Exhibit 10.2


 


GUARANTY AND SECURITY
AGREEMENT


 


This GUARANTY AND SECURITY
AGREEMENT (this "Agreement"), dated as of March 2, 2022, by and among the Persons listed on the signature pages hereof
as "Grantors" and those additional entities that hereafter become parties hereto by executing the form of Joinder attached hereto
as Annex 1 (each, a "Grantor" and collectively, the "Grantors"), and TCW ASSET MANAGEMENT
COMPANY LLC, in its capacity as administrative agent for each member of the Lender Group (in such capacity, together with its successors
and assigns in such capacity, "Agent").


 


W I T N E S
S E T H:


 


WHEREAS, pursuant to
that certain Credit Agreement, of even date herewith (as amended, restated, supplemented, or otherwise modified from time to time, the
 "Credit Agreement"), by and among HUDSON TECHNOLOGIES, INC., a New York corporation, ("Parent"),
HUDSON HOLDINGS, INC., a Nevada corporation ("Hudson Holdings"), HUDSON TECHNOLOGIES COMPANY, a Delaware
corporation ("Aspen"; and together with Hudson Holdings, and those additional entities that hereafter become parties
to the Credit Agreement as Borrowers in accordance with the terms thereof, each, a "Borrower" and individually and collectively,
jointly and severally, the "Borrowers"), the lenders party thereto as "Lenders" (each of such Lenders, together
with its successors and assigns, is referred to hereinafter as a "Lender"), and Agent, the Lender Group has agreed to
make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and


 


WHEREAS, Agent has
agreed to act as agent for the benefit of the Lender Group in connection with the transactions contemplated by the Credit Agreement and
this Agreement;


 


WHEREAS, in order to
induce the Lender Group to enter into the Credit Agreement and the other Loan Documents and to extend the Loans thereunder, and to induce
the Lender Group to make financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents, (a)
each Grantor (other than any Borrower) has agreed to guaranty the Guarantied Obligations, and (b) each Grantor has agreed to grant to
Agent, for the benefit of the Lender Group, a continuing security interest in and to the Collateral in order to secure the prompt and
complete payment, observance and performance of, among other things, the Secured Obligations; and


 


WHEREAS, each Grantor
(other than Parent or any Borrower) is a Subsidiary of Parent and, as such, will benefit by virtue of the financial accommodations extended
to Borrowers by the Lender Group.


 






     


     


    

 


NOW, THEREFORE, for
and in consideration of the recitals made above and other good and valuable consideration, the receipt, sufficiency and adequacy of which
are hereby acknowledged, the parties hereto agree as follows:


 


1.                Definitions; Construction.


 


(a)            All
initially capitalized terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed
thereto in the Credit Agreement. Any terms (whether capitalized or lower case) used in this Agreement that are defined in the Code (including,
without limitation, Account, Account Debtor, Chattel Paper, Commercial Tort Claims, Deposit Account, Drafts, Documents, Equipment, Farm
Products, Fixtures, General Intangibles, Inventory, Investment Property, Instruments, Letters of Credit, Letter of Credit Rights, Promissory
Notes, Proceeds, Securities Account and Supporting Obligations) shall be construed and defined as set forth in the Code unless otherwise
defined herein or in the Credit Agreement; provided, that to the extent that the Code is used to define any term used herein and
if such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code
shall govern. In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following terms shall have
the following meanings:


 


(i)           "Acquisition
Documents" means the agreements, instruments and documents evidencing, or entered into in connection with, an Acquisition (including
a Permitted Acquisition) by a Grantor.


 


(ii)          "Activation
Instruction" has the meaning specified therefor in Section 7(k) hereof.


 


(iii)         "Agent"
has the meaning specified therefor in the preamble to this Agreement.


 


(iv)        "Agreement"
has the meaning specified therefor in the preamble to this Agreement.


 


(v)         "Books"
means books and records (including each Grantor's Records indicating, summarizing, or evidencing such Grantor's assets (including the
Collateral) or liabilities, each Grantor's Records relating to such Grantor's business operations or financial condition, and each Grantor's
goods or General Intangibles related to such information).


 


(vi)        "Borrower"
and "Borrowers" have the respective meanings specified therefor in the recitals to this Agreement.


 


(vii)       "Cash
Dominion Event" means the occurrence of either of the following: (A) the occurrence and continuance of any Event of Default,
or (B) Excess Availability is less than 10.0% of the Maximum Revolver Amount at any time.


 


(viii)      "Cash
Dominion Period" means the period commencing after the occurrence of a Cash Dominion Event and continuing until the date when
(A) no Event of Default shall exist and be continuing, and (B) Excess Availability is greater than or equal to 10.0% of the Maximum Revolver
Amount for 60 consecutive days.


 


(ix)         "Code"
means the New York Uniform Commercial Code, as in effect from time to time; provided, that in the event that, by reason of mandatory
provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to Agent's Lien on any Collateral is
governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term "Code"
shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof
relating to such attachment, perfection, priority, or remedies.


 






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(x)          "Collateral"
has the meaning specified therefor in Section 3 hereof.


 


(xi)         "Collection
Account" means a Deposit Account of a Grantor which is used exclusively for deposits of collections and proceeds of Collateral
and not as a disbursement or operating account upon which checks or other drafts may be drawn.


 


(xii)        "Commercial
Tort Claims" means commercial tort claims (as that term is defined in the Code), and includes those commercial tort claims listed
on Schedule 1.


 


(xiii)       "Commodity
Exchange Act" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.


 


(xiv)       
"Controlled Account" has the meaning specified therefor in Section 7(k) hereof.


 


(xv)       
"Controlled Account Agreements" means those certain cash management agreements, in form and substance reasonably
satisfactory to Agent, each of which is executed and delivered by a Grantor, Agent, and one of the Controlled Account Banks.


 


(xvi)       "Controlled
Account Bank" has the meaning specified therefor in Section 7(k) hereof.


 


(xvii)     
"Copyrights" means any and all rights in any works of authorship, including (A) copyrights and moral rights, (B)
copyright registrations and recordings thereof and all applications in connection therewith including those listed on Schedule 2,
(C) income, license fees, royalties, damages, and payments now and hereafter due or payable under and with respect thereto, including
payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof,
(D) the right to sue for past, present, and future infringements thereof, and (E) all of each Grantor's rights corresponding thereto throughout
the world.


 


(xviii)   
"Copyright Security Agreement" means each Copyright Security Agreement executed and delivered by Grantors, or
any of them, and Agent, in substantially the form of Exhibit A.


 


(xix)        
"Credit Agreement" has the meaning specified therefor in the recitals to this Agreement.


 


(xx)         "Excluded
Accounts" means (A) Deposit Accounts and Securities Accounts with an aggregate amount on deposit therein of not more than $250,000
at any one time for all such Deposit Accounts or Securities Accounts, or (B) Deposit Accounts specially and exclusively used for payroll,
payroll taxes and other employee wage and benefit payments to or for any Grantor's employees.


 






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(xxi)        
 "Excluded Swap Obligation" means, with respect to any Grantor, any Swap Obligation if, and to the extent that,
all or a portion of the guaranty of such Grantor of (including by virtue of the joint and several liability provisions of Section 2.15
of the Credit Agreement with respect to any Grantor that is a Borrower), or the grant by such Grantor of a security interest to secure,
such Swap Obligation (or any guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Grantor's
failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations
thereunder at the time the guaranty of such Grantor or the grant of such 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 guaranty or security interest is or becomes illegal.


 


(xxii)     
"Foreclosed Grantor" has the meaning specified therefor in Section 2(i)(iv) hereof.


 


(xxiii)   
"General Intangibles" means general intangibles (as that term is defined in the Code), and includes payment intangibles,
software, contract rights, rights to payment, rights under Hedge Agreements (including the right to receive payment on account of the
termination (voluntarily or involuntarily) of such Hedge Agreements), rights arising under common law, statutes, or regulations, choses
or things in action, goodwill, Intellectual Property, Intellectual Property Licenses, purchase orders, customer lists, route lists, rights
to payment and other rights under Acquisition Documents, rights to payment and other rights under any royalty or licensing agreements,
including Intellectual Property Licenses, infringement claims, monies due or recoverable from pension funds, pension plan refunds, pension
plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership or limited liability company
which do not constitute a security under Article 8 of the Code, and any other personal property other than Commercial Tort Claims, money,
Accounts, Chattel Paper, Deposit Accounts, goods, Investment Property, Negotiable Collateral, and oil, gas, or other minerals before extraction.


 


(xxiv)    
"Grantor" and "Grantors" have the respective meanings specified therefor in the preamble to this
Agreement.


 


(xxv)       "Guarantied
Obligations" means all of the Obligations now or hereafter existing, whether for principal, interest (including any
interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in
part as a claim in any such Insolvency Proceeding), fees (including the fees provided for in the Fee Letter), Lender Group Expenses
(including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or
allowable in whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all reasonable and documented
expenses (including reasonable counsel fees and expenses) incurred by Agent or any other member of the Lender Group in enforcing any
rights under any of the Loan Documents. Without limiting the generality of the foregoing, Guarantied Obligations shall include all
amounts that constitute part of the Guarantied Obligations and would be owed by any Borrower to Agent, any other member of the
Lender Group but for the fact that they are unenforceable or not allowable, including due to the existence of a bankruptcy,
reorganization, other Insolvency Proceeding or similar proceeding involving any Borrower or any Guarantor; provided that,
anything to the contrary contained in the foregoing notwithstanding, the Guarantied Obligations shall exclude any Excluded Swap
Obligation.


 






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(xxvi)    
"Guarantor" means each Grantor other than any Borrower.


 


(xxvii) 
"Guaranty" means the guaranty set forth in Section 2 hereof.


 


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


 


(xxix)    
"Intellectual Property Licenses" means, with respect to any Grantor, (A) any licenses or other similar rights
provided to such Grantor in or with respect to Intellectual Property owned or controlled by any other Person, and (B) any licenses or
other similar rights provided to any other Person in or with respect to Intellectual Property owned or controlled by such Grantor, in
each case, including (x) any software license agreements (other than license agreements for commercially available off-the-shelf software
that is generally available to the public which have been licensed to a Grantor pursuant to end-user licenses), (y) the license agreements
listed on Schedule 3, and (z) the right to use any of the licenses or other similar rights described in this definition in connection
with the enforcement of the Lender Group's rights under the Loan Documents.


 


(xxx)      
"Investment Property" means (A) any and all investment property, and (B) any and all of the following (regardless
of whether classified as investment property under the Code): all Pledged Interests, Pledged Operating Agreements, and Pledged Partnership
Agreements.


 


(xxxi)     
"Joinder" means each Joinder to this Agreement executed and delivered by Agent and each of the other parties listed
on the signature pages thereto, in substantially the form of Annex 1.


 


(xxxii)    
"Lender" and "Lenders" have the respective meanings specified therefor in the recitals to this
Agreement.


 


(xxxiii)    "Negotiable
Collateral" means letters of credit, letter-of-credit rights, instruments, promissory notes, drafts and documents (as each such
term is defined in the Code).


 






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(xxxiv)    "Parent"
has the meaning specified therefor in the recitals to this Agreement.


 


(xxxv)    
"Patents" means patents and patent applications, including (A) the patents and patent applications listed on Schedule
4, (B) all continuations, divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements thereon,
(C) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under
all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (D) the
right to sue for past, present, and future infringements thereof, and (E) all of each Grantor's rights corresponding thereto throughout
the world.


 


(xxxvi)   "Patent Security
Agreement" means each Patent Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially
the form of Exhibit B.


 


(xxxvii)   "Pledged
Companies" means each Person listed on Schedule 5 as a "Pledged Company", together with each other Person,
all or a portion of whose Equity Interests are acquired or otherwise owned by a Grantor after the Closing Date and is required to be
pledged pursuant to Section 5.11 of the Credit Agreement.


 


(xxxviii)  "Pledged
Interests" means all of each Grantor's right, title and interest in and to all of the Equity Interests now owned or hereafter
acquired by such Grantor, regardless of class or designation, including in each of the Pledged Companies, and all substitutions therefor
and replacements thereof, all proceeds thereof, all of such Grantor's voting and control rights, authority, and powers, and all status
and management rights of such Grantor as a shareholder, partner, member, or otherwise, as applicable, and all other rights relating thereto,
also including any certificates representing the Equity Interests, the right to receive any certificates representing any of the Equity
Interests, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in respect thereof and the right
to receive all dividends, distributions of income, profits, surplus, or other compensation by way of income or liquidating distributions,
in cash or in kind, and all cash, instruments, and other property from time to time received, receivable, or otherwise distributed in
respect of or in addition to, in substitution of, on account of, or in exchange for any or all of the foregoing.


