Document:

Exhibit 10.24

    

     

    

    INTERCREDITOR AGREEMENT

    

    

    INTERCREDITOR AGREEMENT dated as of [______], 2020 (this “Intercreditor Agreement” as hereinafter further defined), among PNC Bank,
      National Association, in its capacity as administrative and collateral agent for the First Lien Secured Parties (in such capacity, “First Lien Agent” as hereinafter further defined), and
      Wilmington Savings Fund Society, FSB, in its capacities as indenture trustee and collateral agent for the Second Lien Secured Parties (in such capacities, “Second Lien Agent” as hereinafter
      further defined).

    

    

    W I T N E S S E T H:

     

    WHEREAS, Borrowers (as hereinafter defined) and First Lien Guarantors (as hereinafter defined) have entered into a secured revolving credit facility with First Lien Agent and the lenders for whom it
      is acting as agent as set forth in the First Lien Loan Agreement (as hereinafter defined) pursuant to which such lenders have made and from time to time may make loans and provide other financial accommodations to Borrowers which are guaranteed by
      First Lien Guarantors and secured by substantially all of the assets of Borrowers and First Lien Guarantors;

     

    WHEREAS, the Company, as issuer, and Second Lien Guarantors have entered into (i) the Indenture (as hereinafter defined) with Second Lien Agent pursuant to which the Company

      has issued notes that are guaranteed by Second Lien Guarantors and (ii) a Second Lien Security Agreement (as hereinafter defined) pursuant to which the notes and obligations under the Indenture are secured by substantially all of the assets of the
      Company and Second Lien Guarantors; and

     

    WHEREAS, First Lien Agent, First Lien Secured Parties, and Second Lien Secured Parties desire and the Second Lien Agent is directed by the other Second Lien Secured Parties to enter into this
      Intercreditor Agreement to (i) confirm the relative priority of the security interests of First Lien Agent and Second Lien Agent in the assets and properties of Borrowers and Guarantors, (ii) provide for the orderly sharing among them, in accordance
      with such priorities, of proceeds of such assets and properties upon any foreclosure thereon or other disposition thereof and (iii) address 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 Intercreditor Agreement, the following terms have the meanings specified below:

     

    
      
        

    

    
    “Agents” shall mean, collectively, First Lien Agent and Second Lien Agent, sometimes being referred to herein individually as an “Agent”.

     

    “Asset Sale” shall mean the sale, assignment, transfer, license, lease (as lessor), exchange, or other disposition (including any sale and leaseback transaction) of any property by any person
      (or the granting of any option or other right to do any of the foregoing).

     

    “Bank Product Agreement” shall mean any agreement for any service or facility extended to any Grantor or any of its subsidiaries by a First Lien Secured Party including:  (a) credit cards, (b)
      debit cards, (c) purchase cards, (d) credit card, debit card and purchase card processing services, (e) treasury, cash management or related services (including the Automated Clearing House processing of electronic funds transfers through the direct
      Federal Reserve Fedline system) and the Large Value Transfer System operated by the Canadian Payments Association for the processing of electronic funds), (f) cash management, including controlled disbursement, accounts or services, (g) return items,
      netting, overdraft and interstate depositary network services, (h) Hedging Agreements, or (i) any other Cash Management Products and Services (as defined in the First Lien Loan Agreement).

     

    “Bank Product Obligations” shall mean and include all obligations, liabilities, contingent reimbursement obligations, fees, and expenses owing by any Grantor or any of its subsidiaries to a
      First Lien Secured Party pursuant to or evidenced by the Bank Product Agreements and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and
      including all such amounts that any Grantor or any of its subsidiaries is obligated to reimburse to a First Lien Secured Party as a result of such Person purchasing participations or executing indemnities or reimbursement obligations with respect to
      the products provided to any Grantor or any of its subsidiaries pursuant to the Bank Product Agreements.

     

    “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 (a) Bankruptcy Code, (b) the BIA, (c) the CCAA, (d) the Winding-up and Restructuring Act (Canada), and (e) any similar Federal, state, provincial or foreign law
      for the relief of debtors.

     

    “BIA” shall mean the Bankruptcy and Insolvency Act (Canada), as now and hereafter in effect, and any successor statute.

     

    “Borrowers” shall mean collectively, the “Borrowers” as defined in the First Lien Loan Agreement as in effect on the date hereof, together with any other Person that may be joined thereto as a
      Borrower in accordance with the terms of the First Lien Loan Agreement; sometimes being referred to herein individually as a “Borrower”.

     

    “Business Day” shall mean any day other than a Saturday, a Sunday or a day that is a legal holiday under the laws of the State of New York or on which banking institutions in the State of New
      York or East Brunswick, New Jersey are required or authorized by law or other governmental action to close.

     

    
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    “CCAA” shall mean the Companies’ Creditors Arrangement Act (Canada), as now and hereafter in effect, and any successor statute.

     

    “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 First Lien
      Secured Party or Second Lien Secured Party at any time has a Lien, and including, without limitation, all proceeds of such property and interests in property.

     

    “Company” means A. M. Castle & Co., a corporation organized under the laws of the State of Maryland.

     

    “DIP Financing” shall have the meaning set forth in Section 7.2(a) hereof.

     

    “Discharge of First Lien Debt” shall mean (a) the termination of the commitments of the First Lien Lenders and the financing arrangements provided by First Lien Agent and the other First Lien
      Lenders to Grantors under the First Lien Documents, (b) except to the extent otherwise provided in Sections 7.1 and 7.2 hereof, the payment in full in cash of the First Lien Debt (other than the First Lien Debt described in clause (c) of this
      definition) and (c) payment in full in cash of cash collateral, or at First Lien Agent’s option, the delivery to First Lien Agent of a letter of credit payable to First Lien Agent, in either case as required under the terms of the First Lien Loan
      Agreement, in respect of (i) letters of credit issued under the First Lien Documents (but in no event more than 105% of the aggregate undrawn face amount thereof), (ii) Bank Product Obligations, (iii) continuing obligations of First Lien Agent and
      First Lien Lenders under control agreements and (iv) any contingent indemnification obligations of any Grantor pursuant to the indemnification provisions in the First Lien Debt Documents for which any First Lien Secured Parties may be entitled to
      indemnification related to any claim that has been asserted or threatened (in writing) or any demand for payment that has been made at such time.  If after receipt of any payment of, or proceeds of Collateral applied to the payment of, the First Lien
      Debt, First Lien Agent or any other First Lien Secured Party is required to surrender or return such payment or proceeds to any person pursuant to an order of a court of competent jurisdiction, then the First Lien Debt intended to be satisfied by
      such payment or proceeds shall be reinstated and continue and this Intercreditor Agreement shall continue in full force and effect as if such payment or proceeds had not been received by such First Lien Agent or other First Lien Secured Party, as the
      case may be, and no Discharge of First Lien Debt shall be deemed to have occurred.

     

    “Discharge of First Lien Debt Notice” shall have the meaning set forth in Section 10.10(b) hereof.

     

    
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    “Discharge of Second Lien Debt” shall mean (a) the termination of the financing arrangements provided by the Second Lien Holders to Grantors under the Second Lien Documents, and (b) except to
      the extent otherwise provided in Sections 7.1 and 7.2 hereof, the payment in full in cash of the Second Lien Debt.  If, after receipt of any payment of, or proceeds of Collateral applied to the payment of, the Second Lien Debt, Second Lien Agent or
      any other Second Lien Secured Party is required to surrender or return such payment or proceeds to any person pursuant to an order of a court of competent jurisdiction, then the Second Lien Debt intended to be satisfied by such payment or proceeds
      shall be reinstated and continue and this Intercreditor Agreement shall continue in full force and effect as if such payment or proceeds had not been received by such Second Lien Agent or other Second Lien Secured Party, as the case may be, and no
      Discharge of Second Lien Debt shall be deemed to have occurred.

     

    “Distribution” shall mean, with respect to any indebtedness or obligation, (a) any payment or distribution by any Grantor of cash, securities or other property, by set-off or
      otherwise, on account of such indebtedness or obligation, or (b) any redemption, purchase or other acquisition of such indebtedness or obligation by any Grantor.

     

    “Exigent Circumstance” shall have the meaning set forth in Section 8.5 hereof.

     

    “First Lien Agent” shall mean PNC Bank, National Association, a national banking association, and its successors and assigns in its capacity as administrative and collateral agent pursuant to
      the First Lien Documents acting for and on behalf of the other First Lien Secured Parties and any successor or replacement agent.

     

    “First Lien Debt” shall mean all “Obligations” as such term is defined in the First Lien Loan Agreement, including, without limitation, obligations, liabilities and indebtedness of every kind,
      nature and description owing by any Grantor to any First Lien 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 First Lien Documents, whether now existing or hereafter arising, whether arising before, during or after the initial or any renewal term of the First Lien Documents or after the commencement of any case with respect to any Grantor
      under any Bankruptcy Law or any other Insolvency or Liquidation 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,
      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.

     

    “First Lien Debt Purchase” shall have the meaning set forth in Section 8.2(a) hereof.

     

    “First Lien Documents” shall mean, collectively, the First Lien Loan Agreement and all agreements, documents and instruments at any time executed and/or delivered under any jurisdiction by any
      Grantor or any other person to, with or in favor of any First Lien Secured Party in connection therewith or related thereto, as all of the foregoing now exist or, subject to any limitations set forth in this Intercreditor Agreement, may hereafter be
      amended, modified, supplemented, extended, renewed, restated, refinanced, 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 First Lien Debt).

     

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

     

    
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    “First Lien Guarantors” shall mean, collectively, (a) the "Guarantors" as defined in the First Lien Loan Agreement, (b) any other Person that at any time after the date hereof becomes a party
      to a guarantee in favor of the First Lien Agent or the First Lien Lenders in respect of any of the First Lien Debt, and (c) their respective successors and assigns.

     

    “First Lien Lenders” shall mean, collectively, any person party to the First Lien Documents as a 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 First Lien Debt or is otherwise party to the First Lien Documents as a lender); sometimes being referred to herein individually as a “First Lien
        Lender”.

     

    “First Lien Loan Agreement” shall mean the Revolving Credit and Security Agreement, dated as of August 31, 2017, by and among Grantors, First Lien Agent and First Lien Lenders, and as the same
      now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, subject to Section 10.4 hereof.

     

    “First Lien Secured Parties” shall mean, collectively, (a) First Lien Agent, (b) the First Lien Lenders, (c) the issuing bank or banks of letters of credit or similar instruments under the
      First Lien Loan Agreement, (d) each other person to whom any of the First Lien Debt (including First Lien Debt constituting Bank Product Obligations) is owed and (e) the successors, replacements and assigns of each of the foregoing; sometimes being
      referred to herein individually as a “First Lien Secured Party”.

     

    “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants
      and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time and, as
      applicable to any Mexican Grantors, the NIFS.

     

    “Grantors” shall mean, collectively, (a) Borrowers, (b) Guarantors, (c) each Subsidiary of Borrowers or Guarantors that is organized or formed under the laws of the United States, any state,
      territory or commonwealth of the United States or the District of Columbia that shall have created or purported to create a Lien on its assets to secure any First Lien Debt or Second Lien Debt and (d) their respective successors and assigns;
      sometimes being referred to herein individually as a “Grantor”.

     

    “Guarantors” shall mean, collectively, the First Lien Guarantors and the Second Lien Guarantors; sometimes being referred to herein individually as a “Guarantor”.

     

    “Hedging Agreement” shall mean an agreement between any Grantor or any of its subsidiaries and any financial institution that is a rate swap agreement, basis swap, forward rate agreement,
      commodity swap, interest rate option, forward foreign exchange agreement, spot foreign exchange agreement, rate cap agreement rate, floor agreement, rate collar agreement, currency swap agreement, cross-currency rate swap agreement, currency option,
      any other similar agreement (including any option to enter into any of the foregoing or a master agreement for any of the foregoing together with all supplements thereto) for the purpose of protecting against fluctuations in or managing exposure with
      respect to interest or exchange rates, currency valuations or commodity prices.

     

    
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    “Hedging Obligations” shall mean, with respect to any Person, the obligations of such Person under any Hedging Agreements.

     

    “Indenture” shall mean that certain Indenture, dated as of the date hereof, by and among the Company, the Second Lien Guarantors and the Second Lien Agent, as the same now exists or may
      hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, subject to Section 10.5 hereof.

     

    “Insolvency or Liquidation 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 or bankruptcy case or proceeding, or any receivership, interim receivership, liquidation, 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, interim receiver, receiver and manager, liquidator, custodian or other insolvency official with similar powers with respect to such Grantor or any or all of its assets or
      properties, (d) any proceedings for liquidation, dissolution or other winding up of the business of such Grantor, or (e) any assignment or trust mortgage for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor.

