Document:

Exhibit 10.21

 

INTERCREDITOR AGREEMENT

 

This INTERCREDITOR
AGREEMENT, dated as of July 11, 2019, is entered into by and between ENCINA BUSINESS CREDIT, LLC, in its capacity as Revolving
Loan Agent (as hereinafter defined), and BRIGHTWOOD LOAN SERVICES LLC, a Delaware limited liability company, in its capacity as
Term Loan Agent (as hereinafter defined).

 

W I T N E S S E T H:

 

WHEREAS,
Hydrofarm LLC, a California limited liability company (“Hydrofarm”), SunBlaster LLC, a Delaware limited
liability company (“SunBlaster”) Sunblaster Holdings ULC, a British Columbia unlimited liability company (“Sunblaster
Canada”), and Eddi’s Wholesale Garden Supplies, LTD., a British Columbia company (“Eddi’s”),
and Hydrofarm Canada, LLC., a Delaware limited liability company (“Hydrofarm Canada”; together with Hydrofarm,
SunBlaster, Sunblaster Canada and Eddi’s, collectively, the “Borrowers”) and Hydrofarm Holdings LLC,
a Delaware limited liability company (“Holdings”) and EHH Holdings, LLC, a Delaware limited liability company
(“EHH”; together with Holdings, collectively, the “Guarantors”) are entering into that certain
Loan and Security Agreement dated as of July 11, 2019 with Revolving Loan Agent and the financial institutions party thereto from
time to time as lenders (as amended, restated or otherwise modified prior to the date hereof, the (“Revolving Loan Agreement”),
pursuant to which such lenders intend to make loans and provide other financial accommodations guaranteed by certain Guarantors
and secured by substantially all of the assets of the Borrowers and such Guarantors under the Revolving Loan Agreement;

 

WHEREAS,
the Term Loan Borrowers (as hereinafter defined) and the Term Loan Guarantors (as hereinafter defined) have previously entered
into that certain Credit Agreement dated as of May 12, 2017, as amended, restated or otherwise modified, with Term Loan Agent and
the lenders and other parties for whom it is acting as collateral agent as set forth in the Term Loan Agreement (as hereinafter
defined) and each other Term Loan Document (as hereinafter defined), pursuant to which such lenders have made term loans to the
Term Loan Borrowers which are guaranteed by the Term Loan Guarantors and secured by substantially all of the assets of the Term
Loan Borrowers and Term Loan Guarantors;

 

WHEREAS,
in connection with the Revolving Loan Agreement and the Term Loan Agreement, Revolving Loan Agent, Term Loan Agent, and the other
parties thereto, desire to enter into this Agreement to (i) govern and confirm the relative priority of the security interests
of Revolving Loan Agent and Term Loan Agent in the assets and properties of the Grantors (as defined herein), (ii) provide for
the orderly allocation among the Revolving Loan Secured Parties and the Term Loan Secured Parties, in accordance with such priorities,
of proceeds of such assets and properties upon any foreclosure thereon or other disposition thereof and (iii) address certain related
matters;

 

NOW, THEREFORE,
in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration,
the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

    

     

    

 

Section 1.             Definitions; Interpretation

 

1.1.       Definitions.

 

As used in this Agreement, including
in the preamble and recitals hereto, the following terms have the meanings specified below:

 

“Agents”
shall mean, collectively, Revolving Loan Agent and Term Loan Agent, and

 

“Agent”
shall mean each of them.

 

“Agreement”
shall mean this Intercreditor Agreement, as the same now exists or may hereafter be amended, amended and restated, modified, supplemented,
extended, renewed, restated or replaced from time to time in accordance with the terms hereof.

 

“Availability”
shall have the meaning set forth in the Revolving Loan Agreement for “Excess Availability”.

 

“Bank
Product Obligations” shall mean Cash Management Obligations and Hedging Obligations.

 

“Bankruptcy
Code” shall mean the United States Bankruptcy Code, being Title 11 of the United States Code, as the same now exists
or may from time to time hereafter be amended, modified, recodified or supplemented.

 

“Bankruptcy
Law” shall mean the Bankruptcy Code, the BIA, the CCAA and any similar federal, state or foreign law for the relief
of debtors.

 

“BIA”
means the Bankruptcy and Insolvency Act (Canada) as such legislation now exists or may from time to time hereafter be amended,
modified, recodified, supplemented or replaced, together with all rules, regulations and interpretations thereunder or related
thereto.

 

“Book
Value” shall mean (a) as to inventory, balance sheet representation of inventory at lower of cost or market value, which
is net of reserves for excess or obsolete inventory and (b) as to accounts, balance sheet representation of amounts due from customers,
which is net of allowances for doubtful accounts, trade discounts and volume rebates.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the laws of, or are in fact closed in, North Carolina and New York.

 

“Canadian
Borrowers” shall mean, collectively, (a) Eddi’s and SunBlaster Canada (b) any other Person organized under the
laws of Canada or any province or territory thereof that at any time on or after the date hereof becomes a party to the Revolving
Loan Agreement as a borrower thereunder, and (c) their respective successors and assigns to the extent such successor or assign
is a Person organized under the laws of Canada or any province or territory thereof, and “Canadian Borrower”
shall mean each of them. For the avoidance of doubt, no Person that is not organized under the laws of Canada or any province
or territory thereof shall be a Canadian Borrower hereunder.

 

“Canadian
Collateral” shall mean, collectively, all of the property and interests in property, real or personal, tangible or intangible,
now owned or hereafter acquired by any Canadian Grantor in or upon which any Revolving Loan Secured Party at any time has a Lien,
together with any and all proceeds and products of such property and interests in property. For the avoidance of doubt, Canadian
Collateral shall not include any property or interests in property, real or personal, tangible or intangible that is owned or
hereafter acquired by any U.S. Grantor (including any Equity Interest of any Canadian Grantor or any other Person that is owned
or held by any U.S. Grantor).

 

“Canadian
Grantors” shall mean, collectively, the Canadian Borrowers, Canadian Guarantors and each Subsidiary of any Canadian
Borrower or any Canadian Guarantor that shall have granted a Lien on any of its assets to secure any Revolving Loan Debt, together
with their respective successors and assigns to the extent such successor or assign is a Person organized under the laws of Canada
or any province or territory thereof; sometimes being referred to herein individually as a “Canadian Grantor”.
For the avoidance of doubt, no Person that is not organized under the laws of Canada or any province or territory thereof shall
be a Canadian Grantor hereunder.

 

    	 	-2-	 

     

    

 

“Canadian
Guarantors” shall mean any Person organized under the laws of Canada or any province or territory thereof (other than
the Canadian Borrowers) that at any time is party to a guarantee in favor of Revolving Loan Agent or the Revolving Loan Secured
Parties in respect of any of the Revolving Loan Debt, and their respective successors and assigns to the extent such successor
or assign is a Person organized under the laws of Canada or any province or territory thereof, and “Canadian Guarantor”
shall mean each of them. For the avoidance of doubt, no Person that is not organized under the laws of Canada or any province
or territory thereof shall be a Canadian Guarantor hereunder.

 

“Cash
Equivalents” shall mean (a) marketable obligations issued or unconditionally guaranteed by, and backed by the full faith
and credit of, the U.S. government or Canadian government or any agency thereof the obligations of which are backed by the full
faith and credit of the U.S. government or Canadian government, as applicable, maturing within twelve (12) calendar months of
the date of acquisition; (b) certificates of deposit, guaranteed investment certificates, time deposits and bankers’ acceptances
maturing within 12 calendar months of the date of acquisition, and overnight bank deposits, in each case which are issued by Bank
of America or a commercial bank organized under the laws of the United States or any state or district thereof, or of Canada,
in each case rated A-1 (or better) by S&P or P-1 (or better) by Moody’s at the time of acquisition, and (unless issued
by a Lender) not subject to offset rights; (c) repurchase obligations with a term of not more than 30 days for underlying investments
of the types described in clauses (a) and (b) entered into with any bank described in clause (b); (d) commercial paper rated A-1
(or better) by S&P or P-1 (or better) by Moody’s, and maturing within nine (9) calendar months of the date of acquisition;
and (e) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments
referred to above, has net assets of at least $500,000,000 and has the highest rating obtainable from either Moody’s or
S&P.

 

“Cash
Management Obligations” shall mean with respect to any Person, the obligations of such Person arising out of (a) services
relating to operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse,
e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox
and stop payment services, (b) the acceptance for deposit or the honoring for payment of any check, draft or other item with respect
to any such deposit accounts, (c) commercial credit card and merchant card services and (d) any leases or other deposit, disbursement,
treasury, banking or cash management services afforded to such Person by any Revolving Loan Secured Party.

 

“CCAA”
means the Companies’ Creditors Arrangement Act (Canada) as such legislation now exists or may from time to time hereafter
be amended, modified, recodified, supplemented or replaced, together with all rules, regulations and interpretations thereunder
or related thereto.

 

“Collateral”
shall mean all of the property and interests in property, real or personal, tangible or intangible, now owned or hereafter acquired
by any Grantor in or upon which any Revolving Loan Secured Party or Term Loan Secured Party at any time has a Lien, and including,
without limitation, all Proceeds of such property and interests in property.

 

“Companies”
shall mean, collectively, the Revolving Loan Borrowers and Term Loan Borrowers, and “Company” shall mean
each of them.

 

    	 	-3-	 

     

    

 

“Control
Agreements” shall mean Lockbox Account and Blocked Account control agreements as required by Section 6.1 of the Revolving
Loan Agreement.

 

“Discharge of Revolving
Loan Debt” shall mean, subject to Sections 6.2(d), 6.9 and 11.3 hereof:

 

(a)        the payment
in full in cash of the principal and interest (including any such amounts which would accrue and become due but for the commencement
of an Insolvency Proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case) constituting
Revolving Loan Debt;

 

(b)        the payment
in full in cash of all other Revolving Loan Debt that is due and payable or otherwise accrued and owing at or prior to the time
such principal and interest are paid (including any such amounts which would accrue and become due but for the commencement of
an Insolvency Proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case), other than indemnification
obligations for which no claim or demand for payment, whether oral or written, has been made at such time;

 

(c)        the delivery
to Revolving Loan Agent of cash collateral, or at Revolving Loan Agent’s option, the delivery to Revolving Loan Agent of
a letter of credit payable to Revolving Loan Agent issued by a bank acceptable to Revolving Loan Agent and in form and substance
satisfactory to Revolving Loan Agent, in either case in respect of (i) letters of credit, banker’s acceptances or similar
instruments issued under the Revolving Loan Documents (in an amount equal to one hundred five (105%) percent of the amount of such
letters of credit, banker’s acceptance or similar instruments), (ii) Bank Product Obligations (or, at the option of the Revolving
Loan Secured Party with respect to such Bank Product Obligations, the termination of the applicable Hedging Obligations or Cash
Management Obligations and the payment in full in cash of Revolving Loan Debt due and payable in connection with such termination),
and (iii) continuing obligations of Revolving Loan Agent and Revolving Loan Lenders under control agreements and other contingent
Revolving Loan Debt for which a claim or demand for payment has been made at such time or in respect of matters or circumstances
known to a Revolving Loan Secured Party at the time which are reasonably expected to result in any loss, cost, damage or expense
(including attorneys’ fees and legal expenses) to any Revolving Loan Secured Party for which such Revolving Loan Secured
Party is entitled to indemnification by any Grantor pursuant to the Revolving Loan Documents; and

 

(d)        the termination
of the commitments of the Revolving Loan Lenders and the financing arrangements provided by Revolving Loan Agent and the Revolving
Loan Lenders to Grantors under the Revolving Loan Documents.

 

“Discharge
of Revolving Loan Priority Debt” shall mean, subject to Sections 6.2(d), 6.9 and 11.3 hereof:

 

(a)        the payment
in full in cash of the principal and interest (including any such amounts which would accrue and become due but for the commencement
of an Insolvency Proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case) constituting
Revolving Loan Priority Debt;

 

(b)        the
payment in full in cash of all other Revolving Loan Priority Debt that is due and payable or otherwise accrued and owing at
or prior to the time such principal and interest are paid (including any such amounts which would accrue and become due but
for the commencement of an Insolvency Proceeding, whether or not such amounts are allowed or allowable in whole or in part in
such case), other than indemnification obligations for which no claim or demand for payment, whether oral or written, has
been made at such time;

 

    	 	-4-	 

     

    

 

(c)        the delivery
to Revolving Loan Agent of cash collateral, or at Revolving Loan Agent’s option, the delivery to Revolving Loan Agent of
a letter of credit payable to Revolving Loan Agent issued by a bank acceptable to Revolving Loan Agent and in form and substance
satisfactory to Revolving Loan Agent, in either case in respect of Revolving Loan Priority Debt consisting of (i) letters of credit,
banker’s acceptances or similar instruments issued under the Revolving Loan Documents (in an amount equal to one hundred
five (105%) percent of the amount of such letters of credit, banker’s acceptance or similar instruments), (ii) Bank Product
Obligations (or, at the option of the Revolving Loan Secured Party with respect to such Bank Product Obligations, the termination
of the applicable Hedging Obligations or Cash Management Obligations and the payment in full in cash of Revolving Loan Priority
Debt due and payable in connection with such termination), and (iii) continuing obligations of Revolving Loan Agent and Revolving
Loan Lenders under control agreements and other contingent Revolving Loan Priority Debt for which a claim or demand for payment
has been made at such time or in respect of matters or circumstances known to a Revolving Loan Secured Party at the time which
are reasonably expected to result in any loss, cost, damage or expense (including attorneys’ fees and legal expenses) to
any Revolving Loan Secured Party for which such Revolving Loan Secured Party is entitled to indemnification by any Grantor pursuant
to the Revolving Loan Documents; and

 

(d)        the termination
of the commitments of the Revolving Loan Lenders and the financing arrangements provided by Revolving Loan Agent and the Revolving
Loan Lenders to Grantors under the Revolving Loan Documents.

 

“Discharge
of Term Loan Debt” shall mean, subject to Sections 6.2, 6.9 and 11.3 hereof:

 

(a)        the payment
in full in cash of the principal and interest (including any such amounts which would accrue and become due but for the commencement
of an Insolvency Proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case) constituting
Term Loan Debt; and

 

(b)        the payment
in full in cash of all other Term Loan Debt that is due and payable or otherwise accrued and owing at or prior to the time such
principal and interest are paid (including any such amounts which would accrue and become due but for the commencement of an Insolvency
Proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case), other than indemnification
obligations for which no claim or demand for payment, whether oral or written, has been made at such time.

 

“Discharge
of Term Loan Priority Debt” shall mean, subject to Sections 6.2, 6.9 and 11.3 hereof:

 

(a)        the payment
in full in cash of the principal and interest (including any such amounts which would accrue and become due but for the commencement
of an Insolvency Proceeding, whether or not such amounts are allowed or allowable in whole or in part in such case) constituting
Term Loan Priority Debt; and

 

(b)        the
payment in full in cash of all other Term Loan Priority Debt that is due and payable or otherwise accrued and owing at or
prior to the time such principal and interest are paid (including any such amounts which would accrue and become due but for
the commencement of an Insolvency Proceeding, whether or not such amounts are allowed or allowable in whole or in part in
such case), other than indemnification obligations for which no claim or demand for payment, whether oral or written, has
been made at such time.

 

    	 	-5-	 

     

    

 

“Disposition”
shall mean any sale, lease, license, assignment, exchange, transfer or other disposition of Shared Collateral including (a) any
casualty or condemnation or expropriation thereof and (b) any vesting or re-vesting of Shared Collateral pursuant to a plan of
reorganization or arrangement or a proposal in any Insolvency Proceeding.

 

“Enforcement
Action” shall mean:

 

(a)        the taking
of any action to enforce any Lien in respect of the Collateral, including the institution of any foreclosure proceedings or, the
noticing of any public or private sale or other disposition pursuant to Article 9 of the UCC, the PPSA or other applicable law,
or the taking of any action in an attempt to vacate or obtain relief from a stay or other injunction restricting any other action
described in this definition,

 

(b)        the exercise
of any right or remedy provided to a secured creditor under the Revolving Loan Documents or the Term Loan Documents (including,
in either case, any delivery of any notice to seek to obtain payment directly from any account debtor of any Grantor, or other
Person obligated on any Collateral of any Grantor, the taking of any action or the exercise of any right or remedy in respect of
the Collateral, or the exercise of any right of setoff or recoupment with respect to obligations owed to any Grantor), under applicable
law, at equity, in an Insolvency Proceeding or otherwise, including the acceptance of Collateral in full or partial satisfaction
of an obligation,

 

(c)        the disposition
by any Secured Party of all or any portion of the Collateral, by private or public sale or any other means;

 

(d)        an Agent’s
solicitation of bids from third parties to conduct the disposition of any of the Collateral;

 

(e)        an Agent’s
engagement or retention of sales brokers, marketing agents, investment bankers, auctioneers, or other third parties for the purpose
of, marketing or Disposing of any of the Collateral;

 

(f)         the exercise of
any rights of set-off or recoupment; and

 

(g)        the exercise
of any other enforcement right relating to the Collateral (including the exercise of (i) any rights under bailee waivers, landlord
waivers, collateral access agreements or similar agreements or (ii) any voting rights relating to any equity interests composing
a portion of the Collateral) whether under the Revolving Loan Documents, the Term Loan Documents, under applicable law of any jurisdiction,
in equity, in an Insolvency Proceeding, or otherwise (including the commencement of applicable legal proceedings or other actions
with respect to any of the Collateral to facilitate the actions described in the preceding clauses);

 

provided that
notwithstanding the foregoing, an Enforcement Action shall not include (i) so long as the commitments under the Revolving
Loan Documents have not been terminated, the collection and application of accounts or other monies deposited from time to
time in deposit accounts or securities accounts, in each case, to the extent constituting Revolving Loan Priority Collateral
or Canadian Collateral, against the Revolving Loan Debt pursuant to the provisions of the Revolving Loan Documents, in each
case, in connection with the exercise of cash dominion in accordance with the terms of the Revolving Loan Documents
(including, without limitation, the notification of account debtors, depositary institutions or any other Person to deliver
proceeds of Revolving Loan Priority Collateral or Canadian Collateral to the Revolving Loan Agent or any “cash dominion
event” or mandatory prepayment event in connection with such cash dominion event under the Revolving Loan Debt), (ii)
the acceleration of all or a portion of the Revolving Loan Debt or the Term Loan Debt in accordance with the terms of the
Revolving Loan Documents or the Term Loan Documents, as applicable, (iii) the imposition of a default rate of interest in
accordance with the terms of the Revolving Loan Documents or the Term Loan Documents, as applicable, or (iv) the filing of a
proof of claim or a statement of interest in any Insolvency Proceeding.

 

    	 	-6-	 

     

    

 

“Enforcement
Notice” shall mean a written notice delivered by (i) the Revolving Loan Agent, at a time when a Revolving Loan Event
of Default has occurred and is continuing, to the Term Loan Agent announcing that the Revolving Agent intends to commence an Enforcement
Action against the Revolving Loan Priority Collateral or the Canadian Collateral and specifying the relevant event of default;
or (ii) the Term Loan Agent, at a time when a Term Loan Event of Default has occurred and is continuing, to the Revolving Loan
Agent announcing that the Term Loan Agent intends to commence an Enforcement Action against the Term Loan Priority Collateral
and specifying the relevant event of default.

 

“Equity
Interests” shall mean the interest of any (a) shareholder in a corporation (whether denominated as common or preferred
stock), (b) partner in a partnership (whether general, limited, limited liability or joint venture), (c) member in a limited liability
company, or (d) other Person having any other form of equity security or ownership interest, in each case, whether voting or non-voting.

 

“Exigent
Circumstance” shall mean an event or circumstance that materially and imminently threatens the ability of Revolving
Loan Agent to realize upon all or a material portion of the Revolving Loan Priority Collateral or the ability of Term Loan Agent
to realize upon all or a material portion of the Term Loan Priority Collateral, as the case may be, such as, without limitation,
fraudulent removal, concealment, destruction (other than to the extent covered by insurance), material waste or abscondment thereof.

 

“Extraordinary
Receipts” shall have the meaning set forth in the Term Loan Agreement.

 

“Grantors”
shall mean, collectively, Companies, Guarantors and each Subsidiary of any Company or any Guarantor that shall have granted a
Lien on any of its assets to secure any Revolving Loan Debt or Term Loan Debt, together with their respective successors and assigns;
sometimes being referred to herein individually as a “Grantor”.

 

“Guarantors”
shall mean, collectively, the Revolving Loan Guarantors and the Term Loan Guarantors, and “Guarantor” shall
mean each of them.

 

“Hedging
Obligations” shall mean, with respect to any Person, the obligations of such Person under any agreements with respect
of any interest rate, foreign currency and/or commodity exchanges, swaps, caps, collars, floors, forwards, options, or other similar
arrangements as such Person may from time to time enter into (including without limitation any "swap agreement" as defined
in Section 101(53B)(A) of the Bankruptcy Code) with any one or more of the Revolving Lenders or their affiliates.

 

“Insolvency
Proceeding” shall mean (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to
any Grantor, (b) any other voluntary or involuntary insolvency, reorganization, arrangement, proposal or bankruptcy case or proceeding,
or any receivership, liquidation, power of sale, reorganization or other similar case or proceeding with respect to any Grantor
or with respect to any of their respective assets, (c) any proceeding seeking the appointment of any trustee, Receiver, monitor,
liquidator, custodian or other insolvency official with similar powers with respect to any Grantor or any or all of its assets
or properties, (d) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary
and whether or not involving insolvency or bankruptcy or (e) any assignment for the benefit of creditors or any other marshaling
of assets and liabilities of any Grantor.

 

    	 	-7-	 

     

    

 

“Junior
507(b) Claims” shall have the meaning set forth in Section 6.4(c) hereof.

 

“Junior
Agent” shall have the meaning set forth in Section 3.2(a) hereof.

 

“Lien”
shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, encumbrance
(including, but not limited to, easements, rights of way and the like), lien (statutory or other), security agreement or transfer
intended as security, including without limitation, any conditional sale or other title retention agreement, the interest of a
lessor under a capital lease or any financing lease having substantially the same economic effect as any of the foregoing.

 

“Person”
or “person” shall mean any individual, sole proprietorship, partnership, corporation (including, without limitation,
any corporation which elects subchapter S status under the Internal Revenue Code of 1986, as amended), limited liability company,
limited liability partnership, business trust, unincorporated association, joint stock company, trust, joint venture, or other
entity or any government or any agency or instrumentality or political subdivision thereof.

 

“PPSA”
means the Personal Property Security Act (British Columbia) and the Regulations thereunder, as from time to time in effect, provided,
however, if attachment, perfection or priority of any Revolving Loan Agent’s Liens on any Canadian Collateral is
governed by the personal property security laws of any jurisdiction other than British Columbia, PPSA means those personal property
security laws in such other jurisdiction of Canada for the purposes of the provisions hereof relating to such attachment, perfection
or priority and for the definitions related to such provisions.

 

“Proceeds”
or “proceeds” shall mean all “proceeds” as defined in Article 9 of the UCC or in the PPSA, as applicable,
and in any event, shall include, without limitation, whatever is receivable or received when Collateral or proceeds are sold,
exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary and any distribution made
in any Insolvency Proceeding to the extent such distribution is based upon the value of Collateral.

 

“Protective Advances”
shall have the meaning set forth in the Revolving Loan Agreement.

 

“Purchasing Term Loan Secured
Parties” shall have the meaning set forth in Section 7.1 hereof.

 

“Receiver” means
a receiver, interim receiver, receiver and manager, liquidator, trustee in bankruptcy or similar Person.

 

“Recovery” shall
have the meaning set forth in Section 6.9 hereof.

 

“Refinance”
or “refinance” shall mean, in respect of any indebtedness, to refinance, replace, refund or repay, or to issue
other indebtedness or enter into alternative financing arrangements, in exchange or replacement for, such indebtedness in whole
or in part, including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case,
but not limited to, after the original instrument giving rise to such indebtedness has been terminated.      “Refinanced”,
 “refinanced”, “Refinancing” and “refinancing” shall have correlative meanings.

 

    	 	-8-	 

     

    

 

“Retained Interest”
has the meaning set forth in Section 7.4(b).

 

“Revolving Loan Commitments”
shall have the meaning set forth in the Revolving Loan Agreement.

 

“Revolving
Loan Agent” shall mean Encina Business Credit, LLC, and its successors and assigns, in its capacity as agent pursuant
to the Revolving Loan Documents acting for and on behalf of the other Revolving Loan Secured Parties and any successor or replacement
agent.

 

“Revolving
Loan Agreement” shall mean the Loan and Security Agreement, dated as of even date herewith, by and among the Borrowers
from time to time party thereto, the Guarantors from time party thereto, Revolving Loan Agent and Revolving Loan Lenders, as the
same now exists or may hereafter be amended, amended and restated, modified, supplemented, extended, renewed, restated, refinanced,
or replaced in accordance with the terms of this Agreement.

 

“Revolving
Loan Borrowers” shall mean, collectively, (a) Hydrofarm, SunBlaster, Eddi’s SunBlaster Canada and Hydrofarm Canada,
(b) any other Person that at any time on or after the date hereof becomes a party to the Revolving Loan Agreement as a borrower
thereunder, and (c) their respective successors and assigns, and “Revolving Loan Borrower” shall mean each
of them.

 

“Revolving Loan Cash Collateral”
shall have the meaning set forth in Section 6.2 hereof.

 

“Revolving
Loan Debt” shall mean all “Obligations” as such term is defined in the Revolving Loan Agreement, including,
without limitation, obligations, liabilities and indebtedness of every kind, nature and description owing by any Grantor to any
Revolving Loan Secured Party, including principal, interest, Bank Product Obligations, charges, fees, premiums, indemnities and
expenses, however evidenced, whether as principal, surety, endorser, guarantor or otherwise, arising under any of the Revolving
Loan Documents, whether now existing or hereafter arising, whether arising before, during or after the initial or any renewal
term of the Revolving Loan Documents or after the commencement of any case with respect to any Grantor under the Bankruptcy Code
or any other Bankruptcy Law or any other Insolvency Proceeding (and including, without limitation, any principal, interest, fees,
costs, expenses and other amounts which would accrue and become due but for the commencement of such case or proceeding, whether
or not such amounts are allowed or allowable in whole or in part in such case or similar proceeding), whether direct or indirect,
absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, secured or unsecured.

 

“Revolving
Loan Default” shall mean any “Default” as defined in the Revolving Loan Agreement.

 

“Revolving
Loan DIP Financing” shall have the meaning set forth in Section 6.2 hereof.

 

“Revolving
Loan Documents” shall mean, collectively, the Revolving Loan Agreement and all agreements, documents and instruments
at any time executed and/or delivered by any Grantor or any other Person to, with or in favor of any Revolving Loan Secured Party
in connection therewith or related thereto, as all of the foregoing now exist or may hereafter be amended, amended and restated,
modified, supplemented, extended, renewed, restated, refinanced, or replaced or restructured (in whole or in part and including
any agreements with, to or in favor of any other lender or group of lenders that at any time refinances, replaces or succeeds
to all or any portion of the Revolving Loan Debt), in each case, in accordance with the terms of this Agreement.

 

    	 	-9-	 

     

    

 

“Revolving
Loan Event of Default” shall mean any “Event of Default” as defined in the Revolving Loan Agreement.

 

“Revolving
Loan Excess Debt” shall mean any Revolving Loan Debt not constituting Revolving Loan Priority Debt.

 

“Revolving
Loan Guarantors” shall mean, collectively, (a) Holdings and EHH, and (b) any other persons (other than the Revolving
Loan Borrowers) that at any time is party to a guarantee in favor of Revolving Loan Agent or the Revolving Loan Secured Parties
in respect of any of the Revolving Loan Debt, and their respective successors and assigns, and “Revolving Loan Guarantor”
shall mean each of them.

 

“Revolving
Loan Lenders” shall mean, collectively, any Person party to the Revolving Loan Documents as lender (and including any
other lender or group of lenders that at any time refinances, replaces or succeeds to all or any portion of the Revolving Loan
Debt or is otherwise party to the Revolving Loan Documents as a lender), and “Revolving Loan Lender” shall
mean each of them.

 

“Revolving
Loan Maximum Amount” means, as of any date of determination, the result of (a) (i) $66,000,000 and (ii) interest, fees,
indemnities and expenses arising under any Revolving Loan Document (including any such amounts which would accrue and become due
but for the commencement of an Insolvency Proceeding, whether or not such amounts are allowed or allowable in whole or in part
in such case) (in the case of interest and fees, solely to the extent accrued on, or related to, the portion of the principal
amount set forth in clause (a)(i)), minus (b) the aggregate amount of all permanent reductions of the Revolving Loan Commitments
(as calculated without giving effect to any termination of the Revolving Loan Commitments as a result of any default by any Grantor
under the Revolving Loan Agreement), plus (c) (i) the aggregate amount of all Unintentional Overadvances and (ii) the aggregate
amount of all Protective Advances made in accordance with Section 2.2 of the Revolving Loan Agreement as in effect on the date
hereof, collectively in the case of clauses (c)(i) and (ii), up to a maximum aggregate amount of $6,000,000, plus (d) Bank Product
Obligations owning to Revolving Loan Secured Parties up to a maximum aggregate amount of $8,000,000.

 

“Revolving
Loan Priority Collateral” shall mean all Shared Collateral described on Annex A annexed hereto.

 

“Revolving
Loan Priority Debt” means all Revolving Loan Debt, exclusive of any portion of principal which exceeds the Revolving
Loan Maximum Amount and any interest, charges, fees, premiums, indemnities and expenses on account of such excess portion.