 


(xxxix)    "Pledged Interests
Addendum" means a Pledged Interests Addendum substantially in the form of Exhibit C.


 


(xl)         
"Pledged Notes" has the meaning specified therefor in Section 6(m) hereof.


 


(xli)       
"Pledged Operating Agreements" means all of each Grantor's rights, powers, and remedies under the limited liability
company operating agreements and other Governing Documents of each of the Pledged Companies that are limited liability companies.


 


(xlii)     
"Pledged Partnership Agreements" means all of each Grantor's rights, powers, and remedies under the partnership
agreements and other Governing Documents of each of the Pledged Companies that are partnerships.


 






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(xliii)     
 "Proceeds" has the meaning specified therefor in Section 3 hereof.


 


(xliv)     
"Proxy Holder" has the meaning specified therefor in Section 11.


 


(xlv)        
"PTO" means the United States Patent and Trademark Office.


 


(xlvi)     
"Qualified ECP Grantor" means, in respect of any Swap Obligation, each Grantor that has total assets exceeding
$10,000,000 at the time the relevant guaranty, keepwell, or grant of the relevant security interest becomes effective with respect to
such Swap Obligation or such other person as constitutes an "eligible contract participant" under the Commodity Exchange Act
or any regulations promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at such
time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.


 


(xlvii)   
"Real Property" means any estates or interests in real property now owned or hereafter acquired by any Grantor
and the improvements thereto.


 


(xlviii)   
"Record" means information that is inscribed on a tangible medium or which is stored in an electronic or other
medium and is retrievable in perceivable form.


 


(xlix)     
"Rescission" has the meaning specified therefor in Section 7(k) hereof.


 


(l)           "Secured
Obligations" means each and all of the following: (A) all of the present and future obligations of each of the Grantors arising
from, or owing under or pursuant to, this Agreement (including the Guaranty), the Credit Agreement, or any of the other Loan Documents,
(B) [reserved], and (C) all other Obligations of each Borrower and all other Guarantied Obligations of each Guarantor (including,
in the case of each of clauses (A), (B) and (C), Lender Group Expenses and any interest, fees, or expenses that accrue after the filing
of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any Insolvency Proceeding);
provided that, anything to the contrary contained in the foregoing notwithstanding, the Secured Obligations shall exclude any
Excluded Swap Obligation.


 


(li)          "Security
Interest" has the meaning specified therefor in Section 3 hereof.


 


(lii)         "Supporting
Obligations" means supporting obligations (as such term is defined in the Code), and includes letters of credit and guaranties
issued in support of Accounts, Chattel Paper, documents, General Intangibles, instruments or Investment Property.


 


(liii)        "Swap
Obligation" means, with respect to any Grantor, 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.


 


(liv)       "Trademarks"
means any and all trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks
and service mark applications, including (A) the trade names, registered trademarks, trademark applications, registered service
marks and service mark applications listed on Schedule 6, (B) all renewals thereof, (C) all income, royalties, damages and
payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in
connection therewith and damages and payments for past or future infringements or dilutions thereof, (D) the right to sue for past,
present and future infringements and dilutions thereof, (E) the goodwill of each Grantor's business symbolized by the foregoing or
connected therewith, and (F) all of each Grantor's rights corresponding thereto throughout the world.


 






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(lv)        "Trademark
Security Agreement" means each Trademark Security Agreement executed and delivered by Grantors, or any of them, and Agent, in
substantially the form of Exhibit D.


 


(lvi)       
"URL" means "uniform resource locator," an internet web address.


 


(lvii)      
"VIN" has the meaning specified therefor in Section 6(l) hereof.


 


(b)              
This Agreement shall be subject to the rules of construction set forth in Section 1.4 of the Credit Agreement, and such
rules of construction are incorporated herein by this reference, mutatis mutandis.


 


(c)              
All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.


 


2.                 
Guaranty.


 


(a)               In
recognition of the direct and indirect benefits to be received by Guarantors from the proceeds of the Loans and by virtue of the
financial accommodations to be made to Borrowers, each of the Guarantors, jointly and severally, hereby unconditionally and
irrevocably guarantees as a primary obligor and not merely as a surety the full and prompt payment when due, whether upon maturity,
acceleration, or otherwise, of all of the Guarantied Obligations. If any or all of the Obligations constituting Guarantied
Obligations become due and payable, each of the Guarantors, unconditionally and irrevocably, and without the need for demand,
protest, or any other notice or formality, promises to pay such indebtedness to Agent, for the benefit of the Lender Group, together
with any and all expenses (including Lender Group Expenses) that may be incurred by Agent or any other member of the Lender Group in
demanding, enforcing, or collecting any of the Guarantied Obligations (including the enforcement of any collateral for such
Guarantied Obligations or any collateral for the obligations of the Guarantors under this Guaranty). If claim is ever made upon
Agent or any other member of the Lender Group for repayment or recovery of any amount or amounts received in payment of or on
account of any or all of the Guarantied Obligations and any of Agent or any other member of the Lender Group repays all or part of
said amount by reason of (i) any judgment, decree, or order of any court or administrative body having jurisdiction over such payee
or any of its property, or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant
(including any Borrower or any Guarantor), then and in each such event, each of the Guarantors agrees that any such judgment,
decree, order, settlement, or compromise shall be binding upon the Guarantors, notwithstanding any revocation (or purported
revocation) of this Guaranty or other instrument evidencing any liability of any Grantor, and the Guarantors shall be and remain
liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never
originally been received by any such payee.


 






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(b)              
Each of the Guarantors unconditionally and irrevocably guarantees the payment of any and all of the Guarantied Obligations to Agent,
for the benefit of the Lender Group, whether or not due or payable by any Loan Party upon the occurrence of any of the events specified
in Section 8.4 or 8.5 of the Credit Agreement, and irrevocably and unconditionally promises to pay such indebtedness
to Agent, for the benefit of the Lender Group, without the requirement of demand, protest, or any other notice or other formality, in
lawful money of the United States.


 


(c)              
The liability of each of the Guarantors hereunder is primary, absolute, and unconditional, and is independent of any security for
or other guaranty of the Guarantied Obligations, whether executed by any other Guarantor or by any other Person, and the liability of
each of the Guarantors hereunder shall not be affected or impaired by (i) any payment on, or in reduction of, any such other guaranty
or undertaking (other than payment in full of the Guarantied Obligations), (ii) any dissolution, termination, or increase, decrease, or
change in personnel by any Grantor, (iii) any payment made to Agent or any other member of the Lender Group on account of the Obligations
which Agent or such other member of the Lender Group repays to any Grantor pursuant to court order in any bankruptcy, reorganization,
arrangement, moratorium or other debtor relief proceeding (or any settlement or compromise of any claim made in such a proceeding relating
to such payment), and each of the Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of
any such proceeding, (iv) any action or inaction by Agent or any other member of the Lender Group or (v) any invalidity, irregularity,
avoidability, or unenforceability of all or any part of the Obligations or of any security therefor.


 


(d)           This
Guaranty includes all present and future Guarantied Obligations including any under transactions continuing, compromising, extending,
increasing, modifying, releasing, or renewing the Guarantied Obligations, changing the interest rate, payment terms, or other terms and
conditions thereof, or creating new or additional Guarantied Obligations after prior Guarantied Obligations have been satisfied in whole
or in part. To the maximum extent permitted by law, each Guarantor hereby waives any right to revoke this Guaranty as to future Guarantied
Obligations. If such a revocation is effective notwithstanding the foregoing waiver, each Guarantor acknowledges and agrees that (i)
no such revocation shall be effective until written notice thereof has been received by Agent, (ii) no such revocation shall apply to
any Guarantied Obligations in existence on the date of receipt by Agent of such written notice (including any subsequent continuation,
extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (iii) no such revocation
shall apply to any Guarantied Obligations made or created after such date to the extent made or created pursuant to a legally binding
commitment of any member of the Lender Group in existence on the date of such revocation, (iv) no payment by any Guarantor, any Borrower,
or from any other source, prior to the date of Agent's receipt of written notice of such revocation shall reduce the maximum obligation
of such Guarantor hereunder, and (v) any payment by any Borrower or from any source other than such Guarantor subsequent to the date
of such revocation shall first be applied to that portion of the Guarantied Obligations as to which the revocation is effective and which
are not, therefore, guaranteed hereunder, and to the extent so applied shall not reduce the maximum obligation of such Guarantor hereunder.
This Guaranty shall be binding upon each Guarantor, its successors and assigns and inure to the benefit of and be enforceable by Agent
(for the benefit of the Lender Group) and its successors, transferees, or assigns.


 






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(e)              
The guaranty by each of the Guarantors hereunder is a guaranty of payment and not of collection. The obligations of each of the
Guarantors hereunder are independent of the obligations of any other Guarantor or Grantor or any other Person and a separate action or
actions may be brought and prosecuted against one or more of the Guarantors whether or not an action is brought against any other Guarantor
or Grantor or any other Person and whether or not any other Guarantor or Grantor or any other Person be joined in any such action or actions.
Each of the Guarantors waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability
hereunder or the enforcement hereof. Any payment by any Grantor or other circumstance which operates to toll any statute of limitations
as to any Grantor shall operate to toll the statute of limitations as to each of the Guarantors.


 


(f)               
Each of the Guarantors authorizes Agent and the other members of the Lender Group without notice or demand (other than any notice
expressly required to be provided hereunder or under any other Loan Document and in each case in accordance with any applicable terms
and conditions hereof or any other applicable Loan Document), and without affecting or impairing its liability hereunder, from time to
time to:


 


(i)                
change the manner, place, or terms of payment of, or change or extend the time of payment of, renew, increase, accelerate, or alter:
(A) any of the Obligations (including any increase or decrease in the principal amount thereof or the rate of interest or fees thereon),
or (B) any security therefor or any liability incurred directly or indirectly in respect thereof, and this Guaranty shall apply to the
Obligations as so changed, extended, renewed, or altered;


 


(ii)             
take and hold security for the payment of the Obligations and sell, exchange, release, impair, surrender, realize upon, collect,
settle, or otherwise deal with in any manner and in any order any property at any time pledged or mortgaged to secure the Obligations
or any of the Guarantied Obligations (including any of the obligations of all or any of the Guarantors under this Guaranty) incurred directly
or indirectly in respect thereof or hereof, or any offset on account thereof;


 


(iii)           
exercise or refrain from exercising any rights against any Grantor;


 


(iv)            
release or substitute any one or more endorsers, guarantors, any Grantor, or other obligors;


 


(v)              
settle or compromise any of the Obligations, any security therefor, or any liability (including any of those of any of the Guarantors
under this Guaranty) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part
thereof to the payment of any liability (whether due or not) of any Grantor to its creditors;


 






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(vi)            
 apply any sums by whomever paid or however realized to any liability or liabilities of any Grantor to Agent or any other member
of the Lender Group regardless of what liability or liabilities of such Grantor remain unpaid;


 


(vii)         
consent to or waive any breach of, or any act, omission, or default under, this Agreement, any other Loan Document or any of the
instruments or agreements referred to herein or therein, or otherwise amend, modify, or supplement this Agreement, any other Loan Document,
or any of such other instruments or agreements; or


 


(viii)       
take any other action that could, under otherwise applicable principles of law, give rise to a legal or equitable discharge of
one or more of the Guarantors from all or part of its liabilities under this Guaranty (other than a defense of payment in full of the
Guarantied Obligations).


 


(g)              
It is not necessary for Agent or any other member of the Lender Group to inquire into the capacity or powers of any of the Guarantors
or the officers, directors, partners or agents acting or purporting to act on their behalf, and any Obligations made or created in reliance
upon the professed exercise of such powers shall be guaranteed hereunder.