     

    “Intercreditor Agreement” shall mean this Intercreditor Agreement, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, all in
      accordance with the terms 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), charge, 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.

     

    
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    “Lien Enforcement Action” shall mean (a) any action by any Secured Party to foreclose on or otherwise enforce the Lien of such Person in all or a material portion of the Collateral or exercise
      any right of repossession, levy, attachment, setoff or liquidation against all or a material portion of the Collateral, (b) any action by any Secured Party to take possession of, sell or otherwise realize (judicially or non-judicially) upon all or a
      material portion of the Collateral (including, without limitation, by setoff), (c) any action by any Secured Party to facilitate the possession of, sale of or realization upon all or a material portion of the Collateral including the solicitation of
      bids from third parties to conduct the liquidation of all or any material portion of the 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 Collateral, (d) the commencement by any Secured Party of any legal proceedings against or with respect to all or a material portion of the Collateral to facilitate the
      actions described in (a) through (c) above, (e) any action to seek or request relief from or modification of the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of all or a material portion of the Collateral,
      or any proceeds thereof, or (f) the pursuit of any Asset Sale of all or any material portion of the Collateral by the Grantors after the occurrence and during the continuance of a First Lien Event of Default (and prior to the Discharge of First Lien
      Debt), which Asset Sale is conducted by such Grantors with the consent of First Lien Agent in connection with good faith efforts by First Lien Agent to collect the First Lien Debt through consummation of such Asset Sale within a commercially
      reasonable time.  For the purposes hereof, (i) neither the notification of account debtors to make payments to First Lien Lenders or First Lien Agent nor the exercise of control with regards to any deposit or security account pursuant to the First
      Lien Loan Agreement during a Cash Dominion Period (as defined in the First Lien Loan Agreement) shall constitute a Lien Enforcement Action unless such action is coupled with an action to take possession of all or a material portion of the Collateral
      or the commencement of any legal proceedings or actions against or with respect to Grantors or all or a material portion of the Collateral, and (ii) a material portion of the Collateral shall mean Collateral having a value in excess of $5,000,000.

     

    “Net Proceeds” means the aggregate cash proceeds received by the Company or any of the Grantors in respect of any Asset Sale (including, without limitation, any cash received upon the sale or
      other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation
      expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts required to be applied
      to the repayment of indebtedness, other than indebtedness under the First Lien Documents, secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale price of such asset or
      assets established in accordance with GAAP.

     

    “NIFS” shall mean the financial accounting standards (Normas de Información Financiera) issued by the Mexican Board of Financial Accounting Standards (Consejo Mexicano de Normas de Información Financiera, A.C.).

     

    “Permitted Discretion” shall mean a determination made by the relevant Agent in the exercise of commercially reasonable (from the perspective of an asset-based secured lender) business
      judgment.

     

    “Permitted Second Lien Action” shall mean, with respect to the Second Lien Debt and Second Lien Documents, any of the following by Second Lien Agent:

     

    (a)          initiating, commencing or filing a petition for, or joining with any Person in initiating, commencing or filing a petition for, any Insolvency or Liquidation Proceeding;

     

    (b)          filing a claim, proof of claim or statement of interest with respect to any Second Lien Debt in connection with any Insolvency or Liquidation Proceeding;

     

    (c)          taking any action (not adverse to the priority status of the Liens securing the First Lien Debt, or the rights of First Lien Agent to exercise remedies in respect thereof) in order to
      create, perfect, preserve or protect (but not enforce) the Liens securing any Second Lien Debt;

     

    
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    (d)         filing 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 for any of the Second Lien Debt, including any claims secured by the Collateral, if any, in each case to the extent not inconsistent with the terms of this Intercreditor Agreement;

     

    (e)         filing any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors arising under any Insolvency or Liquidation Proceeding or under
      any applicable non-Bankruptcy Law, in each case not inconsistent with the terms of this Intercreditor Agreement;

     

    (f)           taking any action to the extent necessary to prevent the running of any applicable statute of limitation or similar restriction on claims, or to assert a compulsory cross-claim or
      counterclaim against any Grantor, subject to Sections 5.1 and 5.2;

     

    (g)          taking any action to seek and obtain specific performance or injunctive relief to compel a Grantor to comply with (or not violate or breach) an obligation under any of the Second Lien
      Documents, in each case not inconsistent with the terms of this Intercreditor Agreement and so long as any such exercise is not accompanied by a claim for monetary damages;

     

    (h)          voting on any proposal, plan of arrangement, compromise or reorganization, filing any proof of claim, making other filings and making any arguments and motions that are, in each case,
      not inconsistent with the terms of this Intercreditor Agreement, with respect to any Second Lien Debt;

     

    (i)          making a cash bid on all or any portion of the Collateral up to the amount of First Lien Debt then outstanding (and providing for the Discharge of First Lien Debt) and making a cash or
      credit bid for the remainder of the Second Lien Debt in any foreclosure proceeding or action, to the extent permitted by applicable law; or

     

    (j)           inspecting or appraising the Collateral or requesting information or reports concerning the Collateral pursuant to any of the Second Lien Documents.

     

    “Permitted Second Lien Payments” shall mean (a) Second Lien Interest Payments; provided that no Second Lien Interest Payments may be
      made in cash (but, for the avoidance of doubt, may be paid in kind by capitalizing such interest payment) at any time (i) that cash interest payments are due and payable to the holders of the Company’s outstanding 5.00% / 7.00% Convertible Senior
      Secured Paid-in-Kind Toggle Notes due 2022 and such cash interest payments have not been made or satisfied in full; (ii) during a Cash Dominion Period (as defined in the First Lien Loan Agreement); or (iii) that the Second Lien Interest Payment
      Conditions are not met; (b) Second Lien Other Payments, so long as before and after giving effect to such Second Lien Other Payment, the “Payment Conditions” (as defined in the First Lien Loan Agreement, as in effect on the date hereof) are
      satisfied, as evidenced by (1) a compliance certificate (in substantially the form attached as Exhibit A hereto), delivered to both the First Lien Agent and the Second Lien Agent three Business Days prior to the making of any such payment, and
      including detailed calculations with respect to the conditions set forth in clause (b) of the definition of “Payment Conditions” in the First Lien Loan Agreement and (2) a compliance certificate (in substantially the form attached as Exhibit A
      hereto), delivered to First Lien Agent on the date such payment is made, including detailed calculations with respect to the conditions set forth in clause (b) of the definition of “Payment Conditions” in the First Lien Loan Agreement; and (c) any
      Second Lien Agent Payments.

     

    
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    “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.

     

    “Pledged Collateral” shall have the meaning set forth in Section 6.1 hereof.

     

    “PPSA” shall mean the Personal Property Security Act of any province to which relevant Collateral is subject, and any other applicable federal or provincial statute (including the Civil Code
      of Quebec) pertaining to the granting, perfecting, priority or ranking of Liens or personal property, and any successor statutes, together with any regulations thereunder, in each case as in effect from time to time.

     

    “Recovery” shall have the meaning set forth in Section 7.8 hereof.

     

    “Reorganization Subordinated Securities” shall mean any debt or equity securities of any Grantor or any other Person that are distributed to any Second Lien Secured Party in respect of the
      Second Lien Debt pursuant to a confirmed plan of reorganization or adjustment that is effective after the date hereof and that (a) (i) in the case of debt securities, are subordinated in right of payment to the First Lien Debt (or any debt securities
      issued in substitution of all or any portion of the First Lien Debt) to at least the same extent as the Second Lien Debt is subordinated to the First Lien Debt and (ii) in the case of equity securities, are subordinated in right of payment to any
      equity securities issued in substitution of all or any portion of the First Lien Debt to at least the same extent as the Second Lien Debt, (b) do not have the benefit of any obligation of any Person (whether as issuer, guarantor or otherwise) unless
      the First Lien Debt has at least the same benefit of the obligation of such Person, (c) do not have any terms, and are not subject to or entitled to the benefit of any agreement or instrument that has terms, that are more burdensome to the issuer of
      or other obligor on such debt or equity securities than are the terms of the First Lien Debt, and (d) if secured by Liens on any assets of any Grantor, such Liens are subordinated to the Liens of First Lien Agent to at least the same extent as the
      Liens of Second Lien Agent on the Collateral are subordinated to the Liens of First Lien Agent on the Collateral.

     

    “Retained First Lien Obligations” shall have the meaning set forth in Section 8.2(a) hereof.

     

    
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    “Second Lien Agent” shall mean Wilmington Savings Fund Society, FSB, in its capacity as indenture trustee and collateral agent under the Second Lien Documents, and also includes any successor,
      replacement or agent acting on its behalf as Second Lien Agent for the Second Lien Secured Parties under the Second Lien Documents.

     

    “Second Lien Agent Payments” shall mean (i) except during the occurrence and continuance of a Second Lien Agent Payment Trigger Event, any payments of the fees, costs, expenses, and other
      amounts payable to the Second Lien Agent (for its own account) under the terms of the Second Lien Documents as in effect on the date hereof; and (ii) during the occurrence and continuance of a Second Lien Agent Payment Trigger Event, payments of the
      fees, costs, expenses, and other amounts payable to the Second Lien Agent (for its own account) under the terms of the Second Lien Documents as in effect on the date hereof, not to exceed $350,000 for the first year following such Second Lien Agent
      Payment Trigger Event and $250,000 for each year thereafter; provided, that if the actual amount of such fees, costs, expenses, and other amounts is less than the applicable cap for any given year, such
      unused amounts may be carried forward and used in subsequent years.

     

    “Second Lien Agent Payment Trigger Event” shall mean, with respect to a Second Lien Agent Payment, (i) a First Lien Event of Default has occurred and is continuing, (ii) after giving effect to
      such Second Lien Agent Payment, Grantors have Liquidity (as defined in the First Lien Loan Agreement) of less than $20,000,000 as of the date of such Second Lien Agent Payment, and (iii) the Second Lien Agent has received written notice from the
      First Lien Agent that a Second Lien Agent Payment Trigger Event has occurred, which notice has not been withdrawn.

     

    “Second Lien Debt” shall mean all “Obligations” as such term is defined in the Indenture, including, without limitation, obligations, liabilities and indebtedness of every kind, nature and
      description owing by any Grantor to any Second Lien 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 Second Lien Documents, whether now existing or hereafter arising, whether arising before, during or after the initial or any renewal term of the Second Lien Documents or after the commencement of any case with respect to any Grantor under any
      Bankruptcy Law or any other Insolvency or Liquidation 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, 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.

     

    “Second Lien Default Notice” shall mean a written notice delivered to Grantors and First Lien Agent by Second Lien Agent, which notice describes the applicable Second Lien Event of Default and
      states that it constitutes a “Second Lien Default Notice” for purposes of this Intercreditor Agreement.

     

    
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    “Second Lien Documents” shall mean, collectively, the Indenture, the Second Lien Security 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 Second Lien Secured Party in connection therewith or related thereto, as all of the foregoing now exist or, subject to any restrictions set forth in this Intercreditor Agreement, may hereafter
      be amended, modified, supplemented, extended, renewed, restated, refinanced, replaced or restructured (in whole or in part and including any agreements with, to or in favor of any other noteholder, lender or group of noteholders or lenders that at
      any time refinances, replaces or succeeds to all or any portion of the Second Lien Debt).

     

    “Second Lien Event of Default” shall mean any “Event of Default” under the Indenture; provided that to the extent that any cash payment on account of the Second Lien Debt is not permitted to
      be made hereunder, the Company’s failure to make any such payment in cash shall not result in a default or event of default under the Indenture or any other Second Lien Document.

     

    “Second Lien Guarantors” shall mean, collectively, (a) the “Guarantors”, as such term is defined in the Indenture, (b) any other person that at any time after the date hereof becomes a party
      to a guarantee in favor of Second Lien Agent or the Second Lien Holders in respect of any of the Second Lien Debt and (c) their respective successors and assigns.

     

    “Second Lien Holders” shall mean, collectively, the “Holders”, as defined in the Indenture (and including any other noteholder, lender or group of noteholders or lenders that at any time
      refinances, replaces or succeeds to all or any portion of the Second Lien Debt); sometimes being referred to herein individually as a “Second Lien Holder”.

     

    “Second Lien Interest Payments” shall mean regularly scheduled, non-default, quarterly interest payments paid when due and payable under the terms of the Second Lien Documents, as
      in effect on the date hereof.