 

“Revolving
Loan Secured Parties” shall mean, collectively, (a) Revolving Loan Agent, (b) the Revolving Loan Lenders, (c) the issuing
bank or banks of letters of credit or similar instruments under the Revolving Loan Agreement, (d) the swingline lender under the
Revolving Loan Agreement, (e) each other Revolving Loan Lender or Affiliate of a Revolving Loan Lender to whom any of the Revolving
Loan Debt (including Revolving Loan Debt constituting Bank Product Obligations) is owed and (f) the successors, replacements and
assigns of each of the foregoing, and “Revolving Loan Secured Party” shall mean each of them.

 

“Revolving
Loan Standstill Period” shall have the meaning set forth in Section 3.1(b) hereof.

 

    	 	-10-	 

     

    

 

“Secured
Parties” shall mean, collectively, the Revolving Loan Secured Parties and the Term Loan Secured Parties, and “Secured
Party” shall mean each of them.

 

“Senior
507(b) Claims” shall have the meaning set forth in Section 6.4(c) hereof.

 

“Senior
Agent” shall have the meaning set forth in Section 3.2(a) hereof.

 

“Shared
Collateral” shall mean all of the property and interests in property, real or personal, tangible or intangible, now
owned or hereafter acquired by any U.S. Grantor in or upon which any Revolving Loan Secured Party and/or Term Loan Secured Party
at any time has a Lien (or is intended to have a Lien pursuant to the terms of Section 2.4 or 2.5 hereof), and including,
without limitation, all Proceeds of such property and interests in property. For the avoidance of doubt, the Canadian Collateral
shall not constitute “Shared Collateral.”

 

“Shared
Pledged Collateral” shall have the meaning set forth in Section 5.1 hereof.

 

“Subsidiary”
shall mean, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or
other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled
(without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers,
trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and
policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled
by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed
to be outstanding.

 

“Term
Loan Agent” shall mean Brightwood Loan Services LLC, a Delaware limited liability company, in its capacity as agent
pursuant to the Term Loan Documents acting for and on behalf of the other Term Loan Secured Parties and any successor or replacement
collateral agent.

 

“Term
Loan Agreement” shall mean the Credit Agreement, dated as of May 12, 2017 by and among the Term Loan Borrowers, the
Term Loan Guarantors party thereto, Term Loan Agent and Term Loan Lenders, as the same now exists or may hereafter be amended,
amended and restated, modified, supplemented, extended, renewed, restated, refinanced, or replaced in accordance with the terms
of this Agreement.

 

“Term
Loan Borrowers” shall mean, collectively, (a) Hydrofarm, EHH and SunBlaster and (b) any other Person that at any time
on or after the date hereof becomes a party to the Term Loan Agreement as a borrower thereunder, and (c) their respective successors
and assigns, and “Term Loan Borrower” shall mean each of them.

 

“Term
Loan Cash Collateral” shall have the meaning set forth in Section 6.2 hereof.

 

“Term
Loan Debt” shall mean all “Obligations” as such term is defined in the Term Loan Agreement, including, without
limitation, obligations, liabilities and indebtedness of every kind, nature and description owing by any Grantor to any Term Loan
Secured Party, including principal, interest, charges, fees, premiums, indemnities and expenses, however evidenced, whether as
principal, surety, endorser, guarantor or otherwise, arising under any of the Term Loan Documents, whether now existing or hereafter
arising, whether arising before, during or after the initial or any renewal term of the Term Loan Documents or after the commencement
of any case with respect to any Grantor under the Bankruptcy Code or any other Bankruptcy Law or any other Insolvency Proceeding
(and including, without limitation, any principal, interest, fees, costs, expenses and other amounts, which would accrue and become
due but for the commencement of such case or proceeding, whether or not such amounts are allowed or allowable in whole or in part
in such case or similar proceeding), whether direct or indirect, absolute or contingent, joint or several, due or not due, primary
or secondary, liquidated or unliquidated, secured or unsecured.

 

    	 	-11-	 

     

    

 

“Term
Loan DIP Financing” shall have the meaning set forth in Section 6.2 hereof.

 

“Term
Loan Documents” shall mean, collectively, the Term Loan Agreement and all agreements, documents and instruments at any
time executed and/or delivered by any Grantor or any other Person to, with or in favor of any Term Loan Secured Party in connection
therewith or related thereto, as all of the foregoing now exist or may hereafter be amended, amended and restated, modified, supplemented,
extended, renewed, restated, refinanced, or replaced or restructured (in whole or in part and including any agreements with, to
or in favor of any other lender or group of lenders that at any time refinances, replaces or succeeds to all or any portion of
the Term Loan Debt), in each case, in accordance with the terms of this Agreement.

 

“Term
Loan Event of Default” shall mean any “Event of Default” as defined in the Term Loan Agreement.

 

“Term
Loan Excess Debt” shall mean any Term Loan Debt not constituting Term Loan Priority Debt.

 

“Term
Loan Guarantors” shall mean, collectively, (a) Holdings and Hydrofarm Canada, LLC, a Delaware limited liability company,
and (b) any other persons (other than the Term Loan Borrowers) that at any time is party to a guarantee in favor of Term Loan
Agent or the Term Loan Secured Parties in respect of any of the Term Loan Debt, and their respective successors and assigns, and
 “Term Loan Guarantor” shall mean each of them.

 

“Term
Loan Lenders” shall mean, collectively, any Person party to the Term Loan Documents as lender (and including any other
lender or group of lenders that at any time refinances, replaces or succeeds to all or any portion of the Term Loan Debt or is
otherwise party to the Term Loan Documents as a lender), and “Term Loan Lender” shall mean each of them.

 

“Term
Loan Maximum Amount” means, as of any date of determination, the result of (a) (i) $82,500,000 and (ii) interest (including
any payment-in-kind interest), fees, indemnities and expenses arising under any Term Loan Document (including any such amounts
which would accrue and become due but for the commencement of an Insolvency Proceeding, whether or not such amounts are allowed
or allowable in whole or in part in such case) (in the case of interest and fees, solely to the extent accrued on, or related
to, the portion of the principal amount set forth in clause (a)(i)), minus (b) the sum of all principal payments of the
loans under the Term Loan Agreement after the date hereof.

 

“Term
Loan Priority Collateral” shall mean all Shared Collateral other than the Revolving Loan Priority Collateral.

 

“Term
Loan Priority Debt” means all Term Loan Debt, exclusive of any portion of principal which exceeds the Term Loan Maximum
Amount and any interest, charges, fees, premiums, indemnities and expenses on account of such excess portion.

 

“Term
Loan Purchase Event” shall have the meaning set forth in Section 7.1 hereof.

 

    	 	-12-	 

     

    

 

“Term
Loan Secured Parties” shall mean, collectively, (a) Term Loan Agent, (b) the Term Loan Lenders, (c) each other Person
to whom any of the Term Loan Debt is owed and (d) the successors, replacements and assigns of each of the foregoing, and “Term
Loan Secured Party” shall mean each of them.

 

“Term
Loan Standstill Period” shall have the meaning set forth in Section 3.1(a)(i) hereof.

 

“Third
Party Purchaser” shall have the meaning set forth in Section 9.1 hereof.

 

“Uniform
Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from time to time in effect in
the State of New York, provided, however, if attachment, perfection or priority of any party’s security interests in any
Collateral (other than Canadian Collateral) are governed by the personal property security laws of any jurisdiction other than
the State of New York, UCC shall mean those personal property security laws in such other jurisdiction for the purposes of the
provisions hereof relating to such attachment, perfection or priority and for the definitions related to such provisions.

 

“Unintentional
Overadvance” shall mean, on any date of determination, the aggregate principal amount of Revolving Loans and Letters
of Credit at any time outstanding under the Revolving Loan Agreement that are made or issued without actual knowledge that such
Revolving Loans and Letters of Credit would cause the aggregate outstanding principal amount of Revolving Loans and Letter of
Credit to exceed the amount equal to the Borrowing Base at the time such Revolving Loans are made or Letter of Credit established
calculated in accordance with the provisions of the Revolving Loan Agreement.

 

“U.S.
Companies” shall mean the Companies other than the Canadian Borrowers and “U.S. Company” shall mean
each of them.

 

“U.S.
Grantors” shall mean, collectively, the U.S. Companies, U.S. Guarantors and each Subsidiary of any U.S. Company or any
U.S. Guarantor that is not a Canadian Grantor and that shall have granted a Lien on any of its assets to secure any Revolving
Loan Debt or Term Loan Debt, together with their respective successors and assigns; sometimes being referred to herein individually
as a “U.S. Grantor”.

 

“U.S.
Guarantors” shall mean the Guarantors other than the Canadian Guarantors and “U.S. Guarantor” shall
mean each of them.

 

1.2.       Terms Generally.

 

The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
 “include”, “includes” and “including” shall be deemed to be followed by the phrase
 “without limitation”. The word “will” shall be construed to have the same meaning and effect as the
word “shall”. Unless the context requires otherwise, (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from
time to time amended, amended and restated, modified, supplemented, extended, renewed, restated, refinanced, or replaced, (b)
any reference herein to any Person shall be construed to include such Person’s successors and assigns, and as to any
Company, any Guarantor or any other Grantor shall be deemed to include a Receiver, trustee or debtor-in-possession on behalf
of any of such Person or on behalf of any such successor or assign, (c) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and
not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this
Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

 

    	 	-13-	 

     

    

 

Section 2.        Lien Priorities

 

2.1.        Acknowledgment
of Liens.

 

(a)          Revolving
Loan Agent, on behalf of itself and each other Revolving Loan Secured Party, hereby acknowledges that Term Loan Agent, acting for
and on behalf of itself and the other Term Loan Secured Parties, has been granted Liens upon all of the Shared Collateral, pursuant
to the Term Loan Agreements to secure the Term Loan Debt. No Term Loan Secured Party shall obtain or otherwise have at any time
any Lien upon any of the Canadian Collateral.

 

(b)         Term Loan
Agent, on behalf of itself and each other Term Loan Secured Party, hereby acknowledges that Revolving Loan Agent, acting for and
on behalf of itself and the other Revolving Loan Secured Parties, (i) has been granted Liens upon all of the Shared Collateral
and (ii) has been, or may in the future be, granted Liens upon the Canadian Collateral, in each case, pursuant to the Revolving
Loan Documents to secure the Revolving Loan Debt.

 

2.2.        Relative Priorities.

 

(a)          Notwithstanding
the date, manner or order of grant, attachment or perfection of any Liens granted to Revolving Loan Agent or the Revolving Loan
Secured Parties or Term Loan Agent or the Term Loan Secured Parties with respect to any part of the Shared Collateral and notwithstanding
any provision of the UCC or any applicable law or any provisions of the Revolving Loan Documents or the Term Loan Documents or
any defect or deficiencies in, or failure to perfect, any such Liens or any other circumstance whatsoever, the Term Loan Agent,
on behalf of itself and the other Term Loan Secured Parties, and the Revolving Loan Agent, on behalf of itself and the other Revolving
Loan Secured Parties, hereby agree that:

 

(i)           (x)
any Lien on the Revolving Loan Priority Collateral securing the Revolving Loan Priority Debt now or hereafter held by or for
the benefit or on behalf of any Revolving Loan Secured Party or any agent, receiver, interim receiver or trustee therefor
shall be senior in right, priority, operation, effect and in all other respects to any Lien on the Revolving Loan Priority
Collateral securing the Term Loan Priority Debt now or hereafter held by or for the benefit or on behalf of any Term Loan
Secured Party or any agent, receiver, interim receiver or trustee therefor, (y) any Lien on the Revolving Loan Priority
Collateral securing the Term Loan Priority Debt now or hereafter held by or for the benefit or on behalf of any Term Loan
Secured Party or any agent, receiver, interim receiver or trustee therefor shall be senior in right, priority, operation,
effect and in all other respects to any Lien on the Revolving Loan Priority Collateral securing any Revolving Loan Excess
Debt now or hereafter held by or for the benefit or on behalf of any Revolving Loan Secured Party or any agent, receiver,
interim receiver or trustee therefor, and (z) any Lien on the Revolving Loan Priority Collateral securing any Revolving Loan
Excess Debt now or hereafter held by or for the benefit or on behalf of any Revolving Loan Secured Party or any agent,
receiver, interim receiver or trustee therefor shall be senior in right, priority, operation, effect and in all other
respects to any Lien on the Revolving Loan Priority Collateral securing any Term Loan Excess Debt now or hereafter held by or
for the benefit or on behalf of any Term Loan Secured Party or any agent, receiver, interim receiver or trustee therefor;

 

    	 	-14-	 

     

    

 

(ii)          (x)
any Lien on the Revolving Loan Priority Collateral securing any of the Term Loan Priority Debt now or hereafter held by or for
the benefit or on behalf of any Term Loan Secured Party or any agent, receiver, interim receiver or trustee therefor regardless
of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all
respects to all Liens on the Revolving Loan Priority Collateral securing any Revolving Loan Priority Debt, (y) any Lien on the
Revolving Loan Priority Collateral securing any of the Revolving Loan Excess Debt now or hereafter held by or for the benefit or
on behalf of any Revolving Loan Secured Party or any agent, receiver, interim receiver or trustee therefor regardless of how acquired,
whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens
on the Revolving Loan Priority Collateral securing any Term Loan Priority Debt and (z) any Lien on the Revolving Loan Priority
Collateral securing any of the Term Loan Excess Debt now or hereafter held by or for the benefit or on behalf of any Term Loan
Secured Party or any agent, receiver, interim receiver or trustee therefor regardless of how acquired, whether by grant, statute,
operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Revolving Loan
Priority Collateral securing any Revolving Loan Excess Debt;

 

(iii)         (x)
any Lien on the Term Loan Priority Collateral securing the Term Loan Priority Debt now or hereafter held by or for the benefit
or on behalf of any Term Loan Secured Party or any agent, receiver, interim receiver or trustee therefor regardless of how acquired,
whether by grant, statute, operation of law, subrogation or otherwise, shall be senior in right, priority, operation, effect and
in all other respects to any Lien on the Term Loan Priority Collateral securing the Revolving Loan Priority Debt now or hereafter
held by or for the benefit or on behalf of any Revolving Loan Secured Party or any agent, receiver, interim receiver or trustee
therefor, (y) any Lien on the Term Loan Priority Collateral securing the Revolving Loan Priority Debt now or hereafter held by
or for the benefit or on behalf of any Revolving Loan Secured Party or any agent, receiver, interim receiver or trustee therefor
regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be senior in right, priority,
operation, effect and in all other respects to any Lien on the Term Loan Priority Collateral securing the Term Loan Excess Debt
now or hereafter held by or for the benefit or on behalf of any Term Loan Secured Party or any agent, receiver, interim receiver
or trustee therefor and (z) any Lien on the Term Loan Priority Collateral securing the Term Loan Excess Debt now or hereafter held
by or for the benefit or on behalf of any Term Loan Secured Party or any agent, receiver, interim receiver or trustee therefor
regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be senior in right, priority,
operation, effect and in all other respects to any Lien on the Term Loan Priority Collateral securing the Revolving Loan Excess
Debt now or hereafter held by or for the benefit or on behalf of any Revolving Loan Secured Party or any agent, receiver, interim
receiver or trustee therefor; and

 

    	 	-15-	 

     

    

 

(iv)        (x)
any Lien on the Term Loan Priority Collateral securing any of the Revolving Loan Priority Debt now or hereafter held by or
for the benefit or on behalf of any Revolving Loan Secured Party or any agent, receiver, interim receiver or trustee therefor
regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and
subordinate in all respects to all Liens on the Term Loan Priority Collateral securing any Term Loan Priority Debt, (y) any
Lien on the Term Loan Priority Collateral securing any of the Term Loan Excess Debt now or hereafter held by or for the
benefit or on behalf of any Term Loan Secured Party or any agent, receiver, interim receiver or trustee therefor regardless
of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in
all respects to all Liens on the Term Loan Priority Collateral securing any Revolving Loan Priority Debt and (z) any Lien on
the Term Loan Priority Collateral securing any of the Revolving Loan Excess Debt now or hereafter held by of for the benefit
or on behalf of any Revolving Loan Secured Party or any agent, receiver, interim receiver or trustee therefor regardless of
how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all
respects to all Liens on the Term Loan Priority Collateral securing any Term Loan Excess Debt.

 

(b)          As between
Revolving Loan Secured Parties and Term Loan Secured Parties, the terms of this Agreement, including the priorities set forth above,
shall govern even if part or all of the Revolving Loan Debt or Term Loan Debt or the Liens securing payment and performance thereof
are not perfected or are subordinated, avoided, disallowed, set aside or otherwise invalidated in any judicial proceeding or otherwise.

 

2.3.         Prohibition
on Contesting Liens and Claims.

 

(a)           Each of
Revolving Loan Agent, for itself and on behalf of the other Revolving Loan Secured Parties, and Term Loan Agent, for itself and
on behalf of the other Term Loan Secured Parties, agrees that it shall not (and hereby waives any right to) contest or support
any other Person in contesting, in any proceeding (including any Insolvency Proceeding), the perfection, priority, extent, validity
or enforceability of a Lien held, or purported to be held, by or for the benefit or on behalf of any Revolving Loan Secured Party
in any Shared Collateral or Canadian Collateral or by or on behalf of any Term Loan Secured Party in any Shared Collateral; provided,
that, nothing in this Agreement shall be construed to prevent or impair the rights of any Revolving Loan Secured Party or
Term Loan Secured Party to enforce this Agreement, and provided, further, that nothing in this Agreement shall be
construed to prevent any Revolving Loan Secured Party or Term Loan Secured Party from challenging the characterization of any item
of Shared Collateral as Term Loan Priority Collateral or Revolving Loan Priority Collateral or the value of items of Term Loan
Priority Collateral or Revolving Loan Priority Collateral, respectively.

 

(b)           Each of Revolving
Loan Agent, for itself and on behalf of the other Revolving Loan Secured Parties, and Term Loan Agent, for itself and on behalf
of the other Term Loan Secured Parties, agrees that it shall not (and hereby waives any right to) contest or support any other
Person in contesting, in any proceeding (including any Insolvency Proceeding), the priority, validity, extent or enforceability
of any Revolving Loan Debt or any Term Loan Debt, including the allowability or priority of any Revolving Loan Debt or any Term
Loan Debt in any Insolvency Proceeding, as the case may be; provided, that, nothing in this Agreement shall be construed
to prevent or impair the rights of any Revolving Loan Secured Party or Term Loan Secured Party to enforce this Agreement.

  

    	 	-16-	 

     

    

 

2.4.          Similar
Liens on Shared Collateral and Other Agreements; Certain Acknowledgments and Agreements regarding Canadian Collateral and
Canadian Grantors.

 

(a)           The
parties hereto agree that it is their intention that the Shared Collateral securing the Term Loan Debt and the Revolving Loan
Debt be identical except as otherwise permitted by Section 2.4, Section 2.5 or Section 6 of this Agreement. In
furtherance of the foregoing and of Section 11.8, the parties hereto agree, subject to the other provisions of this
Agreement, upon request by the Revolving Loan Agent or the Term Loan Agent, to cooperate in good faith from time to time in
order to determine the specific items included in the Revolving Loan Priority Collateral and the Term Loan Priority
Collateral and the steps taken to perfect their respective Liens thereon and the identity of the respective parties obligated
under the Term Loan Documents and the Revolving Loan Documents.

 

(b)           The Term
Loan Agent, for itself and on behalf of the other Term Loan Secured Parties, acknowledges that (i) no Canadian Grantor is obligated
in any manner with respect to any part of the Term Loan Debt and (ii) it does not hold any Lien or security interest in any of
the Canadian Collateral as security for the Term Loan Debt. The Term Loan Agent, for itself and on behalf of the other Term Loan
Secured Parties, covenants and agrees that unless first obtaining the written consent of Revolving Loan Agent (and not withstanding
any other provision of this Agreement) it shall not at any time obtain or hold a Lien or security interest of any kind in all or
any portion of the Canadian Collateral as security for the Term Loan Debt nor will the Term Loan Agent, for itself and on behalf
of the other Term Loan Secured Parties, make or otherwise allow any Canadian Grantor to become liable for, in whole or in part,
any of the Term Loan Debt.

 

(c)           The Term
Loan Agent, for itself and on behalf of the other Term Loan Secured Parties, acknowledges and agrees that it will not contest the
validity, perfection, priority or enforceability of the Liens of the Revolving Loan Agent in the Canadian Collateral and that as
between the Revolving Loan Secured Parties on the one hand, and the Term Loan Secured Parties, on the other hand, the terms of
this Agreement with respect to the Canadian Collateral and the Canadian Grantors shall govern even if part or all of the Liens
of the Revolving Loan Secured Parties securing payment and performance of the Revolving Loan Debt are avoided, disallowed, set
aside or otherwise invalidated in any judicial proceeding or otherwise.

 

(d)           Until the
Discharge of Revolving Loan Priority Debt has occurred, whether or not any Insolvency Proceeding has been commenced by or against
any Grantor, the Revolving Loan Agent and Revolving Loan Secured Parties shall have the exclusive right, subject to any applicable
law, to manage, perform and enforce the terms of the Revolving Loan Documents with respect to the Canadian Collateral and to exercise
and enforce (or refrain from enforcing) all privileges and rights thereunder with respect to the Canadian Collateral according
to their discretion and exercise of their business judgment, including, without limitation, the exclusive right to enforce or settle
insurance claims, take or retake control or possession of the Canadian Collateral, hold, apply, or release to Canadian Grantors
proceeds (including insurance proceeds) of Canadian Collateral, and to hold, prepare for sale, process, sell, lease, dispose of,
or liquidate or otherwise enforce their rights as to any or all Canadian Collateral.

 

(e)           The Term
Loan Agent, on behalf of the Term Loan Secured Parties, hereby waives any rights it may have under applicable law to assert the
doctrine of marshaling or to otherwise require the Revolving Loan Agent or any other Revolving Loan Secured Party to marshal any
Canadian Collateral or any guaranties or other obligations of any Canadian Grantor for the benefit of the Term Loan Agent or the
other Term Loan Secured Parties. The Term Loan Agent, on behalf of the Term Loan Secured Parties, further waives any right to demand,
request, plead or otherwise assert or otherwise claim the benefit of any appraisal, valuation or other similar right that may otherwise
be available under applicable law with respect to the Canadian Collateral or any guaranties or other obligations of any Canadian
Grantor or any other similar rights a junior creditor may have under applicable law.

 

    	 	-17-	 

     

    

 

(f)           The
Term Loan Agent, on behalf of the Term Loan Secured Parties, agrees that neither the Revolving Loan Agent nor any Revolving
Loan Secured Party shall have any liability to the Term Loan Agent, and the Term Loan Agent hereby waives any claims against
the Revolving Loan Agent or any other Revolving Loan Secured Party, arising out of any and all actions that the Revolving
Loan Agent or any other Revolving Loan Secured Party may take or permit or omit to take, so long as any such actions are
taken in a manner consistent with the terms of this Agreement, with respect to the foreclosure upon, or sale, liquidation or
other disposition or realization of, any Canadian Collateral or any guaranties or other obligations of any Canadian
Grantor.

 

2.5.         New Liens.
So long as the Discharge of Revolving Loan Debt or Discharge of Term Loan Debt, as applicable, shall not have occurred, whether
or not an Insolvency Proceeding has been commenced by or against any Grantor, the parties hereto agree that (a) no U.S. Grantor
shall: (i) grant or permit any additional Liens on any asset to secure any Term Loan Debt unless such U.S. Grantor gives Revolving
Loan Agent at least five (5) Business Days (or such shorter period as may be agreed to by the Revolving Loan Agent) prior written
notice thereof and unless such notice also offers to grant a Lien on such asset to secure the Revolving Loan Debt concurrently
with the grant of a Lien thereon in favor of Term Loan Agent or any other Term Loan Secured Party (and, in the event that Revolving
Loan Agent shall not affirmatively decline such offer in writing within such five (5) Business Day period, such U.S. Grantor shall
take all actions necessary to grant a Lien on such asset to secure the Revolving Loan Debt concurrently with the grant of a Lien
thereon in favor of Term Loan Agent or any other Term Loan Secured Party); or (ii) grant or permit any additional Liens on any
asset to secure any Revolving Loan Debt unless such U.S Grantor gives Term Loan Agent at least five (5) Business Days (or such
shorter period as may be agreed to by the Term Loan Agent) prior written notice thereof and unless such notice also offers to
grant a Lien on such asset to secure the Term Loan Debt concurrently with the grant of a Lien thereon in favor of Revolving Loan
Agent or any other Revolving Loan Secured Party (and, in the event that Term Loan Agent shall not affirmatively decline such offer
in writing within such five (5) Business Day period, such U.S. Grantor shall take all actions necessary to grant a Lien on such
asset to secure the Term Loan Debt concurrently with the grant of a Lien thereon in favor of Revolving Loan Agent or any other
Revolving Loan Secured Party); and (b) no Canadian Grantor shall grant or permit any additional Liens on any Canadian Collateral
to secure any Term Loan Debt. To the extent that the foregoing provisions are not complied with for any reason, without limiting
any other rights and remedies available to the Secured Parties, Term Loan Agent and Revolving Credit Agent agree that any Lien
obtained in violation of this Section shall also be held for the benefit of the Revolving Loan Secured Parties and Term Loan Secured
Parties, as applicable, and that any such Lien shall be subject to the provisions of this Agreement including, without limitation,
the lien priorities of Section 2 and the payment provisions of Section 4. The Revolving Loan Agent or Term Loan
Agent, as applicable, may decline to accept any Lien offered to it pursuant to this Section, in which case, such Lien may be held
for the sole benefit of the Revolving Loan Secured Parties or Term Loan Secured Parties as applicable.

 

Section 3.         Enforcement

 

3.1.         Exercise of
Rights and Remedies.

 

(a)          So long
as the Discharge of Revolving Loan Priority Debt has not occurred, whether or not any Insolvency Proceeding has been commenced
by or against any Grantor, Term Loan Agent, for itself and on behalf of the other Term Loan Secured Parties:

 

(i)           will
not take any Enforcement Action with respect to any Revolving Loan Priority Collateral or commence or join with any Person (other
than Revolving Loan Agent with its consent) in commencing, or filing a petition for, any action or proceeding with respect to
such rights or remedies (including any foreclosure action), except, that, subject at all times to the provisions of Section
4 of this Agreement and to Section 3.1(a)(ii) of this Agreement, Term Loan Agent may take an Enforcement Action or
commence or join in any such action as to any Revolving Loan Priority Collateral commencing one hundred eighty (180) days after
the date of the receipt by Revolving Loan Agent of written notice from Term Loan Agent of the declaration by Term Loan Secured
Parties of a Term Loan Event of Default in accordance with the terms of the Term Loan Documents (as in effect on the date hereof
or as amended not in violation of this Agreement) that is continuing and the written demand by Term Loan Secured Parties of the
immediate payment in full of all of the Term Loan Debt under the Term Loan Documents so long as such Term Loan Event of Default
has not been cured or waived (such period being referred to herein as the “Term Loan Standstill Period”); provided,
that,

 

    	 	-18-	 

     

    

 

(A)          in the
event that at any time after the Term Loan Agent has sent a notice to Revolving Loan Agent to commence the Term Loan Standstill
Period, the Term Loan Event of Default that was the basis for such notice is cured or waived and no other Term Loan Events of Default
have occurred and are then continuing, then the notice shall automatically and without further action of the parties be deemed
rescinded and no Term Loan Standstill Period shall be deemed to have been commenced;

 

(B)           the
Term Loan Standstill Period shall be tolled for any period during which Revolving Loan Agent is stayed from taking any Enforcement
Action pursuant to any Insolvency Proceeding or court order, so long as the Revolving Loan Agent has used its commercially reasonable
efforts to have such stay lifted;

 

(C)           prior
to taking any such Enforcement Action or commencing or petitioning for any such action or proceeding, after the end of the Term
Loan Standstill Period, Term Loan Agent shall give Revolving Loan Agent not more than ten (10) Business Days’ and not less
than five (5) Business Days’ prior written notice of the intention of Term Loan Agent or any other Term Loan Secured Party
to take an Enforcement Action or commence or petition for any such action or proceeding, including specifying the rights and remedies
that it intends to exercise, which notice may be sent prior to the end of the Term Loan Standstill Period; and

 

(D)           notwithstanding anything to the contrary contained in this Section 3.1(a)(i), Term Loan Agent and the other Term Loan
Secured Parties may take an Enforcement Action against any specific item or items of the Revolving Loan Priority Collateral
or commence or petition for any action or proceeding with respect to such rights or remedies after the end of the Term Loan
Standstill Period, unless Revolving Loan Agent or any other Revolving Loan Secured Party is diligently pursuing in good faith
an Enforcement Action against U.S. Grantors and/or all or any material portion of the Revolving Loan Priority Collateral or
such item or items of Revolving Loan Priority Collateral, including, without limitation, any of the following: solicitation
of bids from third parties to conduct the liquidation of all or any material portion of the Revolving Loan Priority
Collateral, the engagement or retention of sales brokers, marketing agents, investment bankers, accountants, auctioneers or
other third parties for the purpose of valuing, marketing, promoting or selling all or any material portion of the Revolving
Loan Priority Collateral, the notification of account debtors that owe all or a material portion of the accounts to make
payments to the Revolving Loan Agent or its agents, the initiation of any action to take possession of all or any material
portion of the Revolving Loan Priority Collateral or the commencement of any legal proceedings or actions against or with
respect to all or any material portion of the Revolving Loan Priority Collateral;

 

    	 	-19-	 

     

    

 

(ii)          will
not contest, protest or object to any foreclosure action or proceeding brought by Revolving Loan Agent or any other Revolving Loan
Secured Party, or any other Enforcement Action taken by any Revolving Loan Secured Party relating solely to the Revolving Loan
Priority Collateral, so long as the Liens of Term Loan Agent attach to the Proceeds thereof subject to the relative priorities
set forth in Section 2.1;

 

(iii)         will not
object to the forbearance by Revolving Loan Agent or the other Revolving Loan Secured Parties from commencing or pursuing any foreclosure
action or proceeding or any other Enforcement Action with respect to any of the Revolving Loan Priority Collateral;

 

(iv)         will
not, so long as the Discharge of Revolving Loan Priority Debt has not occurred and except for actions otherwise permitted (x) in
accordance with Section 3.1(a)(i)(D) and subject to Section 4.1 or (y) in accordance with Section 6.4 but
not in violation of any provision of this Agreement, take or receive any Revolving Loan Priority Collateral, or any Proceeds thereof
or payment with respect thereto, in connection with the exercise of any right or remedy with respect to any Revolving Loan Priority
Collateral;

 

(v)          agrees
that no covenant, agreement or restriction contained in any Term Loan Document shall be deemed to restrict in any way the rights
and remedies of Revolving Loan Agent or the other Revolving Loan Secured Parties with respect to the Revolving Loan Priority Collateral
as set forth in this Agreement and the Revolving Loan Documents;

 

(vi)        will not
object to the manner in which Revolving Loan Agent or any other Revolving Loan Secured Party may seek to enforce or collect the
Revolving Loan Debt or the Liens of such Revolving Loan Secured Party on any Revolving Loan Priority Collateral to the extent not
in violation of this Agreement, regardless of whether any action or failure to act by or on behalf of Revolving Loan Agent or any
other Revolving Loan Secured Party is, or could be, adverse to the interests of the Term Loan Secured Parties, and will not assert,
and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the
benefit of any marshaling, appraisal, valuation or other similar right that may be available under applicable law with respect
to the Revolving Loan Priority Collateral or any other rights a junior secured creditor may have under applicable law with respect
to the matters described in this clause (vi); and

 

(vii)       will
not attempt, directly or indirectly, whether by judicial proceeding or otherwise, to challenge or question the validity or enforceability
of any Revolving Loan Debt or any Lien of Revolving Loan Agent or this Agreement (other than the challenging the characterization
of any item of Shared Collateral as Term Loan Priority Collateral or Revolving Loan Priority Collateral), or the validity or enforceability
of the priorities, rights or obligations established by this Agreement.