 


(h)              
Each Guarantor jointly and severally guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms
of the Loan Documents, regardless of any law, regulation, or order now or hereafter in effect in any jurisdiction affecting any of such
terms or the rights of any member of the Lender Group with respect thereto. The obligations of each Guarantor under this Guaranty are
independent of the Guarantied Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce
such obligations, irrespective of whether any action is brought against any other Guarantor or whether any other Guarantor is joined in
any such action or actions. The liability of each Guarantor under this Guaranty shall be absolute and unconditional irrespective of, and
each Guarantor hereby irrevocably waives any defense it may now or hereafter have in any way relating to, any or all of the following:


 


(i)                
any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;


 


(ii)             
any change in the time, manner, or place of payment of, or in any other term of, all or any of the Guarantied Obligations, or any
other amendment or waiver of or any consent to departure from any Loan Document, including any increase in the Guarantied Obligations
resulting from the extension of additional credit;


 


(iii)           
any taking, exchange, release, or non-perfection of any Lien in and to any Collateral, or any taking, release, amendment, waiver,
supplement, restatements, extension, novation, renewal, replacements, or continuation of, or consent to departure from any other guaranty,
for all or any of the Guarantied Obligations;


 


(iv)            
the existence of any claim, set-off, defense, or other right that any Guarantor may have at any time against any Person, including
Agent or any other member of the Lender Group;


 






    -11-


     


    

 


(v)              
 any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future
lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor;


 


(vi)            
any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group
including any defense based upon an impairment or elimination of such Guarantor's rights of subrogation, reimbursement, contribution,
or indemnity of such Guarantor against any Grantor or any other guarantors or sureties;


 


(vii)         
any change, restructuring, or termination of the corporate, limited liability company, partnership or other relevant structure
or existence of any Grantor; or


 


(viii)       
any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor or any other guarantor
or surety.


 


(i)                
Waivers.


 


(i)                
Each of the Guarantors waives any right (except as shall be required by applicable law and cannot be waived) to require Agent or
any other member of the Lender Group to (A) proceed against any other Grantor or any other Person, (B) proceed against or exhaust any
security held from any other Grantor or any other Person, or (C) protect, secure, perfect, or insure any security interest or Lien on
any property subject thereto or exhaust any right to take any action against any other Grantor, any other Person, or any collateral, or
(D) pursue any other remedy in any member of the Lender Group's power whatsoever. Each of the Guarantors waives any defense based
on or arising out of any defense of any Grantor or any other Person, other than payment of the Guarantied Obligations to the extent of
such payment, based on or arising out of the disability of any Grantor or any other Person, or the validity, legality, or unenforceability
of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Grantor other than payment
of the Obligations to the extent of such payment. Agent may, at the election of the Required Lenders, foreclose upon any Collateral held
by Agent by one or more judicial or non-judicial sales or other dispositions, whether or not every aspect of any such sale is commercially
reasonable or otherwise fails to comply with applicable law or may exercise any other right or remedy Agent or any other member of the
Lender Group may have against any Grantor or any other Person, or any security, in each case, without affecting or impairing in any way
the liability of any of the Guarantors hereunder except to the extent the Guarantied Obligations have been paid.


 


(ii)              Each
of the Guarantors waives all presentments, demands for performance, protests and notices, including notices of nonperformance,
notices of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation, or
incurring of new or additional Obligations or other financial accommodations. Each of the Guarantors waives notice of any Default or
Event of Default under any of the Loan Documents. Each of the Guarantors assumes all responsibility for being and keeping itself
informed of each Grantor's financial condition and assets and of all other circumstances bearing upon the risk of nonpayment of the
Obligations and the nature, scope, and extent of the risks which each of the Guarantors assumes and incurs hereunder, and agrees
that neither Agent nor any of the other members of the Lender Group shall have any duty to advise any of the Guarantors of
information known to them regarding such circumstances or risks.


 






    -12-


     


    

 


(iii)           
To the fullest extent permitted by applicable law, each Guarantor hereby waives: (A) any right to assert against the Agent,
any member of the Lender Group, any defense (legal or equitable) (other than the defense that all of the Guarantied Obligations have been
paid in full), set-off, counterclaim, or claim which each Guarantor may now or at any time hereafter have against any Borrower or any
other party liable to the Agent, any member of the Lender Group, (B) any defense, set-off, counterclaim, or claim, of any kind or
nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the
Guarantied Obligations or any security therefor, (C) any right or defense arising by reason of any claim or defense based upon an
election of remedies by the Agent, any member of the Lender Group including any defense based upon an impairment or elimination of such
Guarantor's rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any Borrower or other guarantors
or sureties, and (D) the benefit of any statute of limitations affecting such Guarantor's liability hereunder or the enforcement
thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guarantied Obligations shall
similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor's liability hereunder.


 


(iv)            
No Guarantor will exercise any rights that it may now or hereafter acquire against any Grantor or any other guarantor that arise
from the existence, payment, performance or enforcement of such Guarantor's obligations under this Guaranty, including any right of subrogation,
reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of Agent or any other
member of the Lender Group against any Grantor or any other guarantor or any Collateral, whether or not such claim, remedy or right arises
in equity or under contract, statute or common law, including the right to take or receive from any Grantor or any other guarantor, directly
or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy
or right, unless and until all of the Guarantied Obligations and all other amounts payable under this Guaranty shall have been paid in
full in cash and all of the Commitments have been terminated. If any amount shall be paid to any Guarantor in violation of the immediately
preceding sentence, such amount shall be held in trust for the benefit of Agent, for the benefit of the Lender Group, and shall forthwith
be paid to Agent to be credited and applied to the Guarantied Obligations and all other amounts payable under this Guaranty, whether matured
or unmatured, in accordance with the terms of the Credit Agreement, or to be held as Collateral for any Guarantied Obligations or other
amounts payable under this Guaranty thereafter arising. Notwithstanding anything to the contrary contained in this Guaranty, no Guarantor
may exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and may not proceed or
seek recourse against or with respect to any property or asset of, any other Grantor (the "Foreclosed Grantor"), including
after payment in full of the Obligations, if all or any portion of the Obligations have been satisfied in connection with an exercise
of remedies in respect of the Equity Interests of such Foreclosed Grantor whether pursuant to this Agreement or otherwise.


 






    -13-


     


    

 


3.                  Grant
of Security. Each Grantor hereby unconditionally grants, collaterally assigns, and pledges to Agent, for the benefit of each
member of the Lender Group, to secure the Secured Obligations (whether now existing or hereafter arising), a continuing security
interest (hereinafter referred to as the "Security Interest") in all of such Grantor's right, title, and interest
in and to the following, whether now owned or hereafter acquired or arising and wherever located (the
 "Collateral"):


 


(a)              
all of such Grantor's Accounts;


 


(b)              
all of such Grantor's Books;


 


(c)              
all of such Grantor's Chattel Paper;


 


(d)              
all of such Grantor's Commercial Tort Claims;


 


(e)              
all of such Grantor's Deposit Accounts;


 


(f)               
all of such Grantor's Equipment;


 


(g)              
all of such Grantor's Farm Products;


 


(h)              
all of such Grantor's Fixtures;


 


(i)                
all of such Grantor's General Intangibles;


 


(j)                
all of such Grantor's Inventory (including, without limitation, gas cylinders and other similar items that contain gas);


 


(k)              
all of such Grantor's Investment Property;


 


(l)                
all of such Grantor's Intellectual Property and Intellectual Property Licenses;


 


(m)            
all of such Grantor's Negotiable Collateral (including all of such Grantor's Pledged Notes);


 


(n)              
all of such Grantor's Pledged Interests (including all of such Grantor's Pledged Operating Agreements and Pledged Partnership Agreements);


 


(o)              
all of such Grantor's Securities Accounts;


 


(p)              
all of such Grantor's Supporting Obligations;


 


(q)              
all of such Grantor's money, Cash Equivalents, or other assets of such Grantor that now or hereafter come into the possession,
custody, or control of Agent (or its agent or designee) or any other member of the Lender Group; and


 


(r)                all
of the Proceeds and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance or Commercial
Tort Claims covering or relating to any or all of the foregoing, and any and all Accounts, Books, Chattel Paper, Deposit Accounts,
Equipment, Farm Products, Fixtures, General Intangibles, Inventory, Investment Property, Intellectual Property, Negotiable
Collateral, Pledged Interests, Securities Accounts, Supporting Obligations, money, or other tangible or intangible property
resulting from the sale, lease, license, exchange, collection, or other disposition of any of the foregoing, the proceeds of any
award in condemnation with respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise, and all proceeds
of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss of, damage
to, or destruction of the above, whether insured or not insured, and, to the extent not otherwise included, any indemnity, warranty,
or guaranty payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the
 "Proceeds"). Without limiting the generality of the foregoing, the term "Proceeds" includes whatever is
receivable or received when Investment Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such
disposition is voluntary or involuntary, and includes proceeds of any indemnity or guaranty payable to any Grantor or Agent from
time to time with respect to any of the Investment Property.


 






    -14-


     


    

 


4.                 
Security for Secured Obligations. The Security Interest created hereby secures the payment and performance of the Secured
Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Agreement secures the payment
of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the Lender Group,
or any of them, but for the fact that they are unenforceable or not allowable (in whole or in part) as a claim in an Insolvency Proceeding
involving any Grantor due to the existence of such Insolvency Proceeding. Further, the Security Interest created hereby encumbers each
Grantor's right, title, and interest in all Collateral, whether now owned by such Grantor or hereafter acquired, obtained, developed,
or created by such Grantor and wherever located.


 


5.                 
Grantors Remain Liable. Anything herein to the contrary notwithstanding, (a) each of the Grantors shall remain liable under
the contracts and agreements included in the Collateral, including the Pledged Operating Agreements and the Pledged Partnership Agreements,
to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise
by Agent or any other member of the Lender Group of any of the rights hereunder shall not release any Grantor from any of its duties or
obligations under such contracts and agreements included in the Collateral, and (c) neither the Agent nor any of the members of the Lender
Group shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement,
nor shall the Agent or any of the members of the Lender Group be obligated to perform any of the obligations or duties of any Grantors
thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Until an Event of Default shall occur
and be continuing, except as otherwise provided in this Agreement, the Credit Agreement, or any other Loan Document, Grantors shall have
the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective businesses,
subject to and upon the terms hereof and of the Credit Agreement and the other Loan Documents. Without limiting the generality of the
foregoing, it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests, including all voting,
consensual, dividend, and distribution rights, shall remain in the applicable Grantor until (i) the occurrence and continuance of an Event
of Default, and (ii) Agent has notified the applicable Grantor of Agent's election to exercise such rights with respect to the Pledged
Interests pursuant to Section 16.


 






    -15-


     


    

 


6.                 
 Representations and Warranties. In order to induce Agent to enter into this Agreement for the benefit of the Lender Group,
each Grantor makes the following representations and warranties to the Lender Group which shall be true, correct, and complete, in all
material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof), as of the Closing Date, and shall be true, correct, and complete, in all material
respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof), as of the date of the making of any Loan (or other extension of credit) made from time
to time thereafter, if any, as though made on and as of the date of such Loan (or other extension of credit) (except to the extent that
such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true
and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof) as of such earlier date) and such representations and warranties
shall survive the execution and delivery of this Agreement:


 


(a)              
The name (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Grantor is set forth on Schedule
7 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).


 


(b)              
The chief executive office of each Grantor is located at the address indicated on Schedule 7 (as such Schedule may be updated
from time to time to reflect changes resulting from transactions permitted under the Loan Documents).


 


(c)              
Each Grantor's tax identification numbers and organizational identification numbers, if any, are identified on Schedule 7
(as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).


 


(d)              
As of the Closing Date, no Grantor holds any commercial tort claims that exceed $250,000 in amount, except as set forth on Schedule
1.


 


(e)            Set
forth on Schedule 9 (as such Schedule may be updated from time to time subject to Section 7(k)(iii) with respect to Controlled
Accounts and provided that Grantors comply with Section 7(c) hereof) is a listing of all of Grantors' Deposit Accounts and Securities
Accounts, including, with respect to each bank or securities intermediary (i) the name and address of such Person, and (ii) the account
numbers of the Deposit Accounts or Securities Accounts maintained with such Person.


 


(f)               
Schedule 8 sets forth all Real Property owned by any of the Grantors as of the Closing Date.


 


(g)               As
of the Closing Date: (i) Schedule 2 provides a complete and correct list of all registered Copyrights owned by any Grantor,
all applications for registration of Copyrights owned by any Grantor, and all other Copyrights owned by any Grantor and material to
the conduct of the business of any Grantor, (ii) Schedule 3 provides a complete and correct list of all Intellectual Property
Licenses entered into by any Grantor pursuant to which (A) any Grantor has provided any license or other rights in Intellectual
Property owned or controlled by such Grantor to any other Person (other than non-exclusive software licenses granted in the ordinary
course of business), or (B) any Person has granted to any Grantor any license or other rights in Intellectual Property owned or
controlled by such Person that is material to the business of such Grantor, including any Intellectual Property that is incorporated
in any Inventory, software, or other product marketed, sold, licensed, or distributed by such Grantor (other than off-the-shelf,
shrink-wrapped or "click to accept" software licenses or other licenses to generally commercially available software),
(iii) Schedule 4 provides a complete and correct list of all Patents owned by any Grantor and all applications for Patents
owned by any Grantor, and (iv) Schedule 6 provides a complete and correct list of all registered Trademarks owned by any
Grantor, and all applications for registration of Trademarks owned by any Grantor, and all other Trademarks owned by any
Grantor.


