loan Document, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Bank hereunder.

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Section 8.9Enforcement. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against any Loan Party shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance withSection 8.1 for the benefit of all the Lenders and the Issuing Banks;provided that, the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Issuing Bank or Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as Issuing Bank or Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from enforcing its right to payment when due of the principal of and interest on its Loans, fees and other amounts owing to such Lender under the Loan Documents, (d) any Lender from exercising setoff rights in accordance withSection 9.8 (subject to the terms ofSection 2.18), or (e) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; andprovided further that, if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to thisArticle VIII, and (ii) in addition to the matters set forth inclauses (b),(c),(d) and(e) of the precedingproviso and subject toSection 2.18, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

Section 8.10Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding under any other Applicable Law relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or LC Exposure shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

(a)to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of theLoans,LC Exposure and all otherObligationsthat are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and theAdministrative Agent(includingany claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Banks and theAdministrative Agentand their respective agents and counsel and all other amounts due the Lenders, the Issuing Banks and theAdministrative AgentunderSections 2.11 and9.3) allowed in such judicial proceeding; and

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(b)to collect and receive any monies or otherpropertypayable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Banks, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent underSections 2.11 and9.3.

Section 8.11Collateral and Guaranty Matters(a). (a) The Lenders irrevocably authorize the Administrative Agent, at its option and in its sole and absolute discretion,

(i)to release anyLienon anypropertygranted to or held by theAdministrative Agentunder anyLoan Document(v) upon termination of allCommitmentsand payment in full of allObligations(other than contingent indemnificationobligations) and the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the applicable Issuing Bank shall have been made),(w)that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or otherdispositionpermitted under theLoan Documents, (x) subject toSection 9.2, if approved, authorized or ratified in writing by theRequired Lenders, (y) relating toCollateralconsisting of a debt instrument if theIndebtednessevidenced thereby has been paid in full, or (z) where such release (A) corrects manifest error in the Administrative Agent’s sole and absolute discretion or (B) is expressly permitted under theLoan Documents;

(ii)to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted bySection 6.3(e) or to any Permitted Encumbrance; and

(iii)to release anyGuarantorfrom itsobligationsunder theLoan Documentsif suchPersonceases to be aSubsidiaryas a result of a transaction permitted under theLoan Documents.

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Loan Documents pursuant to thisSection 8.11.

(b)TheAdministrative Agentshall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of anyCollateral, the existence, priority or perfection of theAdministrative Agent’s Lienthereon, or any certificate prepared by anyLoan Partyin connection therewith, nor shall theAdministrative Agentbe responsible or liable to the Lenders for any failure to monitor, maintain or insure any portion of theCollateral.

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(c)TheAdministrative Agentmay refrain from enforcing theCollateralunless instructed by theRequired Lenders.The Administrative Agent may, subject to any contrary instructions from the Required Lenders, cease enforcement at any time.

Section 8.12Lender Provided Hedging Agreements and Lender Provided Financial Service Products. No holder of Secured Obligations in respect of Lender Provided Hedging Agreements or Lender Provided Financial Service Products shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of thisArticle VIII to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, such Secured Obligations unless the Administrative Agent has received written notice of such Secured Obligations, together with such supporting documentation as the Administrative Agent may reasonably request, from the applicable Lender or Affiliate of a Lender.

Section 8.13Merger. Any entity into which the Administrative Agent in its individual capacity may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidations which the Administrative Agent in its individual capacity may be party, or any corporation to which substantially all of the corporate trust or agency business of the Administrative Agent in its individual capacity may be transferred, shall be the Administrative Agent under this Agreement without further action.

Section 8.14Certain ERISA Matters 

(a)Each Lender (x) represents and warrants, as of the date such person becomes a Lender party hereto, to, and (y) covenants, from the date such Person becomes a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

(i)such Lender is not using “plan assets” of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

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(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

(iv)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

(b)In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person becomes a Lender party hereto, to, and (y) covenants, from the date such Person becomes a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

Article IX

Miscellaneous

Section 9.1Notices; Effectiveness; Electronic Communication.

(a)Notices Generally. Except in the case of notices and othercommunicationsexpressly permitted to be given by telephone (and except as provided inclause (b) below), all notices and othercommunicationsprovided forhereinshall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail, sent by telecopy or electronic communication as follows:

(i)if to theBorrower or any other Loan Party, to it at 875 Howard Street, Suite 320, San Francisco, CA 94103, Attention: General Counsel /Chief Financial Officer / Treasurer (Telephone No. (877) 215-5230 ext. 18083/19763; E-mail: juan.urthiage@globant.com with copies to matias.corvalan@globant.com and gcoffice@globant.com), with a copy to Sistemas Globales S.A., Ing. Butty 240, Laminar Tower, 9th Floor, Ciudad Autónoma de Buenos Aires, 1001, Argentina, Attention: General Counsel /Chief Financial Officer / Treasurer;

(ii)if to theAdministrative Agent, to HSBC Bank USA, N.A. atHSBC Bank USA, National Association, Corporate Trust Loan Agency, 425 5th Avenue (8E6), New York, NY 10018 (Telecopy No. (917) 229-6659; Telephone No. (212) 535-7253; E-mail: ctlany.loanagency@us.hsbc.com); and

(iii)if to aLender, to it at its address (or telecopy number or e-mail address) set forth in itsAdministrative Questionnaire.

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Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopy shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices delivered through electronic communications, to the extent provided inclause (b) below, shall be effective as provided in saidclause (b).

(b)ElectronicCommunications. Notices and othercommunicationsto the Lenders and the Issuing Bankshereundermay be delivered or furnished by electronic communication (includinge-mail and Internet or intranet websites) pursuant to procedures approved by theAdministrative Agent;provided that, the foregoing shall not apply to notices to anyLenderor Issuing Bank pursuant toArticle II if suchLenderor Issuing Bank, as applicable, has notified theAdministrative Agentthat it is incapable of receiving notices under such Article by electronic communication. TheAdministrative Agentor theBorrowermay, in its sole and absolute discretion, agree to accept notices and othercommunicationsto ithereunderby electroniccommunicationspursuant to procedures approved by it;provided that, approval of such procedures may be limited to particular notices orcommunications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement) and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoingclause (i), of notification that such notice or communication is available and identifying the website address therefor;provided that, for bothclauses (i) and(ii) above, if such notice, e-mail or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

(c)Change of Address, etc. Any party hereto may change its address, telecopy number or e-mail address for notices and othercommunications hereunderby notice to the other parties hereto.