     

    “Second Lien Interest Payment Conditions” means (i) no First Lien Event of Default has occurred and is continuing or would be caused as a result of making any such Second Lien Interest
      Payment, (ii) calculated on a pro forma basis after giving effect to any such payment as a Debt Payment (as defined in the First Lien Loan Agreement), the Grantors shall have a Fixed Charge Coverage Ratio (as defined in the First Lien Loan Agreement)
      of at least 1.10 to 1.00 for the twelve (12) month period most recently ended, and (iii) after giving effect to any such payment, Grantors shall have (x) Liquidity (as defined in the First Lien Loan Agreement) of not less than $20,000,000 as of the
      date of such payment and (y) average Liquidity of not less than $20,000,000 for the 10 consecutive calendar day period prior to delivery of the compliance certificate in accordance with clause (1) of this definition, and the 10 consecutive calendar
      day period prior to making such payment; in each case with respect to clauses (i)-(iii) above, (1) as evidenced by a compliance certificate (in substantially the form attached as Exhibit A hereto), delivered to both the First Lien Agent and the
      Second Lien Agent three Business Days prior to the making of any such payment, and including detailed calculations with respect to the conditions set forth in clauses (ii) and (iii) above, and (2) as further evidenced by a compliance certificate (in
      substantially the form attached as Exhibit A hereto), delivered to First Lien Agent on the date such payment is made, and including detailed calculations with respect to the conditions set forth in clauses (ii) and (iii) above.

     

    
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    “Second Lien Other Payments” shall mean any payment on account of the Second Lien Debt other than Second Lien Interest Payments and Second Lien Agent Payments.

     

    “Second Lien Payment Default” shall mean any “Event of Default” as defined in the Second Lien Documents resulting from the failure of the Company or the Second Lien Guarantors to
      pay, when due, any principal, premium, if any, interest, fees or other monetary obligations under the Second Lien Documents.

     

    “Second Lien Secured Parties” shall mean, collectively, (a) Second Lien Agent, (b) the Second Lien Holders, (c) each other person to whom any of the Second Lien Debt is owed and (d) the
      successors, replacements and assigns of each of the foregoing; sometimes being referred to herein individually as a “Second Lien Secured Party”.

     

    “Second Lien Security Agreement” shall mean the Pledge and Security Agreement, dated as of the date hereof, by and among Grantors and Second Lien Agent, as collateral agent, as the same now
      exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.

     

    “Secured Parties” shall mean, collectively, the First Lien Secured Parties and the Second Lien Secured Parties; sometimes being referred to herein individually as a “Secured Party”.

     

    “Standstill Period” shall have the meaning set forth in Section 4.1(a) hereof.

     

    “Subsidiary” shall mean any “Subsidiary” of any Grantor as defined in the First Lien Loan Agreement.

     

    “Transferring Lenders” shall have the meaning set forth in Section 8.2(b) hereof.

     

    “Triggering Event” shall mean any of the following: (a) an acceleration of the maturity of all or any material portion of the First Lien Debt, (b) the exercise of any Lien Enforcement Action
      by the First Lien Secured Parties in respect of a material portion of Collateral, (c) if a First Lien Event of Default exists and is continuing, First Lien Lenders elect not to make any additional loans or advances or issue or cause to be issued
      letters of credit under the First Lien Documents at a time when there is Excess Availability (as defined in the First Lien Documents) to make such loans or advances or issue or cause to be issued letters of credit under the First Lien Documents for a
      period of more than five (5) consecutive Business Days, (d) the occurrence of a Second Lien Payment Default that remains uncured or unwaived for a period of thirty (30) days after the receipt by the First Lien Agent of a written notice from Second
      Lien Agent stating that there has been a Second Lien Payment Default, or (e) the commencement of an Insolvency or Liquidation Proceeding by or against any Grantor.

     

    “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York.

     

    
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    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, supplemented or otherwise modified, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, and as to any Borrower, 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 Intercreditor
      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 Intercreditor 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.

     

    Section 2.             LIEN PRIORITIES

     

    2.1         Acknowledgment of Liens.

     

    (a)         First Lien Agent, on behalf of itself and each First Lien Secured Party, hereby acknowledges that Second Lien Agent, acting for and on behalf of the Second Lien Secured Parties, has been
      granted Liens upon all of the Collateral pursuant to the Second Lien Documents to secure the Second Lien Debt.

     

    (b)        Second Lien Agent, on behalf of itself and each Second Lien Secured Party, hereby acknowledges that First Lien Agent, acting for and on behalf of the First Lien Secured Parties, has been
      granted Liens upon all of the Collateral pursuant to the First Lien Documents to secure the First Lien Debt.

     

    2.2         Relative Priorities.  Notwithstanding the date, manner or order of grant, attachment or perfection of any Liens granted to First Lien Agent or the First Lien Secured Parties or
      Second Lien Agent or any Second Lien Secured Party and notwithstanding any provision of the UCC, or any applicable law or any provisions of the First Lien Documents or the Second Lien Documents or any other circumstance whatsoever:

     

    (a)          Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties for whom it is acting as agent, hereby agrees that: (A) any Lien on the Collateral securing the First
      Lien Debt now or hereafter held by or for the benefit or on behalf of any First Lien Secured Party or any agent or trustee therefor shall be senior in right, priority, operation, effect and in all other respects to any Lien on the Collateral securing
      the Second Lien Debt now or hereafter held by or for the benefit or on behalf of any Second Lien Secured Party or any agent or trustee therefor; and (B) any Lien on the Collateral securing any of the Second Lien Debt now or hereafter held by or for
      the benefit or on behalf of any Second Lien Secured Party or any agent 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 Collateral securing any First Lien Debt.

     

    
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    (b)         All Liens on the Collateral securing any First Lien Debt shall be and remain senior in all respects and prior to all Liens on the Collateral securing any Second Lien Debt for all
      purposes, whether or not such Liens securing any First Lien Debt are subordinated to any Lien securing any other obligation of any Grantor or any other Person.

     

    2.3         Prohibition on Contesting Liens or Claims.  Each of First Lien Agent, for itself and on behalf of the other First Lien Secured Parties, and Second Lien Agent, for itself and on
      behalf of the other Second Lien 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 or Liquidation Proceeding), (a) the perfection,
      priority, validity or enforceability of a Lien held by or for the benefit or on behalf of any First Lien Secured Party in any Collateral or by or on behalf of any Second Lien Secured Party in any Collateral, as the case may be or (b) the extent,
      validity, allowability or enforceability of any First Lien Debt or Second Lien Debt, as applicable, secured or purported to be secured thereby; provided, that, nothing in this Intercreditor Agreement shall be construed to prevent or
      impair the rights of any First Lien Secured Party or Second Lien Secured Party to enforce this Intercreditor Agreement.

     

    2.4         No New Liens.  So long as the Discharge of First Lien Debt has not occurred, the parties hereto agree that, after the date hereof, if any Second Lien Secured Party shall hold any
      Lien on any assets of any Grantor securing any Second Lien Debt that are not also subject to the first priority Lien of First Lien Agent under the First Lien Documents (unless as a result of the written waiver by First Lien Agent of such Lien), upon
      demand by First Lien Agent or such Grantor, at First Lien Agent’s option, either such Second Lien Secured Party shall release such Lien or such Grantor shall grant a Lien thereon to First Lien Agent in a manner and on terms satisfactory to First Lien
      Agent.  To the extent that the provisions of this Section 2.4 are not complied with for any reason, without limiting any other right or remedy available to First Lien Agent or any other First Lien Secured Party, Second Lien Agent agrees, for itself
      and on behalf of the other Second Lien Secured Parties, that any amount received by or distributed to any Second Lien Secured Party pursuant to or as a result of any Lien granted in contravention of this Section shall be subject to Section 5 hereof.

     

    2.5         Similar Liens and Agreements; Legend.

     

    (a)         The parties hereto agree, subject to the other provisions of this Intercreditor Agreement, upon request by First Lien Agent or Second Lien Agent, as the case may be, to advise the other
      from time to time of the Collateral for which such party has taken steps to perfect its Liens and to identify the parties obligated under the First Lien Documents or the Second Lien Documents, as the case may be.

     

    (b)        Grantors hereby agree, and Second Lien Agent, for itself and on behalf of the Second Lien Secured Parties, hereby agrees and confirms, that any and all Second Lien Documents shall at all
      times include the following language (or language to similar effect approved by First Lien Agent):

     

    
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    "Anything herein to the contrary notwithstanding, the liens and security interests securing the obligations evidenced by this [note/security
        agreement/note document], the exercise of any right or remedy with respect thereto, and certain of the rights of the holder hereof are subject to the provisions of the Intercreditor Agreement dated as of [_____], 2020 (as amended, restated,
      supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”), by and between PNC Bank, National Association, as First Lien Agent, and Wilmington Savings Fund Society, FSB, as
      Second Lien Agent.  In the event of any conflict between the terms of the Intercreditor Agreement and this [note/security agreement/note document], the terms of the Intercreditor Agreement shall govern and
      control."

     

    Section 3.             PAYMENT RESTRICTIONS

     

    3.1         Payment Restrictions Regarding Second Lien Debt.  Second Lien Agent, on behalf of itself and the other Second Lien Secured Parties, agrees that, prior to the Discharge of First
      Lien Debt, Second Lien Agent and the other Second Lien Secured Parties shall not have any right to receive payment on account of the Second Lien Debt other than Permitted Second Lien Payments as and when due.  Except as set forth in the immediately
      preceding sentence, and notwithstanding the terms of the Second Lien Documents, Second Lien Agent, on behalf of itself and the other Second Lien Secured Parties, hereby agrees that it will not accept any Distribution (other than Reorganization
      Subordinated Securities) with respect to the Second Lien Debt until the Discharge of First Lien Obligations. Each Grantor may resume making Permitted Second Lien Payments pursuant to clauses (a) and (b) of the definition of Permitted Second Lien
      Payments and clause (i) of the definition of Second Lien Agent Payments (and may make any such Permitted Second Lien Payments missed due to the application of this Section 3.1 hereof) at any time that such payments are not prohibited by the provisos
      within clauses (a) and (b) of the definition of Permitted Second Lien Payments or the exception within clause (ii) of the definition of Second Lien Agent Payments, as applicable.  For the avoidance of doubt, nothing herein shall limit or impair (x)
      the ability of the Second Lien Secured Parties to convert the Second Lien Debt into equity interests of the Borrower in accordance with the Second Lien Documents, and in connection with such conversion, to receive payments in cash solely with respect
      to fractional equity interests that cannot otherwise be converted into equity interests of the Borrower in accordance with the Second Lien Documents; provided, however, that in the event that any such cash payment(s) on account of fractional equity
      interests would cause the aggregate amount of such cash payments in any fiscal year to exceed $1,000,000, Grantors shall provide First Lien Agent and Second Lien Agent with written notice prior to the making of any such payment(s) and such payment(s)
      shall be subject to satisfaction of the conditions set forth in clause (b) of the definition of “Permitted Second Lien Payments” with respect to Second Lien Other Payments; or (y) the right of any Second Lien Holder to trade, sell or otherwise
      dispose of any Second Lien Debt to any Person (other than a Grantor or any Subsidiary (as defined in the Indenture) of any Grantor) (such transaction a “Second Lien Trade”), and to accept and retain any cash or other consideration (other than
      from a Grantor or any Subsidiary (as defined in the Indenture) of any Grantor) in connection with any such Second Lien Trade.