 






    -16-


     


    

 


(h)         (i)             (A)
each Grantor owns exclusively or holds licenses in all Intellectual Property that is necessary in or material to the conduct of its business,
and (B) all employees and contractors of each Grantor who were involved in the creation or development of any Intellectual Property for
such Grantor that is necessary in or material to the business of such Grantor have signed agreements containing assignment of Intellectual
Property rights to such Grantor and obligations of confidentiality;


 


(ii)             
to each Grantor's knowledge, no Person has infringed or misappropriated or is currently infringing or misappropriating any Intellectual
Property rights owned by such Grantor, in each case, that either individually or in the aggregate would reasonably be expected to result
in a Material Adverse Effect;


 


(iii)           
(A) to each Grantor's knowledge, (1) such Grantor has never infringed or misappropriated and is not currently infringing or misappropriating
any Intellectual Property rights of any Person, and (2) no product manufactured, used, distributed, licensed, or sold by or service provided
by such Grantor has ever infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights
of any Person, in each case, except where such infringement either individually or in the aggregate would not reasonably be expected to
result in a Material Adverse Effect, and (B) there are no infringement or misappropriation claims or proceedings pending, or to any Grantor's
knowledge, threatened in writing against any Grantor, and no Grantor has received any written notice or other communication of any actual
or alleged infringement or misappropriation of any Intellectual Property rights of any Person, in each case, except where such infringement
either individually or in the aggregate would not reasonably be expected to result in a Material Adverse Effect;


 


(iv)            
to each Grantor's knowledge, all registered Copyrights, registered Trademarks, and issued Patents that are owned by such Grantor
and necessary in or material to the conduct of its business are valid, subsisting and enforceable and in compliance with all legal requirements,
filings, and payments and other actions that are required to maintain such Intellectual Property in full force and effect; and


 






    -17-


     


    

 


(v)              
 each Grantor has taken reasonable steps to maintain the confidentiality of and otherwise protect and enforce its rights in all
trade secrets owned by such Grantor that are necessary in or material to the conduct of the business of such Grantor.


 


(i)                
This Agreement creates a valid security interest in the Collateral of each Grantor, to the extent a security interest therein can
be created under the Code, securing the payment of the Secured Obligations. Except to the extent a security interest in the Collateral
cannot be perfected by the filing of a financing statement under the Code, all filings and other actions necessary or desirable to perfect
and protect such security interest have been duly taken or will have been taken upon the filing of financing statements listing each applicable
Grantor, as a debtor, and Agent, as secured party, in the jurisdictions listed next to such Grantor's name on Schedule 11. Upon
the making of such filings, Agent shall have a first priority (subject only to the terms of the Intercreditor Agreement, the Permitted
Liens which are non-consensual Permitted Liens, permitted purchase money Liens, or the interests of lessors under Capital Leases) perfected
security interest in the Collateral of each Grantor to the extent such security interest can be perfected by the filing of a financing
statement under the Code. Upon filing of any Copyright Security Agreement with the United States Copyright Office, filing of any Patent
Security Agreement and any Trademark Security Agreement with the PTO, and the filing of appropriate financing statements in the jurisdictions
listed on Schedule 11, all action necessary or desirable to protect and perfect the Security Interest in and on each Grantor's
United States issued and registered Patents, Trademarks, or Copyrights has been taken and such perfected Security Interest is enforceable
as such as against any and all creditors of and purchasers from any Grantor. All action by any Grantor necessary to protect and perfect
such security interest on each item of Collateral has been duly taken.


 


(j)                 (i)
Except for the Security Interest created hereby, each Grantor is and will at all times be the sole holder of record and the legal
and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated on Schedule
5 as being owned by such Grantor and, when acquired by such Grantor, any Pledged Interests acquired after the Closing Date, (ii)
all of the Pledged Interests are duly authorized, validly issued, fully paid and non-assessable and the Pledged Interests constitute
or will constitute the percentage of the issued and outstanding Equity Interests of the Pledged Companies of such Grantor identified
on Schedule 5 as supplemented or modified by any Pledged Interests Addendum or any Joinder to this Agreement, (iii) such
Grantor has the right and requisite authority to pledge, the Investment Property pledged by such Grantor to Agent as provided
herein, (iv) all actions necessary or desirable to perfect and establish the first priority (subject only to Permitted Liens which
are non-consensual Permitted Liens, permitted purchase money Liens, or the interests of lessors under Capital Leases) of, or
otherwise protect, Agent's Liens in the Investment Property, and the proceeds thereof, have been duly taken, upon (A) the execution
and delivery of this Agreement, (B) the taking of possession by Agent (or its agent or designee) of any certificates representing
the Pledged Interests, to the extent such Pledged Interests are represented by certificates, together with undated powers (or other
documents of transfer acceptable to Agent) endorsed in blank by the applicable Grantor, (C) the filing of financing statements in
the applicable jurisdiction set forth on Schedule 11 for such Grantor with respect to the Pledged Interests of such Grantor
that are not represented by certificates, and (D) with respect to any Securities Accounts, the delivery of Control Agreements with
respect thereto, and (v) each Grantor has delivered to and deposited with Agent all certificates representing the Pledged Interests
owned by such Grantor to the extent such Pledged Interests are represented by certificates, and undated powers (or other documents
of transfer acceptable to Agent) endorsed in blank with respect to such certificates. None of the Pledged Interests owned or held by
such Grantor has been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of
any jurisdiction to which such issuance or transfer may be subject.


 






    -18-


     


    

 


(k)              
No consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental Authority
or any other Person is required (i) for the grant of a Security Interest by such Grantor in and to the Collateral pursuant to this Agreement
or for the execution, delivery, or performance of this Agreement by such Grantor, or (ii) for the exercise by Agent of the voting or other
rights provided for in this Agreement with respect to the Investment Property or the remedies in respect of the Collateral pursuant to
this Agreement, except (A) as may be required in connection with such disposition of Investment Property by laws affecting the offering
and sale of securities generally, (B) for consents, approvals, authorizations, or other orders or actions that have already been obtained
or given (as applicable) and that are still in force, (C) with respect to the DLA Contract under the Assignment of Claims Act or other
applicable law, and (D) the filing of financing statements and other filings necessary to perfect the Security Interests granted hereby.
No Intellectual Property License of any Grantor that is necessary in or material to the conduct of such Grantor's business requires any
consent of any other Person that has not been obtained in order for such Grantor to grant the security interest granted hereunder in such
Grantor's right, title or interest in or to such Intellectual Property License.


 


(l)                
Schedule 12 sets forth all motor vehicles owned by Grantors as of the Closing Date, by model, model year, and vehicle identification
number ("VIN").


 


(m)            
There is no default, breach, violation, or event of acceleration existing under any promissory note (as defined in the Code) constituting
Collateral and pledged hereunder (each a "Pledged Note") and no event has occurred or circumstance exists which, with
the passage of time or the giving of notice, or both, would constitute a default, breach, violation, or event of acceleration under any
Pledged Note. No Grantor that is an obligee under a Pledged Note has waived any default, breach, violation, or event of acceleration under
such Pledged Note.


 


(n)              
As to all limited liability company or partnership interests, issued under any Pledged Operating Agreement or Pledged Partnership
Agreement, each Grantor hereby represents and warrants that the Pledged Interests issued pursuant to such agreement (i) are not dealt
in or traded on securities exchanges or in securities markets, (ii) do not constitute investment company securities, and (iii) are
not held by such Grantor in a Securities Account. In addition, none of the Pledged Operating Agreements, the Pledged Partnership Agreements,
or any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement,
provides that such Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant
jurisdiction.


 


(o)              
Each Grantor hereby represents and warrants that it has registered on the Books and Records of the applicable issuer the pledge
of the Investment Property under this Agreement and all of the rights of Agent hereunder.


 






    -19-


     


    

 


7.                 
 Covenants. Each Grantor, jointly and severally, covenants and agrees with Agent that from and after the date of this Agreement
and until the date of termination of this Agreement in accordance with Section 23:


 


(a)              
Possession of Collateral. In the event that any Collateral, including Proceeds, is evidenced by or consists of Negotiable
Collateral, Investment Property, or Chattel Paper having an aggregate value or face amount of $250,000 or more for all such Negotiable
Collateral, Investment Property, or Chattel Paper, the Grantors shall promptly (and in any event within five Business Days (or such longer
period as agreed to by Agent in writing in its sole discretion) after acquisition thereof), notify Agent thereof, and if and to the extent
that perfection or priority of Agent's Security Interest is dependent on or enhanced by possession, the applicable Grantor, promptly (and
in any event within five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request
by Agent, shall execute such other documents and instruments as shall be requested by Agent or, if applicable, endorse and deliver physical
possession of such Negotiable Collateral, Investment Property, or Chattel Paper to Agent, together with such undated powers (or other
relevant document of transfer acceptable to Agent) endorsed in blank as shall be requested by Agent, and shall do such other acts or things
deemed necessary or desirable by Agent to protect Agent's Security Interest therein.


 


(b)              
Chattel Paper.


 


(i)                
Promptly (and in any event within five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion))
after request by Agent, each Grantor shall take all steps reasonably necessary to grant Agent control of all electronic Chattel Paper
in accordance with the Code and all "transferable records" as that term is defined in Section 16 of the Uniform Electronic Transaction
Act and Section 201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant jurisdiction,
to the extent that the aggregate value or face amount of such electronic Chattel Paper equals or exceeds $250,000; and


 


(ii)             
If any Grantor retains possession of any Chattel Paper or instruments (which retention of possession shall be subject to the extent
permitted hereby and by the Credit Agreement), promptly upon the request of Agent, such Chattel Paper and instruments shall be marked
with the following legend: "This writing and the obligations evidenced or secured hereby are subject to the Security Interest of
TCW Asset Management Company LLC, as Agent for the benefit of the Lender Group".


 


(c)              
Control Agreements.


 


(i)                
Subject to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, each Grantor shall obtain an
authenticated Control Agreement (which may include a Controlled Account Agreement), from each bank maintaining a Deposit Account or Securities
Account for such Grantor (other than with respect to any Excluded Accounts);


 


(ii)              Each
Grantor shall obtain an authenticated Control Agreement, from each issuer of uncertificated securities, securities intermediary, or
commodities intermediary issuing or holding any financial assets or commodities to or for any Grantor, or maintaining a Securities
Account for such Grantor (other than with respect to any Excluded Accounts); and


 


(iii)           
Each Grantor shall obtain an authenticated Control Agreement with respect to all of such Grantor's investment property.


 






    -20-


     


    

 



 


(d)              
Letter-of-Credit Rights. If the Grantors (or any of them) are or become the beneficiary of letters of credit having a face
amount or value of $250,000 or more in the aggregate, then the applicable Grantor or Grantors shall promptly (and in any event within
five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion) after becoming a beneficiary), notify
Agent thereof and, promptly (and in any event within five Business Days (or such longer period as agreed to by Agent in writing in its
sole discretion)) after request by Agent, enter into an agreement with Agent and the issuer or confirming bank with respect to letter-of-credit
rights assigning such letter-of-credit rights to Agent and directing all payments thereunder to Agent's Account, all in form and substance
reasonably satisfactory to Agent.


 


(e)              
Commercial Tort Claims. If the Grantors (or any of them) obtain Commercial Tort Claims having a value, or involving an asserted
claim, in the amount of $250,000 or more in the aggregate for all Commercial Tort Claims, then the applicable Grantor or Grantors shall
promptly (and in any event within five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion) of
obtaining such Commercial Tort Claim), notify Agent upon incurring or otherwise obtaining such Commercial Tort Claims and, promptly (and
in any event within five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request
by Agent, amend Schedule 1 to describe such Commercial Tort Claims in a manner that reasonably identifies such Commercial Tort
Claims and which is otherwise reasonably satisfactory to Agent, and hereby authorizes the filing of additional financing statements or
amendments to existing financing statements describing such Commercial Tort Claims, and agrees to do such other acts or things deemed
necessary or desirable by Agent to give Agent a first priority (subject only to Permitted Liens which are non-consensual Permitted Liens,
permitted purchase money Liens, or the interests of lessors under Capital Leases), perfected security interest in any such Commercial
Tort Claim.