(d)Platform.

(i)TheBorrower(on behalf of itself and each otherLoan Party) agrees that theAdministrative Agentmay, but shall not be obligated to, make theCommunications(as defined below) (includingof materials and/orinformationprovided by or on behalf of theBorrower hereunder(collectively, the “Borrower Materials”)) available to the Issuing Banks and the other Lenders by posting theCommunicationson thePlatform.

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(ii)ThePlatformis provided “as is” and “as available”. TheAgent Parties(as defined below) do not warrant the adequacy of thePlatformand expressly disclaim liability for errors or omissions in theCommunications. No warranty of any kind, express, implied or statutory,includingany warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by anyAgent Partyin connection with theCommunicationsor thePlatform. In no event shall theAdministrative Agentor any of itsRelated Parties(collectively, the “Agent Parties”) have any liability to theBorroweror the otherLoan Parties, anyLenderor any otherPersonor entity for damages of any kind,includingdirect or indirect, special, incidental, consequential, punitive or exemplary damages, losses or expenses (whether in tort, contract or otherwise) arising out of theBorrower’s, any otherLoan Party’s or theAdministrative Agent’s transmission ofcommunicationsthrough thePlatform. “Communications” means, collectively, any notice, demand, communication,information, document or other material provided by or on behalf of theBorroweror any otherLoan Partypursuant to anyLoan Documentor thetransactionscontemplated therein which is distributed to theAdministrative Agent, anyLender or any Issuing Bankby means of electroniccommunicationspursuant to this Section,includingthrough thePlatform.

Section 9.2Waivers; Amendments.

(a)No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power 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, the Issuing Banks and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted byclause (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.

(b)NoLoan Documentnor any provision thereof may be waived, amended or modified except, in the case of thisAgreement, pursuant to anagreementor agreements in writing entered into by theBorrowerand theRequired Lendersor, in the case of any otherLoan Document, by anagreementin writing entered into with the consent of theRequired Lenders;provided that, no suchagreementshall:

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(i)increase theCommitmentof anyLenderwithout the written consent of suchLender (it being understood and agreed that a waiver of any condition precedent set forth inSection 4.1 or the waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an increase of any Commitment of any Lender);

(ii)reduce the principal amount of anyLoan or LC Disbursementor reduce the rate of interest thereon, or reduce any fees or any other amounts payablehereunder, without the written consent of eachLender directlyaffected thereby (it being understood and agreed that a waiver of an increase to the Applicable Rate pursuant toSection 2.12(c) shall require the consent of only the Required Lenders);

(iii)postpone the scheduled date of payment (it being understood and agreed that a waiver of a Default shall require the consent of only the Required Lenders) of the principal amount of anyLoan or LC Disbursement, or any interest thereon, or any fees or any other amounts payablehereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of anyCommitment, without the written consent of eachLenderdirectly affected thereby;

(iv)change any provision of any Loan Document in a manner that would alter thepro  rata sharing of payments required thereby (including underSections 2.18(b),Section 2.18(c) andSection 7.2) or pro rata reduction or termination of Commitments in accordance withSection 2.8(d) without, in each case, the written consent of eachLender;

(v)release any Guarantor from a Guaranty (other than in connection with the transactions permitted underSection 6.4 or the sale of such Guarantor in a transaction permitted underSection 6.5) or release all or substantially all of the Collateral in any transaction or series of related transactions (other than as authorized inSection 8.11 or as otherwise specifically permitted or contemplated in this Agreement or the Security Agreement), in each case without the written consent of each Lender;

(vi)change (A) any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder (other than the definition specified inclause (B) of thisSection 9.2(b)(vi)), without the written consent of each Lender, or (B) the definition of “Required Revolving Lenders” without the written consent of each Revolving Lender under the Revolving Facility; or

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(vii)amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be.

Notwithstanding anythinghereinto the contrary, theAdministrative Agentmay, with the consent of theBorroweronly, amend, modify or supplement thisAgreementor any otherLoan Documentto cure any ambiguity, omission, defect or inconsistency.

Notwithstanding anything to the contrary in this Agreement or in any other Loan Document, this Agreement and the other Loan Documents may be amended with the written consent of only the Administrative Agent and the Borrower to the extent necessary in order to evidence and implement any increase in Revolving Commitments pursuant toSection 2.22.

Section 9.3Expenses; Indemnity; Damage Waiver.

(a)Costs and Expenses. TheBorrowershall pay (i) all reasonable and documented out-of-pocket expenses incurred by theAdministrative Agentand itsAffiliates(includingthe reasonable fees,chargesand disbursements of counsel for theAdministrative Agent, which shall be limited to one primary counsel and, to the extent appropriate, one local counsel in each relevant jurisdiction) in connection with (A) the syndication of theFacilities, the preparation, negotiation,execution, delivery, recordation and filing (includingall recording and filing fees, and allmortgage, intangible andother taxes) (it being understood and agreed that the Borrower shall not be responsible for the payment of any such fees, charges or disbursements incurred by any Lender or counsel for such Lender other than HSBC in its role as Administrative Agent) and (B) administration of thisAgreementand the otherLoan Documents, or any amendment, modification or waiver of the provisionshereofor thereof (whether or not thetransactionscontemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment or extension of any Letter of Credit or any demand for payment thereunder, and (iii) all reasonable and documented out-of-pocket expenses incurred by theAdministrative Agent, anyLender or any Issuing Bank(includingthe fees,chargesand disbursements of any counsel for theAdministrative Agent,anyLender or any Issuing Bank, which shall be limited to one primary counsel for the Administrative Agent, any Issuing Banks and the Lenders (taken as a whole), one local counsel (in each reasonably necessary jurisdiction) and one special counsel (for each reasonably necessary specialty) and, in the case of a conflict of interest of any of the foregoing counsel, one additional local and/or special counsel (as applicable)), in connection with the enforcement or protection of its rights (A) in connection with thisAgreementand the otherLoan Documents,includingits rights under this Section, or (B) in connection with theLoansmade or Letters of Credit issuedhereunder,includingall such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of suchLoans or Letters of Credit.