 

    	 	-20-	 

     

    

 

(b)          So long
as the Discharge of Term Loan Priority Debt has not occurred, whether or not any Insolvency Proceeding has been commenced by or
against any Grantor, Revolving Loan Agent, for itself and on behalf of the other Revolving Loan Secured Parties:

 

(i)           will
not take any Enforcement Action with respect to any Term Loan Priority Collateral or commence or join with any Person (other than
Term Loan Agent with its consent) in commencing, or filing a petition for, any action or proceeding with respect to such rights
or remedies (including any foreclosure action), except, that, subject at all times to the provisions of Section 4
of this Agreement and to Section 3.1(b)(ii) of this Agreement, Revolving Loan Agent may take an Enforcement Action or commence
or join in any such action as to any Term Loan Priority Collateral commencing one hundred eighty (180) days after the date of
the receipt by Term Loan Agent of written notice from Revolving Loan Agent of the declaration by Revolving Loan Secured Parties
of a Revolving Loan Event of Default in accordance with the terms of the Revolving Loan Documents (as in effect on the date hereof
or as amended not in violation of this Agreement) that is continuing and the written demand by Revolving Loan Secured Parties
of the immediate payment in full of all of the Revolving Loan Debt under the Revolving Loan Documents so long as such Revolving
Loan Event of Default has not been cured or waived (such period being referred to herein as the “Revolving Loan Standstill
Period”); provided, that,

 

(A)          in the
event that at any time after the Revolving Loan Agent has sent a notice to Term Loan Agent to commence the Revolving Loan Standstill
Period, the Revolving Loan Event of Default that was the basis for such notice is cured or waived and no other Revolving Loan Events
of Default have occurred and are then continuing, then the notice shall automatically and without further action of the parties
be deemed rescinded and no Revolving Loan Standstill Period shall be deemed to have been commenced;

 

(B)           the Revolving
Loan Standstill Period shall be tolled for any period during which Term Loan Agent is stayed from taking any Enforcement Action
pursuant to any Insolvency Proceeding or court order so long as the Term Loan Agent has used its commercially reasonable efforts
to have such stay lifted;

 

(C)           prior
to taking any such Enforcement Action or commencing or petitioning for any such action or proceeding, after the end of the Revolving
Loan Standstill Period, Revolving Loan Agent shall give Term Loan Agent not more than ten (10) Business Days’ and not less
than five (5) Business Days’ prior written notice of the intention of Revolving Loan Agent or any other Revolving Loan Secured
Party to take any Enforcement Action or commence or petition for any such action or proceeding, including specifying the rights
and remedies that it intends to exercise, which notice may be sent prior to the end of the Revolving Loan Standstill Period; and

 

(D)           notwithstanding
anything to the contrary contained in this Section 3.1(b)(i), Revolving Loan Agent and the other Revolving Loan
Secured Parties may take an Enforcement Action against any specific item or items of the Term Loan Priority Collateral or
commence or petition for any action or proceeding with respect to such rights or remedies after the end of the Revolving Loan
Standstill Period, unless Term Loan Agent or any other Term Loan Secured Party is diligently pursuing in good faith an
Enforcement Action against all or any material portion of the Term Loan Priority Collateral or such item or items of Term
Loan Priority Collateral, including, without limitation, any of the following: solicitation of bids from third parties to
conduct the liquidation of all or any material portion of the Term Loan Priority Collateral, the engagement or retention of
sales brokers, marketing agents, investment bankers, accountants, auctioneers or other third parties for the purpose of
valuing, marketing, promoting or selling all or any material portion of the Term Loan Priority Collateral, the initiation of
any action to take possession of all or any material portion of the Term Loan Priority Collateral or the commencement of any
legal proceedings or actions against or with respect to all or any material portion of the Term Loan Priority Collateral;

 

    	 	-21-	 

     

    

 

(ii)          will
not contest, protest or object to any foreclosure action or proceeding brought by Term Loan Agent or any other Term Loan Secured
Party, or any other Enforcement Action taken by any Term Loan Secured Party relating solely to the Term Loan Priority Collateral,
so long as the Liens of Revolving Loan Agent attach to the Proceeds thereof subject to the relative priorities set forth in Section
2.1;

 

(iii)         will not
object to the forbearance by Term Loan Agent or the other Term Loan Secured Parties from commencing or pursuing any foreclosure
action or proceeding or any other Enforcement Action with respect to any of the Term Loan Priority Collateral;

 

(iv)         will
not, so long as the Discharge of Term Loan Priority Debt has not occurred and except for actions otherwise permitted (x) in accordance
with Section 3.1(b)(i)(D) and subject to Section 4.1 or (y) in accordance with Section 6.4 but not in violation
of any provision of this Agreement, take or receive any Term Loan Priority Collateral, or any Proceeds thereof or payment with
respect thereto, in connection with the exercise of any right or remedy with respect to any Term Loan Priority Collateral;

 

(v)          agrees
that no covenant, agreement or restriction contained in any Revolving Loan Document shall be deemed to restrict in any way the
rights and remedies of Term Loan Agent or the other Term Loan Secured Parties with respect to the Term Loan Priority Collateral
as set forth in this Agreement and the Term Loan Documents;

 

(vi)         will
not object to the manner in which Term Loan Agent or any other Term Loan Secured Party may seek to enforce or collect the Term
Loan Debt or the Liens of such Term Loan Secured Party on any Term Loan Priority Collateral to the extent not in violation of this
Agreement, regardless of whether any action or failure to act by or on behalf of Term Loan Agent or any other Term Loan Secured
Party is, or could be, adverse to the interests of the Revolving Loan Secured Parties, and will not assert, and hereby waives,
to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshaling,
appraisal, valuation or other similar right that may be available under applicable law with respect to the Term Loan Priority Collateral
or any other rights a junior secured creditor may have under applicable law with respect to the matters described in this clause
(vi); and

 

    	 	-22-	 

     

    

 

(vii)        will not
attempt, directly or indirectly, whether by judicial proceeding or otherwise, to challenge or question the validity or enforceability
of any Term Loan Debt or any Lien of Term Loan Agent or this Agreement (other than the challenging the characterization of any
item of Shared Collateral as Term Loan Priority Collateral or Revolving Loan Priority Collateral), or the validity or enforceability
of the priorities, rights or obligations established by this Agreement.

 

(c)          Until
the Discharge of Revolving Loan Priority Debt has occurred, whether or not any Insolvency Proceeding has been commenced by or
against any Grantor, subject to Section 3.1(a)(i) and Section 7 hereof, the Revolving Loan Agent and the other
Revolving Loan Secured Parties shall have the exclusive right to commence, and if applicable, maintain the exercise of its
rights and remedies with respect to the Revolving Loan Priority Collateral, including, without limitation, the exclusive
right, to the extent provided for in the Revolving Loan Documents or under applicable law, to appoint an administrator or a
Receiver in respect of the Revolving Loan Priority Collateral, to take or retake control or possession of such Revolving Loan
Priority Collateral and to hold, prepare for sale, process, and subject to Section 3.1(a) and Section 7 hereof,
sell, lease, dispose of, or liquidate such Revolving Loan Priority Collateral, without any consultation with or the consent
of any Term Loan Secured Party; provided, that, the Lien securing the Term Loan Debt shall continue as to the Proceeds
of such Revolving Loan Priority Collateral released or disposed of subject to the relative priorities described in Section
2 hereof. In exercising enforcement rights and remedies with respect to the Revolving Loan Priority Collateral, the
Revolving Loan Agent and the other Revolving Loan Secured Parties may enforce the provisions of the Revolving Loan Documents
with respect to the Revolving Loan Priority Collateral and exercise remedies thereunder, all in such order and in such manner
as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an
agent appointed by them to sell or otherwise realize on or dispose of any Revolving Loan Priority Collateral upon
foreclosure, to incur expenses in connection with such sale or other realization or disposition, and to exercise all of the
rights and remedies of a secured creditor under the UCC, the PPSA and of a secured creditor under the Bankruptcy Laws of any
applicable jurisdiction. Prior to the Discharge of Revolving Loan Priority Debt, Term Loan Secured Parties shall not have any
right to direct any Revolving Loan Secured Party to exercise any right, remedy or power with respect to the Revolving Loan
Priority Collateral and each Term Loan Secured Party shall have no right to consent to any exercise of remedies under the
Revolving Loan Documents or applicable law in respect of any of the Revolving Loan Priority Collateral. No Term Loan Secured
Party shall institute any suit or assert in any suit, Insolvency Proceeding or other proceeding any claim against any
Revolving Loan Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise,
with respect to the Revolving Loan Priority Collateral.

 

(d)          Until
the Discharge of Term Loan Priority Debt has occurred, whether or not any Insolvency Proceeding has been commenced by or
against any Grantor, subject to Section 3.1(b)(i) hereof, the Term Loan Agent and the other Term Loan Secured Parties
shall have the exclusive right to commence, and if applicable, maintain the exercise of its rights and remedies with respect
to the Term Loan Priority Collateral, including, without limitation, the exclusive right, to the extent provided for in the
Term Loan Documents or under applicable law, to appoint an administrator or a Receiver in respect of the Term Loan Priority
Collateral, to take or retake control or possession of such Term Loan Priority Collateral and to hold, prepare for sale,
process, and subject to Section 3.1(b) hereof, sell, lease, dispose of, or liquidate such Term Loan Priority
Collateral, without any consultation with or the consent of any Revolving Loan Secured Party; provided that, the Lien
securing the Revolving Loan Debt shall continue as to the Proceeds of such Term Loan Priority Collateral released or disposed
of subject to the relative priorities described in Section 2 hereof. In exercising enforcement rights and remedies
with respect to the Term Loan Priority Collateral, the Term Loan Agent and the other Term Loan Secured Parties may enforce
the provisions of the Term Loan Documents with respect to the Term Loan Priority Collateral and exercise remedies thereunder,
all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and
enforcement shall include the rights of an agent appointed by them to sell or otherwise realize on or dispose of any Term
Loan Priority Collateral upon foreclosure, to incur expenses in connection with such sale or other realization or
disposition, and to exercise all of the rights and remedies of a secured creditor under the UCC, the PPSA and of a secured
creditor under the Bankruptcy Laws of any applicable jurisdiction. Prior to the Discharge of Term Loan Priority Debt,
Revolving Loan Secured Parties shall not have any right to direct any Term Loan Secured Party to exercise any right, remedy
or power with respect to the Term Loan Priority Collateral and each Revolving Loan Secured Party shall have no right to
consent to any exercise of remedies under the Revolving Loan Documents or applicable law in respect of any of the Term Loan
Priority Collateral. No Revolving Loan Secured Party shall institute any suit or assert in any suit, Insolvency Proceeding or
other proceeding any claim against any Term Loan Secured Party seeking damages from or other relief by way of specific
performance, instructions or otherwise, with respect to the Term Loan Priority Collateral.

 

    	 	-23-	 

     

    

 

(e)          Notwithstanding
the foregoing, each of the Term Loan Agent and the Revolving Loan Agent may:

 

(i)           file
a claim, proof of claim or statement of interest with respect to the Revolving Loan Debt or Term Loan Debt, as the case may be;
provided, that, an Insolvency Proceeding has been commenced by or against any Grantor;

 

(ii)          in the
case of the Term Loan Agent, take any action in order to create, perfect, preserve or protect (but not enforce) its Lien on any
of the Revolving Loan Priority Collateral and its priority thereof, and in the case of the Revolving Loan Agent, take any action
in order to create, perfect, preserve or protect (but not enforce) its Lien on any of the Term Loan Priority Collateral and its
priority thereof;

 

(iii)         file
any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made
by any Person objecting to or otherwise seeking the disallowance of the claims of the Revolving Loan Secured Parties or Term Loan
Secured Parties represented by it, including any claims secured by the Collateral, if any, or otherwise make any agreements or
file any motions or objections pertaining to the claims of such Secured Parties, in each case in accordance with the terms of this
Agreement;

 

(iv)         file
any pleadings, proceedings, applications, objections, motions or agreements which assert rights or interests that are available
to unsecured creditors of the Grantors including, without limitation, the commencement of an Insolvency Proceeding against any
Grantor, in each case, in accordance with applicable law and in a manner not inconsistent with the terms of this Agreement;

 

(v)          vote
on any plan of reorganization or arrangement or proposal, file any proof of claim, make other filings and make any arguments and
motions that do not, in any case, contravene the terms of this Agreement; and

 

(vi)         exercise
all other rights and remedies as unsecured creditors against any U.S. Grantor so long as such exercise does not contravene the
terms of this Agreement (it being understood that any provision of this Agreement that requires any party hereto to act or to refrain
from acting shall be applicable to such party in its respective capacities as a secured and an unsecured creditor).

 

    	 	-24-	 

     

    

 

3.2.         Release of
Second Priority Liens.

 

(a)          If
the Agent with the senior Lien on any Shared Collateral (the “Senior Agent”) releases its Liens on any part
of such Shared Collateral in connection with (i) any Disposition of such Shared Collateral permitted under the terms of both the
Revolving Loan Documents and the Term Loan Documents, (ii) the Disposition by an Agent (but not by a U.S. Grantor) of such Shared
Collateral in connection with such Agent’s taking an Enforcement Action in respect of such Shared Collateral or (iii) the
Disposition by any U.S. Grantor of such Shared Collateral with the consent of the Senior Agent so long as, in the case of any
Disposition of such Shared Collateral pursuant to this clause (iii), (A) a Revolving Loan Event of Default (in the case
of a Disposition of Revolving Loan Priority Collateral) or Term Loan Event of Default (in the case of a Disposition of Term Loan
Priority Collateral) has occurred and is continuing, and (B) the net cash proceeds received from such Disposition shall be applied
to repay the Revolving Loan Priority Debt (in the case of a Disposition of Revolving Loan Priority Collateral) or the Term Loan
Debt (in the case of a Disposition of Term Loan Priority Collateral), then (in each case) effective upon the consummation of any
such Disposition or Enforcement Action, the Agent with the junior Lien on any such Shared Collateral (the “Junior Agent”)
shall:

 

(i)           be deemed
to have automatically and without further action released and terminated any Liens it may have on such Shared Collateral; provided,
that, (x) the Liens of the Senior Agent on such Shared Collateral so sold or disposed of are released at the same time, and
(y) such junior Lien shall remain in place with respect to any Proceeds of such sale, transfer or other Disposition under this
clause (a) that remain after the Discharge of Revolving Loan Priority Debt (in the case of Revolving Loan Priority Collateral)
or the Discharge of Term Loan Priority Debt (in the case of Term Loan Priority Collateral);

 

(ii)          be deemed
to have authorized the Senior Agent and their designees to file UCC amendments and terminations covering the Shared Collateral
so sold or otherwise disposed of with respect to the UCC financing statements between any U.S. Grantor and the Junior Agent to
evidence such release and termination; and

 

(iii)         promptly
upon the request of the Senior Agent, execute and deliver such other release documents and confirmations of the authorization to
file UCC amendments and terminations provided for herein, in each case as the Senior Agent may require in connection with such
sale or other Disposition, to evidence and effectuate such termination and release;

 

provided, that, any such
release or UCC amendment or termination, in the case of any of clauses (i), (ii) or (iii) above, by or on behalf
of the Junior Agent shall not extend to or otherwise affect any of the rights, if any, of such Junior Agent to the Proceeds from
any such sale or other Disposition of Shared Collateral upon the Discharge of Revolving Loan Priority Debt or the Discharge of
Term Loan Priority Debt, as the case may be, whichever is secured by the senior Lien on such Shared Collateral.

 

(b)          Each
Agent, for itself and on behalf of the other Secured Parties for whom such Agent is acting, in its capacity as Junior Agent,
hereby irrevocably constitutes and appoints the other Agent, in its capacity as Senior Agent, and any officer or agent of
such Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and
authority in the place and stead of such Junior Agent or such holder or in the Junior Agent’s own name, from time to
time in such Senior Agent’s discretion, for the purpose of carrying out the terms of this Section 3.2, to take
any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to
accomplish the purposes of this Section 3.2, including any termination statements, endorsements or other instruments
of transfer or release. Nothing contained in this Agreement shall be construed to modify the obligation of the Senior Agent
to act in a commercially reasonable manner in the exercise of its rights to sell, lease, license, exchange, transfer or
otherwise dispose of any Shared Collateral.

 

    	 	-25-	 

     

    

 

(c)          In the event
that Proceeds of Collateral are received in connection with a Disposition of Shared Collateral that directly or indirectly involves
both of some or all of the Revolving Loan Priority Collateral and some or all of the Term Loan Priority Collateral, the Revolving
Loan Agent and the Term Loan Agent shall use commercially reasonable efforts in good faith to allocate the Proceeds received in
connection with such Disposition of such Shared Collateral to the Revolving Loan Priority Collateral and the Term Loan Priority
Collateral. If the Revolving Loan Agent and Term Loan Agent are unable to agree on such allocation within ten (10) Business Days
(or such other period of time as Revolving Loan Agent and Term Loan Agent agree) of the consummation of such Disposition, the portion
of such Proceeds that shall be allocated as Proceeds of Revolving Loan Priority Collateral for purposes of this Agreement shall
be an amount equal to not less than the sum of the book value of the accounts and inventory (each as defined in the UCC) included
in the Shared Collateral subject to such Disposition (determined at the time of such Disposition).

 

3.3.         Insurance and
Condemnation Awards.

 

(a)          So long
as the Discharge of Revolving Loan Priority Debt has not occurred, Revolving Loan Agent and the other Revolving Loan Secured Parties
shall have the sole and exclusive right, subject to the rights of U.S. Grantors under the Revolving Loan Documents, to settle and
adjust claims in respect of the Revolving Loan Priority Collateral under policies of insurance and to approve any award granted
in any condemnation, expropriation or similar proceeding, or any deed in lieu of condemnation or expropriation in respect of the
Revolving Loan Priority Collateral. So long as the Discharge of Revolving Loan Priority Debt has not occurred, all Proceeds of
any such policy and any such award, or any payments with respect to a deed in lieu of condemnation or expropriation, shall (a)
first, be paid to Revolving Loan Agent for the benefit of the Revolving Loan Secured Parties to the extent required under,
and for application in accordance with, the Revolving Loan Documents, (b) second, be paid to Term Loan Agent for the benefit
of the Term Loan Secured Parties to the extent required under, and for application in accordance with, the applicable Term Loan
Documents, and (c) third, if the Discharge of Term Loan Debt has occurred, be paid to the owner of the subject property
or as a court of competent jurisdiction may otherwise direct or may otherwise be required by applicable law. Until the Discharge
of Revolving Loan Priority Debt, if Term Loan Agent or any other Term Loan Secured Party shall, at any time, receive any Proceeds
of any such insurance policy or any such award or payment, it shall pay such Proceeds over to Revolving Loan Agent in accordance
with the terms of Section 4.2.

 

(b)          So
long as the Discharge of Term Loan Priority Debt has not occurred, Term Loan Agent and the other Term Loan Secured Parties
shall have the sole and exclusive right, subject to the rights of U.S. Grantors under the Term Loan Documents, to settle and
adjust claims in respect of the Term Loan Priority Collateral under policies of insurance and to approve any award granted in
any condemnation, expropriation or similar proceeding, or any deed in lieu of condemnation, expropriation in respect of the
Term Loan Priority Collateral. So long as the Discharge of Term Loan Priority Debt has not occurred, all Proceeds of any such
policy and any such award, or any payments with respect to a deed in lieu of condemnation or expropriation, shall (a) first,
be paid to Term Loan Agent for the benefit of the Term Loan Secured Parties to the extent required under, and for application
in accordance with, the applicable Term Loan Documents, (b) second, be paid to Revolving Loan Agent for the benefit of
the Revolving Loan Secured Parties to the extent required under, and for application in accordance with, the Revolving Loan
Documents, and (c) third, if the Discharge of Revolving Loan Debt has occurred, be paid to the owner of the subject
property or as a court of competent jurisdiction may otherwise direct or may otherwise be required by applicable law. Until
the Discharge of Term Loan Priority Debt, if Revolving Loan Agent or any other Revolving Loan Secured Party shall, at any
time, receive any Proceeds of any such insurance policy or any such award or payment, it shall pay such Proceeds over to Term
Loan Agent in accordance with the terms of Section 4.2.

 

    	 	-26-	 

     

    

 

3.4.         Tracing
of and Priorities in Proceeds. Revolving Loan Agent, for itself and on behalf of the Revolving Loan Secured Parties, and Term
Loan Agent, for itself and on behalf of the Term Loan Secured Parties, agree that prior to an issuance of a notice of an Enforcement
Notice or the commencement of any Insolvency Proceeding, any Proceeds of Shared Collateral, whether or not deposited under Control
Agreements, which are used by any U.S. Grantor to acquire other property which is Shared Collateral shall not (solely as between
the Agents, the Revolving Loan Secured Parties and the Term Loan Secured Parties) be treated as Proceeds of Shared Collateral
for purposes of determining the relative priorities in the Shared Collateral which was so acquired. In addition, unless and until
the Discharge of Revolving Loan Debt occurs, subject to Section 4.2, the Term Loan Agent and the Term Loan Secured Parties
each hereby (x) consents to the application, prior to the receipt by the Revolving Loan Agent of a notice of an Enforcement Notice
or a notice of the declaration by Term Loan Secured Parties of a Term Loan Event of Default or the commencement of any Insolvency
Proceeding, of cash (including any other Proceeds of Shared Collateral as and when converted to cash) deposited under Control
Agreements or Blocked Accounts (as defined in the Revolving Loan Agreement) to the repayment of Revolving Loan Debt pursuant to
the Revolving Loan Documents and (y) agrees that any claim that payments made to the Revolving Loan Agent through the accounts
that are subject to such Control Agreements or Dominion Accounts, respectively, are Proceeds of or otherwise constitute Term Loan
Priority Collateral are waived by the Term Loan Agent and the Term Loan Secured Parties.

 

Section 4.         Payments

 

4.1.         Application
of Proceeds.

 

(a)          So long as
the Discharge of Revolving Loan Debt has not occurred, the Revolving Loan Priority Collateral or Proceeds thereof received in connection
with any Enforcement Action or Insolvency Proceeding (including amounts distributed on account of a Lien on such the Revolving
Loan Priority Collateral or Proceeds thereof) (but excluding any Revolving Loan DIP Financing or Revolving Loan Cash Collateral
usage complying with the terms of Section 6.2(a) hereof) shall be applied in the following order of priority:

 

(i)           first,
to the Revolving Loan Priority Debt and for cash collateral as required under the Revolving Loan Documents, in such order as specified
in the applicable Revolving Loan Documents until the Discharge of Revolving Loan Priority Debt has occurred;

 

(ii)          second,
to the Term Loan Priority Debt and for cash collateral as required under the Term Loan Documents, in such order as specified in
the applicable Term Loan Documents until the Discharge of Term Loan Priority Debt has occurred;

 

(iii)         third,
to the Revolving Loan Excess Debt until the Discharge of Revolving Loan Debt has occurred; and

 

(iv)         fourth,
to the Term Loan Excess Debt until the Discharge of Term Loan Debt has occurred.

 

    	 	-27-	 

     

    

 

(b)          So long
as the Discharge of Term Loan Debt has not occurred, the Term Loan Priority Collateral or Proceeds thereof received in connection
with any Enforcement Action or Insolvency Proceeding (including amounts distributed on account of a Lien on such the Term Loan
Priority Collateral or Proceeds thereof) shall be applied in the following order of priority:

 

(i)           first,
to the Term Loan Priority Debt and for cash collateral as required under the Term Loan Documents in such order as specified in
the applicable Term Loan Documents until the Discharge of Term Loan Priority Debt has occurred;

 

(ii)          second,
to the Revolving Loan Priority Debt and for cash collateral as required under the Revolving Loan Documents in such order as
specified in the applicable Revolving Loan Documents until the Discharge of Revolving Loan Priority Debt has occurred;

 

(iii)         third,
to the Term Loan Excess Debt until the Discharge of Term Loan Debt has occurred; and

 

(iv)         fourth,
to the Revolving Loan Excess Debt until the Discharge of Revolving Loan Debt has occurred.

 

(c)          Upon the
Discharge of Revolving Loan Priority Debt, to the extent permitted under applicable law and without risk of legal liability to
Revolving Loan Agent or any other Revolving Loan Secured Party and until the Discharge of Term Loan Priority Debt, Revolving Loan
Agent shall deliver to Term Loan Agent, without representation or recourse, any Proceeds of Shared Collateral held by it at such
time in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct,
to be applied by Term Loan Agent to the Term Loan Debt in such order as specified in the relevant Term Loan Documents. Upon the
Discharge of Term Loan Priority Debt, to the extent permitted under applicable law and without risk of legal liability to Term
Loan Agent or any other Term Loan Secured Party and until the Discharge of Revolving Loan Priority Debt, Term Loan Agent shall
deliver to Revolving Loan Agent, without representation or recourse, any Proceeds of Shared Collateral held by it at such time
in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct, to
be applied by Revolving Loan Agent to the Revolving Loan Debt in such order as specified in the relevant Revolving Loan Documents.
The provisions of this Section 4.1 are intended solely to govern the respective Lien priorities as between Term Loan Agent
and Revolving Loan Agent and shall not impose on any Agent or any other Secured Party any obligations in respect of the disposition
of Proceeds of foreclosure on any Shared Collateral which would conflict with prior perfected claims therein in favor of any other
Person or any order or decree of any court or other governmental authority or any applicable law.

 

4.2.         Payments Over.

 

(a)          So
long as the Discharge of Revolving Loan Priority Debt has not occurred, whether or not any Insolvency Proceeding has been
commenced by or against any Grantor, Term Loan Agent agrees, for itself and on behalf of the other Term Loan Secured Parties,
that any Revolving Loan Priority Collateral or Proceeds thereof or payment with respect thereto received by Term Loan Agent
or any other Term Loan Secured Party (including any right of set-off), and including in connection with any insurance policy
claim or any condemnation or expropriation award (or deed in lieu of condemnation or expropriation), in each case, in
violation of this Agreement, shall be segregated and held in trust and promptly transferred or paid over to Revolving Loan
Agent for the benefit of the Revolving Loan Secured Parties in the same form as received, with any necessary endorsements or
assignments or as a court of competent jurisdiction may otherwise direct. Revolving Loan Agent is hereby authorized to make
any such endorsements or assignments as agent for Term Loan Agent. This authorization is coupled with an interest and is
irrevocable.

 

    	 	-28-	 

     

    

 

(b)         So long as
the Discharge of Term Loan Priority Debt has not occurred, whether or not any Insolvency Proceeding has been commenced by or against
any Grantor, Revolving Loan Agent agrees, for itself and on behalf of the other Revolving Loan Secured Parties, that any Term Loan
Priority Collateral or Proceeds thereof or payment with respect thereto received by Revolving Loan Agent or any other Revolving
Loan Secured Party (including any right of set-off), and including in connection with any insurance policy claim or any condemnation
or expropriation award (or deed in lieu of condemnation or expropriation), in each case, in violation of this Agreement, shall
be segregated and held in trust and promptly transferred or paid over to Term Loan Agent for the benefit of the Term Loan Secured
Parties in the same form as received, with any necessary endorsements or assignments or as a court of competent jurisdiction may
otherwise direct. Term Loan Agent is hereby authorized to make any such endorsements or assignments as agent for Revolving Loan
Agent. This authorization is coupled with an interest and is irrevocable.

 

4.3.         Proceeds of
Certain Mandatory Prepayments.

 

(a)          So long
as the Discharge of Term Loan Priority Debt has not occurred, whether or not any Insolvency Proceeding has been commenced by
or against any Grantor, subject to Section 3.2(c) hereof, all net cash proceeds (including any other Proceeds as and when
converted to cash) of assets sales, casualty events, condemnation awards and deeds in lieu of foreclosure or Extraordinary
Receipts, in each case, received by U.S. Grantors in respect of Term Loan Priority Collateral and from the incurrence of
indebtedness by any U.S. Grantor in violation of the Term Loan Agreement, in each case, shall (to the extent required under
and in accordance with the provisions of the Term Loan Agreement) be applied to prepay the Term Loan Debt in accordance with
the Term Loan Documents.