 


(f)               
Government Contracts. Other than Accounts and Chattel Paper the aggregate value of which does not at any one time exceed
$250,000, if any Account or Chattel Paper arises out of a contract or contracts with the United States of America or any department, agency,
or instrumentality thereof, Grantors shall promptly (and in any event within five Business Days (or such longer period as agreed to by
Agent in writing in its sole discretion) of the creation thereof) notify Agent thereof and, promptly (and in any event within five Business
Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request by Agent, execute any instruments
or take any steps reasonably required by Agent in order that all moneys due or to become due under such contract or contracts shall be
assigned to Agent, for the benefit of the Lender Group, and shall provide written notice thereof under the Assignment of Claims Act or
other applicable law.


 






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(g)              
Intellectual Property.


 





(i)                
 Upon the request of Agent, in order to facilitate filings with the PTO and the United States Copyright Office, each Grantor shall
execute and deliver to Agent one or more Copyright Security Agreements, Trademark Security Agreements, or Patent Security Agreements to
further evidence Agent's Lien on such Grantor's United States issued and registered Patents, Trademarks, or Copyrights, and the General
Intangibles of such Grantor relating thereto or represented thereby;


 


(ii)             
Each Grantor shall have the duty, with respect to Intellectual Property that is necessary in or material to the conduct of such
Grantor's business, to protect and diligently enforce and defend at such Grantor's expense its Intellectual Property, including (A) to
diligently enforce and defend, including promptly suing for infringement, misappropriation, or dilution and to recover any and all damages
for such infringement, misappropriation, or dilution, and filing for opposition, interference, and cancellation against conflicting Intellectual
Property rights of any Person, (B) to prosecute diligently any trademark application or service mark application that is part of the Trademarks
pending as of the date hereof or hereafter until the termination of this Agreement, (C) to prosecute diligently any patent application
that is part of the Patents pending as of the date hereof or hereafter until the termination of this Agreement, (D) to take all reasonable
and necessary action to preserve and maintain all of such Grantor's Trademarks, Patents, Copyrights, Intellectual Property Licenses, and
its rights therein, including paying all maintenance fees and filing of applications for renewal, affidavits of use, and affidavits of
noncontestability, and (E) to require all employees, consultants, and contractors of each Grantor who were involved in the creation or
development of such Intellectual Property to sign agreements containing assignment of Intellectual Property rights and obligations of
confidentiality. Each Grantor further agrees not to abandon any Intellectual Property or Intellectual Property License that is necessary
in or material to the conduct of such Grantor's business. Each Grantor hereby agrees to take the steps described in this Section 7(g)(ii)
with respect to all new or acquired Intellectual Property to which it or any of its Subsidiaries is now or later becomes entitled that
is necessary in or material to the conduct of such Grantor's business;


 


(iii)           
Grantors acknowledge and agree that the Lender Group shall have no duties with respect to any Intellectual Property or Intellectual
Property Licenses of any Grantor. Without limiting the generality of this Section 7(g)(iii), Grantors acknowledge and agree that
no member of the Lender Group shall be under any obligation to take any steps necessary to preserve rights in the Collateral consisting
of Intellectual Property or Intellectual Property Licenses against any other Person, but any member of the Lender Group may do so at its
option from and after the occurrence and during the continuance of an Event of Default, and all expenses incurred in connection therewith
(including reasonable fees and expenses of attorneys and other professionals) shall be for the sole account of Borrowers and shall be
chargeable to the Loan Account;


 


(iv)             On
each date on which a Compliance Certificate is required to be delivered pursuant to Section 5.1 of the Credit Agreement (or,
if an Event of Default has occurred and is continuing, more frequently if requested by Agent), each Grantor shall provide Agent with
a written report of all new Patents, Trademarks or Copyrights that are registered or the subject of pending applications for
registrations, and of all Intellectual Property Licenses that are material to the conduct of such Grantor's business, in each case,
which were acquired, registered, or for which applications for registration were filed by any Grantor during the prior period and
any statement of use or amendment to allege use with respect to intent-to-use trademark applications. In the case of such
registrations or applications therefor, which were acquired by any Grantor, each such Grantor shall file the necessary documents
with the appropriate Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is
the case) of such Intellectual Property. In each of the foregoing cases, the applicable Grantor shall promptly cause to be prepared,
executed, and delivered to Agent supplemental schedules to the applicable Loan Documents to identify such Patent, Trademark and
Copyright registrations and applications therefor (with the exception of Trademark applications filed on an intent-to-use basis for
which no statement of use or amendment to allege use has been filed) and Intellectual Property Licenses as being subject to the
security interests created thereunder;


 






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(v)              
Anything to the contrary in this Agreement notwithstanding, in no event shall any Grantor, either itself or through any agent,
employee, licensee, or designee, file an application for the registration of any Copyright with the United States Copyright Office or
any similar office or agency in another country without giving Agent written notice thereof at least five (5) Business Days prior to such
filing and complying with Section 7(g)(i) and, if available, each such application for registration shall be filed on an "expedited
basis". Upon receipt from the United States Copyright Office of notice of registration of any Copyright, each Grantor shall promptly
(but in no event later than five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion) following
such receipt) notify (but without duplication of any notice required by Section 7(g)(iv)) Agent of such registration by delivering,
or causing to be delivered, to Agent, documentation sufficient for Agent to perfect Agent's Liens on such Copyright. If any Grantor acquires
from any Person any Copyright registered with the United States Copyright Office or an application to register any Copyright with the
United States Copyright Office, such Grantor shall promptly (but in no event later than five Business Days (or such longer period as agreed
to by Agent in writing in its sole discretion) following such acquisition) notify Agent of such acquisition and deliver, or cause to be
delivered, to Agent, documentation sufficient for Agent to perfect Agent's Liens on such Copyright. In the case of such Copyright registrations
or applications therefor which were acquired by any Grantor, each such Grantor shall promptly (but in no event later than five Business
Days (or such longer period as agreed to by Agent in writing in its sole discretion) following such acquisition) file the necessary documents
with the appropriate Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the
case) of such Copyrights;


 


(vi)            
Each Grantor shall take reasonable steps to maintain the confidentiality of, and otherwise protect and enforce its rights in,
the Intellectual Property that is necessary in or material to the conduct of such Grantor's business, including, as applicable (A) protecting
the secrecy and confidentiality of its confidential information and trade secrets by having and enforcing a policy requiring all current
employees, consultants, licensees, vendors and contractors with access to such information to execute appropriate confidentiality agreements,
(B) taking actions reasonably necessary to ensure that no trade secret falls into the public domain, and (C) protecting the secrecy and
confidentiality of the source code of all software programs and applications of which it is the owner or licensee by having and enforcing
a policy requiring any licensees (or sublicensees) of such source code to enter into license agreements with commercially reasonable
use and non-disclosure restrictions; and





 






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(vii)         
 No Grantor shall enter into any Intellectual Property License material to the conduct of the business to receive any license or
rights in any Intellectual Property of any other Person unless such Grantor has used commercially reasonable efforts to permit the assignment
of or grant of a security interest in such Intellectual Property License (and all rights of Grantor thereunder) to Agent (and any transferees
of Agent).


 


(h)              
Investment Property.


 


(i)                
If any Grantor shall acquire, obtain, receive or become entitled to receive any Pledged Interests after the Closing Date, it shall
promptly (and in any event within five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion) of
acquiring or obtaining such Collateral) deliver to Agent a duly executed Pledged Interests Addendum identifying such Pledged Interests;


 


(ii)             
Upon the occurrence and during the continuance of an Event of Default, following the request of Agent, all sums of money and property
paid or distributed in respect of the Investment Property that are received by any Grantor shall be held by the Grantors in trust for
the benefit of Agent segregated from such Grantor's other property, and such Grantor shall deliver it forthwith to Agent in the exact
form received;


 


(iii)           
Each Grantor shall promptly deliver to Agent a copy of each material notice or other material communication received by it in respect
of any Pledged Interests or other Investment Property;


 


(iv)            
No Grantor shall make or consent to any amendment or other modification or waiver with respect to any Pledged Interests, Pledged
Operating Agreement, Pledged Partnership Agreement, or any other Governing Document pertaining to the Pledged Interests or any issuer
thereof, or enter into any agreement or permit to exist any restriction with respect to any Pledged Interests if the same is prohibited
pursuant to the Loan Documents or would impair the Collateral or any of Agent's rights under this Agreement;;


 


(v)              
Each Grantor agrees that it will cooperate with Agent in obtaining all necessary approvals and making all necessary filings under
federal, state, local, or foreign law to effect the perfection of the Security Interest on the Investment Property or to effect any sale
or transfer thereof;


 


(vi)            
As to all limited liability company or partnership interests owned by such Grantor and issued under any Pledged Operating Agreement
or Pledged Partnership Agreement, each Grantor hereby covenants that the Pledged Interests issued pursuant to such agreement (A) are not
and shall not be dealt in or traded on securities exchanges or in securities markets, (B) do not and will not constitute investment company
securities, and (C) are not and will not be held by such Grantor in a securities account. In addition, none of the Pledged Operating
Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged
Operating Agreement or Pledged Partnership Agreement, provides or shall provide that such Pledged Interests are securities governed by
Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction; and


 






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(vii)         
 With regard to any Pledged Interests that are not certificated, any such Grantor of such non-certificated Pledged Interests (i)
agrees promptly to note on its Books and Records the security interests granted to Agent and confirmed under this Agreement, (ii) agrees
that after the occurrence and during the continuation of an Event of Default, it will comply with instructions of Agent or its nominee
with respect to the applicable Pledged Interests without further consent by the applicable Grantor, (iii) to the extent permitted by law,
agrees that the "issuer's jurisdiction" (as defined in Section 8-110 of the UCC) is the State of New York, (iv) agrees to notify
Agent upon obtaining knowledge of any interest in favor of any person in the applicable Pledged Interests that is materially adverse to
the interest of the Agent therein, other than any Permitted Liens and (v) waives any right or requirement at any time hereafter to receive
a copy of this Agreement in connection with the transfer or registration of any Pledged Interests hereunder in the name of Agent or its
nominee or the exercise of voting rights by Agent or its nominee.


 


(viii)       
Each Grantor shall register the Lien of Agent and all rights of Agent hereunder, in each case, in the Investment Property owned
by such Grantor in the Books and Records of the applicable issuer of such Investment Property.


 


(i)                
Real Property; Fixtures. Each Grantor covenants and agrees that upon the acquisition of any fee interest in Real Property
having a fair market value in excess of $1,000,000 it will promptly (and in any event within two Business Days (or such longer period
as agreed to by Agent in writing in its sole discretion) of acquisition) notify Agent of the acquisition of such Real Property and will
grant to Agent, for the benefit of the Lender Group, a first priority (subject only to Permitted Liens which are non-consensual Permitted
Liens, permitted purchase money Liens, or the interests of lessors under Capital Leases) Mortgage on each fee interest in Real Property
now or hereafter owned by such Grantor and shall deliver such other documentation and opinions, in form and substance satisfactory to
Agent, in connection with the grant of such Mortgage as Agent shall request in its Permitted Discretion, including title insurance policies,
financing statements, fixture filings and environmental audits and such Grantor shall pay all recording costs, intangible taxes and other
fees and costs (including reasonable attorneys' fees and expenses) incurred in connection therewith. Each Grantor acknowledges and agrees
that, to the extent permitted by applicable law, all of the Collateral shall remain personal property regardless of the manner of its
attachment or affixation to real property.


 


(j)                
Transfers and Other Liens. Grantors shall not (i) sell, assign (by operation of law or otherwise) or otherwise dispose of,
or grant any option with respect to, any of the Collateral, except as expressly permitted by the Credit Agreement, or (ii) create or permit
to exist any Lien upon or with respect to any of the Collateral of any Grantor, except for Permitted Liens. The inclusion of Proceeds
in the Collateral shall not be deemed to constitute Agent's consent to any sale or other disposition of any of the Collateral except as
expressly permitted in this Agreement or the other Loan Documents.


 


(k)              
Controlled Accounts; Controlled Investments.