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(b)Indemnification by theBorrower.  TheBorrowershall indemnify theAdministrative Agent(and any sub-agent thereof), eachLender and each Issuing Bank,and eachRelated Partyof each of the foregoingPersons(each suchPersonbeing called an “Indemnitee”) against, and hold eachIndemniteeharmless from, any and all losses, claims, damages, liabilities and related expenses (includingthe fees,chargesand disbursements of any counsel for any Indemnitee), incurred by anyIndemniteeor asserted against anyIndemniteeby anyPerson(includingtheBorroweror any otherLoan Party) arising out of, in connection with, or as a result of (i) theexecutionor delivery of thisAgreement, any otherLoan Documentor anyagreementor instrument contemplated hereby or thereby, the performance by the parties hereto of their respectiveobligations hereunderor thereunder or the consummation of thetransactionscontemplated hereby or thereby, (ii) anyLoanor Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any Subsidiary (except to the extent such presence or release is (A) attributable solely to the gross negligence or willful misconduct of any Lender (as determined by a court of competent jurisdiction by a final, nonappealable judgment) and (B) occurred following such Lender’s taking possession of the property due to (x) the foreclosure on such property by such Lender or (y) such Lender having become successor-in-interest to any Loan Party with respect to such property), or anyEnvironmental Liabilityrelated in any way to theBorroweror anySubsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by theBorroweror any otherLoan Party, and regardless of whether anyIndemniteeis a party thereto;provided that, such indemnity shall not, as to anyIndemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to (A) have resulted (i) from the gross negligence or willful misconduct of suchIndemnitee or (ii) a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim, or (B) have arisen out of any dispute that does not involve an act or omission of any Loan Party or any Subsidiary and that is brought by an Indemnitee against another Indemnitee;provided,further, that the Borrower shall only be responsible for the fees, charges and disbursements of one primary counsel for the Administrative Agent and the Lenders (taken as a whole), one local counsel (in each reasonably necessary jurisdiction) and one special counsel (for each reasonably necessary specialty) and, in the case of a conflict of interest of any of the foregoing counsel, one additional local and/or special counsel (as applicable). ThisSection 9.3(b)shall not apply with respect toTaxesother than anyTaxesthat represent losses, claims, damages, liabilities and related expenses arising from any non-Taxclaim.

(c)Reimbursement by Lenders. To the extent that theBorrowerfor any reason fails to indefeasibly pay any amount required underclause (a) or(b) of this Section to be paid by it to theAdministrative Agent(or any sub-agent thereof), any Issuing Bank, any Swingline Lender or anyRelated Partyof any of theforegoing, eachLenderseverally agrees (i) to pay with respect toclause (a) of this Section, and (ii) indemnify with respect toclause (b)of this Section,Administrative Agent(or any such sub-agent), such Issuing Bank, such Swingline Lender orsuch Related Party, as the case may be, suchLender’spro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on eachLender’s share of theTotal Credit Exposureat such time) of such unpaid amount (includingany such unpaid amount in respect of a claim asserted by suchLender);provided that, with respect to such unpaid amounts owed to any Issuing Bank or Swingline Lender solely in its capacity as such, only the Revolving Lenders shall be required to pay such unpaid amounts, such payment to be made severally among them based on such Revolving Lenders’ Applicable Percentages (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought);provided  furtherthat, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against theAdministrative Agent(or any such sub-agent), such Issuing Bank or such Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), such Issuing Bank or any such Swingline Lender in connection with such capacity. The obligations of the Lenders under thisclause (c) are subject to the provisions ofSection 2.18(e).

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(d)Waiver of Consequential Damages, etc. To the fullest extent permitted byApplicable Law, theBorrowershall not assert, and hereby waives, any claim against anyIndemnitee, and in no event shall anyIndemniteebe liable, on any theory of liability, for loss of profits, goodwill, reputation, business opportunity or for indirect, special, punitive, consequential or exemplary damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, thisAgreement, any otherLoan Documentor anyagreementor instrument contemplated hereby or thereby, thetransactionscontemplated hereby or thereby, anyLoan or Letter of Credit, or the use of the proceeds thereof, whether or not theIndemniteehas been advised of the possibility of damages. NoIndemniteereferred to inclause (b)above shall be liable for any damages arising from the use by unintended recipients of anyinformationor other materials distributed by it through telecommunications, electronic or otherinformationtransmission systems in connection with thisAgreementor the otherLoan Documentsor thetransactionscontemplated hereby or thereby.

(e)Payments. All amounts due under this Section shall be payablenot later than 10 daysafter demand therefor.

(f)Survival. Each party’sobligationsunder this Section shall survive the termination of theLoan Documentsand payment of the otherObligations.

Section 9.4Successors and Assigns.

(a)Successors and Assigns Generally. The provisions of thisAgreementshall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that theBorrowermay not assign or otherwise transfer any of its rights orobligations hereunderwithout the prior written consent of theAdministrative Agentand eachLender, and noLendermay assign or otherwise transfer any of its rights orobligations hereunderexcept (i) to an assignee in accordance with the provisions ofclause (b) of this Section, (ii) by way of participation in accordance with the provisions ofclause (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions ofclause (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in thisAgreement, expressed or implied, shall be construed to confer upon anyPerson(other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided inclause (d) of this Section and, to the extent expressly contemplated hereby, theRelated Partiesof each of theAdministrative Agentand the Lenders) any legal or equitable right, remedy or claim under or by reason of thisAgreement.

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(b)Assignments by Lenders. AnyLendermay at any time assign to one or more assignees all or a portion of its rights andobligationsunder thisAgreement(includingall or a portion of itsCommitmentsand theLoansat the time owing to it);provided that (in each case with respect to any Facility), any such assignment shall be subject to the following conditions:

(i)Minimum Amounts.