 

(b)          So long
as the Discharge of Revolving Loan Priority Debt has not occurred, whether or not any Insolvency Proceeding has been commenced
by or against any Grantor, subject to Section 3.2(c) hereof, all net cash proceeds (including any other Proceeds as and when converted
to cash) of assets sales, casualty events, condemnation awards and deeds in lieu of foreclosure or Extraordinary Receipts, in each
case, received by Grantors in respect of Revolving Loan Priority Collateral (to the extent required under and in accordance with
the provisions of the Revolving Loan Agreement) be applied to prepay the Revolving Loan Debt in accordance with the Revolving Loan
Documents.

 

(c)          So long
as the Discharge of Term Loan Priority Debt has not occurred, notwithstanding anything to the contrary set forth herein or in the
Revolving Loan Documents, but except as otherwise set forth in clause (b) above, U.S. Grantors shall be permitted to make, and
Term Loan Secured Parties shall be permitted to receive and retain, any mandatory amortization payments required pursuant to Section
2.1(d) of the Term Loan Agreement and, except as otherwise set forth in clause (b) above, any other mandatory prepayments of
Term Loan Debt (and any required prepayment premium) required to be made pursuant to the Term Loan Documents (including pursuant
to Section

2.1(g) of the Term
Loan Agreement).

 

Section 5.          Bailee for Perfection

 

5.1.         Each Agent
as Bailee.

 

(a)          Each
Agent agrees to hold any Shared Collateral that is in the possession or control of such Agent (or its agents or bailees), to the
extent that possession or control thereof is effective to perfect a Lien thereon under the UCC (such Shared Collateral being referred
to herein as the “Shared Pledged Collateral”), as bailee and agent for and on behalf of the other Agent solely
for the purpose of perfecting the Lien granted to the other Agent in such Shared Pledged Collateral (including as to any securities
or any deposit accounts or securities accounts, if any, for purposes of satisfying the requirements of Sections 8-106(d)(3), 8-301(a)(2)
and 9-313(c) of the UCC) pursuant to the Revolving Loan Documents or Term Loan Documents, as applicable, subject to the terms
and conditions of this Section 5.

 

    	 	-29-	 

     

    

 

(b)          Until the
Discharge of Revolving Loan Priority Debt has occurred, Revolving Loan Agent shall be entitled to deal with the Shared Pledged
Collateral constituting Revolving Loan Priority Collateral in accordance with the terms of the Revolving Loan Documents. The rights
of Term Loan Agent to such Shared Pledged Collateral shall at all times be subject to the terms of this Agreement and to Revolving
Loan Agent’s rights under the Revolving Loan Documents. Until the Discharge of Term Loan Priority Debt has occurred, Term
Loan Agent shall be entitled to deal with the Shared Pledged Collateral constituting Term Loan Priority Collateral in accordance
with the terms of the Term Loan Documents. The rights of Revolving Loan Agent to such Shared Pledged Collateral shall at all times
be subject to the terms of this Agreement and to Term Loan Agent’s rights under the Term Loan Documents.

 

(c)          Each Agent
shall have no obligation whatsoever to the other Agent or any other Secured Party to assure that the Shared Pledged Collateral
is genuine or owned by any of the U.S. Grantors or to preserve rights or benefits of any Person except as expressly set forth in
this Section 5. The duties or responsibilities of each Agent under this Section 5 shall be limited solely to holding
the Shared Pledged Collateral as bailee and agent for and on behalf of the other Agent for purposes of perfecting the Lien held
by the other Agent.

 

(d)          Each Agent
shall not have by reason of the Revolving Loan Documents, the Term Loan Documents or this Agreement or any other document a fiduciary
relationship in respect of the other Agent or any of the other Secured Parties and shall not have any liability to the other Agent
or any other Secured Party in connection with its holding the Shared Pledged Collateral, other than for its gross negligence or
willful misconduct as determined by a final, non-appealable order of a court of competent jurisdiction.

 

5.2.         Transfer of
Shared Pledged Collateral.

 

(a)          Upon
the Discharge of Revolving Loan Priority Debt, to the extent permitted under applicable law, upon the request of Term Loan
Agent, Revolving Loan Agent shall, without recourse or warranty, transfer the possession and control of the Shared Pledged
Collateral, if any, then in its possession or control to Term Loan Agent, except in the event and to the extent (i) Revolving
Loan Agent or any other Revolving Loan Secured Party has retained or otherwise acquired such Shared Pledged Collateral in
full or partial satisfaction of any of the Revolving Loan Debt, (ii) such Shared Pledged Collateral is sold or otherwise
disposed of by Revolving Loan Agent or any other Revolving Loan Secured Party or by a U.S. Grantor as provided herein or
(iii) it is otherwise required by any order of any court or other governmental authority or applicable law or would result in
the risk of liability of Revolving Loan Secured Party to any third party. In connection with any transfer described in the
immediately preceding sentence to Term Loan Agent, Revolving Loan Agent agrees to take reasonable actions in its power (with
all costs and expenses in connection therewith to be for the account of Term Loan Agent and to be paid by the U.S. Companies)
as shall be reasonably requested by Term Loan Agent to permit Term Loan Agent to obtain, for the benefit of the Term Loan
Secured Parties, a first priority security interest in the Shared Pledged Collateral, including in connection with the terms
of any collateral access agreement whether with a landlord, processor, warehouse or other third party or any Control
Agreement, and with respect to any such agreement delivered on or after the date hereof, Revolving Loan Agent shall notify
the other parties thereto that it is no longer the “First Lien Agent”, “Secured Party
Representative”, “Agent Representative”, “Lender Representative” or such analogous
representative party or otherwise entitled to act under such agreement and shall confirm to such parties that Term Loan Agent
is thereafter the “First Lien Agent”, “Secured Party Representative”, “Agent
Representative”, or “Lender Representative” or such analogous representative party as any of such terms are
used in any such agreement and is otherwise entitled to the rights of the secured party under such agreement. The foregoing
provision shall not impose on Revolving Loan Agent or any other Revolving Loan Secured Party any obligations which would
conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or other
governmental authority or any applicable law.

 

    	 	-30-	 

     

    

 

(b)          Upon the
Discharge of Term Loan Priority Debt, to the extent permitted under applicable law, upon the request of Revolving Loan Agent, Term
Loan Agent shall, without recourse or warranty, transfer the possession and control of the Shared Pledged Collateral, if any, then
in its possession or control to Revolving Loan Agent, except in the event and to the extent (a) Term Loan Agent or any other Term
Loan Secured Party has retained or otherwise acquired such Shared Pledged Collateral in full or partial satisfaction of any of
the Term Loan Debt, (b) such Shared Pledged Collateral is sold or otherwise disposed of by Term Loan Agent or any other Term Loan
Secured Party or by a U.S. Grantor as provided herein or (c) it is otherwise required by any order of any court or other governmental
authority or applicable law or would result in the risk of liability of Term Loan Secured Party to any third party. In connection
with any transfer described in the immediately preceding sentence to Revolving Loan Agent, Term Loan Agent agrees to take reasonable
actions in its power (with all costs and expenses in connection therewith to be for the account of Revolving Loan Agent and to
be paid by the U.S. Companies) as shall be reasonably requested by Revolving Loan Agent to permit Revolving Loan Agent to obtain,
for the benefit of the Revolving Loan Secured Parties, a first priority security interest in the Shared Pledged Collateral. The
foregoing provision shall not impose on Term Loan Agent or any other Term Loan Secured Party any obligations which would conflict
with prior perfected claims therein in favor of any other Person or any order or decree of any court or other governmental authority
or any applicable law.

 

(c)          Each U.S.
Grantor acknowledges and agrees to the delivery or transfer of control by Revolving Loan Agent to Term Loan Agent, and by Term
Loan Agent to Revolving Loan Agent of any the Shared Pledged Collateral, in each case, in accordance with the terms of this Agreement,
and waives and releases Revolving Loan Agent and the other Revolving Loan Secured Parties, and Term Loan Agent and the other Term
Loan Secured Parties, from any liability as a result of such action.

 

Section 6.          Insolvency Proceedings

 

6.1.         General Applicability.

 

This
Agreement shall be applicable both before and after the institution of any Insolvency Proceeding involving any Grantor,
including, without limitation, the filing of any petition or the commencement of any proceeding by or against any Grantor
under the Bankruptcy Code or under any other Bankruptcy Law and all converted or subsequent cases or proceedings in respect
thereof, and all references herein to any Grantor shall be deemed to apply to the trustee, monitor, Receiver or similar
official for such Grantor and such Grantor as debtor-in-possession. The relative rights of the Revolving Loan Secured Parties
and the Term Loan Secured Parties under this Agreement in or to any distributions from or in respect of any Shared Collateral
or Proceeds shall continue after the institution of any Insolvency Proceeding involving any Grantor, including, without
limitation, the filing of any petition or the commencement of other similar proceeding by or against any Grantor under the
Bankruptcy Code or under any other Bankruptcy Law and all converted cases or proceedings and subsequent cases, on the same
basis as prior to the date of such institution, subject to any court order approving the financing of, or use of Revolving
Loan Cash Collateral by, any Grantor as debtor-in-possession, or any other court order affecting the rights and interests of
the parties hereto not in conflict with this Agreement; provided that notwithstanding the foregoing or any other
provision herein to the contrary, any distribution of debt or equity obligations of any reorganized U.S. Grantor pursuant to
a plan of reorganization on account of an allowed secured claim against such U.S. Grantor shall be deemed to be a
distribution from or in respect of Shared Collateral or Proceeds for all purposes of this Agreement. This Agreement shall
constitute a “subordination agreement” for the purposes of Section 510(a) of the Bankruptcy Code or any
comparable provision of any other Bankruptcy Law and shall be enforceable in any Insolvency Proceeding in accordance with its
terms.

 

    	 	-31-	 

     

    

 

6.2.         Use of Cash
Collateral; Bankruptcy Financing.

 

(a)          If
any U.S. Grantor becomes subject to any Insolvency Proceeding, until the Discharge of Revolving Loan Priority Debt has occurred,
Term Loan Agent, for itself and on behalf of the other Term Loan Secured Parties, agrees that each Term Loan Secured Party (i)
will raise no objection to, nor support any other Person objecting to, and will be deemed to have consented to, the use of any
Revolving Loan Priority Collateral constituting cash collateral under Section 363 of the Bankruptcy Code, or any comparable provision
of any other Bankruptcy Law (“Revolving Loan Cash Collateral”), or any post-petition financing under Section
364 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, whether provided by any Revolving Loan Secured
Party or other Person, but in each case to the extent consented to by Revolving Loan Agent (a “Revolving Loan DIP Financing”),
(ii) will not request or accept adequate protection or any other relief in connection with the use of such Revolving Loan Cash
Collateral or such Revolving Loan DIP Financing except as set forth in Section 6.4 below, and (iii) will subordinate (and
will be deemed hereunder to have subordinated) the Liens of Term Loan Agent or any other Term Loan Secured Parties on the Revolving
Loan Priority Collateral (but not the Term Loan Priority Collateral) to (x) the Liens on the Revolving Loan Priority Collateral
pursuant to such Revolving Loan DIP Financing, (y) any adequate protection provided to the Revolving Loan Secured Parties and
(z) any professional fee and U.S. trustee fee “carve-out” consented to in writing by Revolving Loan Agent to be paid
prior to the Discharge of Revolving Loan Priority Debt, in each case, on the same terms as the Liens of the Term Loan Secured
Parties are subordinated hereunder to the Liens in the Revolving Loan Priority Collateral securing the Revolving Loan Debt (and
such subordination will not alter in any manner the terms of this Agreement); provided, that:

 

(I)           Revolving
Loan Agent does not oppose or object to such use of cash collateral or Revolving Loan DIP Financing,

 

(II)         the aggregate
principal amount of the Revolving Loan DIP Financing plus the aggregate outstanding principal amount of loans and letters of credit
included in the Revolving Loan Debt shall not exceed an amount equal to 115% of the aggregate commitments under the Revolving Loan
Documents as in effect immediately before the commencement of such Insolvency Proceeding (or, if earlier, immediately prior to
the suspension or termination of such commitments in accordance with the terms of the Revolving Loan Agreement),

 

(III)        the
Term Loan Secured Parties retain a Lien on the Shared Collateral (including Proceeds thereof arising after the commencement
of such proceeding) with the same priority relative to the Liens on such Shared Collateral of Revolving Loan Agent as existed
prior to the commencement of the case under the Bankruptcy Code or other Bankruptcy Law (junior in priority to the Liens
securing such Revolving Loan DIP Financing and the existing Liens in favor of the Revolving Loan Agent on the Revolving Loan
Priority Collateral but senior to the Liens of the Revolving Loan Agent (and the Liens securing the Revolving Loan DIP
Financing) on the Term Loan Priority Collateral to the same extent as provided under Section 2.2),

 

    	 	-32-	 

     

    

 

(IV)        Term Loan
Agent receives, as security for the Term Loan Debt, additional or replacement Liens on all post-petition assets of any U.S. Grantor
which are subject to an additional or replacement Lien to secure the Revolving Loan DIP Financing with same priority relative to
the Liens of Revolving Loan Agent as existed prior to such Insolvency Proceeding to the extent Term Loan Agent seeks such Liens
and is entitled to such additional or replacement Liens under the Bankruptcy Code or other applicable Bankruptcy Law (in each case
junior to the additional or replacement Liens of the Revolving Loan Agent on the Revolving Loan Priority Collateral),

 

(V)         all Liens
on Revolving Loan Priority Collateral securing any such Revolving Loan DIP Financing shall be senior to or on a parity with the
Liens of the Revolving Loan Agent and the Revolving Loan Secured Parties securing the Revolving Loan Obligations on Revolving Loan
Priority Collateral,

 

(VI)        such Revolving
Loan DIP Financing does not require any Grantor to seek confirmation of a specific plan of reorganization other than a plan of
reorganization that provides for satisfaction in full in cash of such Revolving Loan DIP Financing on or prior to the effective
date of such plan,

 

(VII)       such Revolving
Loan DIP Financing or use of Revolving Loan Cash Collateral is subject to the terms of this Agreement, and

 

(VIII)     the Term
Loan Agent retains the right to object to any ancillary agreements or arrangements regarding the use of Revolving Loan Cash Collateral
or the Revolving Loan DIP Financing that require a specific treatment of a claim in respect of the Term Loan Debt for purposes
of a plan of reorganization or arrangement or proposal (provided that, in no event shall the foregoing be construed to give
rise to the right to object to any of the rights and remedies that are customary for Revolving Loan Agent to receive as part of
any order with respect to the use of Revolving Loan Cash Collateral or any such Revolving Loan DIP Financing).

 

For
the avoidance of doubt, neither this Section 6.2(a) nor any other provision of this Agreement shall be deemed to be a
consent by any of the Revolving Loan Secured Parties to the use of Revolving Loan Cash Collateral by the Term Loan Secured
Parties, and any use of Revolving Loan Cash Collateral shall require the prior written consent of the Revolving Loan
Agent.  Notwithstanding
the foregoing, it is agreed that neither the Revolving Loan Agent nor any other Revolving Loan Secured Party shall propose or
consent to any Revolving Loan DIP Financing pursuant to this Section 6.2(a) that purports to be secured by a priming
or pari passu lien on the Term Loan Priority Collateral without the consent of the Term Loan Agent. The Revolving Loan Agent,
on behalf of itself and each other Revolving Loan Secured Party to whom it is acting as agent, agrees that, as a condition of
any Revolving Loan DIP Financing or use of Revolving Loan Cash Collateral pursuant to this Section 6.2(a), until the
Discharge of Term Loan Priority Debt has occurred, (1) all proceeds of the Term Loan Priority Collateral shall either (x) be
remitted to the Term Loan Agent for application in accordance with Section 4.1(b) hereof or (y) only be used by U.S.
Grantors subject to terms and conditions acceptable to the Term Loan Agent, and no portion of the Term Loan Priority
Collateral shall be used to repay the Revolving Loan Debt outstanding as of the date of the commencement of any Insolvency
Proceeding or any Revolving Loan Debt incurred thereafter pursuant to any such Revolving Loan DIP Financing or use of
Revolving Loan Cash Collateral pursuant to this Section 6.2(a).

 

    	 	-33-	 

     

    

 

(b)          If
any U.S. Grantor becomes subject to any Insolvency Proceeding, until the Discharge of Term Loan Priority Debt has occurred, Revolving
Loan Agent, for itself and on behalf of the other Revolving Loan Secured Parties, agrees that each Revolving Loan Secured Party
will (i) raise no objection to, nor support any other Person objecting to, and will be deemed to have consented to, the use of
any Term Loan Priority Collateral constituting cash collateral under Section 363 of the Bankruptcy Code, or any comparable provision
of any other Bankruptcy Law (“Term Loan Cash Collateral”), or any post-petition financing under Section 364
of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, whether provided by any Term Loan Secured Party
or other Person, but in each case to the extent consented to by Term Loan Agent (a “Term Loan DIP Financing”),
(ii) will not request or accept adequate protection or any other relief in connection with the use of such Term Loan Cash Collateral
or such Term Loan DIP Financing except as set forth in Section 6.4 below, and (iii) will subordinate (and will be deemed
hereunder to have subordinated) the Liens of Revolving Loan Agent or any other Revolving Loan Secured Parties on the Term Loan
Priority Collateral (but not the Revolving Loan Priority Collateral or the Canadian Collateral) to (x) the Liens on the Term Loan
Priority Collateral pursuant to such Term Loan DIP Financing, (y) any adequate protection provided to the Term Loan Secured Parties
and (z) any professional fee and U.S. trustee fee “carve-out” consented to in writing by Term Loan Agent to be paid
prior to the Discharge of Term Loan Priority Debt, in each case, on the same terms as the Liens of the Revolving Loan Secured
Parties are subordinated hereunder to the Liens in the Term Loan Priority Collateral securing the Term Loan Debt (and such subordination
will not alter in any manner the terms of this Agreement); provided, that:

 

(I)          Term
Loan Agent does not oppose or object to such use of cash collateral or Term Loan DIP Financing,

 

(II)         the aggregate principal amount of the Term Loan DIP Financing plus the aggregate outstanding principal amount of Term Loan
Debt shall not exceed 115% of the aggregate principal amount of loans included in the Term Loan Debt outstanding immediately
before the commencement of such Insolvency Proceeding,

 

(III)        the
Revolving Loan Secured Parties retain a Lien on the Shared Collateral (including Proceeds thereof arising after the commencement
of such proceeding) with the same priority relative to the Liens on such Shared Collateral of Term Loan Agent as existed prior
to the commencement of the case under the Bankruptcy Code or other Bankruptcy Law (junior in priority to the Liens securing such
Term Loan DIP Financing and the existing Liens in favor of the Term Loan Agent on the Term Loan Priority Collateral but senior
to the Liens of the Term Loan Agent (and the Liens securing the Term Loan DIP Financing) on the Revolving Loan Priority Collateral
to the same extent as provided under Section 2.2),

 

(IV)        Revolving
Loan Agent receives, as security for the Revolving Loan Debt, additional or replacement Liens on all post-petition assets of any
U.S. Grantor which are subject to an additional or replacement Lien to secure the Term Loan DIP Financing with same priority relative
to the Liens of Term Loan Agent as existed prior to such Insolvency Proceeding to the extent Revolving Loan Agent seeks such Liens
and is entitled to such additional or replacement Liens under the Bankruptcy Code or other applicable Bankruptcy Law (in each case
junior to the additional or replacement Liens of the Term Loan Agent on the Term Loan Priority Collateral),

 

    	 	-34-	 

     

    

 

(V)         all Liens
on Term Loan Priority Collateral securing any such Term Loan DIP Financing shall be senior to or on a parity with the Liens of
the Term Loan Agent and the Term Loan Secured Parties securing the Term Loan Obligations on Term Loan Priority Collateral,

 

(VI)        such Term
Loan DIP Financing does not require any U.S. Grantor to seek confirmation of a specific plan of reorganization other than a plan
of reorganization that provides for satisfaction in full in cash of such Term Loan DIP Financing on or prior to the effective date
of such plan,

 

(VII)       such Term Loan
DIP Financing or use of Term Loan Cash Collateral is subject to the terms of this Agreement, and

 

(VIII)     the
Revolving Loan Agent retains the right to object to any ancillary agreements or arrangements regarding the use of Term Loan Cash
Collateral or the Term Loan DIP Financing that require a specific treatment of a claim in respect of the Revolving Loan Debt for
purposes of a plan of reorganization or arrangement or proposal (provided that, in no event shall the foregoing be construed
to give rise to the right to object to any of the rights and remedies that are customary for Term Loan Agent to receive as part
of any order with respect to the use of Term Loan Cash Collateral or any such Term Loan DIP Financing).

 

For the avoidance of doubt,
neither this Section 6.2(b) nor any other provision of this Agreement shall be deemed to be a consent by any of the Term
Loan Secured Parties to the use of Term Loan Cash Collateral by the Revolving Loan Secured Parties, and any use of Term Loan Cash
Collateral shall require the prior written consent of the Term Loan Agent. Notwithstanding the foregoing, it is agreed that neither
the Term Loan Agent nor any other Term Loan Secured Party shall propose or consent to any Term Loan DIP Financing pursuant to this
Section 6.2(b) that purports to be secured by a priming or pari passu lien on the Revolving Loan Priority Collateral or
the Canadian Collateral without the consent of the Revolving Loan Agent. Each Term Loan Agent, on behalf of itself and each other
Term Loan Secured Party to whom it is acting as agent, agrees that, as a condition of any Tern Loan DIP Financing or use of Term
Loan Cash Collateral pursuant to this Section 6.2(b), until the Discharge of Revolving Loan Priority Debt has occurred,
(1) all proceeds of the Revolving Loan Priority Collateral shall either (x) be remitted to the Revolving Loan Agent for application
in accordance with Section 4.1(a) hereof or (y) only be used by U.S. Grantors subject to terms and conditions acceptable
to the Revolving Loan Agent, and no portion of the Revolving Loan Priority Collateral shall be used to repay the Term Loan Debt
outstanding as of the date of the commencement of any Insolvency Proceeding or any Term Loan Debt incurred thereafter pursuant
to any such Tern Loan DIP Financing or use of Term Loan Cash Collateral pursuant to this Section 6.2(b).

 

(c)          Neither
the Revolving Loan Agent nor any Revolving Loan Secured Party shall, directly or indirectly, provide, or seek to provide, or support
any other Person providing or seeking to provide, the use of Revolving Loan Cash Collateral or Revolving Loan DIP Financing secured
by Liens equal or senior in priority to the Liens on the Term Loan Priority Collateral (including any assets or property arising
after the commencement of an Insolvency Proceeding) of the Term Loan Agent. Neither the Term Loan Agent nor any Term Loan Secured
Party, shall, directly or indirectly, provide, or seek to provide, or support any other Person providing or seeking to provide,
the use of Term Loan Cash Collateral or Term Loan DIP Financing secured by Liens equal or senior in priority to the Liens on the
Revolving Loan Priority Collateral (including any assets or property arising after the commencement of any Insolvency Proceeding)
of the Revolving Loan Agent.

 

    	 	-35-	 

     

    

 

(d)          Discharge
of the Revolving Loan Debt and Discharge of the Revolving Loan Priority Debt shall not be deemed to have occurred under this Agreement
if such debt is Refinanced by a Revolving Loan DIP Financing agented by the Revolving Loan Agent permitted under this Section 6.2.

 

6.3.         Relief from
the Automatic Stay.

 

(a)          So long as
the Discharge of Revolving Loan Priority Debt has not occurred, neither the Term Loan Agent nor any of the Term Loan Secured Parties
will seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any part of the Revolving
Loan Priority Collateral, any Proceeds thereof or any Lien thereon securing any of the Term Loan Debt; provided, however,
that in the event that any or all of the Revolving Loan Agent and the Revolving Loan Secured Parties have obtained relief from
the automatic stay or any other stay with respect to any Revolving Loan Priority Collateral, any or all of the Term Loan Agent
and Term Loan Secured Parties may seek corresponding relief from the automatic stay or any other stay with respect to such Revolving
Loan Priority Collateral for purposes of joining in a foreclosure or other Enforcement Action commenced by any of the Revolving
Loan Secured Parties against any Revolving Loan Priority Collateral (even if the Term Loan Standstill Period has not expired) so
long as the Term Loan Agent and/or Term Loan Secured Parties do not hinder, delay or interfere with either the efforts by the Revolving
Loan Agent and/or Revolving Loan Secured Parties to obtain relief from the automatic stay or any other stay with respect to such
Revolving Loan Priority Collateral or to exercise any rights or remedies against such Revolving Loan Priority Collateral.

 

(b)          So long as
the Discharge of Term Loan Priority Debt has not occurred, neither the Revolving Loan Agent nor any of the Revolving Loan Secured
Parties will seek any relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any part of the
Term Loan Priority Collateral, any Proceeds thereof or any Lien thereon securing any of the Revolving Loan Debt; provided, however,
that in the event that any or all of the Term Loan Agent and the Term Loan Secured Parties have obtained relief from the automatic
stay or any other stay with respect to any Term Loan Priority Collateral, any or all of the Revolving Loan Agent and Revolving
Loan Secured Parties may seek corresponding relief from the automatic stay or any other stay with respect to such Term Loan Priority
Collateral for purposes of joining in a foreclosure or other Enforcement Action commenced by any of the Term Loan Secured Parties
against the Term Loan Priority Collateral (even if the Revolving Loan Standstill Period has not expired) so long as the Revolving
Loan Agent and/or Revolving Loan Secured Parties do not hinder, delay or interfere with either the efforts by the Term Loan Agent
and/or Term Secured Parties to obtain relief from the automatic stay or any other stay with respect to such Term Loan Priority
Collateral or to exercise any rights or remedies against such Term Loan Priority Collateral.

 

6.4.         Adequate Protection.

 

(a)          (i) The
Term Loan Agent, on behalf of itself and the other Term Loan Secured Parties, agrees that none of them shall contest (or support
any other Person contesting), in their capacities as secured creditors, any objection by the Revolving Loan Agent or the other
Revolving Loan Secured Parties to any motion, relief, action or proceeding based on the Revolving Loan Agent or the other Revolving
Loan Secured Parties claiming a lack of adequate protection with respect to Liens on Revolving Loan Priority Collateral in a manner
that does not contravene terms of this Agreement.

 

(ii)       The
Revolving Loan Agent, on behalf of itself and the other Revolving Loan Secured Parties, agrees that none of them shall
contest (or support any other Person contesting), in their capacities as secured creditors, any objection by the Term Loan
Agent or the other Term Loan Secured Parties to any motion, relief, action or proceeding based on the Term Loan Agent or the
other Term Loan Secured Parties claiming a lack of adequate protection with respect to Liens on Term Loan Priority Collateral
in a manner that does not contravene terms of this Agreement.

 

    	 	-36-	 

     

    

 

(b)          Notwithstanding
anything to the contrary in Section 6.4(a), in any Insolvency Proceeding:

 

(i)           if any or
all of the Revolving Loan Secured Parties are granted adequate protection in the form of additional collateral in connection with
any use of Revolving Loan Cash Collateral or a Revolving Loan DIP Financing and such additional collateral is provided by a U.S.
Grantor and is of the type of asset or property that would constitute Revolving Loan Priority Collateral, then the Term Loan Agent,
on behalf of itself or any of the Term Loan Secured Parties, may seek or request adequate protection in the form of a Lien on such
additional collateral, which Lien will be subordinated to the Liens securing the Revolving Loan Debt and such use of Revolving
Loan Cash Collateral or Revolving Loan DIP Financing (and all obligations relating thereto) on the same basis as the other Liens
on Revolving Loan Priority Collateral securing the Term Loan Debt are so subordinated to the Liens on Revolving Loan Priority Collateral
securing the Revolving Loan Debt under this Agreement;

 

(ii)          if any
or all of the Term Loan Secured Parties are granted adequate protection in the form of additional collateral in connection with
any use of Term Loan Cash Collateral or a Term Loan DIP Financing and such additional collateral is provided by a U.S. Grantor
and is of the type of asset or property that would constitute Term Loan Priority Collateral, then the Revolving Loan Agent, on
behalf of itself or any of the Revolving Loan Secured Parties, may seek or request adequate protection in the form of a Lien on
such additional collateral, which Lien will be subordinated to the Liens securing the Term Loan Debt and such use of Term Loan
Cash Collateral or Term Loan DIP Financing (and all obligations relating thereto) on the same basis as the other Liens on Term
Loan Priority Collateral securing the Revolving Loan Debt are so subordinated to the Liens on Term Loan Priority Collateral securing
the Term Loan Debt under this Agreement;

 

(iii)         in
the event the Revolving Loan Agent, on behalf of itself or any other Revolving Loan Secured Parties, seeks or requests adequate
protection in respect of Revolving Loan Debt and such adequate protection is granted in the form of additional collateral provided
by a U.S. Grantor and is of a type of asset or property that would constitute Term Loan Priority Collateral, then the Revolving
Loan Agent, on behalf of itself and the other Revolving Loan Secured Parties, agrees that the Term Loan Agent shall also be granted
a Lien on such additional collateral as security for the Term Loan Debt and for any use of Term Loan Cash Collateral or Term Loan
DIP Financing and that any Lien on such additional collateral securing the applicable Revolving Loan Debt shall be subordinated
to the Lien on such collateral securing the Term Loan Debt and any such use of Term Loan Cash Collateral or Term Loan DIP Financing
(and all obligations relating thereto) and to any other Liens granted to the Term Loan Secured Parties as adequate protection on
the same basis as the other Liens on Term Loan Priority Collateral securing the Revolving Loan Debt are so subordinated to the
Liens on Term Loan Priority Collateral securing the Term Loan Debt under this Agreement; and

 

    	 	-37-	 

     

    

 

(iv)         in
the event the Term Loan Agent, on behalf of itself or any other Term Loan Secured Parties, seeks or requests adequate
protection in respect of Term Loan Debt and such adequate protection is granted in the form of additional collateral provided
by a U.S. Grantor and is of a type of asset or property that would constitute Revolving Loan Priority Collateral, then the
Term Loan Agent, on behalf of itself and the other Term Loan Secured Parties, agrees that the Revolving Loan Agent shall also
be granted a Lien on such additional collateral as security for the Revolving Loan Debt and for any use of Revolving Loan
Cash Collateral or Revolving Loan DIP Financing and that any Lien on such additional collateral securing the applicable Term
Loan Debt shall be subordinated to the Lien on such collateral securing the Revolving Loan Debt and any such use of Revolving
Loan Cash Collateral or Revolving Loan DIP Financing (and all obligations relating thereto) and to any other Liens granted to
the Revolving Loan Secured Parties as adequate protection on the same basis as the other Liens on Revolving Loan Priority
Collateral securing the Term Loan Debt are so subordinated to the Liens on Revolving Loan Priority Collateral securing the
Revolving Loan Debt under this Agreement.