 


(i)                 Subject
to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, each Grantor shall
(A) establish and maintain cash management services of a type and on terms reasonably satisfactory to Agent at Wells Fargo
Bank, National Association or one or more of the other banks set forth on Schedule 10 (each a "Controlled Account
Bank"), and shall take reasonable steps to ensure that all of its Account Debtors forward payment of the amounts owed by
them directly to a Collection Account at such Controlled Account Bank that is not an Excluded Account (each, a "Controlled
Account") (by wire transfer to the applicable Controlled Account Bank or to a lockbox maintained by the applicable
Controlled Account Bank for deposit into such Collection Account), and (B) deposit or cause to be deposited promptly, and in any
event no later than the first Business Day after the date of receipt thereof, all of their Collections (including those sent
directly by their Account Debtors to a Grantor) and proceeds of Collateral into a Controlled Account;


 






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(ii)             
Subject to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, each Grantor shall establish
and maintain Controlled Account Agreements with Agent and the applicable Controlled Account Bank, in form and substance reasonably acceptable
to Agent. Subject to the Intercreditor Agreement in each respect, each such Controlled Account Agreement shall provide, among other things,
that (A) the Controlled Account Bank will comply with any instructions originated by Agent directing the disposition of the funds in each
applicable Controlled Account without further consent by the applicable Grantor, (B) the Controlled Account Bank waives, subordinates,
or agrees not to exercise any rights of setoff or recoupment or any other claim against each applicable Controlled Account other than
for payment of its service fees and other charges directly related to the administration of such Controlled Account and for returned checks
or other items of payment, and (C) upon the instruction of Agent (an "Activation Instruction"), the Controlled Account
Bank will forward by daily sweep all amounts in each applicable Controlled Account to the Agent's Account. Agent agrees not to issue an
Activation Instruction with respect to the Controlled Accounts unless a Cash Dominion Event has occurred at the time such Activation Instruction
is issued. Agent agrees to use commercially reasonable efforts to rescind an Activation Instruction (the "Rescission")
after any Cash Dominion Period has ended;


 


(iii)           
So long as no Default or Event of Default has occurred and is continuing or would result therefrom, Borrowers may amend Schedule
10 to add or replace a Controlled Account Bank or Controlled Account and shall upon such addition or replacement provide to Agent
an amended Schedule 10; provided, that (A) such prospective Controlled Account Bank shall be reasonably satisfactory to
Agent, and (B) prior to the time of the opening of such Controlled Account, the applicable Grantor and such prospective Controlled Account
Bank shall have executed and delivered to Agent a Controlled Account Agreement. Each Grantor shall close any of its Controlled Accounts
(and establish replacement Controlled Account accounts in accordance with the foregoing sentence) as promptly as practicable and in any
event within 45 days after notice from Agent that the operating performance, funds transfer, or availability procedures or performance
of the Controlled Account Bank with respect to Controlled Account Accounts or Agent's liability under any Controlled Account Agreement
with such Controlled Account Bank is no longer acceptable in Agent's reasonable judgment; and


 


(iv)             Other
than (A) with respect to Excluded Accounts, and (B) an aggregate amount of not more than $50,000 (calculated at current
exchange rates) at any one time, in the case of Subsidiaries of Grantors that are CFCs, no Grantor will, and no Grantor will permit
its Subsidiaries to, make, acquire, or permit to exist Permitted Investments consisting of cash, Cash Equivalents, or amounts
credited to Deposit Accounts or Securities Accounts unless Grantor or its Subsidiary, as applicable, and the applicable bank or
securities intermediary have entered into Control Agreements or, with respect to CFCs, other arrangement or agreements under
applicable foreign law, governing such Permitted Investments in order to perfect (or further establish) Agent's Liens in such
Permitted Investments.


 






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(l)                
Name, Etc. No Grantor will, nor will any Grantor permit any of its Subsidiaries to, change its name, chief executive office,
organizational identification number, jurisdiction of organization or organizational identity; provided, that any Grantor or any
of its Subsidiaries may change its name or chief executive office upon at least ten (10) days prior written notice to Agent of such change.


 


(m)            
Account Verification. Each Grantor will, and will cause each of its Subsidiaries to, permit Agent, in Agent's name or in
the name or a nominee of Agent, to verify the validity, amount or any other matter relating to any Account, by mail, telephone, facsimile
transmission or other electronic means of transmission or otherwise. Further, at the request of Agent, each Grantor will, and will cause
each of its Subsidiaries to, send requests for verification of Accounts or, after the occurrence and during the continuance of an Event
of Default, send notices of assignment of Accounts to Account Debtors and other obligors.


 


(n)              
Motor Vehicles. Promptly (and in any event within ten (10) Business Days) (or such later date as the Agent may agree to
in its sole discretion) after request by Agent, with respect to all goods covered by a certificate of title owned by any Grantor with
an aggregate fair market value in excess of $500,000, such Grantor shall deliver to Agent or Agent's designee, the certificates of title
for all such goods and promptly (and in any event within ten (10) Business Days) (or such later date as the Agent may agree to in its
sole discretion) after request by Agent, such Grantor shall take all actions necessary to cause such certificates to be filed (with the
Agent's Lien noted thereon) in the appropriate state motor vehicle filing office.


 


(o)              
Pledged Notes. Grantors (i) without the prior written consent of Agent, will not (A) waive or release any obligation of
any Person that is obligated under any of the Pledged Notes, (B) take or omit to take any action or knowingly suffer or permit any action
to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable under the Pledged Notes,
or (C) other than Permitted Dispositions, assign or surrender their rights and interests under any of the Pledged Notes or terminate,
cancel, modify, change, supplement or amend the Pledged Notes, and (ii) shall provide to Agent copies of all material written notices
(including notices of default) given or received with respect to the Pledged Notes promptly after giving or receiving such notice.


 


(p)              
Keepwell. Each Qualified ECP Grantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes
to provide such funds or other support as may be needed from time to time by each other Loan Party to guaranty and otherwise honor all
Obligations in respect of Swap Obligations. The obligations of each Qualified ECP Grantor under this Section shall remain in full force
and effect until payment in full of the Obligations. Each Qualified ECP Grantor intends that this Section 7(p) constitute, and
this Section 7(p) shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other
Grantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.


 






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8.                 
 Relation to Other Security Documents. The provisions of this Agreement shall be read and construed with the other Loan
Documents referred to below in the manner so indicated.


 


(a)              
Credit Agreement. In the event of any conflict between any provision in this Agreement and a provision in the Credit Agreement,
such provision of the Credit Agreement shall control.


 


(b)              
Patent, Trademark, Copyright Security Agreements. The provisions of the Copyright Security Agreements, Trademark Security
Agreements, and Patent Security Agreements are supplemental to the provisions of this Agreement, and nothing contained in the Copyright
Security Agreements, Trademark Security Agreements, or the Patent Security Agreements shall limit any of the rights or remedies of Agent
hereunder. In the event of any conflict between any provision in this Agreement and a provision in a Copyright Security Agreement, Trademark
Security Agreement or Patent Security Agreement, such provision of this Agreement shall control.


 


9.                 
Further Assurances.


 


(a)              
Each Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further instruments
and documents, and take all further action, that Agent may reasonably request, in order to perfect and protect the Security Interest granted
hereby, to create, perfect or protect the Security Interest purported to be granted hereby or to enable Agent to exercise and enforce
its rights and remedies hereunder with respect to any of the Collateral.


 


(b)              
Each Grantor authorizes the filing by Agent of financing or continuation statements, or amendments thereto, and such Grantor will
execute and deliver to Agent such other instruments or notices, as Agent may reasonably request, in order to perfect and preserve the
Security Interest granted or purported to be granted hereby.


 


(c)              
Each Grantor authorizes Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing statements
and amendments (i) describing the Collateral as "all personal property of debtor" or "all assets of debtor" or words
of similar effect, (ii) describing the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any
information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance. Each Grantor also hereby ratifies
any and all financing statements or amendments previously filed by Agent in any jurisdiction.


 


(d)              
Each Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with
respect to any financing statement filed in connection with this Agreement without the prior written consent of Agent, subject to such
Grantor's rights under Section 9-509(d)(2) of the Code.


 


10.              Agent's
Right to Perform Contracts, Exercise Rights, etc. Upon the occurrence and during the continuance of an Event of Default, Agent
(or its designee) (a) may proceed to perform any and all of the obligations of any Grantor contained in any contract, lease, or
other agreement and exercise any and all rights of any Grantor therein contained as fully as such Grantor itself could, (b) shall
have the right (subject to Section 17(b)) to use any Grantor's rights under Intellectual Property Licenses in connection with
the enforcement of Agent's rights hereunder, including the right to prepare for sale and sell any and all Inventory and Equipment
now or hereafter owned by any Grantor and now or hereafter covered by such licenses, and (c) shall have the right to request that
any Equity Interests that are pledged hereunder be registered in the name of Agent or any of its nominees.


 






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11.             
Agent Irrevocably Appointed Attorney-in-Fact and Proxy.


 


(a)              
Each Grantor hereby irrevocably appoints Agent or its nominee (together with its successors and assigns, collectively, a "Proxy
Holder") its attorney-in-fact and proxy, with full authority in the place and stead of such Grantor and in the name of such Grantor
or otherwise, at such time as an Event of Default has occurred and is continuing under the Credit Agreement, to take any action and to
execute any instrument which Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including:


 


(i)                
to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due
under or in connection with the Accounts or any other Collateral of such Grantor;


 


(ii)             
to receive and open all mail addressed to such Grantor and to notify postal authorities to change the address for the delivery
of mail to such Grantor to that of Agent;


 


(iii)           
to receive, indorse, and collect any drafts or other instruments, documents, Negotiable Collateral or Chattel Paper;


 


(iv)            
to file any claims or take any action or institute any proceedings which Agent may deem necessary or desirable for the collection
of any of the Collateral of such Grantor or otherwise to enforce the rights of Agent with respect to any of the Collateral;


 


(v)              
to repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any Person obligated
to such Grantor in respect of any Account of such Grantor;


 


(vi)            
to use any Intellectual Property or Intellectual Property Licenses of such Grantor, including but not limited to any labels, Patents,
Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, or advertising matter, in preparing for sale, advertising
for sale, or selling Inventory or other Collateral and to collect any amounts due under Accounts, contracts or Negotiable Collateral of
such Grantor; and


 


(vii)         
Proxy Holder, on behalf of the Lender Group, shall have the right, but shall not be obligated, to bring suit in its own name to
enforce the Intellectual Property and Intellectual Property Licenses and, if Agent shall commence any such suit, the appropriate Grantor
shall, at the request of Agent, do any and all lawful acts and execute any and all proper documents reasonably required by Agent in aid
of such enforcement.


 






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(b)               IN
ADDITION TO, AND WITHOUT LIMITING, THE FOREGOING, EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE PROXY HOLDER AS ITS
PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 11.1(a) ABOVE) WITH RESPECT TO THE INVESTMENT PROPERTY OWNED BY IT, WITH
THE RIGHT TO, DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, TAKE ANY OF THE FOLLOWING ACTIONS: (I) TRANSFER OR REGISTER (OR
BOTH) IN ITS NAME OR IN THE NAME OF ITS NOMINEE THE WHOLE OR ANY PART OF THE INVESTMENT PROPERTY AND ITS RIGHTS HEREUNDER,
INCLUDING, WITHOUT LIMITATION, ON THE BOOKS OF THE APPLICABLE ISSUER, (II) EXERCISE ANY OR ALL OF THE VOTING AND OTHER
CONSENSUAL RIGHTS PERTAINING TO SUCH INVESTMENT PROPERTY, WITH FULL POWER OF SUBSTITUTION AND RESUBSTITUTION TO DO SO,
(III) EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH INVESTMENT PROPERTY WOULD BE
ENTITLED (INCLUDING, WITHOUT LIMITATION, GIVING OR WITHHOLDING WRITTEN CONSENTS OF MEMBERS, PARTNERS OR SHAREHOLDERS IN LIEU OF ANY
MEETING, CALLING SPECIAL MEETINGS OF MEMBERS, PARTNERS OR SHAREHOLDERS AND VOTING AT SUCH MEETINGS, OR OTHERWISE, IN EACH CASE, AS
PROXY HOLDER MAY ELECT WITHOUT REGARD TO ANY PROCEDURAL OR OTHER REQUIREMENTS FROM TIME TO TIME PROVIDED FOR IN ANY GOVERNING
DOCUMENT OR APPLICABLE LAW) AND (IV) TAKE ANY ACTION AND EXECUTE AND DELIVER (OR CAUSE TO BE EXECUTED AND DELIVERED) ON BEHALF
OF EACH GRANTOR SUCH OTHER OR ADDITIONAL IRREVOCABLE PROXIES AND ANY OTHER INSTRUMENT, IN EACH CASE, WHICH THE PROXY HOLDER OR ITS
DESIGNEE MAY FROM TIME TO TIME REASONABLY DEEM NECESSARY OR ADVISABLE FOR THE PURPOSE OF ENABLING THE PROXY HOLDER OR SUCH DESIGNEE
TO FULLY EXERCISE THE VOTING AND ALL OTHER RIGHTS WHEN AND TO THE EXTENT THAT THE PROXY HOLDER IS ENTITLED TO EXERCISE SUCH RIGHTS
PURSUANT TO THIS AGREEMENT OR IN ANY OTHER MANNER TO ACCOMPLISH THE PURPOSES OF THIS AGREEMENT. SUCH PROXY SHALL BE EFFECTIVE,
AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH INVESTMENT PROPERTY ON THE BOOKS AND
RECORDS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH INVESTMENT PROPERTY OR ANY OFFICER OR AGENT THEREOF),
UPON THE OCCURRENCE OF AN EVENT OF DEFAULT. THE APPOINTMENT OF THE PROXY HOLDER AS PROXY AND ATTORNEY-IN-FACT IN THIS SECTION
11 IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THIS AGREEMENT IS TERMINATED AND THE SECURITY INTERESTS CREATED
HEREBY ARE RELEASED. SUCH APPOINTMENT OF THE PROXY HOLDER AS PROXY AND ATTORNEY-IN-FACT SHALL BE VALID AND IRREVOCABLE AS PROVIDED
HEREIN NOTWITHSTANDING ANY LIMITATIONS TO THE CONTRARY SET FORTH IN THE GOVERNING DOCUMENTS OF ANY ISSUER OR THE LIMITED LIABILITY
COMPANY ACT OF THE STATE OF DELAWARE OR ANY OTHER APPLICABLE STATE.