(A)in the case of an assignment of the entire remaining amount of the assigningLender’sCommitmentand/or theLoansat the time owing to it (in each case with respect to any Facility) or in the case of an assignment to aLender, anAffiliateof aLenderor anApproved Fund, no minimum amount need be assigned; and

(B)in any case not described inclause (b)(i)(A) of this Section, the aggregate amount of theCommitment(which for this purposeincludes Loansoutstanding thereunder) or, if the applicableCommitmentis not then in effect, the principal outstanding balance of theLoansof the assigningLendersubject to each such assignment (determined as of the date theAssignment and Assumptionwith respect to such assignment is delivered to theAdministrative Agentor, if a “Trade Date” is specified in theAssignment and Assumption, as of theTrade Date) shall not be less than$5,000,000, in the case of any assignment in respect of the Revolving Facility, or $1,000,000, in the case of any assignment in respect of the Term Facility, unless each of theAdministrative Agentand, so long as noEvent of Defaulthas occurred and is continuing, theBorrowerotherwise consents (each such consent not to be unreasonably withheld or delayed).

(ii)Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigningLender’s rights andobligationsunder thisAgreementwith respect to theLoanor theCommitmentassigned, except that thisclause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis.

(iii)Required Consents. No consent shall be required for any assignment except to the extent required byclause (b)(i)(B) of this Section and, in addition:

(A)the consent of theBorrower(such consent not to be unreasonably withheld or delayed) shall be required unless (x) anEvent of Defaulthas occurred and is continuing at the time of such assignment or (y) such assignment is to aLender, anAffiliateof aLenderor anApproved Fund;provided that, theBorrowershall be deemed to have consented to any such assignment unless it shall object thereto by written notice to theAdministrative Agentwithinfive (5) Business Daysafter having received notice thereof; and

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(B)the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (i) the Revolving Facility or any unfunded Commitments with respect to the Term Facility if such assignment is to a Person that is not a Lender with a Commitment in respect of such Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender, or (ii) any Term Loans to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and

(C)the consent of each Issuing Bank and Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of the Revolving Facility if such assignment is to a Person that is not a Lender with a Revolving Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender.

(iv)Assignment and Assumption. The parties to each assignment shall execute and deliver to theAdministrative AgentanAssignment and Assumption, together with a processing and recordation fee of$3,500;provided that, theAdministrative Agentmay, in its sole and absolute discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not aLender, shall deliver to theAdministrative AgentanAdministrative Questionnaire.

(v)No Assignment to Certain Persons. No such assignment shall be made to (A) theBorroweror any of theBorrower’sAffiliatesorSubsidiaries, or (B) to anyDefaulting Lenderor any of itsSubsidiaries, or anyPersonwho, upon becoming aLender hereunder, would constitute aDefaulting Lenderor aSubsidiarythereof.

(vi)No Assignment to Natural Persons. No such assignment shall be made to a naturalPerson (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person or relative(s) thereof).

(vii)Certain Additional Payments. In connection with any assignment of rights andobligationsof anyDefaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forthherein, the parties to the assignment shall make such additional payments to theAdministrative Agentin 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,includingfunding, with the consent of theBorrowerand theAdministrative Agent, the applicablepro rata share ofLoanspreviously requested but not funded by theDefaulting Lender, to each of which the applicable assignee and assignor irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each Issuing Bank, each Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this clause, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

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Subject to acceptance and recording thereof by the Administrative Agent pursuant toclause (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits ofSections 2.14 and9.3 with respect to facts and circumstances occurring prior to the effective date of such assignment;provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance withclause (d) of this Section.

(c)Register. TheAdministrative Agent, acting solely for this purpose as an agent of theBorrower, shall maintain at its offices at 452 Fifth Avenue, New York, NY 10018 a copy of eachAssignment and Assumptiondelivered to it and aregisterfor the recordation of the names and addresses of the Lenders, and theCommitmentsof, and principal amounts (and stated interest) of theLoansowing to, eachLenderpursuant to the termshereoffrom time to time (the “Register”). The entries in theRegistershallbe conclusive absent manifest error, and theBorrower, theAdministrative Agentand the Lenders shall treat eachPersonwhose name is recorded in theRegisterpursuant to the termshereofas aLender hereunderfor all purposes of thisAgreement. TheRegistershall be available for inspection by theBorrowerand anyLender, at any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of a duly completedAssignment and Assumptionexecuted by an assigningLenderand an assignee, the assignee’sAdministrative Questionnaire(unless the assignee shall already be aLender hereunder), the processing and recordation fee referred to inclause (b) of this Section and any written consent to such assignment required byclause (b) of this Section, theAdministrative Agentshall accept suchAssignment and Assumptionand record theinformationcontained therein in theRegister;provided that, if either the assigningLenderor the assignee shall have failed to make any payment required to be made by it pursuant to thisAgreement, theAdministrative Agentshall have no obligation to accept suchAssignment and Assumptionand record theinformationtherein in theRegisterunless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of thisAgreementunless it has been recorded in theRegisteras provided in thisclause(c).

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(d)Participations. AnyLendermay at any time, without the consent of, or notice to, theBorroweror theAdministrative Agent, sell participations to anyPerson(other than a naturalPerson, or a holding company,investmentvehicle or trust for, or owned and operated for the primary benefit of, a naturalPerson, or theBorroweror any of theBorrower’sAffiliatesorSubsidiaries) (each, a “Participant”) in all or a portion of suchLender’s rights and/orobligationsunder thisAgreement(includingall or a portion of itsCommitmentand/or theLoansowing to it);provided that, (i) suchLender’sobligationsunder thisAgreementshall remain unchanged, (ii) suchLendershall remain solely responsible to the other parties hereto for the performance of suchobligations, and (iii) theBorrower, theAdministrative Agent, the Issuing Banksand Lenders shall continue to deal solely and directly with suchLenderin connection with suchLender’s rights andobligationsunder thisAgreement. For the avoidance of doubt, eachLendershall be responsible for the indemnity underSection 2.17(e) with respect to any payments made by suchLenderto its Participant(s).

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;provided that, such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso toSection 9.2(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits ofSections 2.14,2.16 and2.17 (subject to the requirements and limitations therein, including the requirements underSection 2.17(g) (it being understood that the documentation required underSection 2.17(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant toclause (b) of this Section;provided that, such Participant (A) agrees to be subject to the provisions ofSection 2.19 as if it were an assignee underclause (b) of this Section, and (B) shall not be entitled to receive any greater payment underSection 2.14 orSection 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effect the provisions ofSection 2.19(b)with respect to any Participant. To the extent permitted by Applicable Law, each Participant also shall be entitled to the benefits ofSection 9.8 as though it were a Lender;provided that, such Participant agrees to be subject toSection 2.18(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);provided that, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

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(e)Certain Pledges. AnyLendermay at any time pledge or assign a security interest in all or any portion of its rights under thisAgreementto secureobligationsof suchLender,includingany pledge or assignment to secureobligationsto a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest;provided that, no such pledge or assignment shall release suchLenderfrom any of itsobligations hereunderor substitute any such pledgee or assignee for suchLenderas a party hereto.