 

(c)          Any
adequate protection granted in favor of any Revolving Loan Secured Party with respect to the Revolving Loan Priority Collateral
or any Term Loan Secured Party with respect to the Term Loan Priority Collateral in the form of a superpriority or other administrative
expense claim and any claim in favor of such Secured Party arising under Section 507(b) of the Bankruptcy Code (or similar Bankruptcy
Law) (“Senior 507(b) Claims”), shall be pari passu with the grant of adequate protection in favor of
the other Revolving Loan Secured Parties with respect to the Revolving Loan Priority Collateral or the other Term Loan Secured
Parties with respect to the Term Loan Priority Collateral in the form of a superpriority or other administrative expense claim.
Any claim arising under Section 507(b) of the Bankruptcy Code in favor of any Revolving Loan Secured Party with respect to the
Term Loan Priority Collateral or any Term Loan Secured Party with respect to the Revolving Loan Priority Collateral shall be pari
passu with the claims arising under Section 507(b) of the Bankruptcy Code (or similar Bankruptcy Law) in favor of the other
Revolving Loan Secured Parties with respect to the Term Loan Priority Collateral or the other Term Loan Secured Parties with respect
to the Revolving Loan Priority Collateral (collectively, “Junior 507(b) Claims”), all Junior 507(b) Claims
shall be junior and subordinate in right of payment to the Senior 507(b) Claims, and the holders of the Junior 507(b) Claims agree
that, in connection with any plan of reorganization in such Insolvency Proceeding, such Junior 507(b) Claims may be paid in any
combination of cash, securities, or other property having a present value equal to the amount of such Junior 507(b) Claims as
of the effective date of confirmation of such plan.

 

(d)          Except as
otherwise provided in this Section 6.4, (i) no Revolving Loan Secured Party may seek or assert any right it may have for
adequate protection of its interest in the Term Loan Priority Collateral without the prior written consent of the requisite Term
Loan Lenders under the Term Loan Agreement, and (ii) no Term Loan Secured Party may seek or assert any right it may have for adequate
protection of its interest in the Revolving Loan Priority Collateral without the written consent of the requisite Revolving Loan
Lenders under the Revolving Loan Agreement.

 

6.5.         Reorganization
Securities.

 

If, in any Insolvency
Proceeding, debt obligations of any reorganized U.S. Grantor secured by Liens upon any property of such reorganized U.S. Grantor
are distributed, pursuant to a plan of reorganization or arrangement or proposal, on account of both the Revolving Loan Debt and
the Term Loan Debt, then, to the extent the debt obligations distributed on account of the Revolving Loan Debt and on account of
the Term Loan Debt are secured by Liens upon the same assets or property, the provisions of this Agreement will survive the distribution
of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations.

 

    	 	-38-	 

     

    

 

6.6.         Separate Grants
of Security and Separate Classes.

 

Each of the parties
hereto irrevocably acknowledges and agrees that (a) the claims and interests of the Revolving Loan Secured Parties and the Term
Loan Secured Parties are not “substantially similar” within the meaning of Section 1122 of the Bankruptcy Code, or
any comparable provision of any other Bankruptcy Law, (b) the grants of the Liens to secure the Revolving Loan Debt and the grants
of the Liens to secure the Term Loan Debt constitute separate and distinct grants of Liens, (c) the Revolving Loan Secured Parties’
rights in the Shared Collateral are fundamentally different from the Term Loan Secured Parties’ rights in the Shared Collateral
and (d) as a result of the foregoing, among other things, the Revolving Loan Debt and the Term Loan Debt shall be separately classified
in any plan of reorganization or arrangement or proposal proposed or adopted in any Insolvency Proceeding. To further effectuate
the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the Revolving Loan
Secured Parties and the Term Loan Secured Parties in respect of the Shared Collateral constitute claims in the same class (rather
than separate classes of secured claims), then the Revolving Loan Secured Parties and the Term Loan Secured Parties hereby acknowledge
and agree that all distributions made on account of the Shared Collateral shall be made as if there were separate classes of Revolving
Loan Debt and Term Loan Debt against the Grantors (with the effect being that, to the extent that the aggregate value of the Revolving
Loan Priority Collateral or Term Loan Priority Collateral is sufficient (for this purpose ignoring all claims held by the other
Secured Parties for whom such Shared Collateral is non-priority in accordance with Section 2.1 and Section 2.2 hereof),
the Revolving Loan Secured Parties or the Term Loan Secured Parties, respectively, shall be entitled to receive from such party’s
pool of priority Shared Collateral, in addition to amounts distributed to them in respect of principal, pre-petition interest and
other claims, all amounts owing (or that would be owing if there were such separate classes of secured claims) in respect of post-petition
interest, fees or expenses that is available from each pool of priority Shared Collateral for each of the Revolving Loan Secured
Parties and the Term Loan Secured Parties, respectively, before any distribution is made from such pool of priority Shared Collateral
in respect of the claims held by the other Junior Secured Parties) with such Junior Secured Parties hereby acknowledging and agreeing
to turn over to the respective other Secured Parties amounts otherwise received or receivable by them from such pool of priority
Shared Collateral to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing
the aggregate recoveries.

 

6.7.        Asset Dispositions.

 

(a)          Until
the Discharge of Revolving Loan Priority Debt has occurred, the Term Loan Agent, for itself and on behalf of the other Term Loan
Secured Parties, agrees that, in the event of any Insolvency Proceeding, the Term Loan Secured Parties will not object or oppose
(or support any Person in objecting or opposing) a motion for any Disposition of any Revolving Loan Priority Collateral (to the
extent that such sale or Disposition does not include any Term Loan Priority Collateral) free and clear of the Liens of Term Loan
Agent and the other Term Loan Secured Parties or other claims under Sections 363, 365 or 1129 of the Bankruptcy Code, or any comparable
provision of any other Bankruptcy Law, and shall be deemed to have consented to any such Disposition of any Revolving Loan Priority
Collateral under Section 363(f) of the Bankruptcy Code or any comparable provision of any other Bankruptcy Law that has been consented
to by the Revolving Loan Agent; provided, that, the Proceeds of such Disposition to be applied to the Revolving Loan
Debt or the Term Loan Debt are applied in accordance with Sections 4.1 and 4.2.

 

(b)         Until
the Discharge of Term Loan Priority Debt has occurred, the Revolving Loan Agent, for itself and on behalf of the other
Revolving Loan Secured Parties, agrees that, in the event of any Insolvency Proceeding, the Revolving Loan Secured Parties
will not object or oppose (or support any Person in objecting or opposing) a motion to any Disposition of any Term Loan
Priority Collateral (to the extent that such sale or Disposition does not include any Revolving Loan Priority Collateral)
free and clear of the Liens of Revolving Loan Agent and the other Revolving Loan Secured Parties or other claims under
Sections 363, 365 or 1129 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, and shall be
deemed to have consented to any such Disposition of any Term Loan Priority Collateral under Section 363(f) of the Bankruptcy
Code or any comparable provision of any other Bankruptcy Law that has been consented to by the Term Loan Agent; provided,
that, the Proceeds of such Disposition to be applied to the Term Loan Debt or the Revolving Loan Debt are applied in
accordance with Sections 4.1 and 4.2.

 

    	 	-39-	 

     

    

 

(c)          The Term
Loan Secured Parties agree that the Revolving Loan Secured Parties shall have the right to credit bid under Section 363(k) of the
Bankruptcy Code or any comparable provision of any other Bankruptcy Law with respect to, or otherwise object to any Disposition
of, the Revolving Loan Priority Collateral, and the Revolving Loan Secured Parties agree that the Term Loan Secured Parties shall
have the right to credit bid under Section 363(k) of the Bankruptcy Code or any comparable provision of any other Bankruptcy Law
with respect to, or otherwise object to any Disposition of, the Term Loan Priority Collateral; provided, that, the Secured
Parties shall not be deemed to have agreed to any credit bid by other Secured Parties in connection with the Disposition of Shared
Collateral consisting of both Term Loan Priority Collateral and Revolving Loan Priority Collateral. The Term Loan Agent, for itself
and on behalf of the other Term Loan Secured Parties, agrees that, so long as the Discharge of Revolving Loan Priority Debt has
not occurred, no Term Loan Secured Party shall, without the prior written consent of the Revolving Loan Agent, credit bid under
Section 363(k) of the Bankruptcy Code with respect to the Revolving Loan Priority Collateral. The Revolving Loan Agent, for itself
and on behalf of the other Revolving Loan Secured Parties, agrees that, so long as the Discharge of Term Loan Priority Debt has
not occurred, no Revolving Loan Secured Party shall, without the prior written consent of the Term Loan Agent, credit bid under
Section 363(k) of the Bankruptcy Code with respect to the Term Loan Priority Collateral.

 

6.8.         Certain Waivers
as to Section 1111(b)(2) of Bankruptcy Code.

 

Term
Loan Agent, for itself and on behalf of the other Term Loan Secured Parties, waives any claim any Term Loan Secured Party may
hereafter have against any Revolving Loan Secured Party arising out of the election by any Revolving Loan Secured Party of
the application of Section 1111(b)(2) of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law.
Revolving Loan Agent, for itself and on behalf of the other Revolving Loan Secured Parties, waives any claim they may
hereafter have against any Term Loan Secured Party arising out of the election by any Term Loan Secured Party of the
application of Section 1111(b)(2) of the Bankruptcy Code or any comparable provision of any other Bankruptcy Law.

 

Term Loan
Agent, for itself and on behalf of the other Term Loan Secured Parties, agrees that none of them shall assert or enforce (or support
any Person asserting or enforcing) any claim under Section 506(c) of the Bankruptcy Code or any comparable provision of other applicable
Bankruptcy Law pari passu with or senior to the Liens on the Revolving Loan Priority Collateral securing the Revolving Loan Priority
Debt for costs or expenses of preserving or disposing any Revolving Loan Priority Collateral. Revolving Loan Agent, for itself
and on behalf of the other Revolving Loan Secured Parties, agrees that none of them shall assert or enforce (or support any Person
asserting or enforcing) any claim under Section 506(c) of the Bankruptcy Code or any comparable provision of other applicable Bankruptcy
Law pari passu with or senior to the Liens on the Term Loan Priority Collateral securing the Term Loan Priority Debt for costs
or expenses of preserving or disposing any Term Loan Priority Collateral.

 

    	 	-40-	 

     

    

 

6.9.         Avoidance Issues.

 

If any Revolving
Loan Secured Party is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any U.S.
Grantor or any other Person any amount (a “Recovery”), then the Revolving Loan Debt shall be reinstated to
the extent of such Recovery and the Revolving Loan Secured Parties shall be entitled to a Discharge of Revolving Loan Priority
Debt with respect to all such recovered amounts. If any Term Loan Secured Party is required in any Insolvency Proceeding or otherwise
to turn over or otherwise pay to the estate of any U.S. Grantor or any other Person any Recovery, then the Term Loan Debt shall
be reinstated to the extent of such Recovery and the Term Loan Secured Parties shall be entitled to a Discharge of Term Loan Priority
Debt with respect to all such recovered amounts. If this Agreement shall have been terminated prior to any Recovery, this Agreement
shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise
affect the obligations of the parties hereto from such date of reinstatement.

 

6.10.       Other Bankruptcy
Laws.

 

In the
event that an Insolvency Proceeding is filed in a jurisdiction other than the United States or is governed by any Bankruptcy Law
other than the Bankruptcy Code, each reference in this Agreement to a section of the Bankruptcy Code shall be deemed to refer to
the substantially similar or corresponding provision of the Bankruptcy Law applicable to such Insolvency Proceeding, or, in the
absence of any specific similar or corresponding provision of Bankruptcy Law, such other general Bankruptcy Law as may be applied
in order to achieve substantially the same result as would be achieved under each applicable section of the Bankruptcy Code.

 

6.11.       Certain Voting
Rights.

 

(a)          The Term
Loan Agent, on behalf of itself and the other Term Loan Secured Parties, agrees that none of them shall, without the consent of
the Revolving Loan Agent, directly or indirectly propose, support or vote in favor of any plan of reorganization in connection
with an Insolvency Proceeding that would provide the Revolving Loan Secured Parties with debt obligations of any reorganized U.S.
Grantor bearing a below-market interest rate.

 

(b)          The Revolving
Loan Agent, on behalf of itself and the other Revolving Loan Secured Parties, agrees that none of them shall, without the consent
of the Term Loan Agent, directly or indirectly propose, support or vote in favor of any plan of reorganization in connection with
an Insolvency Proceeding that would provide the Term Loan Secured Parties with debt obligations of any reorganized U.S. Grantor
bearing a below-market interest rate.

 

Section 7.          Term Loan Lenders’ Purchase Option

 

7.1.         Exercise of
Option.

 

On or after
the occurrence and during the continuance of (i) a Revolving Loan Event of Default under Section 11.1(a) of the Revolving Loan
Agreement, (ii) the acceleration of all or any portion of the Revolving Loan Debt, (iii) the commencement of an Insolvency Proceeding
of any Grantor, (iv) the termination by the Revolving Loan Lenders of their commitment to provide loans to the Revolving Loan
Borrowers under the Revolving Loan Agreement (other than as result of a voluntary reduction thereof by the Revolving Loan Borrowers
prior to the occurrence of a Revolving Loan Event of Default), (v) the cessation by the Revolving Loan Agent or the Revolving
Loan Lenders of the funding of loans to the Revolving Loan Borrowers under the Revolving Loan Agreement for a period of more than
thirty consecutive Business Days following any Revolving Loan Default, (vi) the commencement of any Enforcement Action by the
Revolving Loan Secured Parties Creditors with respect to a material portion of the Collateral, or (vii) the expiration of the
Term Loan Standstill Period (each a “Term Loan Purchase Event”), one or more of the Term Loan Secured Parties
(the “Purchasing Term Loan Secured Parties”) shall have the option for a period of fifteen (15) Business Days
after a Term Loan Purchase Event, upon no less than five (5) Business Days’ and no more than ten (10) Business Days’
prior written notice by Term Loan Agent to Revolving Loan Agent, to purchase all (but not less than all (other than with respect
to the Revolving Loan Excess Debt, in relation to which the Term Loan Secured Parties may elect to purchase none of such Revolving
Loan Excess Debt or all or any other proportion of such Revolving Loan Excess Debt) of the Revolving Loan Debt from the Revolving
Loan Secured Parties and to assume all of the commitments and duties of the Revolving Loan Secured Parties. Such notice from Term
Loan Agent to Revolving Loan Agent shall be irrevocable. Upon the delivery of any such notice from Term Loan Agent to Revolving
Loan Agent, neither the Revolving Loan Agent nor any other Revolving Loan Secured Party shall, without the consent of Term Loan
Agent commence or continue any Enforcement Action during the period beginning on the date of delivery of such notice and ending
on the date of closing of the purchase and sale contemplated in this Section 7. The obligations of Revolving Loan Secured
Parties hereunder to sell the Revolving Loan Debt owing to them are several and not joint and several. Each Grantor irrevocably
consents to such sale.

 

    	 	-41-	 

     

    

 

7.2.         Pro Rata Offer.

 

The Term Loan
Secured Parties agree, solely as among themselves, that upon the occurrence of any Term Loan Purchase Event, the Term Loan Agent
shall send a notice to all Term Loan Secured Parties giving each Term Loan Secured Party the option to purchase at least its pro
rata share of the Revolving Loan Debt. No Term Loan Secured Party shall be required to participate in any purchase offer hereunder,
and each Term Loan Secured Party acknowledges and agrees that a purchase offer may be made by any or all of the Term Loan Secured
Parties, subject to the requirements of the preceding sentence. The provisions of this Section 7.2 are intended solely for
the benefit of the Term Loan Secured Parties and may be modified, amended or waived by them without the approval of any Grantor,
any Revolving Loan Secured Party, or otherwise.

 

7.3.         Purchase and
Sale.

 

On the date
specified by Term Loan Agent in such notice (which shall not be less than five (5) Business Days, nor more than ten (10)
Business Days, after the receipt by Revolving Loan Agent of the notice from Term Loan Agent of its election to exercise such
option), Revolving Loan Secured Parties shall, subject to any required approval of any court or other regulatory or
governmental authority then in effect, if any, sell to such of the Purchasing Term Loan Secured Parties as are specified in
the notice from Term Loan Agent of its election to exercise such option, and such Purchasing Term Loan Secured Parties shall
purchase from Revolving Loan Secured Parties, all of the Revolving Loan Debt (other than with respect to the Revolving Loan
Excess Debt, in relation to which the Term Loan Secured Parties may elect to purchase none of such Revolving Loan Excess Debt
or all or any other proportion of such Revolving Loan Excess Debt). Notwithstanding anything to the contrary contained
herein, in connection with any such purchase and sale, Revolving Loan Secured Parties shall retain all rights under the
Revolving Loan Documents to be indemnified or held harmless by Grantors in accordance with the terms thereof. In connection
with any such purchase and sale, each Revolving Loan Lender and each Purchasing Term Loan Secured Party shall execute and
deliver an assignment and acceptance agreement, in form reasonably acceptable to all parties thereto, pursuant to which,
among other things, each Revolving Loan Lender shall assign to the Purchasing Term Loan Secured Parties such Revolving Loan
Lender’s pro rata share of the commitments and Revolving Loan Debt. Upon the consummation of such purchase and sale,
Revolving Loan Agent shall resign as the “Agent” under the Revolving Loan Documents and upon the written request
of Term Loan Agent, and at the expense of Term Loan Secured Parties, shall take reasonable actions in its power to execute
and deliver all such documents and instruments reasonably requested by Term Loan Agent and/or Purchasing Term Loan Secured
Parties to assign and transfer any Collateral to the applicable successor Agent under the Revolving Loan Documents.

 

    	 	-42-	 

     

    

 

7.4.         Payment of
Purchase Price.

 

(a)          Upon the
date of such purchase and sale, the Purchasing Term Loan Secured Parties shall (i) pay to Revolving Loan Agent for the account
of the Revolving Loan Secured Parties as the purchase price therefor the full amount of all of the Revolving Loan Debt (other than
with respect to the Revolving Loan Excess Debt, in relation to which the Term Loan Secured Parties may elect to purchase none of
such Revolving Loan Excess Debt or all or any other proportion of such Revolving Loan Excess Debt) then outstanding and unpaid
(including principal, interest, fees and expenses, and including reasonable attorneys’ fees and legal expenses (including
any such amounts which would accrue and become due but for the commencement of an Insolvency Proceeding, whether or not such amounts
are allowed or allowable in whole or in part in such case)), (ii) furnish cash collateral to Revolving Loan Agent in such amounts
as Revolving Loan Agent determines is reasonably necessary to secure Revolving Loan Secured Parties in connection with any issued
and outstanding letters of credit, banker’s acceptances or similar instruments issued under the Revolving Loan Documents
(but not in any event in an amount greater than one hundred five (105%) percent of the aggregate undrawn face amount of such letters
of credit, banker’s acceptances and similar instruments) and Bank Product Obligations (or at the option of the Revolving
Loan Secured Party with respect to such Bank Product Obligations, terminate the applicable Hedging Obligations or Cash Management
Obligations and make all payments pursuant thereto, as applicable) and in respect of indemnification obligations of Grantors under
the Revolving Loan Documents as to matters or circumstances known to Revolving Loan Secured Parties and disclosed in writing to
Term Loan Agent (unless such disclosure is not permitted under applicable law) at the time of the purchase and sale which would
reasonably be expected to result in any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses)
to Revolving Loan Secured Parties, and (iii) agree to reimburse Revolving Loan Secured Parties for any loss, cost, damage or expense
(including reasonable attorneys’ fees and legal expenses) incurred within 90 days following such purchase in connection with
any commissions, fees, costs or expenses related to any issued and outstanding letters of credit, banker’s acceptances and
similar instruments as described above and any checks, ACH transfers or other payments provisionally credited to the Revolving
Loan Debt, and/or as to which Revolving Loan Secured Parties have not yet received final payment. The purchase price payable under
this clause (a) (and any other amounts payable in respect thereof) shall be denominated and payable in U.S. Dollars. To the extent
any portion of the Revolving Loan Debt (or other amounts) shall be denominated in Canadian Dollars (or any other currency other
than U.S. Dollars), then, for the purposes of determining the purchase price (or other amounts) hereunder, such portion of such
Revolving Loan Debt (or other amounts) shall be deemed to be equal to the Dollar Equivalent (as defined in the Revolving Loan Agreement
as in effect on the date hereof) thereof.

 

(b)          Such purchase
price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of Revolving Loan Agent as Revolving
Loan Agent may designate in writing to Term Loan Agent for such purpose. Interest shall be calculated to but excluding the Business
Day on which such purchase and sale shall occur if the amounts so paid by the Purchasing Term Loan Secured Parties to the bank
account designated by Revolving Loan Agent are received in such bank account prior to 12:00 noon, New York City, New York time
and interest shall be calculated to and including such Business Day if the amounts so paid by the Purchasing Term Loan Secured
Parties to the bank account designated by Revolving Loan Agent are received in such bank account later than 12:00 noon, New York
City, New York time.

 

    	 	-43-	 

     

    

 

(c)          In the
event that the Purchasing Term Loan Secured Parties exercise and consummate the purchase option set forth in Section 7.1,
(i) the Revolving Loan Secured Parties shall retain their indemnification rights under the Revolving Loan Agreement for actions
or other matters arising on or prior to the date of such purchase, and (ii) and in the event that, at the time of such purchase,
(x) there exists Revolving Loan Excess Debt, and (y) in connection with the consummation of such purchase option, the Purchasing
Term Loan Secured Parties do not purchase such Revolving Loan Excess Debt in accordance with this Section 7.1, then the
Revolving Loan Secured Parties shall retain their interest in such unpurchased Revolving Loan Excess Debt (and, accordingly, in
such event the purchase price shall be calculated without respect to such Revolving Loan Excess Debt) (clauses (i) and (ii) (if
applicable), the “Retained Interest”).

 

(d)          In the event
that a Retained Interest exists, each Revolving Loan Secured Party shall, at the request of the Purchasing Term Loan Secured Parties,
execute an amendment to the Revolving Loan Agreement acknowledging that such Retained Interest is a last-out tranche, payable after
Discharge of Term Loan Priority Debt (other than the Term Loan Excess Debt). Interest with respect to such Retained Interest consisting
of Revolving Loan Excess Debt shall continue to accrue and be payable in accordance with the terms of the Revolving Loan Agreement,
the Retained Interest shall continue to be secured by the Collateral, and the Retained Interest shall be paid (or cash collateralized,
as applicable) in accordance with the terms of the Revolving Loan Agreement and this Agreement. To the extent of the Retained Interest,
each Revolving Loan Secured Party shall continue to have all rights and remedies of a lender under the Revolving Loan Agreement
and the other Revolving Loan Documents; provided, that no Revolving Loan Secured Party shall have any right to vote on or otherwise
consent to any amendment, waiver, departure from, or other modification of any provision of any Revolving Loan Debt except that
the consent of Revolving Loan Agent shall be required for (i) those matters that require the agreement of all lenders under Section
15.5(a) of the Revolving Loan Agreement as in effect on the date hereof to the extent such matter would affect the Retained Interest
and (ii) matters in contravention of the provisions and priorities set forth in this Agreement.

 

7.5.         Representations
Upon Purchase and Sale.

 

Such purchase
and sale shall be expressly made without representation or warranty of any kind by Revolving Loan Agent or any Revolving Loan Secured
Party as to the Revolving Loan Debt or otherwise and without recourse to the Revolving Loan Agent and the other Revolving Loan
Secured Parties; except, that, each Revolving Loan Secured Party that is transferring such Revolving Loan Debt shall represent
and warrant, severally as to it: (a) the amount of the Revolving Loan Debt being purchased from it is as reflected in the books
and records of such Revolving Loan Secured Party (but without representation or warranty as to the collectability, validity or
enforceability thereof), (b) that such Revolving Loan Secured Party owns the Revolving Loan Debt being sold by it free and clear
of any liens or encumbrances and (c) such Revolving Loan Secured Party has the right to assign the Revolving Loan Debt being sold
by it and the assignment is duly authorized.

 

7.6.         Notice from
Revolving Loan Agent Prior to Enforcement Action.

 

In the
absence of Exigent Circumstances, Revolving Loan Agent, for itself and on behalf of the Revolving Loan Secured Parties,
agrees that it will deliver an Enforcement Notice to the Term Loan Agent five (5) Business Days prior to commencing any
Enforcement Action with respect to the Revolving Loan Priority Collateral or a material part of the Canadian Collateral. In
the event that during such five (5) Business Day period, Term Loan Agent shall send to Revolving Loan Agent the irrevocable
notice of the Term Loan Secured Parties’ intention to exercise the purchase option given by the Revolving Loan Secured
Parties to the Term Loan Secured Parties under this Section 7, the Revolving Loan Secured Parties shall not commence
any foreclosure or other action to sell or otherwise realize upon the Revolving Loan Priority Collateral or such material
part of the Canadian Collateral; provided, that, the purchase and sale with respect to the Revolving Loan Debt
provided for herein shall have closed within five (5) Business Days after the receipt by Revolving Loan Agent of the
irrevocable notice from Term Loan Agent.

 

    	 	-44-	 

     

    

 

Section 8.             [Reserved].

 

Section 9.             Access and Use of Term Loan Priority Collateral

 

9.1.         Access and
Use Rights of Revolving Loan Agent.

 

(a)          In
the event that Term Loan Agent shall acquire control or possession of any of the Term Loan Priority Collateral or shall, through
the exercise of remedies under the Term Loan Documents or otherwise, sell any of the Term Loan Priority Collateral to any third
party (a “Third Party Purchaser”), Term Loan Agent shall permit Revolving Loan Agent (or require as a condition
of such sale to the Third Party Purchaser that the Third Party Purchaser agree to permit the Revolving Loan Agent), at Revolving
Loan Agent’s option and in accordance with applicable law, and at the expense of the Revolving Loan Secured Parties (including
third-party expenses related thereto, including costs with respect to heat, light, electricity, water, natural gas, other utility,
security, labor and real property taxes with respect to that portion of any premises so used or occupied, in each case to the
extent not paid for by the Grantors) (reimbursable to Revolving Loan Secured Parties by Grantors): (a) to enter any or all of
the Term Loan Priority Collateral under such control or possession (or sold to a Third Party Purchaser) during normal business
hours in order to inspect or remove the Revolving Loan Priority Collateral or the Canadian Collateral or to enforce Revolving
Loan Agent’s rights with respect thereto, including, but not limited to, the examination and removal of Revolving Loan Priority
Collateral and the Canadian Collateral and the examination and duplication of the books and records of any Grantor related to
the Revolving Loan Priority Collateral and/or the Canadian Collateral, or to otherwise handle, deliver, ship, transport, deal
with or dispose of any Revolving Loan Priority Collateral or Canadian Collateral, such right to include, without limiting the
generality of the foregoing, the right to conduct one or more public or private sales or auctions thereon and (b) use any of the
Term Loan Priority Collateral under such control or possession (or sold to a Third Party Purchaser) to handle, manufacture, deal
with or dispose of any Revolving Loan Priority Collateral or Canadian Collateral pursuant to the rights of Revolving Loan Agent
and the other Revolving Loan Secured Parties as set forth in the Revolving Loan Documents, the UCC of any applicable jurisdiction,
the PPSA and other applicable law.

 

(b)          The rights
of Revolving Loan Agent set forth in clause (a) above as to the Term Loan Priority Collateral shall be irrevocable and without
charge and shall continue at Revolving Loan Agent’s option for a period of one hundred eighty (180) days as to any such Term
Loan Priority Collateral from the earlier of (i) the date on which Term Loan Agent has notified Revolving Loan Agent that Term
Loan Agent has acquired possession or control of such Term Loan Priority Collateral and (ii) the date on which Term Loan Agent
has notified Revolving Loan Agent that Term Loan Agent has sold such Term Loan Priority Collateral to a Third Party Purchaser.
The time periods set forth herein shall be tolled during the pendency of any proceeding of a Grantor under the Bankruptcy Code
or any other Bankruptcy Law or other proceedings pursuant to which Revolving Loan Agent is effectively stayed from enforcing its
rights against the Revolving Loan Priority Collateral or Canadian Collateral; provided that the Revolving Loan Agent shall
have used its commercially reasonable efforts to have such stay lifted. In no event shall Term Loan Agent or any of the Term Loan
Secured Parties take any action to interfere, limit or restrict the rights of Revolving Loan Agent set forth above or the exercise
of such rights by Revolving Loan Agent pursuant to this Section 9.1 prior to the expiration of such periods.