 


(c)               Upon
exercise of the proxy set forth herein, all prior proxies given by each Grantor with respect to any of the Investment Property
(other than to the Proxy Holder) are hereby revoked, and no subsequent proxies (other than to the Proxy Holder) will be given with
respect to any of the Investment Property, as applicable. The Proxy Holder, as proxy, will be empowered and may exercise the
irrevocable proxy set forth herein to vote the Investment Property at any and all times during the existence of an Event of Default
as the Proxy Holder may elect, including, but not limited to, at any meeting of shareholders, partners or members, as the case may
be, however called, and at any adjournment thereof, in any action by written consent in lieu of any meeting, or otherwise, and may
waive any notice otherwise required in connection therewith, in each case, as Proxy Holder may elect without regard to any
procedural or other requirements from time to time provided for in any Governing Document or applicable law. To the fullest extent
permitted by Applicable Law, the Proxy Holder shall have no agency, fiduciary or other implied duties to any Loan Party or any other
Person when acting in its capacity as such proxy or attorney-in-fact. Each Grantor and each issuer hereby waives and releases any
claims that it may otherwise have against any Secured Person with respect to any breach or alleged breach of any such agency,
fiduciary or other duty except to the extent that such claim arises solely from the gross negligence or willful misconduct of such
Secured Person as determined by a final, non-appealable judgment of a court of competent jurisdiction. Notwithstanding the foregoing
appointment of the Proxy Holder as proxy and attorney-in-fact, the Proxy Holder shall have no duty to exercise any such right or to
preserve the same and shall not be liable for any failure to do so or for any delay in doing so.


 






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(d)              
Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof in accordance with
Section 11. All powers, authorizations, appointments, agencies, and irrevocable proxies contained in this Agreement are coupled
with an interest and are irrevocable until this Agreement is terminated and the Security Interests created hereby are released.


 


12.             
Agent May Perform. If any Grantor fails to perform any agreement contained herein, Agent may itself perform, or cause performance
of, such agreement, and the reasonable expenses of Agent incurred in connection therewith shall be payable, jointly and severally, by
Grantors in accordance with the terms of the Credit Agreement.


 


13.             
Agent's Duties. The powers conferred on Agent hereunder are solely to protect Agent's interest in the Collateral, for the
benefit of the Lender Group, and shall not impose any duty upon Agent to exercise any such powers. Except for the safe custody of any
Collateral in its actual possession and the accounting for moneys actually received by it hereunder, Agent shall have no duty as to any
Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.
Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if
such Collateral is accorded treatment substantially equal to that which Agent accords its own property.


 


14.             
Collection of Accounts, General Intangibles and Negotiable Collateral. At any time upon the occurrence and during the continuance
of an Event of Default, Agent or Agent's designee may (a) make direct verification from Account Debtors with respect to any or all Accounts
that are part of the Collateral, (b) notify Account Debtors of any Grantor that the Accounts, General Intangibles, Chattel Paper or Negotiable
Collateral of such Grantor have been assigned to Agent, for the benefit of the Lender Group, or that Agent has a security interest therein,
or (c) subject to the Intercreditor Agreement, collect the Accounts, General Intangibles and Negotiable Collateral of any Grantor directly,
and any collection costs and expenses shall constitute part of such Grantor's Secured Obligations under the Loan Documents.


 






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15.             
 Disposition of Pledged Interests by Agent. None of the Pledged Interests existing as of the date of this Agreement are,
and none of the Pledged Interests hereafter acquired on the date of acquisition thereof will be, registered or qualified under the various
federal or state securities laws of the United States and disposition thereof after an Event of Default has occurred and is continuing
may be restricted to one or more private (instead of public) sales in view of the lack of such registration. Each Grantor understands
that in connection with such disposition, Agent may approach only a restricted number of potential purchasers and further understands
that a sale under such circumstances may yield a lower price for the Pledged Interests than if the Pledged Interests were registered and
qualified pursuant to federal and state securities laws and sold on the open market. Each Grantor, therefore, agrees that: (a) if Agent
shall, pursuant to the terms of this Agreement, sell or cause the Pledged Interests or any portion thereof to be sold at a private sale,
Agent shall have the right to rely upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not
be obligated to seek such advice and the failure to do so shall not be considered in determining the commercial reasonableness of such
action) as to the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the best price reasonably
obtainable at the private sale thereof, and (b) such reliance shall be conclusive evidence that Agent has handled the disposition in a
commercially reasonable manner.


 


16.             
Voting and Other Rights in Respect of Investment Property.


 


(a)               Upon
the occurrence and during the continuation of an Event of Default, (i) Agent or its nominee may, at its option, and in addition
to all rights and remedies available to Agent under any other agreement, at law, in equity, or otherwise, exercise all voting rights
and any other ownership or consensual rights (including any dividend or distribution rights) in respect of the Pledged Interests and
other Investment Property owned by such Grantor as Agent may elect (including, without limitation, by written consent in lieu of any
meeting or otherwise) without regard to any procedural or other requirements from time to time provided for in any Governing
Document or applicable law, but under no circumstances is Agent obligated by the terms of this Agreement to exercise such rights,
(ii) Agent may, at its option (but will not be required to for purposes of voting or otherwise), transfer or register (or both) in
Agent's name, or in the name of its nominee, the whole or any part of the Pledged Interests and other Investment Property and its
rights under this Agreement, including on the Books of the applicable issuer, (iii) if Agent duly exercises its right to vote
or transfer or register any of such Pledged Interests or other Investment Property (or any other rights granted to Agent under this
Agreement), each Grantor hereby irrevocably appoints Proxy Holder, as such Grantor's true and lawful attorney-in-fact and
IRREVOCABLE PROXY to vote such Pledged Interests in any manner Agent deems advisable for or against all matters submitted or which
may be submitted to a vote of shareholders, partners or members, as the case may be, including, without limitation, by written
consent in lieu of any meeting or otherwise, without regard to any procedural or other requirements from time to time provided in
any Governing Document or applicable law, and (iv) Agent may, at its option, execute and deliver (or cause to be executed and
delivered) on behalf of each Grantor such other or additional irrevocable proxies and other instruments as Agent or its designee may
from time to time deem necessary or reasonable for the purpose of enabling Agent or such designee to fully exercise the voting and
other consensual rights when and to the extent that Agent is entitled to exercise such rights pursuant to this Agreement.
Notwithstanding any exercise of rights hereunder, Agent (or its nominee) shall not be deemed the owner of, or assume any obligations
of the owner or holder of, Investment Property unless and until Agent accepts such obligations in writing or otherwise takes steps
to foreclose its security interest in Investment Property and becomes the owner under applicable law. The power-of-attorney and
proxy granted hereby is coupled with an interest and shall be irrevocable until this Agreement is terminated and the Security
Interests created hereby are released.


 






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(b)              
For so long as any Grantor shall have the right to vote the Investment Property owned by it, such Grantor covenants and agrees
that it will not, without the prior written consent of Agent, vote or take any consensual action with respect to such Investment Property
which would materially adversely affect the Collateral, any rights of Agent, or the value of the Investment Property.


 


17.             
Remedies. Upon the occurrence and during the continuance of an Event of Default:


 


(a)              
Agent may, and, at the instruction of the Required Lenders, shall exercise in respect of the Collateral, in addition to other rights
and remedies provided for herein, in the other Loan Documents, or otherwise available to it, all the rights and remedies of a secured
party on default under the Code or any other applicable law. Without limiting the generality of the foregoing, each Grantor expressly
agrees that, in any such event, Agent without demand of performance or other demand, advertisement or notice of any kind (except a notice
specified below of time and place of public or private sale) to or upon any Grantor or any other Person (all and each of which demands,
advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), may take
immediate possession of all or any portion of the Collateral and (i) require Grantors to, and each Grantor hereby agrees that it will
at its own expense and upon request of Agent forthwith, assemble all or part of the Collateral as directed by Agent and make it available
to Agent at one or more locations where such Grantor regularly maintains Collateral, and (ii) without notice except as specified below,
sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of Agent's offices or elsewhere, for
cash, on credit, and upon such other terms as Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notification
of sale shall be required by law, at least ten (10) days notification by mail to the applicable Grantor of the time and place of any public
sale or the time after which any private sale is to be made shall constitute reasonable notification and specifically such notification
shall constitute a reasonable "authenticated notification of disposition" within the meaning of Section 9-611 of the Code. Agent
shall not be obligated to make any sale of Collateral regardless of notification of sale having been given. Agent may adjourn any public
sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the
time and place to which it was so adjourned. Each Grantor agrees that (A) the internet shall constitute a "place" for purposes
of Section 9-610(b) of the Code, and (B) to the extent notification of sale shall be required by law, notification by mail of the URL
where a sale will occur and the time when a sale will commence at least ten (10) days prior to the sale shall constitute a reasonable
notification for purposes of Section 9-611(b) of the Code. Each Grantor agrees that any sale of Collateral to a licensor pursuant to the
terms of a license agreement between such licensor and a Grantor is sufficient to constitute a commercially reasonable sale (including
as to method, terms, manner, and time) within the meaning of Section 9-610 of the Code.


 






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(b)              
 Agent is hereby granted a license or other right to use, without liability for royalties or any other charge, each Grantor's Intellectual
Property, including but not limited to, any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights,
and advertising matter, whether owned by any Grantor or with respect to which any Grantor has rights under license, sublicense, or other
agreements (including any Intellectual Property License), as it pertains to the Collateral, in preparing for sale, advertising for sale
and selling any Collateral, and each Grantor's rights under all licenses and all franchise agreements shall inure to the benefit of Agent.


 


(c)              
Agent may, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise available to
it under applicable law and without the requirement of notice to or upon any Grantor or any other Person (which notice is hereby expressly
waived to the maximum extent permitted by the Code or any other applicable law), (i) with respect to any Grantor's Deposit Accounts
in which Agent's Liens are perfected by control under Section 9-104 of the Code, instruct the bank maintaining such Deposit Account for
the applicable Grantor to pay the balance of such Deposit Account to or for the benefit of Agent, and (ii) with respect to any Grantor's
Securities Accounts in which Agent's Liens are perfected by control under Section 9-106 of the Code, instruct the securities intermediary
maintaining such Securities Account for the applicable Grantor to (A) transfer any cash in such Securities Account to or for the benefit
of Agent, or (B) liquidate any financial assets in such Securities Account that are customarily sold on a recognized market and transfer
the cash proceeds thereof to or for the benefit of Agent.


 


(d)              
Any cash held by Agent as Collateral and all cash proceeds received by Agent in respect of any sale of, collection from, or other
realization upon all or any part of the Collateral shall be applied against the Secured Obligations in the order set forth in the Credit
Agreement. In the event the proceeds of Collateral are insufficient to satisfy all of the Secured Obligations in full, each Grantor shall
remain jointly and severally liable for any such deficiency.


 


(e)              
Each Grantor hereby acknowledges that the Secured Obligations arise out of a commercial transaction, and agrees that if an Event
of Default shall occur and be continuing Agent shall have the right to an immediate writ of possession without notice of a hearing. Agent
shall have the right to the appointment of a receiver for the properties and assets of each Grantor, and each Grantor hereby consents
to such rights and such appointment and hereby waives any objection such Grantor may have thereto or the right to have a bond or other
security posted by Agent.