Section 9.5Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and any issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect so long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under any Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions ofSections 2.14,2.16,2.17,2.18 and9.3, andArticle VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Obligations, the expiration or termination of the Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the applicable Issuing Bank shall have been made) and the Commitments or the termination of this Agreement or any provision hereof.

Section 9.6Counterparts; Integration; Effectiveness; Electronic Execution.

(a)Counterparts; Integration; Effectiveness. ThisAgreementmay be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. ThisAgreementand the otherLoan Documents, and any separate letter agreements with respect to fees payable to theAdministrative Agent, constitute the entire contract among the parties relating to the subject matterhereofand supersede any and all previous agreements and understandings, oral or written, relating to the subject matterhereof. Except as provided inSection 4.1, thisAgreementshall become effective when it shall have been executed by theAdministrative Agentand when theAdministrative Agentshall have received counterpartshereofthat, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of asignaturepage of thisAgreementby telecopy or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of thisAgreement.

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(b)Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import in anyAssignment and Assumptionshall be deemed toincludeelectronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executedsignatureor the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in anyApplicable Law,includingthe Federal Electronic Signatures in Global and National Commerce Act, theNew York State Electronic Signatures and Records Act, or any other similar state laws based on theUniform Electronic Transactions Act.

Section 9.7Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 9.8Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency) at any time owing, by such Lender, such Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or such Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or such Issuing Bank different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness;provided that, in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions ofSection 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have. Each Lender and Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application;provided that, the failure to give such notice shall not affect the validity of such setoff and application.

Section 9.9Governing Law; Jurisdiction; Etc. 

(a)Governing Law. ThisAgreementand the otherLoan Documentsand any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to thisAgreementor any otherLoan Document(except, as to any otherLoan Document, as expressly set forth therein) and thetransactionscontemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State ofNew York, without regard to conflicts of law principles exceptTitle 14 ofArticle 5 of theNew York General Obligationslaw.

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(b)Jurisdiction. TheBorrowerirrevocably and unconditionally agrees that itwillnot commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against theAdministrative Agent, anyLender, any Issuing Bankor anyRelated Partyof the foregoing in any way relating to thisAgreementor any otherLoan Documentor thetransactionsrelating hereto or thereto, in any forum other than the courts of the State ofNew Yorksitting inNew YorkCounty, and of the United States District Court for the Southern District ofNew York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any way relating to thisAgreementor any otherLoan Documentor thetransactionsrelating hereto or thereto may be heard and determined in suchNew YorkState court or, to the fullest extent permitted byApplicable Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided byApplicable Law. Nothing in thisAgreementor in any otherLoan Documentshall affect any right that theAdministrative Agent, anyLender or any Issuing Bankmay otherwise have to bring any action or proceeding relating to thisAgreementor any otherLoan Documentagainst theBorrower, any otherLoan Partyor their properties in the courts of any jurisdiction.

(c)Waiver of Venue. TheBorrowerirrevocably and unconditionally waives, to the fullest extent permitted byApplicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to thisAgreementor any otherLoan Documentin any court referred to inclause (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted byApplicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

(d)Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices inSection 9.1. Nothing in thisAgreement willaffect the right of any party hereto to serve process in any other manner permitted byApplicable Law.

Section 9.10Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

116

Section 9.11Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 9.12Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the Issuing Banks agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed: (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by Applicable Law or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedy 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, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative, credit insurance or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) with the consent of the Borrower, or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes available to the Administrative Agent, any Lender, any Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or any Subsidiary. 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 (including league table providers) 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.

For purposes of this Article, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary;provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

117

Section 9.13Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under Applicable Law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with Applicable Law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Section 9.14PATRIOT Act. Each Lender that is subject to the requirements of the PATRIOT Act 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 such Lender to identify the Borrower in accordance with the PATRIOT Act.

Section 9.15Acknowledgment and Consent to Bail-In ofEEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)the application of anyWrite-Down and Conversion Powersby anEEA Resolution Authorityto any such liabilities arisinghereunderwhich may be payable to it by any party hereto that is anEEA Financial Institution; and

(b)the effects of anyBail-in Actionon any such liability,including, if applicable:

(i)a reduction in full or in part or cancellation of any such liability;

(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in suchEEA Financial Institution, itsparentundertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownershipwillbe accepted by it in lieu of any rights with respect to any such liability under thisAgreementor any otherLoan Document; or

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(iii)the variation of the terms of such liability in connection with the exercise of thewrite-down and conversion powersof anyEEA Resolution Authority.

Section 9.16Judgment Currency. This is an international loan transaction in which the specification of Dollars and the payment in New York is of the essence, and the obligations of the Borrower and each other Loan Party under this Agreement and each of the other Loan Documents to make payments in a specified currency (the “Contractual Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Contractual Currency, except to the extent such tender or recovery results in the effective receipt by the Recipient to which payment is owed, acting in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount of the Contractual Currency of the amounts payable to such Recipient under this Agreement. If, for the purpose of obtaining or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Contractual Currency (such other currency being herein referred to as the “Judgment Currency”) an amount due in the Contractual Currency, the conversion shall be made, at the rate of exchange at which, in accordance normal banking procedures, the Recipient could purchase such Contractual Currency at the principal office of the Recipient in New York, New York with the Judgment Currency on the Business Day next preceding the day on which such judgment becomes effective. The obligation of the Borrower and each other Loan Party in respect of any sum due from it to the Recipient hereunder or under any other Loan Document shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that, on the Business Day following receipt by the Recipient of any sum adjudged to be due hereunder in the Judgment Currency the Recipient may, in accordance with normal banking procedures, purchase and transfer the Contractual Currency to New York, New York with the amount of the Judgment Currency so adjudged to be due, and the Borrower and each other Loan Party hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify the Recipient against, and to pay the Recipient, on demand, in the Contractual Currency, the amount (if any) by which the sum originally due to the Recipient in the Contractual Currency hereunder exceeds the amount of the Contractual Currency so purchased and transferred.