     

    Section 4.             ENFORCEMENT

     

    4.1         Exercise of Rights and Remedies.  Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties:

     

    
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    (a)        will not, so long as the Discharge of First Lien Debt has not occurred, enforce or exercise, or seek to enforce or exercise, any rights or remedies (including any right of setoff or
      notification of account debtors) with respect to any Collateral (including the enforcement of any right under any lockbox agreement, account control agreement, landlord waiver or bailee’s letter or any similar agreement or arrangement to which Second
      Lien Agent or any other Second Lien Secured Party is a party) or commence or join with any Person (other than First Lien Agent) in commencing, or filing a petition for, any action or proceeding with respect to such rights or remedies (including any
      such enforcement or exercise in any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding); provided, that, subject at all times to the provisions of Section 5 of this Intercreditor Agreement, the Second Lien
      Agent may enforce or exercise any or all such rights and remedies, or commence or petition for any such action or proceeding, after a period ending two hundred and ten (210) days after the receipt by First Lien Agent of a Second Lien Default Notice
      from the Second Lien Agent (the “Standstill Period”); provided, that, as of the expiration of the Standstill Period, the applicable Second Lien Event of Default that was the subject of the Second Lien Default Notice received by
      the First Lien Agent which commenced the applicable Standstill Period remains uncured, unremedied or unwaived as of the expiration of the Standstill Period; provided, further, however, that, notwithstanding the
      expiration of the Standstill Period or anything herein to the contrary, in no event shall any Second Lien Agent or any other Second Lien Secured Party enforce or exercise any rights or remedies with respect to any Collateral, or commence or petition
      for any such action or proceeding (including taking such enforcement or exercise in any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding), if the First Lien Agent or any other First Lien Secured Party shall have commenced,
      prior to the expiration of the Standstill Period, a Lien  Enforcement Action and shall be pursuing the same in good faith (including, without limitation, any of the following, if undertaken and pursued to consummate the sale of such Collateral within
      a commercially reasonable time: solicitation of bids from third parties to conduct the liquidation of all or any material portion of the 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 Collateral, the notification of account debtors to make payments to Frist Lien Agent or its agents, the initiation of
      any action to take possession of all or any material portion of the Collateral or the commencement of any legal proceedings or actions against or with respect to all or any material portion of the Collateral);

     

    (b)         will not contest, protest or object to any Lien Enforcement Action brought by First Lien Agent or any other First Lien Secured Party, or any other enforcement or exercise by any First
      Lien Secured Party of any rights or remedies relating to the Collateral under the First Lien Documents or otherwise, so long as the Liens of Second Lien Agent attach to the proceeds thereof subject to the relative priorities set forth in Section 2.2
      and such actions or proceedings are being pursued in good faith;

     

    (c)          will not object to the forbearance by First Lien Agent or the other First Lien Secured Parties from commencing or pursuing any Lien Enforcement Action or any other enforcement or
      exercise of any rights or remedies with respect to any of the Collateral;

     

    
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    (d)          will not, so long as the Discharge of First Lien Debt has not occurred and except for actions permitted under Section 4.1(a) above, take or receive any Collateral, or any proceeds
      thereof or payment with respect thereto, in connection with the exercise of any right or remedy (including any right of setoff) with respect to any Collateral or in connection with any insurance policy award or any condemnation award (or deed in lieu
      of condemnation), and any such payment or proceeds received in violation of the foregoing shall be applied in accordance with Section 5.1;

     

    (e)        will not take any action that would, or could reasonably be expected to, hinder, in any manner, any exercise of remedies under the First Lien Documents, including any sale or other
      disposition of any Collateral, whether by foreclosure or otherwise and acknowledges and agrees that no covenant, agreement or restriction contained in any Second Lien Document shall be deemed to restrict in any way the rights and remedies of First
      Lien Agent or the other First Lien Secured Parties with respect to the Collateral as set forth in this Intercreditor Agreement and the First Lien Documents;

     

    (f)          will not object to the manner in which First Lien Agent or any other First Lien Secured Party may seek to enforce or collect the First Lien Debt or the Liens of such First Lien Secured
      Party, regardless of whether any action or failure to act by or on behalf of First Lien Agent or any other First Lien Secured Party is, or could be, adverse to the interests of the Second Lien Secured Parties, and will not assert, and hereby waive,
      to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar right that may be available under applicable law with respect to the
      Collateral or any other rights a junior secured creditor may have under applicable law with respect to the matters described in this clause (f); provided, that, at all times First Lien Agent is acting in good faith; and

     

    (g)          will not attempt, directly or indirectly, whether by judicial proceeding or otherwise, to challenge or question the validity or enforceability of any First Lien Debt or any Lien of First
      Lien Agent or this Intercreditor Agreement, or the validity or enforceability of the priorities, rights or obligations established by this Intercreditor Agreement.

     

    Notwithstanding anything to the contrary set forth in this Section 3.1 or elsewhere in this Intercreditor Agreement, the Second Lien Secured Parties shall at all times be permitted to take any Permitted Second Lien
      Action against any Grantor.

     

    4.2         Rights As Unsecured Creditors.  To the extent not inconsistent with, or otherwise prohibited by, the terms of this Intercreditor Agreement, Second Lien Agent and the other Second
      Lien Secured Parties may exercise rights and remedies as an unsecured creditor against any Grantor in accordance with the terms of the Second Lien Documents and applicable law.  For purposes hereof, the rights of an unsecured creditor do not include
      a creditor that holds a judgment Lien.

     

    
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    4.3         Release of Junior Liens.

     

    (a)          If in connection with any sale, lease, license, exchange, transfer or other disposition of any Collateral permitted under the terms of the First Lien Documents (whether or not an event
      of default or equivalent event thereunder, and as defined therein, has occurred and is continuing) or consented to or approved by First Lien Agent or in connection with the exercise of First Lien Agent’s remedies in respect of the Collateral provided
      for in Section 4.1 (provided, that, after giving effect to the release, the Net Proceeds of any such sale, lease, license, exchange, transfer or other disposition are applied in accordance with Section 5.1(a)), First Lien Agent, for
      itself or on behalf of any of the other First Lien Secured Parties, releases any of its Liens on any part of the Collateral, then effective upon the consummation of such sale, lease, license, exchange, transfer or other disposition:

     

    (i)           the Liens, if any, of Second Lien Collateral Agent, for itself or for the benefit of the Second Lien Secured Parties, on such Collateral shall be automatically, unconditionally and
      simultaneously released to the same extent as the release of First Lien Agent’s Lien,

     

    (ii)          Second Lien Agent, for itself or on behalf of the other Second Lien Secured Parties, shall promptly upon the request of First Lien Agent execute and deliver such release documents and
      confirmations of the authorization to file UCC amendments and terminations or PPSA discharges or financing change statements provided for herein, as applicable, in each case as First Lien Agent may require in its Permitted Discretion in connection
      with such sale or other disposition by First Lien Agent, First Lien Agent’s agents or any Grantor with the consent of First Lien Agent to evidence and effectuate such termination and release; provided, that, any such release, UCC
      amendment or termination or PPSA discharges or financing change statements by Second Lien Agent shall not extend to or otherwise affect any of the rights, if any, of Second Lien Agent to the proceeds from any such sale or other disposition of
      Collateral, subject to the priorities set forth herein,

     

    (iii)         Second Lien Agent, for itself or on behalf of the other Second Lien Secured Parties, shall be deemed to have authorized First Lien Agent to file UCC amendments and terminations
      covering the Collateral so sold or otherwise disposed of as to UCC financing statements between any Grantor and Second Lien Agent or any other Second Lien Secured Party (in the case of Collateral subject to the UCC) to evidence such release and
      termination, and

     

    (iv)          Second Lien Agent, for itself or on behalf of the other Second Lien Secured Parties, shall be deemed to have consented under the applicable Second Lien Documents to such sale, lease,
      license, exchange, transfer or other disposition to the same extent as the consent of First Lien Agent and the other First Lien Secured Parties.

     

    (b)          Until the Discharge of First Lien Debt has occurred, Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby irrevocably constitutes and appoints
      First Lien Agent and any officer or agent of First Lien 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 Second Lien Agent or such holder or in First
      Lien Agent’s own name, from time to time in First Lien Agent’s discretion, for the limited purpose of carrying out the terms of this Section 4.3, 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 4.3, including any termination statements, endorsements or other instruments of transfer or release.  The power of attorney granted herein is a power coupled with an interest, shall
      survive the legal incapacity of Second Lien Agent and extends to the successors of Second Lien Agent.  Nothing contained in this Intercreditor Agreement shall be construed to modify the obligation of First Lien 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 Collateral.

     

    
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    4.4         Insurance and Condemnation Awards.  So long as the Discharge of First Lien Debt has not occurred, First Lien Agent and the other First Lien Secured Parties shall have the sole and
      exclusive right, subject to the rights of Grantors under the First Lien Documents, to settle and adjust claims in respect of Collateral under policies of insurance and to approve any award granted in any condemnation or similar proceeding, or any
      deed in lieu of condemnation in respect of the Collateral.  So long as the Discharge of First Lien 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, shall be
      applied in accordance with Section 5.1(a).  Until the Discharge of First Lien Debt, if Second Lien Agent or any other Second Lien 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 First Lien Agent in accordance with the terms of Section 5.2.

     

    Section 5.             PAYMENTS

     

    5.1         Application of Proceeds.

     

    (a)          So long as the Discharge of First Lien Debt has not occurred, the Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such
      Collateral upon the exercise of remedies (including without limitation in connection with an Insolvency or Liquidation Proceeding), shall be applied in the following order of priority:

     

    (i)            first, to the First Lien Debt and for cash collateral as required under the First Lien Documents, and in such order as specified in the relevant First Lien Documents until the
      Discharge of First Lien Debt has occurred;

     

    (ii)           second, to the Second Lien Debt in such order as specified in the relevant Second Lien Documents until the Discharge of Second Lien Debt has occurred; and

     

    (iii)          third, to the applicable Grantor or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

     

    (b)         After the Discharge of the First Lien Debt, so long as the Discharge of the Second Lien Debt has not occurred, the Collateral or any proceeds thereof shall be applied, to the extent
      required under the Second Lien Documents, to the Second Lien Debt in accordance with the Second Lien Documents.

     

    (c)         The foregoing provisions of this Intercreditor Agreement are intended solely to govern the respective Lien priorities as among Second Lien Agent, and First Lien Agent and shall not impose
      on First Lien Agent or any other First Lien Secured Party any obligations in respect of the disposition of proceeds of foreclosure on any 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.

    

     

    
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      5.2         Payments Over.

       

      

    

    (a)          So long as the Discharge of First Lien Debt has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, Second Lien Agent
      agrees, for itself and on behalf of the other Second Lien Secured Parties, that any Collateral or proceeds thereof or payment with respect thereto received by Second Lien Agent or any other Second Lien Secured Party (including any right of set-off)
      with respect to the Collateral, and including in connection with any insurance policy claim or any condemnation award (or deed in lieu of condemnation), shall be segregated and held in trust and promptly transferred or paid over to First Lien Agent
      for the benefit of the First Lien Secured Parties in the same form as received, with any necessary endorsements or assignments or as a court of competent jurisdiction may otherwise direct.  First Lien Agent is hereby authorized to make any such
      endorsements or assignments as agent for Second Lien Agent.  This authorization is coupled with an interest and is irrevocable.  The Second Lien Agent shall have no obligation to segregate, hold in trust, and transfer or pay over any proceeds of
      Collateral or payments if, with respect to any applicable payment, (i) other than with respect to Second Lien Agent Payments, the Second Lien Agent shall have received the compliance certificate(s) required to be delivered to Second Lien Agent
      pursuant to clause (b) of the definition of “Permitted Second Lien Payments” or pursuant to the definition of “Second Lien Interest Payment Conditions”, as applicable, and such compliance certificate(s) certify as to the satisfaction of the
      conditions set forth in such definitions, and (ii) the Second Lien Agent did not otherwise have actual knowledge of the applicable payment being in contravention of this Agreement and had paid out, applied or retained the applicable payment amount in
      accordance with the Second Lien Documents prior to acquiring such knowledge.

     

    (b)         So long as the Discharge of First Lien Debt has occurred and the Discharge of Second Lien Debt has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced
      by or against any Grantor, any Collateral or proceeds thereof or any payment with respect thereto, including in connection with any insurance policy claim or any condemnation award (or deed in lieu of condemnation) shall be applied, to the extent
      required under the Second Lien Documents, to the Second Lien Debt in accordance with the Second Lien Documents.

     

    Section 6.             BAILEE FOR PERFECTION

     

    6.1         Each Agent as Bailee.

     

    (a)          Each Agent agrees to hold any Collateral that can be perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral
      or any such account is in fact in the possession or under the control of such Agent, or of agents or bailees of such Agent (such Collateral being referred to herein as the “Pledged Collateral”)

      as gratuitous bailee and sub-collateral agent for and on behalf of the other Agent solely for the purpose of perfecting the Lien granted to the other Agent in such Pledged Collateral (including, but not limited to, any securities or any deposit
      accounts or securities accounts, if any) pursuant to the First Lien Documents or Second Lien Documents, as applicable, subject to the terms and conditions of this Section 6.

     

    
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    (b)          Until the Discharge of First Lien Debt has occurred, First Lien Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the First Lien Documents as if
      the Liens of Second Lien Agent under the Second Lien Documents did not exist.  Until the Discharge of First Lien Debt has occurred, the rights of Second Lien Agent shall at all times be subject to the terms of this Intercreditor Agreement and to
      First Lien Agent’s rights under the First Lien Documents.  After the date that Second Lien Agent receives a Discharge of First Lien Debt Notice, and until the Discharge of Second Lien Debt has occurred, the Second Lien Agent shall be entitled to deal
      with the Pledged Collateral in accordance with the terms of the Second Lien Documents.

     

    (c)         Each Agent shall have no obligation whatsoever to any other Agent or any other Secured Party to assure that the Pledged Collateral is genuine or owned by any of the Grantors or to
      preserve rights or benefits of any Person except as expressly set forth in this Section 6.  The duties or responsibilities of each Agent under this Section 6 shall be limited solely to holding the Pledged Collateral as gratuitous bailee and
      sub-collateral 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 First Lien Documents, the Second Lien Documents, or this Intercreditor 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 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.