 

    	 	-45-	 

     

    

 

9.2.         Responsibilities
of Revolving Loan Secured Parties.

 

The Revolving
Loan Agent shall reimburse and indemnify the Term Loan Agent for all reasonable, out-of-pocket costs and expenses (including for
any physical damage to any Term Loan Priority Collateral) and any other third party loss or damages incurred by Term Loan Agent
or any other Term Loan Secured Party as a direct result of the actions of the Revolving Loan Agent (or its representatives, including
a Receiver) in exercising its access and use rights as provided in Section 9.1 above (but not any diminution in value of
the Term Loan Priority Collateral resulting from the Revolving Loan Agent so dealing with any Revolving Loan Priority Collateral
or Canadian Collateral), such access and use rights shall be exercised in accordance with applicable law and customary industry
practices, and, if requested by Term Loan Agent, Revolving Loan Agent shall furnish evidence of its liability insurance to Term
Loan Agent. Term Loan Agent shall not have any responsibility or liability for the acts or omissions of Revolving Loan Agent or
any of the other Revolving Loan Secured Parties, and Revolving Loan Agent and the other Revolving Loan Secured Parties shall not
have any responsibility or liability for the acts or omissions of Term Loan Agent, in each case arising in connection with such
other Person’s use and/or occupancy of any of the Term Loan Priority Collateral.

 

9.3.         Intellectual
Property.

 

In addition to
and not in limitation of Section 9.1, in connection with any Enforcement Action by Revolving Loan Agent, Term Loan Agent
hereby grants, to the extent of its interest therein and except to the extent such grant is prohibited by any law, statute or regulation,
to Revolving Loan Agent a non-exclusive, royalty free, non-assignable license with respect to any Term Loan Priority Collateral
consisting of trademarks, copyrights, patents, know-how or other intellectual property and pertaining to the Revolving Loan Priority
Collateral or Canadian Collateral solely for purposes of converting unfinished goods or raw materials into finished inventory,
disposing, collecting, or otherwise realizing on any of the Revolving Loan Priority Collateral or Canadian Collateral pursuant
to the rights of the Revolving Loan Agent and the other Revolving Loan Secured Parties as set forth in the Revolving Loan Documents,
the UCC of any applicable jurisdiction, the PPSA and other applicable law; provided, that, (i) the Revolving Loan Agent’s
use of all such intellectual property shall be reasonable and lawful, and (ii) any such license is granted on an “AS IS”
basis, without any representation or warranty whatsoever. Notwithstanding anything to the contrary contained herein, any purchaser
or assignee of Revolving Loan Priority Collateral or Canadian Collateral pursuant to the exercise by Revolving Loan Agent of any
of its rights or remedies with respect thereto shall have the right to sell or otherwise dispose of any such Revolving Loan Priority
Collateral or Canadian Collateral to which any such Intellectual Property is affixed. The license and right herein shall continue
in full force and effect until all Revolving Loan Priority Collateral or Canadian Collateral has been sold, transferred or otherwise
disposed of (or, if sooner, the occurrence of a Discharge of Revolving Loan Debt) notwithstanding (i) any exercise of remedies
by any Term Loan Secured Parties with respect to any Term Loan Priority Collateral or (ii) any voluntary or involuntary transfer
or assignment of any of such Term Loan Priority Collateral consisting of intellectual property or any rights therein.

 

Section 10.        Reliance; Waivers; Etc.

 

10.1.       Reliance.

 

(a)          The consent
by the Revolving Loan Secured Parties to the execution and delivery of the Term Loan Documents and the grant to Term Loan Agent
on behalf of the Term Loan Secured Parties of a Lien on the Shared Collateral and all loans and other extensions of credit made
or deemed made on and after the date hereof by the Revolving Loan Secured Parties to any Grantor shall be deemed to have been given
and made in reliance upon this Agreement.

 

    	 	-46-	 

     

    

 

(b)          The consent
by the Term Loan Secured Parties to the execution and delivery of the Revolving Loan Documents and the grant to Revolving Loan
Agent on behalf of the Revolving Loan Secured Parties of a Lien on the Shared Collateral and Canadian Collateral and all loans
and other extensions of credit made or deemed made on and after the date hereof by the Term Loan Secured Parties to any U.S. Grantor
shall be deemed to have been given and made in reliance upon this Agreement.

 

10.2.       No Warranties
or Liability.

 

(a)          Term Loan
Agent, for itself and on behalf of the other Term Loan Secured Parties, acknowledges and agrees that each of Revolving Loan Agent
and the other Revolving Loan Secured Parties have made no express or implied representation or warranty, including with respect
to the execution, validity, legality, completeness, collectability or enforceability of any of the Revolving Loan Documents, the
ownership of any Collateral or the perfection or priority of any Liens thereon. Term Loan Agent agrees, for itself and on behalf
of the other Term Loan Secured Parties, that the Revolving Loan Secured Parties will be entitled to manage and supervise their
respective loans and extensions of credit under the Revolving Loan Documents in accordance with law and as they may otherwise,
in their sole discretion, deem appropriate, and the Revolving Loan Secured Parties may manage their loans and extensions of credit
without regard to any rights or interests that Term Loan Agent or any of the other Term Loan Secured Parties have in the Collateral
or otherwise, except as otherwise provided in this Agreement. Neither Revolving Loan Agent nor any of the other Revolving Loan
Secured Parties shall have any duty to Term Loan Agent or any of the other Term Loan Secured Parties to act or refrain from acting
in a manner which allows, or results in, the occurrence or continuance of an event of default or default under any agreements with
any Grantor (including the Term Loan Documents), regardless of any knowledge thereof which they may have or with which they may
be charged.

 

(b)          Revolving
Loan Agent, for itself and on behalf of the other Revolving Loan Secured Parties, acknowledges and agrees that each of Term Loan
Agent and the other Term Loan Secured Parties have made no express or implied representation or warranty, including with respect
to the execution, validity, legality, completeness, collectability or enforceability of any of the Term Loan Documents, the ownership
of any Collateral or the perfection or priority of any Liens thereon. Revolving Loan Agent agrees, for itself and on behalf of
the other Revolving Loan Secured Parties, that the Term Loan Secured Parties will be entitled to manage and supervise their respective
loans and extensions of credit under the Term Loan Documents in accordance with law and as they may otherwise, in their sole discretion,
deem appropriate, and the Term Loan Secured Parties may manage their loans and extensions of credit without regard to any rights
or interests that Revolving Loan Agent or any of the other Revolving Loan Secured Parties have in the Collateral or otherwise,
except as otherwise provided in this Agreement. Neither Term Loan Agent nor any of the other Term Loan Secured Parties shall have
any duty to Revolving Loan Agent or any of the other Revolving Loan Secured Parties to act or refrain from acting in a manner which
allows, or results in, the occurrence or continuance of an event of default or default under any agreements with any Grantor (including
the Revolving Loan Documents), regardless of any knowledge thereof which they may have or with which they may be charged.

 

10.3.       No Waiver
of Lien Priorities.

 

(a)          No
right of Revolving Loan Agent or any of the other Revolving Loan Secured Parties to enforce any provision of this Agreement
or any of the Revolving Loan Documents shall at any time in any way be prejudiced or impaired by any act or failure to act on
the part of any Grantor or by any act or failure to act by Revolving Loan Agent or any other Revolving Loan Secured Party, or
by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the Revolving Loan
Documents or any of the Term Loan Documents, regardless of any knowledge thereof which Revolving Loan Agent or any of the
other Revolving Loan Secured Parties may have or be otherwise charged with.

 

    	 	-47-	 

     

    

 

(b)          No right
of Term Loan Agent or any of the other Term Loan Secured Parties to enforce any provision of this Agreement or any of the Term
Loan Documents shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or
by any act or failure to act by Term Loan Agent or any other Term Loan Secured Party, or by any noncompliance by any Person with
the terms, provisions and covenants of this Agreement, any of the Term Loan Documents or any of the Revolving Loan Documents, regardless
of any knowledge thereof which Term Loan Agent or any of the other Term Loan Secured Parties may have or be otherwise charged with.

 

(c)          Term Loan
Agent agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise
assert or otherwise claim the benefit of, any marshaling, appraisal, valuation or other similar right that may otherwise be available
under applicable law with respect to the Revolving Loan Priority Collateral or Canadian Collateral or any other similar rights
a junior creditor (whether secured or unsecured) may have under applicable law.

 

(d)          Revolving
Loan Agent agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead
or otherwise assert or otherwise claim the benefit of, any marshaling, appraisal, valuation or other similar right that may otherwise
be available under applicable law with respect to the Term Loan Priority Collateral or any other similar rights a junior creditor
(whether secured or unsecured) may have under applicable law.

 

10.4.       Amendments
to Revolving Loan Documents.

 

The Revolving
Loan Documents may be amended, supplemented or otherwise modified in accordance with their terms and the Revolving Loan Agreement
may be refinanced, in each case, without notice to, or the consent of the Term Loan Agent or the other Term Loan Secured Parties,
all without affecting the Lien subordination or other provisions set forth in this Agreement (even if any right of subrogation
or other right or remedy of Term Loan Agent or any other Term Loan Secured Party is affected, impaired or extinguished thereby);
provided, that:

 

(a)          in the
case of a refinancing of the Revolving Loan Debt, the Revolving Loan Agent on behalf of the Revolving Loan Secured Parties binds
itself in a writing addressed to the Term Loan Agent to the terms of this Agreement, and

 

(b)          without
the prior written consent of the Term Loan Agent, any such amendment, supplement, modification or refinancing shall not:

 

(i)           increase
the aggregate combined amount of unused commitments, outstanding loans, and outstanding letters of credit included in the Revolving
Loan Debt to an amount greater than the Revolving Loan Maximum Amount;

 

(ii)          increase
the “Applicable Margin”, any interest rate floors or similar components of the interest rate by more than three percent
(3.00%) per annum in the aggregate (excluding increases resulting from the accrual of interest at the default rate or fluctuations
in the underlying reference rates) or increase the amount, or frequency of payment, of any recurring fees provided for in the Revolving
Loan Agreement;

 

    	 	-48-	 

     

    

 

(iii)         shorten
the scheduled maturity of the Revolving Loan Debt or any refinancing thereof unless imposed as a result of a default;

 

(iv)         modify
(or have the effect of a modification of) the terms of payment, including the mandatory prepayment provisions of the Revolving
Loan Agreement in a manner that increases the amount or frequency of any of such payments, or requires additional mandatory prepayments
or limits the rights of Grantors with respect thereto;

 

(v)          contravene the
terms of this Agreement;

 

(vi)        amend
or modify any provision of the Revolving Loan Documents to prohibit any U.S. Grantor from making any payment of principal, interest,
fees, cost and expense reimbursements or indemnities with respect to the Term Loan Debt;

 

(vii)        impose
any restriction or limitation on the U.S. Grantors’ ability to effect any amendment, supplement, modification or Refinancing
of the Term Loan Documents or Term Loan Debt that is more restrictive than any such restriction or limitation set forth in Section
10.5(b) below;

 

(viii)       increase the
aggregate Canadian Loan Limit (as defined in the Revolving Loan Agreement) to an amount in excess of $15,000,000; or

 

(ix)         modify
(or have the effect of a modification of) the terms of Section 7.24 of the Revolving Loan Agreement in a manner adverse to the
interests of the Term Loan Secured Parties.

 

10.5.       Amendments
to Term Loan Documents.

 

The Term Loan
Documents may be amended, supplemented or otherwise modified in accordance with their terms and the Term Loan Agreement may be
refinanced, in each case, without notice to, or the consent of the Revolving Loan Agent, all without affecting the Lien subordination
or other provisions set forth in this Agreement (even if any right of subrogation or other right or remedy of Revolving Loan Agent
or any other Revolving Loan Secured Party is affected, impaired or extinguished thereby); provided, that,

 

(a)          in the
case of a refinancing of the Term Loan Debt, the Term Loan Agent on behalf of the Term Loan Secured Parties binds itself in a writing
addressed to the Revolving Loan Agent to the terms of this Agreement, and

 

(b)          without
the prior written consent of the Revolving Loan Agent, any such amendment, supplement, modification or refinancing shall not:

 

(i)           increase
the aggregate combined amount of unused commitments and outstanding loans included in the Term Loan Debt to an amount greater than
the Term Loan Maximum Amount;

 

(ii)          increase
the “Applicable Margin”, any interest rate floors or similar components of the interest rate by more than three
percent (3.00%) per annum in the aggregate (excluding increases resulting from the accrual of interest at the default rate or
changes in the underlying rate) or increase the amount, or frequency of payment, of any recurring fees provided for in the
Term Loan Agreement;

 

    	 	-49-	 

     

    

 

(iii)         shorten
the scheduled maturity of the Term Loan Agreement to a date prior to the scheduled maturity date of the Revolving Loan Agreement
or any refinancing thereof;

 

(iv)         modify
(or have the effect of a modification of) the terms of payment, including the regularly scheduled payments of principal or mandatory
prepayment provisions of the Term Loan Agreement in a manner that increases the amount or frequency of any of such payments, or
requires additional mandatory prepayments or limits the rights of Grantors with respect thereto;

 

(v)          contravene the
terms of this Agreement;

 

(vi)         amend
or modify any provision of the Term Loan Documents to prohibit any Grantor from making any payment of principal, interest, fees,
cost and expense reimbursements or indemnities with respect to the Revolving Loan Debt;

 

(vii)        modify
the definition of “Excess Cash Flow” or any related definitions used in the calculation thereof or Section 2.1(g)(3)
of the Term Loan Agreement, in each case, in any manner adverse to the Revolving Loan Secured Parties; or

 

(viii)       impose
any restriction or limitation on the Grantors’ ability to effect any amendment, supplement, modification or Refinancing of
the Revolving Loan Documents or Revolving Loan Debt that is more restrictive than any such restriction or limitation set forth
in Section 10.4(b).

 

Section 11.        Miscellaneous

 

11.1.       Conflicts.

 

In the event
of any conflict between the provisions of this Agreement and the provisions of the Revolving Loan Documents or the Term Loan Documents,
the provisions of this Agreement shall govern.

 

11.2.       Continuing
Nature of this Agreement; Severability.

 

This Agreement
shall continue to be effective until the first to occur of the Discharge of Revolving Loan Debt and the Discharge of Term Loan
Debt. This is a continuing agreement of lien subordination and the Secured Parties may continue, at any time and without notice
to the other Secured Parties, to extend credit and other financial accommodations and lend monies to or for the benefit of any
Grantor constituting Revolving Loan Debt and/or any U.S, Grantor constituting Term Loan Debt (as applicable) in reliance hereof.
Each of Term Loan Agent, for itself and on behalf of the Term Loan Secured Parties, and Revolving Loan Agent, for itself and on
behalf of the Revolving Loan Secured Parties, hereby waives any right it may have under applicable law to revoke this Agreement
or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect,
in any Insolvency Proceeding. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not
invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

    	 	-50-	 

     

    

 

11.3.       Refinancing.

 

(a)          Refinancing
Permitted. As an agreement among the Secured Parties only and without prejudice to any rights of the Secured Parties under
the Revolving Loan Documents and Term Loan Documents, as applicable, the Revolving Loan Debt and/or Term Loan Debt may be refinanced
in their entirety if (a) the terms and provisions of any such refinancing debt are such that, if they were instead implemented
as amendments to the existing debt being refinanced rather than as a refinancing of such existing debt, such terms and conditions
could be effected without the consent of the Agent to the existing debt not being refinanced in connection with such transaction,
in accordance with the provisions of Section 10.4 or Section 10.5, as applicable, and (b) the holders of such indebtedness,
or a duly authorized agent on their behalf, agree in writing to be bound by the terms of this Agreement. Revolving Loan Agent,
for itself and on behalf of the Revolving Loan Secured Parties, and Term Loan Agent, for itself and on behalf of the Term Loan
Secured Parties, agree, in connection with any refinancing of the Revolving Loan Debt and/or the Term Loan Debt permitted by this
Section 11.3(a), promptly to enter into such documents and agreements (including amendments or supplements to this Agreement)
as Grantors may reasonably request to reflect such refinancing; provided, that, the rights and powers of the Secured Parties
contemplated hereby shall not be affected thereby.

 

(b)          Effect of Refinancing.

 

(i)           If substantially
contemporaneously with the Discharge of Revolving Loan Priority Debt, the Revolving Loan Borrowers refinance indebtedness outstanding
under the Revolving Loan Documents in accordance with the provisions of Section 11.3(a), then after written notice to Term
Loan Agent, (i) the indebtedness and other obligations arising pursuant to such refinancing of the then outstanding indebtedness
under the Revolving Loan Documents shall automatically be treated as Revolving Loan Debt for all purposes of this Agreement, including
for purposes of the Lien priorities and rights in respect of Collateral set forth herein, (ii) the credit agreement and the other
loan documents evidencing such new indebtedness shall automatically be treated as the Revolving Loan Agreement and the Revolving
Loan Documents for all purposes of this Agreement and (iii) the agent under the new Revolving Loan Agreement shall be deemed to
be Revolving Loan Agent for all purposes of this Agreement. Upon receipt of notice of such refinancing (including the identity
of the new Revolving Loan Agent), Term Loan Agent shall promptly enter into such documents and agreements (including amendments
or supplements to this Agreement) as the Revolving Loan Borrowers or the new Revolving Loan Agent may reasonably request in order
to provide to the new Revolving Loan Agent the rights of Revolving Loan Agent contemplated hereby.

 

(ii)          If
substantially contemporaneously with the Discharge of Term Loan Priority Debt, the Term Loan Borrowers refinance indebtedness
outstanding under the Term Loan Documents in accordance with the provisions of Section 11.3(a), then after written
notice to Revolving Loan Agent, (i) the indebtedness and other obligations arising pursuant to such refinancing of the then
outstanding indebtedness under the Term Loan Documents shall automatically be treated as Term Loan Debt for all purposes of
this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, (ii) the
credit agreement and the other loan documents evidencing such new indebtedness shall automatically be treated as the Term
Loan Agreement and the Term Loan Documents for all purposes of this Agreement and (iii) the agent under the new Term Loan
Agreement shall be deemed to be Term Loan Agent for all purposes of this Agreement. Upon receipt of notice of such
refinancing (including the identity of the new Term Loan Agent), Term Loan Agent shall promptly enter into such documents and
agreements (including amendments or supplements to this Agreement) as the Term Loan Borrowers or the new Term Loan Agent may
reasonably request in order to provide to the new Term Loan Agent the rights of Term Loan Agent contemplated hereby.

 

    	 	-51-	 

     

    

 

11.4.       Amendments;
Waivers.

 

No amendment
or modification of any of the provisions of this Agreement by Term Loan Agent or Revolving Loan Agent shall be deemed to be made
unless the same shall be in writing signed on behalf of both of the Term Loan Agent and the Revolving Loan Agent (as directed by
the applicable Secured Parties pursuant to the applicable Term Loan Documents or Revolving Loan Documents, as the case may be).
No waiver of any of the provisions of this Agreement shall be deemed to be made unless the same shall be in writing signed by the
party making the same or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance
involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such
party in any other respect or at any other time. The Grantors shall not have any right to consent to or approve any amendment,
modification or waiver of any provision of this Agreement except to the extent their rights or obligations are directly adversely
affected.

 

11.5.       Subrogation.

 

(a)          Term Loan
Agent, for itself and on behalf of the Term Loan Secured Parties, hereby waives any rights of subrogation it may acquire as a result
of any payment hereunder until the Discharge of Revolving Loan Priority Debt has occurred.

 

(b)          Revolving
Loan Agent, for itself and on behalf of the Revolving Loan Secured Parties, hereby waives any rights of subrogation it may acquire
as a result of any payment hereunder until the Discharge of Term Loan Priority Debt has occurred.

 

11.6.       Consent to
Jurisdiction; Waivers.

 

The parties hereto
consent to the jurisdiction of any state or federal court located in the Borough of Manhattan, New York City, New York, and consent
that all service of process may be made by registered mail directed to such party as provided in Section 11.7 below for
such party. Service so made shall be deemed to be completed three (3) days after the same shall be posted as aforesaid. The parties
hereto waive any objection to any action instituted hereunder based on forum non conveniens, and any objection to the venue of
any action instituted hereunder. Each of the parties hereto waives any right it may have to trial by jury in respect of any litigation
based on, or arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing, verbal or
written statement or action of any party hereto.

 

11.7.       Notices.

 

All notices
to the Term Loan Secured Parties and the Revolving Loan Secured Parties permitted or required under this Agreement may be
sent to Term Loan Agent and Revolving Loan Agent, respectively. Unless otherwise specifically provided herein, any notice or
other communication herein required or permitted to be given shall be in writing and may be personally served, electronically
mailed or sent by courier service, facsimile transmission or U.S. mail and shall be deemed to have been given when delivered
in person or by courier service, upon receipt of a facsimile transmission or electronic mail or four (4) Business Days after
deposit in the U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the
addresses of the parties hereto shall be as set forth below, or, as to each party, at such other address as may be designated
by such party in a written notice to all of the other parties.

 

    	 	-52-	 

     

    

 

Revolving Loan Agent:

 

Encina Business Credit, LLC

123 N Wacker Dr. Suite 2400

Chicago, IL 60606

Attn: Thomas Sullivan

Telecopy: (312) 796-8506

 

Term Loan Agent:

 

Brightwood Loan Services LLC

810 7th
Avenue, 26th Floor

New York, NY 10019

Attn: Brightwood Finance

Telecopy: 646-537-2648

 

11.8.       Further Assurances.

 

(a)          Term Loan
Agent agrees that it shall, for itself and on behalf of the Term Loan Secured Parties, take such further action and shall execute
and deliver to Revolving Loan Agent such additional documents and instruments (in recordable form, if requested) as Revolving Loan
Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement.

 

(b)          Revolving
Loan Agent agrees that it shall, for itself and on behalf of the Revolving Loan Secured Parties, take such further action and shall
execute and deliver to Term Loan Agent such additional documents and instruments (in recordable form, if requested) as Term Loan
Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement.

 

11.9.       Governing
Law.

 

The validity,
construction and effect of this Agreement shall be governed by the internal laws of the State of New York but excluding any principles
of conflicts of law or any other rule of law that would result in the application of the law of any jurisdiction other than the
laws of the State of New York.

 

11.10.     Binding on Successors and Assigns.

 

This Agreement
shall be binding upon Revolving Loan Agent, the other Revolving Loan Secured Parties, Term Loan Agent, the other Term Loan Secured
Parties, Grantors and their respective permitted successors and assigns.

 

    	 	-53-	 

     

    

 

11.11.     Specific Performance.

 

(a)          Revolving
Loan Agent may demand specific performance of this Agreement. Term Loan Agent, for itself and on behalf of the Term Loan Secured
Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted
to bar the remedy of specific performance in any action which may be brought by Revolving Loan Agent.

 

(b)          Term Loan
Agent may demand specific performance of this Agreement. Revolving Loan Agent, for itself and on behalf of the Revolving Loan Secured
Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted
to bar the remedy of specific performance in any action which may be brought by Term Loan Agent.

 

11.12.     Section
Titles.

 

The section titles
contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of
this Agreement.

 

11.13.     Counterparts.

 

This Agreement
may be executed in one or more counterparts, each of which shall be an original and all of which shall together constitute one
and the same document. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument
delivered in connection herewith by facsimile transmission or electronic transmission (in pdf format) shall be effective as delivery
of a manually executed counterpart of this Agreement or such other document or instrument, as applicable.

 

11.14.     Authorization.

 

By its signature,
each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is
duly authorized to execute this Agreement.

 

11.15.     No Third Party Beneficiaries.

 

This Agreement
and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and their respective successors and
assigns and shall inure to the benefit of each of the holders of Revolving Loan Debt and Term Loan Debt. No other Person shall
have or be entitled to assert rights or benefits hereunder. Each Grantor hereby acknowledges and agrees that it is not an intended
beneficiary or third party beneficiary under this Agreement.

 

11.16.     Additional Grantors.

 

Companies
and Guarantors shall cause each of their Subsidiaries that becomes a Grantor to acknowledge and consent to the terms of this Agreement
by causing such Subsidiary to execute and deliver to the parties hereto a Grantor Joinder, substantially in the form of Annex
B hereto, pursuant to which such Subsidiary shall agree to be bound by the terms of the attached Acknowledgment and Agreement
to the same extent as if it had executed and delivered same as of the date hereof.

 

[Signature Pages Follow]

 

    	 	-54-	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this
Agreement as first written above.

 

	 	REVOLVING LOAN AGENT
	 	 
	 	ENCINA BUSINESS CREDIT, LLC., as
Revolving Agent
	 	 
	 	By:	/s/ Tracy Salyers
	 	 	 
	 	Name:	Tracy Salyers 
	 	 	 
	 	Title:	Authorized Signatory

 

INTERCREDITOR
AGREEMENT

SIGNATURE PAGE

 

     

     

    

 

	 	TERM LOAN AGENT
	 	 
	 	BRIGHTWOOD LOAN SERVICES LLC, as Term Loan Agent 
	 	 
	 	 
	 	By:	/s/ Phil Daniele
	 	Name:	Phil Daniele
	 	Title:	Chief Risk Officer

 

 

	 	By:	/s/ Damien Dwin
	 	Name:	Damien Dwin
	 	Title:	Managing Member

 

INTERCREDITOR
AGREEMENT

SIGNATURE PAGE

 

     

     

    

 

ACKNOWLEDGMENT AND AGREEMENT

 

Each of the
undersigned hereby acknowledges and agrees to the representations, terms and provisions of the Intercreditor Agreement between
Encina Business Credit, LLC, in its capacity as agent for the Revolving Loan Secured Parties (in such capacity, the “Revolving
Loan Agent”) and Brightwood Loan Services LLC, in its capacity as agent for the Term Loan Secured Parties (in such capacity,
 “Term Loan Agent”) (as may be amended, restated, extended, or otherwise modified from time to time, the “Intercreditor
Agreement”), of which this Acknowledgment and Agreement is a part. By its signature below, the undersigned agrees that
it will, together with its successors and assigns, be bound by the provisions hereof, that it shall not do any act or perform
any obligation which is in contravention with the agreements set forth herein and that it shall recognize all rights granted hereby
to the Secured Parties.

 

Each of the
undersigned agrees that (a) if either the Revolving Loan Agent or the Term Loan Agent holds Shared Collateral it does so as bailee
(under the UCC) for the other and is hereby authorized to and may turn over to such other Secured Party upon request therefor any
such Shared Collateral, after all obligations and indebtedness of the undersigned to the bailee Secured Party have been fully paid
and performed, or as otherwise provided in the Intercreditor Agreement, and (b) it will execute and deliver such additional documents
and take such additional action as may be necessary or desirable in the opinion of any Secured Party to effectuate the provisions
and purposes of the foregoing Intercreditor Agreement. Each of the undersigned agrees to provide to the Term Loan Agent and the
Revolving Loan Agent a copy of each Grantor Joinder hereto executed and delivered pursuant to Section 11.16 of the Intercreditor
Agreement.

 

Each of the undersigned
acknowledges and agrees that, (a) although it may sign this Acknowledgement and Agreement, it is not a party to the Intercreditor
Agreement and does not and will not receive any right, benefit, priority or interest under or because of the existence of the Intercreditor
Agreement, (b) a breach by the undersigned of any of its obligations under the Intercreditor Agreement or this Acknowledgment and
Agreement will constitute an Event of Default under the terms of each of the Revolving Loan Agreement and the Term Loan Agreement
and (c) the terms of the Intercreditor Agreement shall not give any Grantor and, nor modify any, substantive rights vis-à-vis
any Secured Party, or any obligations or liabilities owing to such Secured Party, under any instrument, document, agreement or
arrangement and (x) as between the Revolving Loan Secured Parties and the Grantors, the Revolving Loan Documents remain in full
force and effect as written and are in no way modified hereby, and (y) as between the Term Loan Secured Parties and the U.S. Grantors,
the Term Loan Documents remain in full force and effect as written and are in no way modified hereby.

 

[Signature Page Follows]

 

     

     

    

 

	 	GRANTORS:
	 	 
	 	HYDROFARM HOLDINGS LLC
	 	 
	 	By:	/s/ Peter Wardenburg
	 	Name: Peter Wardenburg
	 	Title: Manager

 

 

	 	HYDROFARM, LLC
	 	 
	 	By:	/s/ Peter Wardenburg
	 	Name: Peter Wardenburg
	 	Title: President and Chief Executive Officer

 

 

	 	EHH HOLDINGS, LLC
	 	 
	 	By:	/s/ Peter Wardenburg
	 	Name: Peter Wardenburg
	 	Title: Manager 

 

 

	 	SUNBLASTER LLC
	 	 
	 	By:	/s/ Peter Wardenburg
	 	Name: Peter Wardenburg
	 	Title: President

 

 

	 	HYDROFARM CANADA, LLC
	 	 
	 	By:	/s/ Peter Wardenburg
	 	Name: Peter Wardenburg
	 	Title: President

 

Acknowledgment and Agreement to Intercreditor Agreement

 

     

     

    

 

 

	 	EDDI’S WHOLESALE GARDEN SUPPLIES LTD.
	 	 