Section 9.17Acknowledgement Regarding Any Supported QFCs(a).

(a)To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Hedging Agreement or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

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(b)In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

[Signature page follows]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

GLOBANT, LLC,

as Borrower

By /Juan Urthiague/

Name: Juan Urthiague

Title: Chief Financial Officer

[Signature Page – Second Amended and Restated Credit Agreement]

HSBC BANK USA, NATIONAL ASSOCIATION,

as Administrative Agent

By /Keisha McLaughlin /

Name: Keisha McLaughlin

Title: Assistant Vice President

[Signature Page – Second Amended and Restated Credit Agreement]

HSBC BANK USA, NATIONAL ASSOCIATION, as Issuing Bank
By	/Vanessa Printz/
Name: Vanessa Printz
Title: Senior Vice President

[Signature Page – Second Amended and Restated Credit Agreement]

HSBC BANK USA, NATIONAL ASSOCIATION, as Swingline Lender
By	/Vanessa Printz/
Name: Vanessa Printz
Title: Senior Vice President

[Signature Page – Second Amended and Restated Credit Agreement]

HSBC BANK USA, NATIONAL ASSOCIATION, as Lender
By	/Vanessa Printz/
Name: Vanessa Printz
Title: Senior Vice President

[Signature Page – Second Amended and Restated Credit Agreement]

BANK OF AMERICA, N.A.,
as Lender
By	/Maxim Volkov/
Name: Maxim Volkov
Title: Managing Director

[Signature Page – Second Amended and Restated Credit Agreement]

BBVA USA,
as Lender
By	/Chris Dowler/
Name: Chris Dowler
Title: Senior Vice President

[Signature Page – Second Amended and Restated Credit Agreement]

BNP PARIBAS,
as Lender
By	/Geraud Haissat/
Name: Geraud Haissat
Title: Managing Director
By	/Louis-Marie Angevin/
Name: Louis-Marie Angevin
Title: Vice President

[Signature Page – Second Amended and Restated Credit Agreement]

CITIBANK, N.A.,
as Lender
By	/Daniel Gouger/
Name: Daniel Gouger
Title: Vice President

[Signature Page – Second Amended and Restated Credit Agreement]

JPMORGAN CHASE BANK, N.A.,
as Lender
By	/Christopher Vohmann/
Name: Christopher Vohmann
Title: Executive Director

SILICON VALLEY BANK,
as Lender
By	/Alex Grotevant/
Name: Alex Grotevant
Title: Vice President

TRUIST BANK,
as Lender
By	/Johnetta Bush/
Name: Johnetta Bush
Title: Director

U.S. BANK NATIONAL ASSOCIATION,
as Lender
By	/Glenn Leyrer/
Name: Glenn Leyrer
Title: Vice President

Schedule 2.1

Commitments

Lender	Revolving Commitment	Percentage
HSBC Bank USA, N.A.	$50,000,000.00	20%
Citibank, N.A.	$35,714,285.71	14.3%
BBVA USA	$35,714,285.71	14.3%
BNP Paribas	$35,714,285.71	14.3%
Truist Bank	$18,571,428.57	7.4%
US Bank National Association	$18,571,428.57	7.4%
Silicon Valley Bank	$18,571,428.57	7.4%
JPMorgan Chase Bank, N.A.	$18,571,428.57	7.4%
Bank of America, N.A.	$18,571,428.57	7.4%
Total:	$250,000,000.00	100%

Lender	Term Loan Commitment	Percentage
HSBC Bank USA, N.A.	$20,000,000.00	20%
Citibank, N.A.	$14,285,714.29	14.3%
BBVA USA	$14,285,714.29	14.3%
BNP Paribas	$14,285,714.29	14.3%
Truist Bank	$7,428,571.43	7.4%
US Bank National Association	$7,428,571.43	7.4%
Silicon Valley Bank	$7,428,571.43	7.4%
JPMorgan Chase Bank, N.A.	$7,428,571.43	7.4%
Bank of America, N.A.	$7,428,571.43	7.4%
Total:	$100,000,000.00	100%

Schedule 2.5

Existing Letters of Credit

Guarantee No. FNGMLM951653 in the aggregate principal amount of EUR392,277.41, issued by HSBC France to Software Product Creation S.L. for the benefit of Infinorsa Gestión Inmobiliaria y Financiera S.A.

Schedule 3.6

Disclosed Matters

·     TAX CLAIM BY THE TAX AUTHORITY IN UNITED STATES (U.S.

INTERNAL REVENUE SERVICE).

Certain of our non-U.S. subsidiaries are currently under examination by the U.S. Internal Revenue Service (“IRS”) regarding payroll and employment taxes primarily in connection with services performed by employees of certain of our subsidiaries in the United States from 2013 to 2015. On May 1, 2018, the IRS issued 30- day letters to those subsidiaries proposing total assessments of $1.4 million plus penalties and interest for employment taxes for those years. Our subsidiaries filed protests of these proposed assessments with the IRS on July 16, 2018.

·     TAX CLAIM BYTHE TAX AUTHORITY IN COLOMBIA (UNIDAD DE

GESTION PENSIONAL Y PARAFISCALES “UGPP”)

Our Colombian subsidiary is currently under examination by the UGPP regarding social contribution payments for the year 2016. On November 6, 2019, the UGPP issued a demand letter to the Colombian subsidiary proposing a preliminary assessment of $2.1 million plus penalties and interest for social contribution payments during such year and requesting the Colombian subsidiary to revert with its own assessment. The response letter to be issued by the Colombian subsidiary is due on February 8, 2020, after which letter the UGPP will have six months to issue its final determination.

·     CIVIL COMPLAINT

On August 8, 2019, Certified Collectibles Group, LLC (“CCG”) and its affiliates filed a complaint in the U.S. District Court for the Middle District of Florida, Tampa Division, (Civil Action No. 19-CV-1962) against Globant S.A. and Globant, LLC. The complaint, arising from a dispute relating to a service contract, alleges nine causes of action against Globant, LLC: (1) fraudulent inducement of contract; (2) fraud; (3) fraudulent concealment; (4) negligent misrepresentation; (5) breach of contract and breach of express warranty; (6) violation of Florida’s Deceptive and Unfair Trade Practices Act; (7) professional negligence; (8) declaratory judgment; and (9) unjust enrichment. The complaint names Globant S.A. as a defendant with respect to several of these causes of action (counts 2-4, 6-7, and 9), on the alleged theory that Globant S.A. was an “alter ego” or agent of Globant, LLC. Globant, LLC has filed a motion to dismiss the complaint for failure to state a claim, and Globant S.A. has filed a motion to dismiss for lack of personal jurisdiction. CCG has opposed these filings. The court has not yet ruled on the motions to dismiss.