     

    6.2         Transfer of Pledged Collateral.  Upon the Discharge of First Lien Debt, to the extent permitted under applicable law, First Lien Agent shall, without recourse or warranty,
      transfer the possession and control of the Pledged Collateral, if any, then in its possession or control to the Second Lien Agent (for the benefit of the Second Lien Secured Parties), except in the event and to the extent (a) First Lien Agent or any
      other First Lien Secured Party has retained or otherwise acquired such Collateral (i) in full or partial satisfaction of any of the First Lien Debt, or (ii) as cash collateral as contemplated under clause (c) of the definition of “Discharge of First
      Lien Debt”, (b) such Collateral is sold or otherwise disposed of by First Lien Agent or any other First Lien Secured Party or by a 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 First Lien Agent or any First Lien Secured Party to any third party.  The foregoing provision shall not impose on First Lien Agent or any other First Lien 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.  In connection with any transfer described herein to Second Lien Agent, First
      Lien Agent agrees to take reasonable actions in its power (with all costs and expenses in connection therewith to be for the account of and to be paid by Grantors) as shall be reasonably requested by Second Lien Agent to permit Second Lien Agent to
      obtain, for the benefit of the Second Lien Secured Parties, a first priority Lien in the Pledged Collateral.

    

     

    
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      Section 7.             INSOLVENCY OR LIQUIDATION PROCEEDINGS

       

        

    

    7.1        General Applicability.  This Intercreditor Agreement shall be applicable both before and after the institution of any Insolvency or Liquidation Proceeding involving any Grantor,
      including, without limitation, the filing or application of any petition by or against any Grantor under the Bankruptcy Code or under any other Bankruptcy Law and all converted or subsequent cases in respect thereof, and all references herein to any
      Grantor shall be deemed to apply to the trustee for such Grantor and such Grantor as debtor-in-possession.  The relative rights of the First Lien Secured Parties and the Second Lien Secured Parties in or to any distributions from or in respect of any
      Collateral or proceeds of Collateral shall continue after the institution of any Insolvency or Liquidation Proceeding involving any Grantor, including, without limitation, the filing or application of any petition by or against any Grantor under the
      Bankruptcy Code or under any other Bankruptcy Law and all converted cases 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 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 Intercreditor Agreement.  This Intercreditor Agreement shall constitute a Subordination Agreement for the
      purposes of Section 510(a) of the Bankruptcy Code and shall be enforceable in any Insolvency or Liquidation Proceeding in accordance with its terms.

     

    7.2         Bankruptcy Financing.  If any Grantor becomes subject to any Insolvency or Liquidation Proceeding, until the Discharge of First Lien Debt has occurred, Second Lien Agent, for
      itself and on behalf of the other Second Lien Secured Parties, agrees that:

     

    (a)          such Second Lien Secured Parties will raise no objection to, nor support any other Person objecting to, and will be deemed to have consented to, the use of any Collateral constituting
      cash collateral under Section 363 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law or any post-petition or post-filing financing, provided by any First Lien Secured Party (or provided by any other Person and consented
      to by First Lien Agent) under Section 364 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law or pursuant to an order granted in any Insolvency or Liquidation Proceeding granting a priority debtor-in-possession or interim
      financing charge (a “DIP Financing”), will not request or accept adequate protection or any other relief in connection with the use of such cash collateral or such DIP Financing except as
      set forth in Section 7.4 below and, to the extent the Liens securing the First Lien Debt are subordinated to or pari passu with such DIP Financing, will subordinate (and will be deemed hereunder to have subordinated) the Liens granted to such Second
      Lien Secured Parties to such DIP Financing on the same terms as such Liens are subordinated to the Liens granted to First Lien Agent hereunder (and such subordination will not alter in any manner the terms of this Intercreditor Agreement), to any
      adequate protection provided to the First Lien Secured Parties and to any “carve out” agreed to by First Lien Agent; provided, that:

     

    (i)            First Lien Agent does not oppose or object to such use of cash collateral or DIP Financing,

     

    (ii)           the DIP Financing (to the extent provided by a First Lien Secured Party, provided that the restrictions set forth in Section 10.4 hereof
      shall not apply with respect to any such DIP Financing) is treated as First Lien Debt hereunder,

     

    (iii)          the Liens granted to the First Lien Secured Parties in connection with DIP Financing provided by a First Lien Secured Party are subject to this Intercreditor Agreement and considered
      to be Liens of First Lien Agent for purposes hereof,

     

    
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    (iv)          Second Lien Agent retains a Lien on the Collateral (including proceeds thereof) with the same priority as existed prior to such Insolvency or Liquidation Proceeding (except to the
      extent of any “carve out” agreed to by First Lien Agent),

     

    (v)          Second Lien Agent receives replacement Liens on all post-petition or post-filing assets of any Grantor in which any of First Lien Agent obtains a replacement Lien, or which secure the
      DIP Financing, with the same priority relative to the Liens of First Lien Agent as existed prior to such Insolvency or Liquidation Proceeding, and

     

    (vi)          such Second Lien Secured Parties may oppose or object to such use of Cash Collateral or DIP Financing on the same bases as an unsecured creditor, so long as such opposition or
      objection is not based on the Second Lien Secured Parties’ status as secured creditors and in connection with such opposition or objection, the Second Lien Secured Parties affirmatively state that such Second Lien Secured Parties are undersecured
      secured creditors; and

     

    (b)          no such Second Lien Secured Party shall, directly or indirectly, provide, or seek to provide, DIP Financing secured by Liens equal or senior in priority to the Liens on the Collateral of
      First Lien Agent, without the prior written consent of First Lien Agent.

     

    7.3         Relief from the Automatic Stay.  Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that, so long as the Discharge of First Lien Debt has
      not occurred, no such Second Lien Secured Parties shall, without the prior written consent of First Lien Agent, seek or request relief from or modification of the automatic stay or any other stay proceedings in any Insolvency or Liquidation
      Proceeding in respect of any part of the Collateral, any proceeds thereof or any Lien securing any of the Second Lien Debt.

     

    7.4         Adequate Protection.

     

    (a)         Second Lien Agent, on behalf of itself and the other Second Lien Secured Parties, agrees that none of them shall object, contest, or support any other Person objecting to or contesting,
      (i) any request by First Lien Agent or any of the other First Lien Secured Parties for adequate protection or any adequate protection provided to First Lien Agent or other First Lien Secured Parties or (ii) any objection by First Lien Agent or any of
      the other First Lien Secured Parties to any motion, relief, action or proceeding based on a claim of a lack of adequate protection or (iii) the payment of interest, fees, expenses or other amounts to First Lien Agent or any other First Lien Secured
      Party under Section 506(b) or 506(c) of the Bankruptcy Code or under any comparable provision of any other Bankruptcy Law.

     

    (b)         Second Lien Agent, on behalf of itself and the other Second Lien Secured Parties, agrees that none of them shall seek or accept adequate protection without the prior written consent of
      First Lien Agent; except, that, Second Lien Agent, for itself or on behalf of the other Second Lien Secured Parties, shall be permitted (i) to obtain adequate protection in the form of the benefit of additional or replacement Liens on
      the Collateral (including proceeds thereof arising after the commencement of any Insolvency or Liquidation Proceeding), or additional or replacement collateral to secure the Second Lien Debt, in connection with any DIP Financing or use of cash
      collateral as provided for in Section 7.2 above, or in connection with any such adequate protection obtained by First Lien Agent and the other First Lien Secured Parties, as long as in each case, First Lien Agent is also granted such additional or
      replacement Liens or additional or replacement collateral and such Liens of Second Lien Agent or such other Second Lien Secured Party are subordinated to the Liens securing the First Lien Debt to the same extent as the Liens of Second Lien Agent and
      such other Second Lien Secured Parties on the Collateral are subordinated to the Liens of First Lien Agent and the other First Lien Secured Parties hereunder and (ii) to obtain adequate protection in the form of reports, notices, inspection rights
      and similar forms of adequate protection to the extent granted to First Lien Agent.

     

    
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    7.5        Reorganization Securities.  If, in any Insolvency or Liquidation Proceeding, debt obligations of any reorganized Grantor secured by Liens upon any property of such reorganized
      Grantor are distributed, pursuant to a proposal or plan of compromise, arrangement or reorganization whose effective date is after the date hereof, on account of both the First Lien Debt and any Second Lien Debt, then, to the extent the debt
      obligations distributed on account of the First Lien Debt and on account of the Second Lien Debt are secured by Liens upon the same assets or property, the provisions of this Intercreditor 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.

     

    7.6         Separate Classes.  Each of the parties hereto irrevocably acknowledges and agrees that (a) the claims and interests of each of the First Lien Secured Parties and the Second Lien
      Secured Parties are not (and will not be) “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 First Lien Debt and the
      grants of the Liens to secure the Second Lien Debt, constitute (or will constitute) two separate and distinct grants of Liens, (c) the rights of the First Lien Secured Parties in the Collateral and the rights of the Second Lien Secured Parties in the
      Collateral are each fundamentally different from each other and (d) as a result of the foregoing, among other things, the First Lien Debt and the Second Lien Debt must be separately classified in any proposal or plan of compromise, arrangement or
      reorganization proposed or adopted in any Insolvency or Liquidation Proceeding.

     

    7.7         Asset Dispositions.  Until the Discharge of First Lien Debt has occurred, the Second Lien Secured Parties shall consent and not otherwise object to a sale or other disposition of
      any Collateral under the Bankruptcy Code, including Sections 363, 365 and 1129 or under any comparable provision of any other Bankruptcy Law, free and clear of any Liens thereon securing Second Lien Debt (and including any motion for bid or other
      procedures relating to such sale or disposition), if the First Lien Secured Parties have consented to such sale or other disposition (or such procedures) so long as the net cash proceeds are applied (i) pursuant to court order such that the Liens of
      the Second Lien Secured Parties attach to the net proceeds of the Asset Sale with the same priority and validity as the Liens held by the Second Lien Secured Parties on such Collateral, and the Liens remain subject to the terms of this Intercreditor
      Agreement, or (ii) the proceeds of the Asset Sale are applied in accordance with Section 5.1(a) hereof. Nothing in this Section 7.7 shall preclude any Secured Party from seeking to be the purchaser, assignee or other transferee of any Collateral in
      connection with any such sale or other disposition of Collateral under any Bankruptcy Law.  The Second Lien Secured Parties agree that the First Lien Secured Parties shall have the right to credit bid under Section 363(k) of the Bankruptcy Code or
      under any comparable provision of any other Bankruptcy Law with respect to, or otherwise object to any such sale or other disposition of, the Collateral.

     

    
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    7.8         Preference Issues.  If any First Lien Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of any Grantor
      any amount (a “Recovery”), then the First Lien Debt shall be reinstated to the extent of such Recovery and the First Lien Secured Parties shall be entitled to a Discharge of First Lien Debt
      with respect to all such recovered amounts.  If this Intercreditor Agreement shall have been terminated prior to such Recovery, this Intercreditor 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.

     

    7.9         Certain Waivers as to Section 1111(b)(2) of Bankruptcy Code.  Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, waives any claim any Second
      Lien Secured Party may hereafter have against any First Lien Secured Party arising out of the election by any First Lien Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code, or any comparable provision of any other
      Bankruptcy Law.  First Lien Agent, for itself and on behalf of the other First Lien Secured Parties, waives any claim any First Lien Secured Party may hereafter have against any such Second Lien Secured Party arising out of the election by any such
      Second Lien Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code or any comparable provision of any other Bankruptcy Law.

     

    7.10       No Challenges to Claims.  Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, agrees that no such Second Lien Secured Parties shall oppose or seek
      to challenge any claim by any First Lien Secured Party for allowance in any Insolvency or Liquidation Proceeding of any First Lien Debt, including those consisting of post-petition interest, fees or expenses.  First Lien Agent, for itself and on
      behalf of the other First Lien Secured Parties, agrees that no First Lien Secured Party shall oppose or seek to challenge any claim by any Second Lien Secured Parties for allowance in any Insolvency or Liquidation Proceeding of any Second Lien Debt,
      including those consisting of post-petition interest, fees or expenses.

     

    7.11       Other Bankruptcy Laws.  In the event that an Insolvency or Liquidation 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 Intercreditor 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 or
      Liquidation Proceeding, or in the absence of any specific similar or corresponding provision of the 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.