	 	By:	/s/ Peter Wardenburg
	 	Name: Peter Wardenburg
	 	Title: President

 

 

	 	SUNBLASTER HOLDINGS ULC
	 	 
	 	By:	/s/ Jeffrey
Peterson
	 	Name: Jeffrey
Peterson
	 	Title: Director

 

Acknowledgment and Agreement to Intercreditor Agreement

 

     

     

    

 

Annex A

to

Intercreditor Agreement

 

Revolving Loan Priority
Collateral

 

Revolving Loan
Priority Collateral consists of any and all of the following, now or hereafter owned by any U.S. Grantor: (i) “accounts”
and “payment intangibles,” other than “payment intangibles” (in each case, as defined in Article 9 of the
UCC) which constitute identifiable proceeds of Term Loan Priority Collateral; (ii) all “inventory” (as defined in Article
9 of the UCC), including inventory, merchandise, goods and other personal property that are held for sale or lease or are furnished
or are to be furnished under a contract of service, or that constitute raw materials, work in process, finished goods, returned
goods, or materials or supplies of any kind used or consumed or to be used or consumed in the processing, production, packaging,
promotion, delivery or shipping of the same, including all supplies and embedded software; (iii) proceeds and receivables arising
under policies of business interruption insurance to the extent such proceeds and receivables are payable by reason of, and to
the extent related to, the loss or damage to any “accounts”, “inventory” or other Revolving Loan Priority
Collateral; (iv) proceeds with respect to tax refunds, (v) (x) ”deposit accounts” (as defined in Article 9 of the UCC)
and “securities accounts” (as defined in Article 8 of the UCC), including all monies, “uncertificated securities,”
and “securities entitlements” (as defined in Article 8 of the UCC) contained therein (including all cash, marketable
securities and other funds held in or on deposit in either of the foregoing) and other cash and Cash Equivalents but excluding
monies, cash, Cash Equivalents, “uncertificated securities,” and “securities entitlements” that are identifiable
proceeds of Term Loan Priority Collateral, and (y) “instruments” (as defined in Article 9 of the UCC), including intercompany
notes of Grantors but excluding instruments that are identifiable proceeds of Term Loan Priority Collateral and, in each case,
for the avoidance of doubt, excluding any equity interests of any Grantor or any of its Subsidiaries; (vi) general intangibles
and documents pertaining to the other items of property included within the other clauses of this paragraph, including, without
limitation, all contingent rights with respect to warranties on accounts; (vii) “records” (as defined in Article 9
of the UCC), “supporting obligations” (as defined in Article 9 of the UCC) and related “letters of credit”
(as defined in Article 5 of the UCC), commercial tort claims or other claims and causes of action, in each case, to the extent
related to any of the other items of property included within the other clauses of this paragraph; and (viii) substitutions, replacements,
accessions, products and proceeds (including, without limitation, insurance proceeds, licenses, royalties, income, payments, claims,
damages and proceeds of suit) of any or all of the foregoing.

 

     

     

    

Annex B

to

Intercreditor Agreement

 

Form of Grantor Joinder

 

Reference is
made to that certain Intercreditor Agreement, dated as of July 11, 2019 (as amended, amended and restated, modified, supplemented,
extended, renewed, restated or replaced from time to time in accordance with the terms thereof, the “Intercreditor Agreement”),
between Encina Business Credit, LLC, in its capacity as agent for the Revolving Loan Secured Parties (in such capacity, the “Revolving
Loan Agent”) and Brightwood Loan Services LLC, in its capacity as agent for the Term Loan Secured Parties (in such capacity,
 “Term Loan Agent”). Capitalized terms used herein without definition shall have the meaning assigned thereto
in the Intercreditor Agreement.

 

This Grantor
Joinder, dated as of _________, 20__ (this “Grantor Joinder”), is being delivered pursuant to Section 11.16
of the Intercreditor Agreement.

 

The undersigned,________________,
a ______________ (the “Additional Grantor”), hereby agrees to become a party to the Acknowledgement and
Agreement attached as Annex B to the Intercreditor Agreement as a Grantor thereunder, for all purposes thereof on the terms set
forth therein, and to be bound by the terms of such Acknowledgement and Agreement as fully as if the Additional Grantor had executed
and delivered such Acknowledgement and Agreement as of the date thereof.

 

This Grantor Joinder may be executed
in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute one
contract.

 

THIS GRANTOR JOINDER SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

The provisions of Section 11
of the Intercreditor Agreement shall apply with like effect to this Grantor Joinder.

 

[Signature Pages Follow]

 

     

     

    

 

IN WITNESS WHEREOF, the Additional
Grantor has caused this Grantor Joinder to be duly executed by its authorized representative as of the day and year first above
written.

 

 

	 	[ADDITIONAL GRANTOR]
	 	 
	 	 	 
	 	 
	 	By:	            
	 	Name: 	    
	 	Title:Exhibit
10.22

 

EXECUTION
VERSION

 

FIRST
AMENDMENT TO LOAN

AND SECURITY AGREEMENT

 

This
FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Amendment"), is dated as of October 15, 2019, by
and among the lenders identified on the signature pages hereof (each of such lenders, together with its successors and permitted
assigns, is referred to hereinafter as a "Lender"), ENCINA BUSINESS CREDIT, LLC, a Delaware limited liability
company, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity,
 "Agent"), and HYDROFARM, LLC, a California limited liability company, SUNBLASTER LLC, a
Delaware limited liability company, SUNBLASTER HOLDINGS ULC, a British Columbia unlimited liability company, and EDDI'S
WHOLESALE GARDEN SUPPLIES LTD., a British Columbia company and HYDROFARM CANADA, LLC, a Delaware limited liability
company (each a "Borrower" and collectively the "Borrowers"), and HYDROFARM HOLDINGS LLC,
a Delaware limited liability company ("Holdings"), and EHH HOLDINGS, LLC a Delaware limited liability
company ("EHH") (Holdings and EHH each a "Loan Party Obligor" and collectively the "Loan Party
Obligors").

 

WITNESSETH:

 

WHEREAS,
Borrowers, Loan Party Obligors, Lenders and Agent are parties to that certain Loan and Security Agreement, dated as of July
11, 2019 ( the "Loan Agreement");

 

WHEREAS,
Borrowers and Loan Party Obligors have requested that Agent and the Lenders agree to amend the definition of Term Loan Side
Letter Agreement to reflect that such agreement has been amended since the Closing Date of the Loan Agreement, in accordance with
the terms and conditions hereof; and

 

WHEREAS,
Agent and the Lenders agree to amend the Loan Agreement, in each case, subject to the terms and conditions set forth herein;

 

NOW
THEREFORE, in consideration of the premises and the mutual covenants contained herein, and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION
1. Defined Terms. Unless otherwise defined herein, all capitalized terms used herein have the meanings assigned to
such terms in the Loan Agreement, as amended hereby.

 

SECTION 2. Amendments.

 

(a)       Upon
the First Amendment Effective Date (as defined below), the following

 

definition
set forth in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced, respectively, as follows:

 

"Term
Loan Side Letter Agreement" means the letter agreement, together with the amendment thereto attached as Exhibit A
to that certain First Amendment to Loan and Security Agreement, dated as of October 15, 2019, among Agent and the Loan Party Obligors."

 

FIRST
AMENDMENT TO 

LOAN
AND SECURITY AGREEMENT

 

     

     

    

 

EXECUTION
VERSION

 

(b)       Upon
the First Amendment Effective Date, the following definition of "First Amendment Effective Date" is hereby
added to Section 1.1 of the Loan Agreement in a manner that maintains alphabetical order:

 

'First
Amendment Effective Date' means October 15, 2019."

 

SECTION
3. Representations, Warranties and Covenants of Each of Borrower and each Loan Party Obligor. Each Borrower and Loan
Party Obligors represents and warrants to the Lenders and Agent and agrees that:

 

(a)            
the representations and warranties contained in the Loan Agreement (as amended hereby) and the other outstanding Loan Documents
are true and correct in all material respects at and as of the date hereof as though made on and as of the date hereof, except
(i) to the extent specifically made with regard to a particular date, and (ii) for such changes that are a result of any act or
omission specifically permitted under the Loan Agreement (or under any Loan Document), or as otherwise specifically permitted
by the Lenders;

 

(b)           
on the First Amendment Effective Date, after giving effect to this Amendment, no Default or Event of Default will have
occurred and be continuing;

 

(c)            
the execution, delivery and performance of this Amendment have been duly authorized by all necessary action on the part
of, and duly executed and delivered by each of Borrower and each Loan Party Obligor, and this Amendment is a legal, valid and
binding obligation of each of Borrower and each Loan Party Obligor, enforceable against such Person in accordance with its terms,
except as the enforcement thereof may be subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium,
or similar laws affecting creditors' rights generally and general principles of equity (regardless of whether such enforcement
is sought in a proceeding in equity or at law); and

 

(d)           
the execution, delivery and performance of this Amendment do not conflict with or result in a breach by Borrower or any
Loan Party Obligor of any term of any material contract, loan agreement, indenture or other agreement or instrument to which such
Person is a party or is subject.

 

SECTION
4. Conditions Precedent to Effectiveness of Amendment. This Amendment shall become effective (the "First Amendment
Effective Date") upon satisfaction of each of the following conditions:

 

(a)            
Each of Borrower, the Loan Party Obligors, the Lenders and Agent shall have executed and delivered to the Agent this Amendment
and such other documents as the Agent may reasonably request;

 

(b)           
All legal matters incident to the transactions contemplated hereby shall be reasonably satisfactory to counsel for the
Agent.

 

FIRST
AMENDMENT TO 

LOAN
AND SECURITY AGREEMENT

 

     

     

    

 

EXECUTION
VERSION

 

SECTION
6. Costs and Expenses. Borrower hereby affirms its obligation under the Loan Agreement to reimburse the Agent for all
fees and expenses paid or incurred by the Agent in connection with the preparation, negotiation, execution and delivery of this
Amendment, including, but not limited to, the internal and external attorneys' fees and expenses of attorneys for the Agent with
respect thereto.

 

SECTION
7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUCTED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE INTERNAL CONFLICTS OF LAWS PROVISIONS THEREOF.

 

SECTION
8. Effect of Amendment; Reaffirmation of Loan Documents. (a) Nothing contained in this Amendment in any manner or respect
limits or terminates any of the provisions of the Loan Agreement or the other outstanding Loan Documents other than as expressly
set forth herein. The Loan Agreement (as amended hereby) and each of the other outstanding Loan Documents remain and continue
in full force and effect and are hereby ratified and reaffirmed in all respects. Borrower and the Loan Party Obligors hereby further
ratify and reaffirm the validity and enforceability of all of the Liens heretofore granted, pursuant to and in connection with
the Loan Agreement or any other Loan Document to the Agent on behalf and for the benefit of the Lenders, as collateral security
for the Obligations under the Loan Documents, in accordance with their respective terms, and acknowledges that all of such Liens,
and all collateral heretofore pledged as security for such Obligations, continues to be and remain collateral for such obligations
from and after the date hereof. Upon the effectiveness of this Amendment, each reference in the Loan Agreement to "this Agreement",
 "hereunder", "hereof', "herein" or words of similar import shall mean and be a reference to the Loan
Agreement as amended hereby.

 

(b)              
Execution of this Amendment by the Lenders and Agent (i) shall not constitute a waiver of any Default or Event of Default
that may currently exist or hereafter arise under the Loan Agreement, (ii) shall not impair, modify, restrict or limit any right,
power, privilege or remedy of the Lenders or Agent with respect to any Default or Event of Default that may now exist or hereafter
arise under the Loan Agreement or any of the other Loan Documents, and (iii) shall not constitute any custom, course of dealing
or other basis for altering any obligation of Borrower or any Loan Party Obligor or any right, power, privilege or remedy of the
Lenders and Agent under the Loan Agreement or any of the other Loan Documents.

 

(c)              
The amendments, consents, modifications and other agreements set forth herein are limited to the specifics hereof, shall
not apply with respect to any facts or occurrences other than those on which the same are based, shall neither excuse any future
non- compliance with the Loan Agreement or any other Loan Document, nor operate as a waiver of any Default or Event of Default.

 

(d)              
This Amendment is a Loan Document.

 

(d)              
To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or
conditions of the Loan Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified
or amended accordingly to reflect the terms and conditions of the Loan Agreement and the Loan Documents as modified or amended
hereby.

 

FIRST
AMENDMENT TO 

LOAN
AND SECURITY AGREEMENT

 

     

     

    

 

EXECUTION
VERSION

 

SECTION
9. Headings. Section headings in this Amendment are included herein for convenience of any reference only and shall
not constitute a part of this Amendment for any other purposes.

 

SECTION
10. Release. EACH OF BORROWER AND THE LOAN PARTY OBLIGORS HEREBY ACKNOWLEDGES THAT AS OF THE DATE HEREOF IT HAS
NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE
OR ELIMINATE ALL OR ANY PART OF THEIR LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND
OR NATURE FROM LENDERS, AGENT, OR THEIR RESPECTIVE AFFILIATES, PARTICIPANTS OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, AGENTS,
MANAGERS, MEMBERS, EMPLOYEES OR ATTORNEYS. EACH OF BORROWER AND THE LOAN PARTY OBLIGORS HEREBY VOLUNTARILY AND KNOWINGLY RELEASES
AND FOREVER DISCHARGES LENDERS, AGENT, THEIR RESPECTIVE AFFILIATES AND PARTICIPANTS, AND THEIR PREDECESSORS, AGENTS, MANAGERS,
MEMBERS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION,
DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED,
FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS
EXECUTED, WHICH PARENT OR BORROWER MAY NOW OR HEREAFTER HAVE AGAINST LENDERS, AGENT, OR THEIR RESPECTIVE PREDECESSORS, AGENTS,
MANAGERS, MEMBERS, OFFICERS, DIRECTORS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS
ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM THE LIABILITIES, THE EXERCISE OF
ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.
EACH OF BORROWER AND THE LOAN PARTY OBLIGORS HEREBY COVENANTS AND AGREES NEVER TO INSTITUTE ANY ACTION OR SUIT AT LAW OR IN EQUITY,
NOR INSTITUTE, PROSECUTE, OR IN ANY WAY AID IN THE INSTITUTION OR PROSECUTION OF ANY CLAIM, ACTION OR CAUSE OF ACTION, RIGHTS
TO RECOVER DEBTS OR DEMANDS OF ANY NATURE AGAINST LENDERS, AGENT, THEIR RESPECTIVE AFFILIATES AND PARTICIPANTS, OR THEIR RESPECTIVE
SUCCESSORS, AGENTS, MANAGERS, MEMBERS, ATTORNEYS, OFFICERS, DIRECTORS, EMPLOYEES, AND PERSONAL AND LEGAL REPRESENTATIVES ARISING
ON OR BEFORE THE DATE HEREOF OUT OF OR RELATED TO LENDERS' OR AGENT'S ACTIONS, OMISSIONS, STATEMENTS, REQUESTS OR DEMANDS IN ADMINISTERING,
ENFORCING, MONITORING, COLLECTING OR ATTEMPTING TO COLLECT THE OBLIGATIONS OF BORROWER OR ANY LOAN PARTY OBLIGOR TO LENDERS AND
AGENT, WHICH OBLIGATIONS ARE EVIDENCED BY THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS.

 

FIRST
AMENDMENT TO 

LOAN
AND SECURITY AGREEMENT

 

     

     

    

 

EXECUTION
VERSION

 

SECTION
11. Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision
shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

 

SECTION
12. Entire Agreement.  This Amendment, and terms and provisions hereof, the Credit Agreement and the other Loan Documents
constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersedes
any and all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or
implied, oral or written and is the final expression and agreement of the parties hereto with respect to the subject matter hereof

 

SECTION
13. Execution in Counterparts. This Amendment may be executed in counterparts, each of which when so executed and delivered
shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.

 

[Remainder
of page intentionally left blank with signature pages immediately to follow]

 

FIRST
AMENDMENT TO 

LOAN
AND SECURITY AGREEMENT

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as of the date first above written.

 

	LENDER:	ENCINA BUSINESS CREDIT SPV,
    LLC, a
	 	Delaware limited liability company
	 	 
	 	By:	/s/
    Tracy Salyers
	 	Name:	Tracy Salyers
	 	Title:	Authorized Signatory

  

	AGENT:	ENCINA BUSINESS CREDIT, LLC,
	 	a Delaware limited liability
    company
	 	 
	 	By:	/s/
    Tracy Salyers
	 	Name:  	Tracy Salyers
	 	Title:	Authorized Signatory

  

[Signature
Pages Continue]

  

SIGNATURE
PAGE TO 

NINTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

     

     

    

 

Borrowers:

 

	HYDROFARM, LLC	 
	 	 
	By:	/s/
    Peter Wardenburg	 
	Name: Peter Wardenburg	 
	Its: President	 

 

	SUNBLASTER, LLC	 
	 	 
	By:	/s/
    Peter Wardenburg	 
	Name: Peter Wardenburg	 
	Its: President	 

 

 

	SUNBLASTER HOLDINGS, LLC	 
	 	 
	By:	/s/
    Jeffrey Peterson	 
	Name: Jeffrey Peterson	 
	Its: Director	 

 

	EDDI’S WHOLESALE GARDEN
    SUPPLIES LTD.	 
	 	 
	By:	/s/
    Peter Wardenburg	 
	Name: Peter Wardenburg	 
	Its: President	 

 

	HYDROFARM CANADA, LLC	 
	 	 
	By:	/s/
    Peter Wardenburg	 
	Name: Peter Wardenburg	 
	Its: President	 

 

SIGNATURE
PAGE TO 

FIRST AMENDMENT
TO LOAN AND SECURITY AGREEMENT

  

     

     

    

 

Loan Party Obligors:

 

	EHH HOLDINGS, LLC	 
	 	 
	By:	/s/
    Peter Wardenburg	 
	Name: Peter Wardenburg	 
	Its: Manager	 

 

	HYDROFARM HOLDINGS, LLC	 
	 	 
	By:	/s/
    Peter Wardenburg	 
	Name: Peter Wardenburg	 
	Its: Manager	 

 

     

     

    

 

 

EXHIBIT
A

 

     

     

    

 

EXECUTION
VERSION

 

HYDROFARM
HOLDINGS GROUP, INC.

HYDROFARM INVESTMENT CORP.

HYDROFARM HOLDINGS LLC

 

October
15, 2019

 

Brightwood
Loan Services LLC, as

Administrative
Agent

810
Seventh Avenue, 26th Floor

New
York, NY 10019

 

Re:
     Amendment to Side Letter Agreement dated March 15, 2019

 

Ladies
and Gentlemen:

 

Reference
is hereby made to that certain Side Letter Agreement, dated as of March 15, 2019 (the "Side Letter"), by
and among Hydrofarm Holdings Group, Inc., a Delaware corporation ("HHG") and Hydrofarm Investment Corp.,
a Delaware corporation ("HIC" and together with HHG and any other Person that becomes a party thereto
as provided therein, the "Grantors"), Hydrofarm Holdings LLC, a Delaware limited liability company ("Holdings"),
Hydrofarm, LLC, a California limited liability company ("Hydrofarm"), EHH Holdings, LLC ("EMI"),
a Delaware limited liability company, SunBlaster, LLC, a Delaware limited liability company ("SunBlaster",
and together with Hydrofarm and EHH, collectively, the "Borrowers"), and Brightwood Loan Services
LLC, in its capacity as Administrative Agent for the Lenders. Capitalized terms used but not otherwise defined herein shall have
the respective meanings ascribed thereto in the Side Letter (or as incorporated by reference therein).

 

Pursuant
to Section 5(e) of the Side Letter, any modification, amendment, supplement or waiver of any provision of the Side Letter shall
be effective only if it is in writing and signed by the parties the Side Letter. The parties hereto constitute all of the parties
to the Side Letter.

 

HHG,
HIC, Holdings, the Borrowers and the Administrative Agent are entering into this letter agreement (this "Amendment')
in order to amend and modify certain provisions of the Side Letter.

 

In
order to induce the Administrative Agent and the Lenders to enter into Amendment No. 6 to the Credit Agreement, dated as of the
date hereof, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:

 

1.       Amendments.
Effective as of the date of this Amendment, Section 2 of the Side Letter is hereby

 

amended
to insert a new clause (d) in the appropriate alphabetical location therein to read in its entirety as follows:

 

(d)
New Stock Offering.

 

		(i)	Notwithstanding
                                         the foregoing provisions of this Section 2, HHG shall consummate an issuance and
                                         sale (the "New Issuance") of convertible preferred Equity Interests
                                         or other equity securities as agreed between HHG and Credit Suisse (or, to the extent
                                         that Credit Suisse shall cease to be the placement agent in respect of the New Issuance,
                                         any subsequently appointed placement agent) (the "New HHG Equity Interests")
                                         on or prior to December 31, 2019 (the "New Issuance Outside Date").
                                         The terms of the New HHG Equity Interests shall provide that:

  

     

     

    

 

		(A)	HHG
                                         shall not make any declaration or payment of a distribution or dividend on, or any payment
                                         on account of, any of the New HHG Equity Interests (or any other Equity Interest into
                                         which such New HHG Equity Interests are convertible) prior to the repayment in full of
                                         all of the outstanding Obligations (as defined in the Credit Agreement); and
	 	 	 

		(B)	HHG
                                         shall not purchase, redeem or acquire, or otherwise retire for value, any of the New
                                         HHG Equity Interests (or any other Equity Interest into which such New HHG Equity Interests
                                         are convertible) unless (x) the aggregate purchase, redemption or acquisition price in
                                         respect thereof is funded in full with the net cash proceeds of a concurrent issuance
                                         of additional Equity Interests of HHG, or (y) within one business day following such
                                         purchase, redemption or acquisition, HHG receives a cash capital contribution from the
                                         existing holders of Equity Interests of HHG in an aggregate amount equal to at least
                                         the aggregate purchase, redemption or acquisition price in respect of such purchase,
                                         redemption or acquisition.
	 	 	 

		(ii)	Until
                                         such time as HHG shall have received at least $30,000,000 in Gross Cash Proceeds from
                                         one or more closings of the New Issuance, HHG shall cause Credit Suisse (or, to the extent
                                         that Credit Suisse shall cease to be the placement agent in respect of the New Issuance,
                                         any subsequently appointed placement agent) to hold and participate in weekly conference
                                         calls or in-person meetings with the Administrative Agent and the Lenders during which
                                         (x) Credit Suisse (or such subsequently appointed placement agent) shall provide the
                                         Administrative Agent and the Lenders with a reasonably detailed update of the marketing
                                         process with respect to the New Issuance, and (y) the Administrative Agent and the Lenders
                                         shall be permitted to ask questions of, and to obtain any requested information from,
                                         Credit Suisse (or such subsequently appointed placement agent) with respect to the marketing
                                         process with respect to the New Issuance.
	 	 	 

		(iii)	The
                                         parties hereto agree that any New Issuance consummated on or prior to the New Issuance
                                         Outside Date shall not constitute an HHG Equity Issuance under Section 2(b) of
                                         this Side Letter and rather shall be governed by the provisions of this Section 2(d).
	 	 	 

		(iv)	In
                                         the event that HHG consummates any New Issuance in accordance with this Section 4(d),
                                         then, on the date that HHG receives the cash proceeds from such New Issuance:
	 	 	 

(A)
HHG shall make a direct and indirect common cash contribution to Holdings in an amount (the "Contribution Amount')
equal to the sum of:

 

		(x)	with
                                         respect to any Net Cash Proceeds received by HHG from one or more closings of the New
                                         Issuance in an amount up to $35,000,000, the product of (1) 30%, times (2) the aggregate
                                         amount of such Net Cash Proceeds; plus
	 	 	 

		(y)	with
                                         respect to the portion of any Net Cash Proceeds received by HHG from one or more closings
                                         of the New Issuance between $35,000,000 and $45,000,000 (the amount of such excess, the
                                         "First Tier Excess Net Cash Proceeds"), the product of (1) 40%,
                                         times (2) the aggregate amount of such First Tier Excess Net Cash Proceeds; plus

 

     

     

    

 

		(z)	with
                                         respect to the portion of any Net Cash Proceeds received by HHG from one or more closings
                                         of the New Issuance that exceeds $45,000,000 (the amount of such excess, the "Second
                                         Tier Excess Net Cash Proceeds"), the product of (1) 45%, times (2) the aggregate
                                         amount of such Second Tier Excess Net Cash Proceeds;

 

		(B)	Holdings
                                         shall apply 100% of the proceeds of the common cash contribution of the Contribution
                                         Amount referred to in clause (A) above to make a common cash contribution to the
                                         Borrower Agent in an amount equal to the Contribution Amount; and
	 	 	 

		(C)	Borrower
                                         Agent shall apply 100% of the proceeds of the common cash contribution of the Contribution
                                         Amount referred to in clause (B) above to make a voluntary prepayment of the Term
                                         Loans in an amount equal to the Contribution Amount pursuant to Section 2.1(g)(1) of
                                         the Credit Agreement.

 

		(v)	For
                                         the purposes hereof:

 

		(A)	the
                                         term "Gross Cash Proceeds" shall mean the aggregate gross cash
                                         proceeds received by HHG from one or more closings of the New Issuance; and
	 	 	 

		(B)	the
                                         term "Net Cash Proceeds" shall mean the aggregate gross cash
                                         proceeds (net of any fees or expenses payable in connection with such New Issuance) received
                                         by HHG from one or more closings of the New Issuance.

 

		(vi)	In
                                         the event that (x) HHG does not receive at least $30,000,000 in Gross Cash Proceeds from
                                         one or more closings of the New Issuance on or prior to the New Issuance Outside Date,
                                         and (y) HHG does not receive, on or prior to January 15, 2020, a cash capital contribution
                                         from the existing holders of Equity Interests of HHG in an aggregate amount that, when
                                         added to the Gross Cash Proceeds received by HHG from the New Issuance on or prior to
                                         the New Issuance Outside Date, equals at least $30,000,000, then:

 

		(A)	HHG
                                         shall, on or prior to January 15, 2020, engage a national recognized investment back
                                         acceptable to the Lenders (the "Investment Bank") to explore
                                         strategic alternatives for HHG and its subsidiaries, including a refinancing of the outstanding
                                         indebtedness of HHG and its subsidiaries (including the Borrowers), the sale of HHG and
                                         its subsidiaries (including the Borrowers) to financial or strategic buyers, and other
                                         potential liquidity options; and
	 	 	 

		(B)	HHG
                                         shall cause the Investment Bank to present to HHG, the Administrative Agent and the Lenders,
                                         on or prior to February 15, 2020, its findings and recommendations with respect to potential
                                         strategic alternative for HHG and its subsidiaries (which potential strategic alternatives
                                         must include proposals related to a refinancing of all outstanding indebtedness of HHG
                                         and its subsidiaries (including the Borrowers) in which the Term Loans are repaid in
                                         full in cash).

 

		(vii)	HHG
                                         represents that it has delivered to the Administrative Agent true and correct copies
                                         of (i) that certain Convertible Unsecured Subordinated Promissory Note, dated as of September
                                         30, 2019, issued by HHG to Aegis Special Situations Fund LLC —Series Agritech I
                                         in a principal amount of $2,789,327.50 (the "First Aegis Note") and
                                         (ii) that certain Convertible Unsecured Subordinated Promissory Note, dated as of September
                                         30, 2019, issued by HHG to Aegis Special Situations QP Fund LLC —Series Agritech
                                         I in a principal amount of $3,083,187.50 (the "Second Aegis Note", and
                                         together with the First Aegis Note, collectively, the "Aegis Notes"),
                                         which Aegis Notes may convert into New HHG Equity Interests in accordance with
                                         the terms thereof. The parties hereto agree that:

 

     

     

    

 

		(A)	the
                                         issuance by HHG of the Aegis Notes shall not constitute a HHG Equity Issuance for purposes
                                         of Section 2(b) of this Agreement and, accordingly, the 10% Payment Amount in
                                         respect thereof shall not be required to be applied to make a voluntary prepayment of
                                         the Term Loans under Section 2(b); and
	 	 	 

		(B)	in
                                         the event that the Aegis Notes shall, on any date, convert into New HHG Equity Interests,
                                         (x) the issuance of New HHG Equity Issuances upon such conversion shall, for the purposes
                                         of this Section 2(d), be deemed to constitute a portion of the New Issuance and
                                         (y) the aggregate principal amount of the Aegis Notes that shall be converted into New
                                         HHG Equity Interests shall, for the purposes of this Section 2(d), be deemed to
                                         be Gross Cash Proceeds received by HHG from the New Issuance on the date of such conversion.

 

2.
Miscellaneous.

 

(a)   
Effect of Amendment. Except as expressly set forth herein, no other amendments, consents, changes or modifications to the
Side Letter are intended or implied, and in all other respects the Side Letter is hereby specifically ratified, restated and confirmed
by all parties hereto as of the date hereof. This Amendment shall not operate as a waiver of any obligation of HHG, HIC, Holdings,
or any Borrower under, or any right, power, or remedy of the Administrative Agent or the Lenders under, the Side Letter. The Side
Letter and this Amendment shall be read and construed as one agreement.

 

(b)   
Headings. Descriptive headings are for convenience only and shall not control or affect the meaning or construction of
any provision of this Amendment.

 

(c)   
Counterparts. This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the
same agreement. Facsimile or electronic signatures hereto shall be deemed to have the same force and effect as original signatures.

 

(d)   
Benefits of Agreement. All of the terms and provisions of this Amendment shall be binding and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

 

(e)   
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without
regard to the principles of conflicts of laws of such state.

 

(f)    
Representations and Warranties. Each of the Grantors, Holdings and the Borrowers hereby represents and warrants to the
Administrative Agent as follows, which representations and warranties shall survive the execution and delivery hereof:

 

(i)       Each
such Person is a limited liability company, corporation or other organization, as the case may be, validly organized and existing
and in good standing under the laws of the jurisdiction of its organization, and has full power and authority to enter into and
to perform its obligations under this Amendment;

 

     

     

    

 

(ii)              
this Amendment has been duly authorized, executed and delivered by all necessary action on the part of each such Person and, if
necessary, their respective members or stockholders, as the case may be, and is in full force and effect as of the date hereof
and the agreements and obligations of each such Person contained herein constitute legal, valid and binding obligations of each
such Person enforceable against each such Person in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, fraudulent transfer or conveyance, moratorium, or other similar laws relating to the enforcement of creditors'
rights generally and by general equitable principles; and

 

(iii)            
neither the execution, delivery and performance of this Amendment, nor the consummation of any of the transactions contemplated
hereby, (x) are in contravention of any applicable law or any indenture, agreement or undertaking to which any such Person is
a party or by which any such Person or its property is bound, or (y) violates any provision of the certificate of incorporation,
certificate of formation, by-laws, operating agreement or other governing documents of any such Person.