Schedule 3.11 Insurance [see attached]

GLOBLLC-03 CJOHNSON6 01/30/2020 NAME: (A/C, No):(415) 512-1115 COVERAGES CERTIFICATE NUM BER: REVISION NUM BER: $ JECT (Per accident) STATUTE ER $ THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACORD 25 (2016/03) © 1988-2015 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD HSBC Bank USA, N.A. As administrative Agent and its successors and assigns *P O Box 1165 Buffalo , NY 14203 SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE ACCORDANCE WITH THE POLICY PROVISIONS. THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTW ITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT W ITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOW N MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR LTR TYPE OF INSURANCE ADDL INSD SUBR WVD POLICY NUMBER POLICY EFF (MM/DD/YYYY) POLICY EXP (MM/DD/YYYY) LIMIT S A X COMMERCIAL GENERAL LIABILITY x x 57UUNZM9229 02/06/2020 02/06/2021 EACH OCCURRENCE $1,000,000 CLAIMS-MADEOCCUR DAMAGE TO RENTED PREMISES (Ea occurrence) 300,000 MED EXP (Any one person) $10,000 PERSONAL & ADV INJURY $1,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $2,000,000 X POLICYPRO-LOC OTHER: PRODUCTS - COMP/OP AGG $2,000,000 $ A AUTOMOBILE LIABILIT Y 57UUNZM9229 02/06/2020 02/06/2021 COMBINED SINGLE LIMIT (Ea accident) $1,000,000 ANY AUTO BODILY INJURY (Per person) $ OWNED AUTOS ONLY HIRED AUTOS ONLY SCHEDULED AUTOS NON-OWNED AUTOS ONLY BODILY INJURY (Per accident) $ X X PROPERTY DAMAGE $ $ A UMBRELLA LIAB EXCESS LIAB X OCCUR CLAIMS-MADE 57RHUZM8888 02/06/2020 02/06/2021 EACH OCCURRENCE $10,000,000 X AGGREGATE $10,000,000 DED X RETENTION $ $ B WORKERS COMPENSAT ION AND EMPLOYERS' LIABILIT YY / N ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? (Mandatory in NH) If yes, describe under DESCRIPTION OF OPERATIONS below N / A x 57WEZU8722 07/15/2019 07/15/2020 X PER OTH-E.L. EACH ACCIDENT $1,000,000 E.L. DISEASE - EA EMPLOYEE $1,000,000 E.L. DISEASE - POLICY LIMIT $1,000,000 A COMMERCIAL PROPERT Y 57UUNZM9229 02/06/2020 02/06/2021 BPP / TIB 8,022,500 DESCRIPT ION OF OPERAT IONS / LOCAT IONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) 10 days notice of cancellation for non payment of premium and 30 days notice for all other cancellations. HSBC Bank USA, N.A, as Administrative Agent, and its successors and assigns are named additional insured respects the written contract with the named insured. “Attn: Insurance Department X CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY) THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER License # 0757776 HUB International Insurance Services Inc. 44 Second Street San Francisco, CA 94105 CONTACT PHONE (A/C, No, Ext): (415) 512-2100 FAX E-MAIL ADDRESS: INSURER(S) AFFORDING COVERAGE NAIC # INSURER A : Sentinel Insurance Company, Ltd. 11000 INSURED Globant, LLC 875 Howard Street San Francisco, CA 94103 INSURER B : Hartford Insurance Group 914 INSURER C : INSURER D : INSURER E : INSURER F :

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. POLICY CHANGES This endorsement forms a part of the Policy numbered below: POLICY NUMBER: 57 UUN ZM9229K2 CHANGE NUMBER: 006 Policy Change Effective Date: 01/30/20 Named Insured: GLOBAL LLC SWEET & BAKER INS BROKERS .797 INC Producer's Name: Pro Rata Factor: Description of Change(s): ANY CHANGES IN YOUR PREMIUM WILL BE REFLECTED IN YOUR NEXT BILLING STATEMENT. IF YOU ARE ENROLLED IN REPETITIVE EFT DRAWS FROM YOUR BANK ACCOUNT, CHANGES IN PREMIUM WILL CHANGE FUTURE DRAW AMOUNTS. THIS IS NOT A BILL. NO PREMIUM DUE AT POLICY DATE. PROPERTY CHANGE CHOICE EFFECTIVE HARTFORD PROPERTY CHANGED FIRE INSURANCE COMPANY CHOICE COVERAGE PART IS 1 IS REVISED PREMISES LOSS PAYEE(S): LENDER'SLOSS PAYABLE IS ADDED: SEE LOSS PAYABLE PROVISIONS FORM NUMBERS OF COVERAGE PARTS AND ENDORSEMENTS ADDED TO THIS POLICY AT ENDORSEMENT ISSUE: SEE ABOVE FOR COMPANY NAME IH12011185LENDERS LOSS PAYEE(S) Countersigned by (Where required by law) 01/30/20 Authorized Representative Date Form HM 12 01 01 07T

POLICY NUMBER: 57 UUN ZM9229 CHANGE NUMBER: 006 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. This endorsement modifies insurance provided under the following: LENDERS LOSS PAYEE(S) PROPERTY CHOICECOVERAGE PART HSBC BANK USA,NA AS ADMINISTRATIVE AGENT ITS SUCCESSORSAND/OR ASSIGNS P.O. BOX 1165 BUFFALO, NY 14203 RE: LOC 001 875 HOWARD ST SAN FRANCISCO, CA 94103 Form IH 12 01 11 85 SEQ.NO. 01 Printed in U.S.A.