     

    Section 8.             SECOND LIEN SECURED PARTIES’ PURCHASE OPTION

     

    8.1         Exercise of Option.  Each of the Second Lien Secured Parties shall have the option at any time within thirty (30) days of a Triggering Event (the “Purchase Option Period”) to purchase all (but not less than all) of the First Lien Debt from the First Lien Secured Parties.  The Second Lien Secured Parties electing to purchase (the “Purchasing Parties”) shall give at least five (5) Business Days written notice to First Lien Agent of their election to exercise such purchase option (the “Purchase
        Option Notice”).  A Purchase Option Notice from such Purchasing Parties to First Lien Agent shall be irrevocable.

     

    
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    8.2         Purchase and Sale.

     

    (a)         On the date within the Purchase Option Period specified by the Purchasing Parties in the Purchase Option Notice (which shall not be less than five (5) Business Days, nor more than ten
      (10) Business Days, after the receipt by First Lien Agent of the Purchase Option Notice), the First Lien Secured Parties shall, subject to any required approval of any court or other regulatory or governmental authority then in effect, if any, sell
      to the Purchasing Parties, and the Purchasing Parties shall purchase from the First Lien Secured Parties, all of the First Lien Debt (the “First Lien Debt Purchase”).  Notwithstanding
      anything to the contrary contained herein, in connection with any such purchase and sale, the First Lien Secured Parties shall retain all rights under the First Lien Documents to be indemnified or held harmless by Grantors in accordance with the
      terms thereof (the “Retained First Lien Obligations”).

     

    (b)          In connection with the First Lien Debt Purchase, each First Lien Lender and each Purchasing Party shall execute and deliver an assignment and acceptance agreement pursuant to which,
      among other things, each First Lien Lender shall assign to each Purchasing Party, such First Lien Lender’s pro rata share of the Commitments and First Lien Debt relating to the First Lien Debt Purchase.  In addition to and not in limitation of the
      foregoing, (i) contemporaneously with the consummation of the First Lien Debt Purchase, First Lien Agent shall resign as the “Agent” under the First Lien Documents and Second Lien Agent (acting as collateral agent for the Purchasing Parties, subject
      to Second Lien Agent’s prior written consent to act as “Agent” under the First Lien Documents, which it may withhold in its sole discretion) or such other Person as the Purchasing Parties shall designate, will be designated as the successor “Agent”
      under the First Lien Documents (the “Purchasing Party Agent”); and (ii) from and after the closing date of the First Lien Debt Purchase, each of the First Lien Lenders who execute and
      deliver an assignment and acceptance agreement with the Purchasing Parties (the “Transferring Lenders”) shall continue to be, and shall have all rights and remedies of, a “Lender” under the
      First Lien Documents; except that each such Transferring Lender shall have no further obligation whatsoever to make any loans, advances or other financial accommodations to or for the benefit of any Grantor under any First Lien Documents.  Subject to
      the other provisions of this Intercreditor Agreement, the Retained First Lien Obligations shall continue to be secured by the Collateral, the Retained First Lien Obligations shall be repaid, subject to Section 8.3(a)(iv) below, in accordance with the
      terms of the First Lien Loan Agreement and, subject to the terms of this Intercreditor Agreement, each Transferring Lender shall continue to have all rights and remedies of a Lender under the First Lien Loan Agreement and the other First Lien
      Documents.  First Lien Agent hereby represents and warrants that, as of the date hereof, no approval of any court or other regulatory or governmental authority is required for the First Lien Debt Purchase.  From and after the First Lien Debt
      Purchase, the Purchasing Party Agent and the other Second Lien Secured Parties for whom such Purchasing Party Agent is acting shall have the sole right to enforce all rights and remedies under the First Lien Documents and shall be permitted,
      notwithstanding anything to the contrary contained in Section 4.1 hereof, to immediately enforce any and all of its rights and remedies under the First Lien Documents and/or the Second Lien Documents.

     

    
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    8.3         Payment of Purchase Price.

     

    (a)          Upon the date of such purchase and sale, the Purchasing Parties shall (i) pay to First Lien Agent for the account of the First Lien Secured Parties, as the purchase price, the full
      amount of all of the First Lien Debt then outstanding and unpaid (including principal, interest, fees and expenses, including reasonable attorneys’ fees and legal expenses), (ii) without duplication of amounts paid under clause (i), furnish cash
      collateral to First Lien Agent in such amounts as First Lien Agent determines is reasonably necessary to secure the First Lien Secured Parties in connection with (x) any issued and outstanding letters of credit issued under the First Lien 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) and (y) any Bank Product Obligations, (iii) agree to reimburse the First Lien Secured Parties for any
      loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) in connection with any commissions, fees, costs or expenses related to any issued and outstanding letters of credit as described above and any checks or other
      payments provisionally credited to the First Lien Debt, and/or as to which the First Lien Secured Parties have not yet received final payment, and (iv) agree to reimburse the First Lien Secured Parties in respect of indemnification obligations of
      Grantors under the First Lien Documents as to matters or circumstances known to the First Lien Secured Parties and disclosed in writing to the Purchasing Party 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 the First Lien Secured Parties.

     

    (b)         Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of First Lien Agent as First Lien Agent may designate in writing to the
      Purchasing Party 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 Parties to the bank account designated by First Lien 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 Parties to the bank account designated by First Lien
      Agent are received in such bank account later than 12:00 noon, New York City, New York time.

     

    (c)          Ninety (90) days after all letters of credit outstanding under the First Lien Documents have been cancelled with the consent of the beneficiary thereof, expired or have been fully drawn,
      any remaining cash collateral will be returned to the Purchasing Parties that exercised their option to purchase.

     

    8.4         Representations Upon Purchase and Sale.  Such purchase shall be expressly made without representation or warranty of any kind by the First Lien Secured Parties as to the First
      Lien Debt, the Collateral or otherwise and without recourse to the First Lien Secured Parties; except, that, each First Lien Secured Party shall represent and warrant, severally, as to it:  (a) the amount of the First Lien Debt being
      purchased from it are as reflected in the books and records of such First Lien Secured Party (but without representation or warranty as to the collectability, validity or enforceability thereof), (b) that such First Lien Secured Party owns the First
      Lien Debt being sold by it free and clear of any Lien and (c) such First Lien Secured Party has the right to assign the First Lien Debt being sold by it and the assignment by it is duly authorized.

     

    
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    8.5         Notice from First Lien Agent Prior to Enforcement Action.  In the absence of an Exigent Circumstance (as defined below), First Lien Agent agrees that it will use commercially
      reasonable efforts to give Second Lien Agent five (5) Business Days prior written notice of its intention to commence a Lien Enforcement Action, provided that First Lien Agent shall have no liability
      for failing to do so; and provided further that, absent Exigent Circumstances, if a Purchase Option Notice has been given, until the earlier of (i) 10 Business Days after the date of such notice and
      (ii) the expiration of the Purchase Option Period, the First Lien Secured Parties shall not commence any foreclosure or other action to sell or otherwise realize upon the Collateral; provided, that, the purchase and sale with respect
      to the First Lien Debt provided for herein shall have closed on or before the date set forth in the Purchase Option Notice.  Notwithstanding the foregoing, if an Exigent Circumstance exists, First Lien Agent will use commercially reasonable efforts
      to give Second Lien Agent notice as soon as practicable and in any event contemporaneously with the taking of such action, provided, that First Lien Agent shall have no liability for failing to do so.  As
      used herein “Exigent Circumstance” shall mean an event or circumstance that materially and imminently threatens the ability of First Lien Agent to realize upon all or a material portion of
      the Collateral, such as, without limitation, fraudulent removal, concealment, destruction (other than to the extent covered by insurance), material waste or abscondment thereof.

     

    Section 9.             RELIANCE; WAIVERS; REPRESENTATIONS; ETC.

     

    9.1         Reliance.  The consent by the First Lien Secured Parties to the execution and delivery of the Second Lien Documents and the grant to Second Lien Agent, for and on behalf of itself
      and the other Second Lien Secured Parties, of a Lien on the Collateral and all loans and other extensions of credit made or deemed made on and after the date hereof by the First Lien Secured Parties to any Grantor shall be deemed to have been given
      and made in reliance upon this Intercreditor Agreement.

     

    9.2         No Warranties or Liability.

     

    (a)         Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, acknowledges and agrees that each of First Lien Agent and the other First Lien 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 First Lien Documents, the ownership of any Collateral or the perfection
      or priority of any Liens thereon.  Second Lien Agent agrees, for itself and on behalf of the other Second Lien Secured Parties, that the First Lien Secured Parties will be entitled to manage and supervise their respective loans and extensions of
      credit under the First Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the First Lien Secured Parties may manage their loans and extensions of credit without regard to any rights or
      interests that Second Lien Agent or any of the other Second Lien Secured Parties have in the Collateral or otherwise, except as otherwise provided in this Intercreditor Agreement.  Neither First Lien Agent nor any of the other First Lien Secured
      Parties shall have any duty to Second Lien Agent or any of the other Second Lien 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 Second Lien Documents), regardless of any knowledge thereof which they may have or be charged with.

     

    
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    (b)         First Lien Agent, for itself and on behalf of the other First Lien Secured Parties, acknowledges and agrees that Second Lien Agent and the other Second Lien 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 First Lien Documents, the ownership of any Collateral or the perfection or
      priority of any Liens thereon.  First Lien Agent agrees, for itself and on behalf of the other First Lien Secured Parties, that the Second Lien Secured Parties will be entitled to manage and supervise their respective loans and notes under the Second
      Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the Second Lien Secured Parties may manage their loans and notes without regard to any rights or interests that First Lien Agent or any
      of the other First Lien Secured Parties have in the Collateral or otherwise, except as otherwise provided in this Intercreditor Agreement.  Second Lien Agent and the other Second Lien Secured Parties shall not have any duty to First Lien Agent or any
      of the other First Lien 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 First Lien Documents),
      regardless of any knowledge thereof which they may have or be charged with.

     

    9.3         No Waiver of Lien Priorities.  No right of First Lien Agent or any of the other First Lien Secured Parties to enforce any provision of this Intercreditor Agreement or any of the
      First Lien 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 First Lien Agent or any other First Lien Secured Party, or by any noncompliance by
      any Person with the terms, provisions and covenants of this Intercreditor Agreement, any of the First Lien Documents or any of the Second Lien Documents, regardless of any knowledge thereof which First Lien Agent or any of the other First Lien
      Secured Parties may have or be otherwise charged with.

     

    9.4         Representations by Second Lien Secured Parties.  Second Lien Agent, on behalf of the Second Lien Secured Parties, represents and warrants to First Lien Agent that:

     

    (a)         the execution, delivery and performance of this Intercreditor Agreement by Second Lien Agent (i) is within the powers of Second Lien Agent, (ii) has been duly authorized by the Second
      Lien Secured Parties and (iii) does not contravene any law, or any provision of any of the Second Lien Documents or any agreement to which Second Lien Agent is a party or by which it is bound;

     

    (b)          Second Lien Agent is duly authorized to enter into, execute, deliver and carry out the terms of this Intercreditor Agreement on behalf of the Second Lien Secured Parties; and

     

    (c)          this Intercreditor Agreement constitutes the legal, valid and binding obligations of Second Lien Agent, enforceable in accordance with its terms and shall be binding on Second Lien Agent
      and the Second Lien Secured Parties.

     

    9.5         Representations by First Lien Secured Parties.  First Lien Agent, on behalf of First Lien Secured Parties, hereby represents and warrants to Second Lien Agent that:

     

    
      29

      
        

    

    (a)          the execution, delivery and performance of this Intercreditor Agreement by First Lien Agent (i) is within the powers of First Lien Agent, (ii) has been duly authorized by First Lien
      Secured Parties, and (iii) does not contravene any law, any provision of the First Lien Documents or any agreement to which First Lien Agent is a party or by which it is bound;

     

    (b)          the First Lien Agent is duly authorized to enter into, execute, deliver and carry out the terms of this Intercreditor Agreement on behalf of the First Lien Secured Parties; and

     

    (c)          this Intercreditor Agreement constitutes the legal, valid and binding obligations of First Lien Agent, enforceable in accordance with its terms and shall be binding on First Lien Agent
      and First Lien Secured Parties.

     

    9.6         Waivers.  Notice of acceptance hereof, the making of loans, advances and extensions of credit or other financial accommodations to, and the incurring of any expenses by or in
      respect of, Grantors by First Lien Secured Parties, and presentment, demand, protest, notice of protest, notice of nonpayment or default and all other notices to which the Second Lien Secured Parties and Grantors are or may be entitled are hereby
      waived (except as expressly provided for herein or as to Grantors in the First Lien Documents).  Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, also waives notice of, and hereby consents to: (a) subject to
      Section 10.4 hereof, any amendment, modification, supplement, renewal, restatement or extensions of time of payment of or increase or decrease in the amount of any of the First Lien Debt or to the First Lien Documents or any Collateral at any time
      granted to or held by First Lien Agent, (b) except as expressly set forth herein, the taking, exchange, surrender and releasing of Collateral at any time granted to or held by any First Lien Secured Parties or guarantees now or at any time held by or
      available to any First Lien Secured Parties for the First Lien Debt or any other person at any time liable for or in respect of the First Lien Debt, (c) except as expressly set forth herein, the exercise of, or refraining from the exercise of any
      rights against any Grantor or any Collateral at any time granted to or held by any First Lien Secured Parties, and/or (d) the settlement, compromise or release of, or the waiver of any default with respect to, any of the First Lien Debt.  Any of the
      foregoing shall not, in any manner, affect the terms hereof or impair the obligations of the Second Lien Secured Parties hereunder.  All of the First Lien Debt shall be deemed to have been made or incurred in reliance upon this Intercreditor
      Agreement.