 

[Signature
Page Follows]

 

     

     

    

 

Please
indicate your agreement with the terms and conditions of this Side Letter by signature of your authorized officer in the space
indicated below.

 

	 	Very
    truly yours,
	 	 
		HYDROFARM
    HOLDINGS GROUP, LLC
	 	 
	 	By:	 
	 	Name:	Jeffrey
    Peterson
	 	Title:
    Chief Financial Officer

 

		HYDROFARM
    INVESTMENT CORP.
	 	 
	 	By:	/s/
    Michael Serruya
	 	Name:	Michael
    Serruya
	 	Title:
    President

 

		HYDROFARM
    HOLDINGS LLC
	 	 
	 	By:	 
	 	Name:	Peter
    Wardenburg
	 	Title:
    Manager

 

 

		HYDROFARM,
    LLC
	 	 
	 	By:	 
	 	Name:	Peter
    Wardenburg
	 	Title:
    Manager

 

		EHH
    HOLDINGS, LLC
	 	 
	 	By:	 
	 	Name:	Peter
    Wardenburg
	 	Title:
    Manager

 

		SUNBLASTER,
    LLC
	 	 
	 	By:	 
	 	Name:	Peter
    Wardenburg
	 	Title:
    President

  

     

     

    

 

Acknowledged
and accepted:

 

BRIGHTWOOD
LOAN SERVICES LLC,

as
Administrative Agent

 

	By:	/s/
    Sengal Selassie	 
	Name:  	Sengal
    Selassie	 
	Title: 	Authorized Person	 

 

	By:	/s/
    Philip Deniele	 
	Name:  	Philip
    Deniele	 
	Title:	 Chief Risk Officer	 

 

     

     

    

 

 

EXECUTION
VERSION

 

HYDROFARM
HOLDINGS GROUP, INC.

HYDROFARM INVESTMENT CORP.

HYDROFARM HOLDINGS LLC

 

March 15,
2019

 

Brightwood Loan Services LLC,
as

Administrative Agent

810 Seventh Avenue, 26th Floor

New York, NY 10019

 

Re: Side Letter Agreement
in Connection with Amendment No. 4 to Credit Agreement

 

Ladies and Gentlemen:

 

This
Side Letter Agreement, dated as of March 15, 2019 (this "Agreement'), is made by Hydrofarm Holdings Group,
Inc., a Delaware corporation ("HHG") and Hydrofarm Investment Corp., a Delaware corporation ("HIC"
and together with HHG and any other Person that becomes a party hereto as provided herein, the "Grantors"),
Hydrofarm Holdings LLC, a Delaware limited liability company ("Holdings"), Hydrofarm, LLC, a California
limited liability company ("Hydrofarm"), EHH Holdings, LLC ("EHH"), a Delaware
limited liability company, and SunBlaster, LLC, a Delaware limited liability company ("SunBlaster", and
together with Hydrofarm and EHH, collectively, the "Borrowers"), in favor of Administrative Agent and
the Lenders (as defined below).

 

WHEREAS,
Holdings, the Borrowers, the lenders party to the Credit Agreement referred to below (collectively, the "Lenders"
and each individually a "Lender"), and Brightwood Loan Services LLC, in its capacity as Administrative
Agent for the Lenders (the "Administrative Agent') are each a party to that certain Credit Agreement dated
as of May 12, 2017 (as amended, modified or supplemented, the "Credit Agreement') pursuant to which the Lenders
have made and provided loans and other financial accommodations to the Borrowers from time to time.

 

WHEREAS,
Holdings and the Borrowers have requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth
in that certain Amendment No. 4 to Credit Agreement of even date herewith ("Amendment No. 4").

 

WHEREAS,
Holdings and the Borrowers are wholly owned subsidiaries of the Grantors and Amendment No. 4 will enable Holdings and the Borrowers
to continue to operate their business, and the Grantors will derive substantial benefit from the continued operation of that business.

 

WHEREAS,
it is a condition precedent to Amendment No. 4 that the Grantors, Holdings and the Borrowers shall have executed and delivered
this Agreement in favor of the Administrative Agent for the ratable benefit of all Lenders.

 

     

     

    

 

NOW
THEREFORE, in consideration of the premises set forth above and to induce the Administrative Agent and the Lenders to enter into
Amendment No. 4, each Grantor, Holdings and each Borrower hereby agrees with Agent, for the ratable benefit of the Lenders, as
follows:

 

		1.	Option.
                                         Grantors hereby grant to the Administrative Agent, for the benefit of the Lenders,
                                         the option ("Option") to require that HIC and any other Acquiring
                                         Entity enter into a GSA (as defined below) on the terms described herein with respect
                                         to any Future Acquisition. The Grantors shall not consummate, and shall not permit any
                                         of their respective Subsidiaries (including any Acquiring Entity) to consummate, a Future
                                         Acquisition unless, no later than ten (10) Business Days prior to the date that a Future
                                         Acquisition is to be consummated, the Grantors provide a written notice (a "Future
                                         Acquisition Notice") to the Administrative Agent that a Future Acquisition
                                         is occurring, which Future Acquisition Notice will be accompanied by a summary of such
                                         Future Acquisition. The Grantors will provide any additional information regarding the
                                         Future Acquisition as reasonably requested by the Administrative Agent. If the Administrative
                                         Agent elects to exercise the Option by delivering written notice of such exercise to
                                         the Grantors or the Borrower Agent at any time, the Grantors will cause the Acquiring
                                         Entity and, in the case of the first Future Acquisition occurring after the date hereof,
                                         HIC (to the extent HIC is not the Acquiring Entity) to promptly enter into a guaranty
                                         and security agreement (the "GSA") pursuant to which the Acquiring
                                         Entity and, in the case of the first Future Acquisition occurring after the date hereof,
                                         HIC (to the extent HIC is not the Acquiring Entity) guarantees the Obligations of Holdings
                                         and the Borrowers under the Credit Agreement and the other Loan Documents and grants
                                         a pledge of all of the Equity Interests of the Acquired Entity and, in the event that
                                         Acquiring Entity is not HIC, the Equity Interests of the Acquiring Entity to secure such
                                         guaranty on the terms described below:

 

		(a)	The
                                         Acquiring Entity and, in the case of the first Future Acquisition occurring after the
                                         date hereof, HIC (to the extent HIC is not the Acquiring Entity) shall guaranty the payment
                                         and performance of the Obligations under the Credit Agreement and the other Loan Documents;

 

		(b)	Except
                                         as otherwise described in this Section 1, the GSA shall contain terms and conditions
                                         substantially consistent with the terms and conditions of the Guaranty in the form attached
                                         as Exhibit B to the Credit Agreement;

 

		(c)	The
                                         Acquiring Entity and HIC, as applicable, shall make representations and warranties limited
                                         to existence and good standing, due authorization, no conflict with organizational documents,
                                         applicable law and material contracts, enforceability, governmental authorizations, grant
                                         and perfection of security interests, ownership of pledged Equity Interests, sanctions
                                         and prohibited persons (including representations related to the Trading with the Enemy
                                         Act, the Patriot Act, foreign assets control regulations and other federal or state laws
                                         relating to "know your customer" and anti-money laundering rules and regulations
                                         substantially similar to the representations set forth in Sections 4.27 and 4.28 of the
                                         Credit Agreement), but will not include representations with respect to the Acquired
                                         Entity (other than with respect to the pledged Equity Interests and customary representations
                                         related to the Trading with the Enemy Act, the Patriot Act, foreign assets control regulations
                                         and other federal or state laws relating to "know your customer" and anti-money
                                         laundering rules and regulations substantially similar to the representations set forth
                                         in Sections 4.27 and 4.28 of the Credit Agreement);

 

		(d)	Covenants
                                         will be limited to certain notice provisions and further assurances with respect to the
                                         collateral granted in the GSA and the following with respect to the Acquired Entity:
                                         (i) neither the Acquired Entity nor any of its Subsidiaries will be permitted to incur
                                         any Indebtedness or Liens to the extent that the Loan To Value Ratio as of the date of
                                         the incurrence of such Indebtedness or Liens (after giving effect to such incurrence)
                                         exceeds 50%; provided, that, neither the Acquired Entity nor any of its Subsidiaries
                                         will be permitted to incur any Indebtedness or Liens at any time after the 180th
                                         day following the closing date of the applicable Future Acquisition in respect
                                         of such Acquired Entity unless, in addition to satisfying the 50% Loan To Value Ratio
                                         required set forth above, HIC or the Acquiring Entity, as applicable, shall, prior to
                                         the incurrence of such Indebtedness or Liens, have obtained and delivered to the Administrative
                                         Agent a Subsequent Valuation Report with respect to such Acquired Entity dated no earlier
                                         than one year prior to the date of such incurrence, (ii) with respect to any Future Acquisition,
                                         (x) on or prior to the 180th day following the consummation of such Future
                                         Acquisition, the Grantors shall obtain and deliver to the Administrative Agent a Subsequent
                                         Valuation Report with respect to the applicable Acquired Entity, and (y) following the
                                         delivery of the initial Subsequent Valuation Report with respect to the applicable Acquired
                                         Entity pursuant to clause (x) above, on or prior to the first anniversary of the most
                                         recently delivered Subsequent Valuation Report with respect to the applicable Acquired
                                         Entity, the Grantors shall obtain and deliver to the Administrative Agent a new updated
                                         Subsequent Valuation Report with respect to the applicable Acquired Entity, (iii) none
                                         of the Acquiring Entity, the Acquired Entity, HIC or their respective Subsidiaries will
                                         be permitted to sell all or substantially all of the Equity Interests or assets of the
                                         of the Acquired Entity without the consent of Administrative Agent, which shall not be
                                         unreasonably withheld, conditioned or delayed, and (iv) the Acquiring Entity will provide
                                         customary quarterly and annual financial information with respect to the Acquiring Entity
                                         and its Subsidiaries to Administrative Agent, and such other information as reasonably
                                         requested by the Administrative Agent;

 

		(d)	No
                                         Acquiring Entity shall be permitted to incur any Indebtedness or Liens other than its
                                         guaranty of the Obligations under the Credit Agreement, and the grant of Liens in respect
                                         of such Obligations, contemplated by this Section 1;

 

		(e)	Defaults
                                         to be limited to the breach of the GSA, non-payment, insolvency of Grantors or any Acquiring
                                         Entity and change of control (to be defined in a customary manner, with references to
                                         the ownership of HHG to be consistent with the definition of Change of Control in Amendment
                                         No. 4); and

 

		(f)	Further
                                         assurances providing that upon the request of the Administrative Agent, the Acquiring
                                         Entity and, in the event that Acquiring Entity is not HIC, HIC will execute a standard
                                         pledge agreement (containing terms generally consistent with the applicable provisions
                                         of the Security Agreement) to evidence the pledge of the Equity Interests of the Acquired
                                         Entity and, in the event that Acquiring Entity is not HIC, the Equity Interests of the
                                         Acquiring Entity and will deliver such documentation as is necessary to evidence such
                                         pledge; provided, that if the Acquired Entity is a controlled foreign corporation, in
                                         the event that the pledge of 100% of the Equity Interests of such Acquired Entity would
                                         result in material adverse tax consequences to the Grantors, the parties will determine
                                         in good faith whether the pledge should be limited to a pledge of 65% of the equity interests.

 

     

     

    

 

		 	For
                                         the avoidance of doubt, the Grantors shall not consummate, and shall not permit any of
                                         their respective Subsidiaries (including any Acquiring Entity) to consummate, a Future
                                         Acquisition unless (i) the Grantors shall have timely delivered a Future Acquisition
                                         Notice to the Administrative Agent in accordance with the first paragraph of this Section
                                         1, (ii) in the event that the Administrative Agent shall have duly exercised the Option
                                         in respect of such Future Acquisition within ten (10) Business Days following its receipt
                                         of the applicable Future Acquisition Notice, the Acquiring Entity and, as applicable,
                                         HIC shall have executed and delivered a GSA and any other required documentation in accordance
                                         with this Section 1 prior to, or contemporaneously with, the consummation of such Future
                                         Acquisition, and (iii) the Grantors shall have delivered to the Administrative Agent,
                                         prior to the consummation of such Future Acquisition, copies of the valuation materials
                                         utilized by the Grantors in connection with its valuation of the Acquired Entity in connection
                                         with such Future Acquisition. In addition, (x) HHG shall not be permitted to directly
                                         consummate any Future Acquisition or otherwise directly make or acquire any Investment
                                         in any Person (other than HIC or a newly created Acquiring Entity), and (y) for the avoidance
                                         of doubt, in order for HHG to directly or indirectly consummate a Future Acquisition,
                                         such Future Acquisition must be made indirectly by HHG through HIC or an Acquiring Entity.
                                         In addition, the Grantors shall not directly or indirectly make or acquire any Investment
                                         in any Person in any transaction that does not constitute a Future Acquisition hereunder.

 

		2.	HHG
                                         and HIC Agreements. Each of HHG and HIC hereby agrees as follows:

 

		 	(a)   
                                         Event Distribution. HHG and HIC shall not be permitted to make any dividend,
                                         distribution, payment or other Restricted Payment to the direct or indirect holders of
                                         any of the Equity Interests or Equity Interest Equivalents of HHG or any of their respective
                                         Affiliates (each, an "Event Distribution") from the proceeds
                                         of (i) any dividends, distributions or other Restricted Payments received by HHG or HIC,
                                         directly or indirectly, from any Acquired Entity or any of its Subsidiaries, (ii) any
                                         sale, transfer or other disposition of any of its direct or indirect Equity Interests
                                         or Equity Interest Equivalents in any Acquired Entity or any of its Subsidiaries or (iii)
                                         any other similar liquidity event with respect to (including any change of control of)
                                         any Acquired Entity or any of its Subsidiaries (any amounts or proceeds received by HHG
                                         or HIC from any of the events, transactions or matters described in clauses (i), (ii)
                                         or (iii) are herein referred to as "Event Proceeds") if
                                         at the time of receipt of such Event Proceeds or the time of the making of such Event
                                         Distribution, the Total Net Leverage Ratio (as defined in the Credit Agreement) is greater
                                         than 4.0:1.0; provided, however, that in such circumstance, HHG or HIC shall be
                                         permitted to make an Event Distribution if simultaneously with such Event Distribution,
                                         and as a condition precedent to the making of such Event Distribution, (x) HHG or HIC,
                                         as applicable, makes a direct and indirect common cash contribution to Holdings in an
                                         amount equal to the Event Distribution, (y) Holdings applies the proceeds of the contribution
                                         referred to in clause (x) to make a common cash contribution to the Borrower Agent
                                         in an amount equal to the Event Distribution, and (z) the Borrower Agent applies the
                                         proceeds of the contribution referred to in clause (y) to make a voluntary prepayment
                                         of the Term Loans in an amount equal to the Event Distribution pursuant to Section 2.1(g)(1)
                                         of the Credit Agreement.

 

		 	(b)   
                                         HHG Equity Issuance. In the event that HHG receives the proceeds of any
                                         direct or indirect sale or issuance of any Equity Interests or Equity Interests Equivalents
                                         of HHG or of any contribution to the capital of HHG (a "HHG Equity Issuance"),
                                         (x) HHG shall use its reasonable best efforts to utilize at least 10% of the
                                         net proceeds of such HHG Equity Issuance (the "10% Payment Amount') to
                                         make a direct and indirect common cash contribution to Holdings in an amount equal to
                                         at least the 10% Payment Amount (and HHG shall use its reasonable best efforts to (i)
                                         cause the applicable underwriters (if any) in respect of such HHG Equity Issuance to
                                         agree to permit the contribution of the 10% Payment Amount and the use of the proceeds
                                         thereof contemplated below (which agreement shall not be unreasonably withheld by such
                                         underwriters), (ii) cause the applicable underwriters (if any) in respect of such HHG
                                         Equity Issuance to include the payment of the 10% Payment Amount as a use of proceeds
                                         from such HHG Equity Issuance in any prospectus or other marketing materials in respect
                                         of such HHG Equity Issuance and to solicit potential investors on such basis, and (iii)
                                         cause the investors in such HHG Equity Issuance to permit the contribution of the 10%
                                         Payment Amount and the use of the proceeds thereof contemplated below (it being acknowledged
                                         that such underwriters and future investors may not agree to this use of proceeds and
                                         if, after the use of reasonable best efforts by HHG to obtain the agreement of such underwriters
                                         and investors, such underwriters and investors refuse to permit the contribution of the
                                         10% Payment Amount and the use of the proceeds thereof contemplated below, the failure
                                         to pay the 10% Payment Amount shall not prohibit any HHG Equity Issuance; provided, that,
                                         in the event that such underwriters refuse to permit the contribution of the 10% Payment
                                         or to market the HHG Equity Issuance on such basis, HHG shall be deemed to have not complied
                                         with the provisions of this Section 2(b) unless HHG shall have solicited in good faith
                                         at least three nationally recognized underwriters that shall have been approved by the
                                         Administrative Agent via email on or prior to the date hereof in an attempt to engage
                                         an underwriter that shall agree to market the HHG Equity Issuance on such basis)), (y)
                                         if the 10% Payment Amount is made, Holdings shall apply the proceeds of the contribution
                                         referred to in clause (x) to make a common cash contribution to the Borrower Agent
                                         in an amount equal to at least the 10% Payment Amount, and (z) if the 10% Payment amount
                                         is made, the Borrower Agent shall apply the proceeds of the contribution referred to
                                         in clause (y) to make a voluntary prepayment of the Term Loans in an amount equal
                                         to at least the 10% Payment Amount pursuant to Section 2.1(g)(1) of the Credit Agreement.
                                         In connection with HHG's engagement of a potential underwriter with respect to a HHG
                                         Equity Issuance, HHG shall promptly deliver to the Lenders any relevant proposals, presentations
                                         or pitch materials provided to HHG by potential underwriters in connection with such
                                         engagement process.

  

		 	(c)   
                                         IPO. In the event that HHG, HIC, any of their respective Subsidiaries or any of their
                                         respective parent entities shall consummate, or shall otherwise receive the proceeds
                                         from, any IPO, HHG and HIC shall use their reasonable best efforts, and shall cause the
                                         Borrowers to use their reasonable best efforts, to refinance and repay all of the outstanding
                                         Obligations of Holdings and the Borrowers under the Credit Agreement and the other Loan
                                         Documents within 135 days following the consummation of such IPO; provided, that, HHG
                                         and HIC shall be deemed to have not complied with the provisions of this Section 2(b)
                                         unless HHG shall have solicited in good faith at least three nationally recognized investment
                                         banks or similar lead arrangers approved by the Lenders in an attempt to engage a lead
                                         arranger to market and arrange such refinancing. In connection with HHG's engagement
                                         of an investment bank or similar lead arranger with respect to a refinancing contemplated
                                         by this clause (c), HHG and HIC shall promptly deliver to the Lenders any relevant proposals,
                                         presentations or pitch materials provided to HHG and/or HIC by potential lead arrangers
                                         in connection with such engagement process.

 

		3.	Limitations.
                                         For the avoidance of doubt, this Agreement does not contemplate or serve to (a) restrict
                                         HHG, HIC or the Acquired Entity from making any Future Acquisitions as they deem necessary
                                         or desirable in their sole discretion subject to the Option and the other provisions
                                         of Section 1, or (b) except to the extent contemplated by Section 1 with respect to HIC
                                         and the Acquiring Entity, obligate HHG, HIC, the Acquiring Entity or the Acquired Entity
                                         to become, whether now or hereafter, a Loan Party under the Credit Agreement.

     

     

    

 

		4.	Breach
                                         or Rescission under the GSA. The Grantors, Holdings and the Borrowers acknowledge
                                         that (i) any breach or violation of this Agreement shall be an Event of Default under
                                         the Credit Agreement, and (ii) if any GSA or other agreement is executed in accordance
                                         with the terms of Section 1, the breach or rescission of the same shall be an Event of
                                         Default under the Credit Agreement.

 

		5.	Miscellaneous.

 

		(a)	Headings.
                                         Descriptive headings are for convenience only and shall not control or affect the
                                         meaning or construction of any provision of this Agreement.

 

(a)   
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Facsimile or electronic signatures hereto shall be deemed to have the same force and effect as original
signatures.

 

(b)   
Benefits of Agreement. All of the terms and provisions of this Agreement shall be binding and inure to the benefit
of the parties hereto and their respective successors and permitted assigns.

 

(c)   
Capitalized Terms and Definitions. Capitalized terms used but not otherwise defined herein shall have the respective
meanings ascribed thereto in the Credit Agreement. In addition, the following terms when used in this Agreement shall, except
where the context otherwise requires, have the following meanings:

 

(i)
"Acquired Entity" means any Person the Equity Interests or assets of which are acquired by an Acquiring Entity
in a Future Acquisition.

 

(ii)
"Acquiring Entity" means, with respect to any Future Acquisition, either (a) HIC in the event that HIC is
directly effecting such Future Acquisition, or (b) any Subsidiary of a Grantor formed for the purposes of effecting such Future
Acquisition.

 

(iii)
"Future Acquisition" means (whether by purchase, exchange, issuance of Equity Interests or Equity Interests
Equivalents, merger, reorganization, joint venture or otherwise) a transaction or series of transactions resulting, directly or
indirectly, in (a) the acquisition by any Grantor or any entity formed by any Grantor of all or a substantial portion of a business,
unit, division or substantially all assets of a Person, (b) the record or beneficial ownership by any Grantor or any entity formed
by any Grantor of 50% or more of the Equity Interests of a Person, or otherwise causing any Person to become a Subsidiary of any
Grantor or any entity formed by any Grantor, (c) the merger, amalgamation, consolidation or combination of any Grantor or any
entity formed by any Grantor with another Person, or (d) any other business combination or business acquisition by any Grantor
or any entity formed by any Grantor of or with any Person to effect any transaction similar to the transactions referred to in
clauses (a), (b) or (c) above.

 

(iv)
"IPO" means (a) any initial public offering of any Equity Interests of any of HHG, HIC, any of their respective
Subsidiaries or any of their respective parent entities or (b) any other event that results in the listing, quoting or trading
of any Equity Interests of any of HHG, HIC, any of their respective Subsidiaries or any of their respective parent entities on
any national securities exchange or trading system (including, without limitation, the Toronto Stock Exchange or TSX Venture Exchange).

 

     

     

    

 

(v)
"Loan to Value Ratio" means, with respect to any Acquired Entity as of any date of determination, the ratio
(expressed as a percentage) of (a) the Total Debt Amount with respect to such Acquired Entity as of such date, to (b) the Total
Value with respect to such Acquired Entity as of such date.

 

(vi)
"Subsequent Valuation" means, with respect to any Subsequent Valuation Report in respect of any Acquired
Entity, the fair market value of the Equity Interests of the applicable Acquired Entity held by the Acquiring Entity as of the
date of such Subsequent Valuation Report as set in such Subsequent Valuation Report.

 

(vii)
"Subsequent Valuation Report' means, with respect to any Acquired Entity as of any date of determination, the
most recent appraisal from a nationally recognized independent valuation firm reasonably acceptable to the Administrative Agent
setting forth the fair market value of the Equity Interests of the applicable Acquired Entity held by the Acquiring Entity that
shall have been delivered by the Grantors to the Administrative Agent pursuant to Section 1.

 

(viii)
"Total Debt Amount" means, with respect to any Acquired Entity as of any date of determination, the aggregate
outstanding principal amount of all Indebtedness of such Acquired Entity and its Subsidiaries as of such date after giving effect
to any Indebtedness incurred by such Acquired Entity or any of its Subsidiaries on such date (assuming, for such purposes, that
the entire amount of all available revolving Indebtedness or other committed =drawn Indebtedness of such Acquired Entity and its
Subsidiaries were drawn and outstanding on such date in full).

 

(ix)
"Total Equity Value" means, with respect to any Acquired Entity, as of any date of determination, (x) with
respect to any date on or prior to the 180th day following the closing date of the applicable Future Acquisition in
respect of such Acquired Entity, an amount equal to (a) the total consideration paid by the Acquiring Entity to the sellers in
the applicable Future Acquisition in respect of such Acquired Entity on the closing date of such Future Acquisition, minus (b)
the total amount of Indebtedness incurred or assumed by such Acquired Entity or any of its Subsidiaries in connection with such
Future Acquisition, and (y) with respect to any date after the 180th day following the closing date of the applicable
Future Acquisition in respect of such Acquired Entity but on or prior to the first anniversary of the date of such Subsequent
Valuation Report, the Subsequent Valuation with respect to the Acquired Entity set forth in the most recent Subsequent Valuation
Report delivered to the Administrative Agent with respect to such Acquired Entity.

 

(x)
"Total Value" means, with respect to any Acquired Entity as of any date of determination, the sum of (x)
the Total Debt Amount with respect to such Acquired Entity as of such date, plus (y) the Total Equity Value with respect to such
Acquired Entity as of such date, minus (z) the total cash and cash equivalents on hand of such Acquired Entity and its Subsidiaries
on such date.

 

(d)
   Entire Understanding. This Agreement constitutes the entire understanding of the parties with respect to the
subject matter hereof, and any other prior or contemporaneous agreements, whether written or oral, with respect hereto are expressly
superseded hereby.

 

     

     

    

 

(e)   
Amendments and Waivers. No modification, amendment, supplement or waiver of any provision of, or consent required
by, this Agreement, nor any consent to any departure from the terms hereof, shall be effective unless it is in writing and signed
by the parties hereto. Such modification, amendment, supplement, waiver or consent shall be effective only in the specific instance
and for the purpose for which given.

 

(f)    
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York without regard to the principles of conflicts of laws of such state.

 

(g)   
Representations and Warranties. Each of the Grantors, Holdings and the Borrowers hereby represents and warrants
to the Administrative Agent as follows, which representations and warranties shall survive the execution and delivery hereof:

 

(i)     
Each such Person is a limited liability company, corporation or other organization, as the case may be, validly organized
and existing and in good standing under the laws of the jurisdiction of its organization, and has full power and authority to
enter into and to perform its obligations under this Agreement;

 

(i)                 
this Agreement has been duly authorized, executed and delivered by all necessary action on the part of each such Person
and, if necessary, their respective members or stockholders, as the case may be, and is in full force and effect as of the date
hereof and the agreements and obligations of each such Person contained herein constitute legal, valid and binding obligations
of each such Person enforceable against each such Person in accordance with its terms, except as such enforceability may be limited
by bankruptcy, insolvency, fraudulent transfer or conveyance, moratorium, or other similar laws relating to the enforcement of
creditors' rights generally and by general equitable principles; and

 

(ii)               
neither the execution, delivery and performance of this Agreement, nor the consummation of any of the transactions contemplated
hereby, (x) are in contravention of any applicable law or any indenture, agreement or undertaking to which any such Person is
a party or by which any such Person or its property is bound, or (y) violates any provision of the certificate of incorporation,
certificate of formation, by-laws, operating agreement or other governing documents of any such Person.

 

(h)   
Specific Performance. Each of the Grantors, Holdings and the Borrowers agree that irreparable damage would occur
in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the Administrative Agent shall be entitled to seek an injunction or injunctions, or any
other appropriate form of specific performance or equitable relief, to prevent breaches of this Agreement and otherwise to enforce
specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which the Administrative
Agent or the Lenders are entitled at law or in equity or pursuant to the Credit Agreement or other Loan Documents. Each of the
Grantors, Holdings and the Borrowers agrees that it will not oppose the granting of an injunction, specific performance and other
equitable relief on the basis that any other party has an adequate remedy at law or that any award of specific performance is
not an appropriate remedy for any reason at law or in equity. In the event that the Administrative Agent seeks an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, the
Administrative Agent shall not be required to provide any bond or other security in connection with any such order or injunction.

 

[Signature
Page Follows]

 

     

     

    

 

Please indicate
your agreement with the terms and conditions of this Side Letter by signature of your authorized officer in the space indicated
below.

 

	 	Very
    truly yours,
	 	 
	 	HYDROFARM
    HOLDINGS GROUP, INC.
	 	 
	 	By:	  /s/
    Jeffrey Peterson
	 	Name:
     Jeffrey Peterson
	 	Title: Chief
    Financial Officer
	 	 
	 	HYDROFARM
    INVESTMENT CORP.
	 	 
	 	By:	 /s/
    Michael Serruya
	 	Name:
     Michael Serruya
	 	Title:
     President
	 	 
	 	HYDROFARM
    HOLDINGS LLC
	 	 
	 	By:	 /s/
    Peter Wardenburg
	 	Name:
     Peter Wardenburg
	 	Title: Manager
	 	 
	 	HYDROFARM,
    LLC
	 	 
	 	By:	 /s/
    Peter Wardenburg
	 	Name: Peter
    Wardenburg
	 	Title:
     President
	 	 
	 	EHH
    HOLDINGS, LLC
	 	 
	 	By:	 /s/
    Peter Wardenburg
	 	Name: Peter
    Wardenburg
	 	Title:
     Manager
	 	  
	 	SUNBLASTER,
    LLC
	 	 
	 	By:	 /s/
    Peter Wardenburg
	 	Name: Peter
    Wardenburg
	 	Title:
     President
	 	 

Brightwood
Side Letter Agreement

  

     

     

    

 

Acknowledged and accepted:

 

BRIGHTWOOD LOAN SERVICES LLC,

as Administrative Agent

 

	By:	 /s/
    Phil Daniele	 

Name: Phil Daniele

Title:  Chief Risk Officer

 

	By:	 /s/
    Sengal Selassie	 

Name:  Sengal Selassie

Title:  Managing Member

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