Schedule 3.13

Subsidiaries; Equity Interests

Company	Jurisdiction	Ownership
Globant España S.A. (sociedad unipersonal)	Spain	100% Globant S.A.
Software Product Creation S.L.	Spain	52.28% Globant España S.A. (sociedad unipersonal)
		47.72% Globant S.A.
Globant France S.A.S.	France	100% Globant S.A.
Sistemas UK Ltd.	England & Wales	100% Globant España S.A. (sociedad unipersonal)
We Are London Ltd.	England & Wales	100% Globant España S.A. (sociedad unipersonal)
Globant Bel LLC	Belarus	95.00% Globant España S.A. (sociedad unipersonal)
		05.00% Software Product Creation S.L.
Small Footprint S.R.L.	Romania	100% Globant España S.A. (sociedad unipersonal)
Globant, LLC	USA	100% Globant España S.A. (sociedad unipersonal)
Globant Canada Corp.	Canada	100% Globant España S.A. (sociedad unipersonal)
Global Systems Outsourcing S. de R.L.	Mexico	99.99% Globant España S.A. (sociedad unipersonal)
		00.01% IAFH Global S.A.
Sistemas Colombia S.A.S.	Colombia	99.99% Globant España S.A. (sociedad unipersonal)
		00.01% Software Product Creation S.L.
Globant Peru S.A.C.	Peru	99.99% Globant España S.A. (sociedad unipersonal)
		00.01% Software Product Creation S.L.
Sistemas Globales Chile Asesorías Ltda.	Chile	95.00% Globant España S.A. (sociedad unipersonal)
		05.00% Software Product Creation S.L.
Globant Brasil Consultoria Ltda.	Brazil	99.999995% Globant España S.A. (sociedad unipersonal)
		00.000005% Software Product Creation S.L.
Sistemas Globales Uruguay S.A.	Uruguay	100% Globant España S.A. (sociedad unipersonal)
Difier S.A.	Uruguay	100% Globant España S.A. (sociedad unipersonal)
IAFH Global S.A.	Argentina	99.998013% Globant España S.A. (sociedad unipersonal)
		00.00198712% Software Product Creation S.L.
Sistemas Globales S.A.	Argentina	89.85% Globant España S.A. (sociedad unipersonal)
		10.15% Software Product Creation S.L.
Huddle Group S.A.	Argentina	98.60% Globant España S.A. (sociedad unipersonal)
		01.40% Software Product Creation S.L.
Globers S.A.	Argentina	95.00% IAFH Global S.A.
		05.00% Sistemas Globales S.A.
Dynaflows S.A.	Argentina	94.99% Sistemas Globales S.A.
		05.01% Globant España S.A. (sociedad unipersonal)
Globant Ventures S.A.S.	Argentina	100% Sistemas Globales S.A.
Globant India Pvt. Ltd.	India	98.47% Globant España S.A. (sociedad unipersonal)

Company	Jurisdiction	Ownership
Software Product Creation S.L. - Dubai Branch	Dubai	Branch of Software Product Creation S.L.
Avanxo (Bermuda) Limited	Bermuda	100% Globant España S.A. (sociedad unipersonal)
Avanxo México S.A.P.I. de C.V.	Mexico	99.999993% Avanxo (Bermuda) Limited
		00.00000689% Avanxo Brasil Tecnología daInformacao Ltda.
Avanxo Servicios S.A. de C.V.	Mexico	90.00% Avanxo México S.A.P.I. de C.V.
		10.00% Avanxo Brasil Tecnología da InformacaoLtda.
Avanxo Colombia	Colombia	Branch of Avanxo (Bermuda) Limited
Avanxo - Sucursal del Perú	Peru	Branch of Avanxo (Bermuda) Limited
Avanxo Brasil Tecnología da Informacao Ltda.	Brazil	99.99% Avanxo (Bermuda) Limited
		00.01% Avanxo México S.A.P.I. de C.V.
Orizonta Consultoria de Negocios e Tecnologia Ltda.	Brazil	99.997% Avanxo Brasil Tecnología da Informacao Ltda.
		00.003% Avanxo México S.A.P.I. de C.V.
Avanxo S.A.	Argentina	99.965819% Avanxo (Bermuda) Limited
		00.03418074% Software Product Creation S.L.
Belatrix Global Corporation S.A	Spain	100% Globant España S.A.(sociedad unipersonal)
Belatrix Services Corp.	USA	100% Belatrix Global Corporation S.A.
Belatrix Colombia S.A.S.	Colombia	100% Belatrix Global Corporation S.A.
Belatrix Peru S.A.C.	Peru	95.00% Belatrix Global Corporation S.A.
		05.00% Software Product Creation S.L.
BSF S.A.	Argentina	99.956495% Belatrix Global Corporation S.A.
		00.04350525% Software Product Creation S.L.

Schedule 3.20

Labor Matters

None.

Schedule 6.2

Existing Indebtedness

Standby Letter of Credit No. 69608879 in the aggregate principal amount of $287,100.00, issued by Citibank, N.A. to Globant, LLC for the benefit of 251 PAS LLC.

Schedule 6.3

Existing Liens

Filing	Secured Party	File Date	Collateral
UCC-1 20196455021	JPMORGAN CHASE BANK, N.A.	9/17/19	All accounts receivable which arise out of the sale of goods and services by Debtor to Johnson & Johnson Services, Inc., a New Jersey corporation and/or its subsidiaries or affiliates (individually or collectively, "Buyer"), which accounts receivable are now or in the future assigned and sold by Supplier to the Investors party to the Receivables Purchase Agreement among Supplier, the Investors party thereto and the Investor Agent party thereto, as amended, modified or supplemented from time to time (each, a "Purchased Receivable"), but only from and after the date such Purchased Receivables are sold by Supplier to Investor, and all Ancillary Rights with respect to such Purchased Receivables.
UCC-1 20199254025	BANCO SANTANDER, S.A.	12/27/19	All Debtor's right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising, and wherever located, all Receivables and all Associated Rights from time to time and such other property thereunder sold by the Debtor to Secured Party pursuant to that certain Uncommitted Receivables Purchase and Servicing Agreement dated as of 23 December 2019 between Debtor as Original Seller and Secured Party as Purchaser (as the same may be amended, modified or amended and restated from time to time, the "RPA"), together with all present and future accounts, instruments, documents, chattel paper and general intangibles relating to such Receivables and all proceeds thereof.

Schedule 6.6

Existing Investments

None.