     

    Section 10.           MISCELLANEOUS

     

    10.1       Conflicts.  In the event of any conflict between the provisions of this Intercreditor Agreement and the provisions of the First Lien Documents or the Second Lien Documents, the
      provisions of this Intercreditor Agreement shall govern.

     

    
      30

      
        

    

    10.2       Continuing Nature of this Intercreditor Agreement; Severability.  This Intercreditor Agreement shall continue to be effective until the Discharge of First Lien Debt
      shall have occurred or the final payment in full in cash of the Second Lien Debt and the termination and release by each Second Lien Secured Party of any Liens to secure the Second Lien Debt.  This Intercreditor Agreement is a continuing agreement of
      lien subordination and the First Lien Secured Parties may continue, at any time and without notice to Second Lien Agent or any other Second Lien Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit
      of any Grantor constituting First Lien Debt in reliance hereof.  Second Lien Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby waives any right it may have under applicable law to revoke this Intercreditor Agreement or
      any of the provisions of this Intercreditor Agreement.  The terms of this Intercreditor Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding.  Any provision of this Intercreditor 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.

     

    10.3       When Discharge of First Lien Debt Deemed Not To Have Occurred.  If substantially contemporaneously with the Discharge of First Lien Debt, Borrowers refinance indebtedness
      outstanding under the First Lien Documents, then after written notice to the Second Lien Agent, (a) the indebtedness and other obligations arising pursuant to such refinancing of the then outstanding indebtedness under the First Lien Documents shall
      automatically be treated as First Lien Debt for all purposes of this Intercreditor Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, (b) the credit agreement and the other loan documents
      evidencing such new indebtedness shall automatically be treated as the First Lien Loan Agreement and the First Lien Documents for all purposes of this Intercreditor Agreement and (c) the administrative agent under the new First Lien Loan Agreement
      shall be deemed to be First Lien Agent for all purposes of this Intercreditor Agreement, so long as, in each such case the new First Lien Agent agrees, on behalf of itself and the refinancing lenders, to be bound by the terms of this Intercreditor
      Agreement.  Upon receipt of notice of such refinancing (including the identity of the new First Lien Agent), the Second Lien Agent shall promptly enter into such documents and agreements (including amendments or supplements to this Intercreditor
      Agreement) as Borrowers or the new First Lien Agent may reasonably request in order to provide to the new First Lien Agent the rights of First Lien Agent contemplated hereby.

     

    10.4       Amendments to First Lien Documents.  (a) Without the prior written consent of Second Lien Agent, no First Lien Document may be amended, supplemented or otherwise modified, and no
      new First Lien Document may be entered into, to the extent such amendment, supplement, modification or new document would do any one or more of the following:

     

    (i)           (1) increase the “Applicable Margins” or similar component of the interest rate under the First Lien Loan Agreement in a manner that would result in the total yield on the First Lien
      Debt (excluding any Revolving B Advances (as defined in the First Lien Loan Agreement)) to exceed by more than two percent (2%) per annum the total yield on the First Lien Debt that is calculated as if the highest rate under the definition of
      “Applicable Margin” (as defined in the First Lien Loan Agreement as of the First Amendment Effective Date (as defined in the First Lien Loan Agreement) applicable to such First Lien Debt were in effect (excluding increases resulting from the accrual
      or payment of interest at the default rate or increases in the underlying reference rate (other than increases to any "floor" or minimum level of such reference rate)), or (2) increase the “Applicable Margins” or similar component of the interest
      rate under the First Lien Loan Agreement in a manner that would result in the total yield on the Revolving B Advances (as defined in the First Lien Loan Agreement) to exceed twelve percent  (12%) per annum (excluding increases resulting from the
      accrual or payment of interest at the default rate or as a result of any accrual or payment of in kind interest),

     

    
      31

      
        

    

    (ii)          modify or add any covenant or event of default under the First Lien Documents that directly restricts Grantors from making payments of any Second Lien Debt that would otherwise be
      permitted under the First Lien Documents, as in effect on the date hereof,

     

    (iii)          other than in connection with any DIP Financing, subject to the terms of Section 7.2, or as otherwise permitted in the First Lien Documents, as in effect on the date hereof,
      contractually subordinate the Liens of the First Lien Secured Parties to any other debt of Grantors, or

     

    (iv)          contravene the provisions of this Intercreditor Agreement,

     

    (b)         For the avoidance of doubt, the First Lien Agent and the First Lien Secured Parties may, without the consent of Second Lien Agent, without incurring any liabilities to Second Lien Agent
      or any other Second Lien Secured Party and without impairing or releasing the Lien priorities and other benefits provided in this Intercreditor Agreement (even if any right of subrogation or other right or remedy of Second Lien Agent or any other
      Second Lien Secured Party is affected, impaired or extinguished thereby):

     

    (i)            except to the extent expressly set forth in clause (a) above, change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange,
      increase or alter, the terms of any of the First Lien Debt or any Lien on any Collateral or guaranty thereof or any liability of any Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension
      of the First Lien Debt, without any restriction as to the amount, tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by First Lien Agent or any of the other
      First Lien Secured Parties, the First Lien Debt or any of the First Lien Documents,

     

    (ii)          sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Collateral or any liability of any Grantor to First Lien
      Agent or any of the other First Lien Secured Parties, or any liability incurred directly or indirectly in respect thereof in accordance with the terms hereof,

     

    (iii)         settle or compromise any of the First Lien Debt or any other liability of any Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof and
      apply any sums by whomsoever paid and however realized to any liability (including the First Lien Debt) in any manner or order except to the extent that such proceeds are to be applied in accordance with Section 5.1, and

     

    (iv)          exercise or delay in or refrain from exercising any right or remedy against any Grantor or any other Person, elect any remedy and otherwise deal freely with any Grantor or any
      Collateral and any security and any guarantor or any liability of any Grantor to any of the First Lien Secured Parties or any liability incurred directly or indirectly in respect thereof.

     

    
      32

      
        

    

    10.5       Amendments to Second Lien Documents.  Without the prior written consent of First Lien Agent, no Second Lien Document may be amended, supplemented or otherwise modified, and no new
      Second Lien Document may be entered into, to the extent such amendment, supplement or other modification or new document would:

     

    (a)          contravene the provisions of this Intercreditor Agreement,

     

    (b)          increase the interest rate under any Second Lien Documents in a manner that would cause the total cash pay yield on the Second Lien Debt to exceed by more than two percent (2%) the total
      cash pay yield on the relevant Second Lien Debt as in effect on the date of the Second Lien Documents (excluding increases resulting from the accrual of interest at the default rate),

     

    (c)          change to earlier dates any scheduled dates for payment of principal of or interest on Second Lien Debt,

     

    (d)          change any default or event of default provisions set forth in the Second Lien Documents in a manner adverse to the Grantors or the First Lien Secured Parties,

     

    (e)          modify or add any covenant or event of default under the Second Lien Documents that restricts Grantors from making payments of any First Lien Debt,

     

    (f)          change the prepayment provisions set forth in the Second Lien Documents to increase the amount of any required prepayment, or

     

    (g)          add to the Collateral for the Second Lien Debt other than as specifically provided by this Intercreditor Agreement.

     

    10.6       Amendments; Waivers.  No amendment, modification or waiver of any of the provisions of this Intercreditor Agreement by Second Lien Agent or First Lien Agent shall be deemed to be
      made unless the same shall be in writing signed on behalf of 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
      Intercreditor Agreement except to the extent that such amendment or modification (i) amends or modifies any of the covenants or obligations of any Grantor hereunder in a manner adverse to such Grantor or (ii) imposes any new obligation on any
      Grantor.

     

    10.7       Subrogation; Marshalling.  Until the Discharge of First Lien Debt, the Second Lien Secured Parties agree that they shall not exercise any rights of subrogation in respect of any
      payments or distributions received by the First Lien Secured Parties nor shall they be entitled to any assignment of any First Lien Debt or Second Lien Debt or of any Collateral for or guarantees or evidence of any thereof.  Following the Discharge
      of First Lien Debt, each First Lien Secured Party agrees to execute such documents, agreements, and instruments as any Second Lien Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the
      First Lien Debt resulting from payments or distributions to such First Lien Secured Party by such Person. Until the Discharge of First Lien Debt, Second Lien 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 marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Collateral or any other
      similar rights a junior secured creditor may have under applicable law.

     

    
      33

      
        

    

    10.8       Consent to Jurisdiction; Waivers.  The parties hereto consent to the jurisdiction of the Supreme Court of the State of New York in New York County and the United States District
      Court for the Southern District of New York and consent that all service of process may be made by registered mail directed to such party as provided in Section 10.9 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 Intercreditor Agreement, any First Lien Document or any Second Lien
          Document, or any course of conduct, course of dealing, verbal or written statement or action of any party hereto.

     

    10.9       Notices.  All notices to the Second Lien Secured Parties and the First Lien Secured Parties permitted or required under this Intercreditor Agreement may be sent to Second Lien
      Agent and First Lien 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 five (5) 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.

     

    
      34

      
        

    

    	 	
            First Lien Agent:

          	 	
            If to Agent or PNC at:

             

            PNC Bank, National Association

            200 South Wacker Drive, Suite 600

            Chicago, Illinois  60606

          
	 	 	 	
            Attention:

            

            Telephone:

            Facsimile:

            

             

            

          	
            Account Manager – A.M. Castle

             (312) 454-2935

            (312) 454-2919 

          
	 	
            with copies to:

          	 	
            Goldberg Kohn Ltd.

            55 East Monroe, Suite 3300

            Chicago, Illinois 60603

          
	 	 	 	
            Attention:

            

            Telephone:

            

            Facsimile:

            

             

            

          	Danielle Juhle, Esq. and Jeffrey Dunlop, Esq.
             (312) 201-4000

            (312) 863-7831 

          
	 	
            Second Lien Agent:

          	 	
            Wilmington Savings Fund Society, FSB

            500 Delaware Avenue, 11th Floor

            Wilmington, Delaware 19801

          
	 	 	 	
            
              Attention:

              

              Facsimile:

              

               

              

            

          	
            Patrick Healy

            (302) 421-9137 

          
	 	
            with copies to (which shall not constitute notice):

          	 	
            Ropes & Gray LLP

            1211 Avenue of the Americas

            New York, New York 10036-8704

          
	 	 	 	
             Attention:

            

            Facsimile:

            

          	
            Mark R. Somerstein

            (646) 728-1663 

          

    

    

    10.10     Further Assurances.

     

    (a)         Each Agent agrees that it shall take such further action and shall execute and deliver to each other Agent such additional documents and instruments (in recordable form, if requested) as
      any such Agent may reasonably request to effectuate the terms of and the lien priorities contemplated by this Intercreditor Agreement.

     

    (b)         Upon the Discharge of First Lien Debt, First Lien Agent agrees to provide written notice thereof to Second Lien Agent (“Discharge of
        First Lien Debt Notice”).  First Lien Agent covenants and agrees to provide such Discharge of First Lien Debt Notice to Second Lien Agent within five (5) Business Days after the Discharge of First Lien Debt, provided that First Lien Agent shall have no liability for failure to do so. Upon the Discharge of Second Lien Debt, Second Lien Agent agrees to provide written notice thereof to First Lien Agent.  Second Lien Agent covenants and
      agrees to provide such notice to First Lien Agent within five (5) Business Days after the Discharge of Second Lien Debt, provided that Second Lien Agent shall have no liability for failure to do so.

     

    10.11     Governing Law.  The validity, construction and effect of this Intercreditor 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.

    

     

    
      35

      
        

    

    
       

      10.12     Binding on Successors and Assigns.

       

      

    

    (a)          This Intercreditor Agreement shall be binding upon First Lien Agent, the other First Lien Secured Parties, Second Lien Agent, the other Second Lien Secured Parties, Grantors and their
      respective permitted successors and assigns.