 


18.             
Remedies Cumulative. Each right, power, and remedy of Agent or any other member of the Lender Group as provided for in this
Agreement, the other Loan Documents now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent
and shall be in addition to every other right, power, or remedy provided for in this Agreement, the other Loan Documents or now or hereafter
existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by Agent or any other member of
the Lender Group, of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by Agent,
such other member of the Lender Group of any or all such other rights, powers, or remedies.


 






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19.             
 Marshaling. Agent shall not be required to marshal any present or future collateral security (including but not limited
to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security
or other assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral
security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising.
To the extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral
which might cause delay in or impede the enforcement of Agent's rights and remedies under this Agreement or under any other instrument
creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of
the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, each Grantor hereby
irrevocably waives the benefits of all such laws.


 


20.             
Indemnity. Each Grantor agrees to indemnify Agent and the other members of the Lender Group from and against all claims,
lawsuits and liabilities (including reasonable attorneys' fees) arising out of or resulting from this Agreement (including enforcement
of this Agreement) or any other Loan Document to which such Grantor is a party in accordance with and to the extent set forth in Section
10.3 of the Credit Agreement. This provision shall survive the termination of this Agreement and the Credit Agreement and the repayment
of the Secured Obligations.


 


21.             
Merger, Amendments; Etc. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
AGREEMENTS BETWEEN THE PARTIES. No waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom,
shall in any event be effective unless the same shall be in writing and signed by Agent, and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given. No amendment of any provision of this Agreement shall be effective
unless the same shall be in writing and signed by Agent and each Grantor to which such amendment applies.


 


22.             
Addresses for Notices. All notices and other communications provided for hereunder shall be given in the form and manner
and delivered to Agent at its address specified in the Credit Agreement, and to any of the Grantors at the notice address specified for
the Administrative Borrower in the Credit Agreement, or as to any party, at such other address as shall be designated by such party in
a written notice to the other party.


 


23.             
Continuing Security Interest: Assignments under Credit Agreement.


 


(a)               This
Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until the
Obligations have been paid in full in accordance with the provisions of the Credit Agreement and the Commitments have expired or
have been terminated, (ii) be binding upon each Grantor, and their respective successors and assigns, and (iii) inure to the benefit
of, and be enforceable by, Agent, and its successors, transferees and assigns. Without limiting the generality of the foregoing
clause (iii), any Lender may, in accordance with the provisions of the Credit Agreement, assign or otherwise transfer all or any
portion of its rights and obligations under the Credit Agreement to any other Person, and such other Person shall thereupon become
vested with all the benefits in respect thereof granted to such Lender herein or otherwise. Upon payment in full of the Secured
Obligations in accordance with the provisions of the Credit Agreement and the expiration or termination of the Commitments, the
Guaranty made and the Security Interest granted hereby shall terminate and all rights to the Collateral shall revert to Grantors or
any other Person entitled thereto. At such time, upon Borrowers' request, Agent will authorize the filing of appropriate termination
statements to terminate such Security Interest. No transfer or renewal, extension, assignment, or termination of this Agreement or
of the Credit Agreement, any other Loan Document, or any other instrument or document executed and delivered by any Grantor to Agent
nor any Loans made by any Lender to any Borrower, nor the taking of further security, nor the retaking or re-delivery of the
Collateral to Grantors, or any of them, by Agent, nor any other act of the Lender Group, or any of them, shall release any Grantor
from any obligation, except a release or discharge executed in writing by Agent in accordance with the provisions of the Credit
Agreement. Agent shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies
hereunder, unless such waiver is in writing and signed by Agent and then only to the extent therein set forth. A waiver by Agent of
any right or remedy on any occasion shall not be construed as a bar to the exercise of any such right or remedy which Agent would
otherwise have had on any other occasion.


 






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(b)              
If any member of the Lender Group repays, refunds, restores, or returns in whole or in part, any payment or property (including
any proceeds of Collateral) previously paid or transferred to such member of the Lender Group in full or partial satisfaction of any Secured
Obligation or on account of any other obligation of any Loan Party under any Loan Document, because the payment, transfer, or the incurrence
of the obligation so satisfied is asserted or declared to be void, voidable, or otherwise recoverable under any law relating to creditors'
rights, including provisions of the Bankruptcy Code relating to fraudulent transfers, preferences, or other voidable or recoverable
obligations or transfers (each, a "Voidable Transfer"), or because such member of the Lender Group elects to do so on
the reasonable advice of its counsel in connection with a claim that the payment, transfer, or incurrence is or may be a Voidable Transfer,
then, as to any such Voidable Transfer, or the amount thereof that such member of the Lender Group elects to repay, restore, or return
(including pursuant to a settlement of any claim in respect thereof), and as to all reasonable costs, expenses, and attorneys' fees of
such member of the Lender Group related thereto, (i) the liability of the Loan Parties with respect to the amount or property paid, refunded,
restored, or returned will automatically and immediately be revived, reinstated, and restored and will exist, and (ii) Agent's Liens securing
such liability shall be effective, revived, and remain in full force and effect, in each case, as fully as if such Voidable Transfer had
never been made. If, prior to any of the foregoing, (A) Agent's Liens shall have been released or terminated, or (B) any provision of
this Agreement shall have been terminated or cancelled, Agent's Liens, or such provision of this Agreement, shall be reinstated in full
force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise
affect the obligation of any Loan Party in respect of such liability or any Collateral securing such liability.


 


24.              Survival.
All representations and warranties made by the Grantors in this Agreement 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 issuance of any Letters of Credit, regardless
of any investigation made by any such other party or on its behalf and notwithstanding that Agent, Issuing Lender, or any Lender may
have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is
extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest
on any loan or any fee or any other amount payable under the Credit Agreement is outstanding and unpaid or any Letter of Credit is
outstanding and so long as the Commitments have not expired or terminated.


 






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25.             
CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.


 


(a)              
THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH
RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO
SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.


 


(b)              
THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN
THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK; PROVIDED,
THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT'S OPTION, IN THE COURTS OF ANY JURISDICTION
WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH GRANTOR AND AGENT WAIVE, TO THE
EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE
TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 25(b).


 


(c)              
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH GRANTOR AND AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO
A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT
OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW
OR STATUTORY CLAIMS (EACH A "CLAIM"). EACH GRANTOR AND AGENT REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.


 






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(d)              
 EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED
IN THE COUNTY OF NEW YORK AND THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL
BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
AGREEMENT SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY
GRANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.


 


(e)              
NO CLAIM MAY BE MADE BY ANY GRANTOR AGAINST THE AGENT, THE SWING LENDER, ANY OTHER LENDER, ISSUING LENDER, OR THE UNDERLYING ISSUER,
OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT,
CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED
TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION HEREWITH, AND EACH GRANTOR
HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED
TO EXIST IN ITS FAVOR.


 


26.             
New Subsidiaries. Pursuant to Section 5.11 of the Credit Agreement, certain Subsidiaries (whether by acquisition
or creation) of any Grantor are required to enter into this Agreement by executing and delivering in favor of Agent a Joinder to this
Agreement in substantially the form of Annex 1. Upon the execution and delivery of Annex 1 by any such new Subsidiary, such
Subsidiary shall become a Guarantor and/or Grantor hereunder with the same force and effect as if originally named as a Guarantor and/or
Grantor herein. The execution and delivery of any instrument adding an additional Guarantor or Grantor as a party to this Agreement shall
not require the consent of any Guarantor or Grantor hereunder. The rights and obligations of each Guarantor and Grantor hereunder shall
remain in full force and effect notwithstanding the addition of any new Guarantor or Grantor hereunder.


 


27.             
Agent. Each reference herein to any right granted to, benefit conferred upon or power exercisable by the "Agent"
shall be a reference to Agent, for the benefit of each member of the Lender Group.


 


28.             
Miscellaneous.


 


(a)               This
Agreement is a Loan Document. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together,
shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other
electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.
Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also
shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall
not affect the validity, enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis
mutandis.


 






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(b)              
Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability
of such provision in any other jurisdiction. Each provision of this Agreement shall be severable from every other provision of this Agreement
for the purpose of determining the legal enforceability of any specific provision.


 


(c)              
Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything
contained in each Section applies equally to this entire Agreement.


 


(d)              
Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any member of the Lender Group or any
Grantor, whether under any rule of construction or otherwise. This Agreement has been reviewed by all parties and shall be construed and
interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties
hereto.


 


29.             
Intercreditor Agreement.


 


(a)              
Notwithstanding anything herein to the contrary, the priority of Agent's Liens and the exercise, after the occurrence and during
the continuance of an Event of Default, of any right or remedy by Agent or any Lender with respect to certain of the Collateral hereunder
or under any other Loan Document are subject to the provisions of the Intercreditor Agreement. In the event of any direct and irreconcilable
conflict between the terms of the Intercreditor Agreement and this Agreement with respect to (a) the priority of Agent's Liens or (b)
the rights of Agent or any Lender under this Agreement with respect to certain Collateral after the occurrence and during the continuance
of an Event of Default, the terms of the Intercreditor Agreement shall govern and control.


 


(b)               Any
reference in this Agreement or any other Loan Document to a "first priority lien" or words of similar effect in describing
the Liens created hereunder or under any other Loan Document shall be understood to refer to such priority as set forth in the
Intercreditor Agreement. Nothing in this Section 29 shall be construed to provide that any Grantor is a third party
beneficiary of the provisions of the Intercreditor Agreement or may assert any rights, defenses or claims on account of the
Intercreditor Agreement or this Section 29 (other than as set forth in the last sentence hereof) and each Grantor (x) agrees
that, except as expressly otherwise provided in the Intercreditor Agreement, nothing in the Intercreditor Agreement is intended or
shall impair the obligation of any Grantor to pay the obligations under this Agreement or any other Loan Document as and when the
same become due and payable in accordance with their respective terms, or to affect the relative rights of the creditors of any
Grantor, other than Agent and the Lenders as between themselves and (y) if Agent shall enforce its rights or remedies in violation
of the terms of the Intercreditor Agreement, no Grantor shall use such violation as a defense to any enforcement of remedies
otherwise to the extent such action is taken in accordance with the terms of this Agreement and the other Loan Documents by Agent or
any Lender or assert such violation, to the extent taken in accordance with the terms of this Agreement, as a counterclaim or basis
for set-off or recoupment against Agent or any Lender and agrees to abide by the terms of this Agreement and to keep, observe and
perform the several matters and things herein intended to be kept, observed and performed by it.


 


[Remainder of Page Intentionally
Left Blank; Signature Pages Follow.]


 






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IN WITNESS WHEREOF, the undersigned
parties hereto have caused this Agreement to be executed and delivered as of the day and year first above written.





 


	 	 
	 	GRANTORS:
	 	 
	 	HUDSON TECHNOLOGIES, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	/s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	HUDSON HOLDINGS, INC.,
	 	a Nevada corporation
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	HUDSON TECHNOLOGIES COMPANY,
	 	a Delaware corporation
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	CCNY INTERNATIONAL, INC.,
	 	a New York corporation
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 



 


Signature Page to Guaranty and Security Agreement


 






     



     


    

 


	 	 
	 	CCNY TRADERS, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	CCS TRADING, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	GLACIER INTERNATIONAL, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	GLACIER TRADING CORP.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer



 






     



     


    

 


	 	HFC INTERNATIONAL, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	HFC TRADERS, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By: 	/s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	NYCCS TRADING CORP.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	RCT INTERNATIONAL, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer



 






     



     


    

 


	 	RCTI CORP., a 

New York corporation
	 	 
	 	 
	 	By: 	/s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	RCTI TRADING CORP.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	RGT ENTERPRISES, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	RGIT, INC., a

 New York corporation
	 	 
	 	 
	 	By: 	/s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	RGIT TRADING CORP.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer



 






     



     


    

 


	 	 
	 	RRC INTERNATIONAL, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	RRC TECHNICAL CORP.,
	 	a New York corporation
	 	 
	 	 
	 	By: 	/s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	RRCA CORP.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	RRCA ENTERPRISES, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer



 






     



     


    

 


	 	RRI ENTERPRISES, INC.,
	 	a New York corporation
	 	 
	 	 
	 	By:	 /s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	RRI TRADING CORP.,
	 	a New York corporation
	 	 
	 	 
	 	By: 	/s/ Brian F. Coleman
	 	Name: Brian F. Coleman
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	AGENT:
	 	 
	 	TCW ASSET MANAGEMENT COMPANY LLC
	 	 
	 	By:	/s/ Suzanne Grosso
	 	Name: Suzanne Grosso
	 	Title: Managing Director



 


Signature Page to Guaranty and Security Agreement