     

    (b)          In connection with any participation or other transfer or assignment, a First Lien Secured Party or a Second Lien Secured Party (i) may disclose to such assignee, participant or other
      transferee or assignee all documents and information which such Person now or hereafter may have relating to Grantors or the Collateral and (ii) shall disclose to such participant or other transferee or assignee the existence and terms and conditions
      of this Intercreditor Agreement.  In the case of an assignment or transfer, the assignee or transferee acquiring the First Lien Debt or the Second Lien Debt, as the case may be, shall execute and deliver to First Lien Agent or Second Lien Agent, as
      the case may be, a written acknowledgement of receipt of a copy of this Intercreditor Agreement and the written agreement by such Person to be bound by the terms of this Intercreditor Agreement.

     

    10.13     Specific Performance.  First Lien Agent may demand specific performance of this Intercreditor Agreement.  Second Lien Agent, for itself and on behalf of the other Second Lien
      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 First Lien Agent.

     

    10.14     Section Titles; Time Periods.  The section titles contained in this Intercreditor Agreement are and shall be without substantive meaning or content of any kind whatsoever and are
      not a part of this Intercreditor Agreement.

     

    10.15    Counterparts.  This Intercreditor Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one
      and the same agreement.  Delivery of an executed counterpart of this Intercreditor Agreement by telefacsimile or other electronic method of transmission shall have the same force and effect as the delivery of an original executed counterpart of this
      Intercreditor Agreement.  Any party delivering an executed counterpart of this Intercreditor Agreement by telefacsimile or other electronic method of transmission shall also deliver an original executed counterpart, but the failure to do so shall not
      affect the validity, enforceability or binding effect of this Intercreditor Agreement.

     

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

     

    10.17     No Third Party Beneficiaries.  This Intercreditor 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 First Lien Debt and Second Lien Debt.  No Grantor or other Person shall have or be entitled to assert rights or benefits hereunder.

    

     

    
      36

      
        

    

    
       

      10.18     No Second Lien Collateral Agent Duties or Waiver.  Second Lien Agent shall have no duties or obligations except
          those expressly set forth herein and in the Second Lien Documents to which it is a party. Without limiting the generality of the foregoing, the Second Lien Agent:

       

        

    

    (a)          shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing;

     

    (b)         shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated
        hereby or by the Second Lien Documents that Second Lien Agent is required to exercise as directed in writing by the requisite Second Lien Holders in accordance with the Indenture; provided that Second Lien Agent shall not, except as set forth herein, be required to take any action that, in its opinion or the opinion of its counsel, may expose such Second Lien Agent to liability or that is contrary to the
        Second Lien Documents to which it is a party, applicable law or court or administrative order;

     

    (c)         shall not, except as expressly set forth in this Intercreditor Agreement and in the Second Lien Documents to which it is a party, have any duty to disclose,
        and shall not be liable for the failure to disclose, any information relating to any Grantor or any of their Subsidiaries or any of their respective affiliates that is communicated to or obtained by the Person serving as Second Lien Agent or any of
        its affiliates in any capacity;

     

    (d)          shall be deemed not to have knowledge of any Default or Event of Default under any First Lien Documents unless and until written notice describing such
        Default or Event Default and stating that such notice is a “notice of default” is given to such Second Lien Agent by the First Lien Agent, for and on behalf of itself and the other Second Lien Secured Parties; and

     

    (e)          shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection
      with this Intercreditor Agreement or any First Lien Document, (ii) the contents of any certificate, report, instrument, letter, notice, or other document delivered hereunder
      or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any
      Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Intercreditor Agreement, any First Lien Documents or any other agreement,
      instrument or document, or the validity, attachment, creation, perfection, priority or enforceability of any Lien purported to be created by the First Lien Documents, (v) the value or the sufficiency of any
      Collateral for First Lien Debt or (vi) the satisfaction of any condition set forth in any First Lien Documents, other than to confirm receipt of items expressly required to be delivered to Second Lien Agent.

     

    
      37

      
        

    

    Nothing in this Intercreditor Agreement shall be construed to operate as a waiver by Second Lien Agent, with respect to any First Lien Secured Parties, any Grantor, any Guarantor,
      or any other Second Lien Secured Parties, of the benefit of any rights, privileges, immunities, exculpations, indemnities, or reliance rights contained in the Second Lien Documents and the Second Lien Agent shall be entitled to all such rights,
      privileges, immunities, exculpations, indemnities, or reliance rights in connection with the execution of this Intercreditor Agreement and in taking or omitting to take any actions hereunder, including, without limitation, exculpation from any
      liability for any action taken or not taken by it (a) with the consent or at the request of the requisite Second Lien Holders in accordance with the Indenture, (b) in the absence of its own gross negligence or willful
        misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision, or (c) in reliance on an Officers’ Certificate and/or Opinion of Counsel (as each such term is defined in the Indenture) stating that such action
        is permitted by the terms of this Intercreditor Agreement.  For all purposes of this Intercreditor Agreement, Second Lien Agent may (i) rely in good faith, as to matters of fact, on any representation
      of fact believed by Second Lien Agent to be true (without any duty of investigation) and that is contained in a written certificate, report, instrument, letter, notice, or other document from the First Lien Agent or any authorized representative of
      any First Lien Secured Parties and (ii) assume in good faith (without any duty of investigation), and rely upon, the genuineness, due authority, validity, and accuracy of any certificate, instrument, notice, letter, or other document believed by it
      in good faith to be genuine and presented by the proper person.  First Lien Agent and each of the other First Lien Secured Parties expressly acknowledge that the subordination and related agreements set forth herein by Second Lien Agent are made
      solely in its capacity as collateral agent and indenture trustee under the Second Lien Documents to which it is a party with respect to the Second Lien Debt issued thereunder and are not made by Second Lien Agent in its individual capacity.

     

    [SIGNATURE PAGES FOLLOW]

    

    

    
      38

      
        

    

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

     

    	 	
            FIRST LIEN AGENT:

          
	 	

          
	 	
            PNC Bank, National Association, as First Lien Agent

          
	 	 	 
	 	
            By:

          	
            

            

          	 
	 	
            Name:

          	
            

            

          	 
	 	
            Title:

          	
            

            

          	 

    

    

    
      Signature Page to Intercreditor Agreement

       

      

    

    
      
        

    

    	 	
            SECOND LIEN AGENT:

          
	 	 
	 	
            Wilmington Savings Fund Society, FSB, as Second Lien Agent

          
	 	 	 
	 	
            By:

          	
            

            

          	 
	 	
            Name:

          	
            

            

          	 
	 	
            Title:

          	
            

            

          	 

    
       

      

      Signature Page to Intercreditor Agreement

       

      

    

    
      
        

    

    ACKNOWLEDGMENT AND AGREEMENT

    

    

    Each of the undersigned hereby acknowledges and agrees to the representations, terms and provisions of the annexed Intercreditor Agreement among PNC Bank, National Association, in its capacity as
      agent for the First Lien Secured Parties (in such capacity, the “First Lien Agent”) and Wilmington Savings Fund Society, FSB, in its capacities as indenture trustee and collateral agent for the Second Lien Secured Parties (in such capacities,
      “Second Lien Agent”).  By its signature below, each of the undersigned agrees that it will, together with its successors and assigns, be bound by the provisions hereof.

     

    Each of the undersigned agrees that any Secured Party holding Collateral does so as gratuitous bailee and sub-collateral agent (under the UCC or PPSA) for the other and is hereby authorized to and
      may turn over to such other Secured Party upon request therefore any such Collateral, after all obligations and indebtedness of the undersigned to the bailee Secured Party have been fully paid and performed.

     

    Each of the undersigned acknowledges and agrees that: (i) although it may sign this Intercreditor Agreement, it is not a party hereto and does not and will not receive any right, benefit, priority or
      interest under or because of the existence of the foregoing Agreement, (ii) in the event of a breach by the undersigned of any of the terms and provisions contained in the foregoing Intercreditor Agreement, such a breach shall constitute a First Lien
      Event of Default and a Second Lien Event of Default, (iii) three Business Days prior to the making of any Second Lien Interest Payment in cash or any Second Lien Other Payment, it shall deliver, or cause to be delivered, to the First Lien Agent and
      the Second Lien Agent the compliance certificate(s) required pursuant to clause (b) of the definition of “Permitted Second Lien Payments” or pursuant to the definition of “Second Lien Interest Payment Conditions”, as applicable, (iv) on the date of
      the making of any Second Lien Interest Payment in cash or any Second Lien Other Payment, it shall deliver, or cause to be delivered, to the First Lien Agent the compliance certificate(s) required pursuant to clause (b) of the definition of “Permitted
      Second Lien Payments” or pursuant to the definition of “Second Lien Interest Payment Conditions”, as applicable, certifying that the applicable conditions were satisfied as of such payment date, and (v) 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 further acknowledges and
      agrees that, in the event that a compliance certificate is delivered to the First Lien Agent and the Second Lien Agent three Business Days prior to the making of the applicable payment that certifies that the applicable payment is permitted under the
      Intercreditor Agreement, but the compliance certificate delivered to the First Lien Agent on the applicable payment date, as required hereby, demonstrates that the applicable payment would not be permitted, such event shall constitute an immediate
      Event of Default under the First Lien Documents.

     

    [SIGNATURE PAGE FOLLOWS]

     

    

    
      
        Signature Page to Intercreditor Agreement

      

    

     

    

    
      
        

    

    GRANTORS:

    

    

    	
             

          	
            A.M. CASTLE & CO.

          
	
             

          	
             

          	
             

          
	
             

          	
            By:

          	
             

          
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    	 	
            TOTAL PLASTICS, INC.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    	 	
            HY-ALLOY STEELS COMPANY

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    	 	
            KEYSTONE TUBE COMPANY, LLC

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    	 	
            KEYSTONE SERVICE, INC.

          
	 	 	 
	 	
            By:

          	 
	 	
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        Signature Page to Acknowledgement and Agreement to Intercreditor Agreement

         

        

      

    

    
      
        

    

    	 	
            A.M. CASTLE & CO. (CANADA) INC.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    	 	
            CASTLE METALS DE MEXICO, S.A. DE C.V.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    	 	
            CASTLE METALS DE MEXICALI, S.A. DE C.V.

          
	 	 	 
	 	
            By:

          	 
	 	
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      Signature Page to Acknowledgement and Agreement to Intercreditor Agreement2019 10-K Exhibit 4.25

Exhibit 4.25

DESCRIPTION OF SECURITIES OF SEELOS THERAPEUTICS, INC.

The authorized capital stock of Seelos Therapeutics, Inc., a Nevada corporation (the "Company"), consists of:

	120,000,000 shares of common stock, $0.001 par value per share ("Common Stock"); and
	10,000,000 shares of preferred stock, $0.001 par value per share ("Preferred Stock").

Common Stock

	Voting Rights. Holders of Common Stock are entitled to one vote per share for the election of directors and on all other matters that require stockholder approval. Holders of
Common Stock do not have any cumulative voting rights. 

	Liquidation Rights. Subject to any preferential rights of any outstanding Preferred Stock, in the event of the Company's liquidation, dissolution or winding up, holders of
Common Stock are entitled to share ratably in the assets remaining after payment of liabilities and the liquidation preferences of any outstanding Preferred Stock. 

	No Preemptive or Redemption Rights. Shares of Common Stock do not carry any redemption rights or any preemptive or preferential rights enabling a holder to subscribe
for, or receive shares of, any class of Common Stock or any other securities convertible into Common Stock.

	Dividend Rights. Holders of Common Stock shall be entitled to receive dividends if, as and when declared by the Company's Board of Directors (the
"Board") in accordance with applicable law.

	Anti-Takeover Provisions. See the below section titled "Anti-Takeover Effects of Nevada Law and Provisions of the Company's Articles of Incorporation and
Bylaws".

Listing

The Common Stock is listed on the Nasdaq Capital Market under the symbol "SEEL".

Preferred Stock

Under the Company's Amended and Restated Articles of Incorporation, as amended (the "Articles of Incorporation"), the Board has the authority, without
further action by the stockholders, to designate one or more series of Preferred Stock and to fix the voting powers, designations, preferences, limitations, restrictions and relative rights granted
to or imposed upon the Preferred Stock, including dividend rights, conversion rights, voting rights, rights and terms of redemption, liquidation preference and sinking fund terms. Any or all of
these may be preferential to or greater than the rights of the Common Stock. Of the Company's authorized Preferred Stock, 1,000,000 shares have been designated as Series A Junior
Participating Preferred Stock, 800 shares have been designated as Series B 8% Cumulative Convertible Preferred Stock and 600 shares have been designated as Series C 6% Cumulative
Convertible Preferred Stock. The Company currently has no outstanding shares of Preferred Stock.

The Board may authorize the issuance of Preferred Stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of shares of Common
Stock. The issuance of Preferred Stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying,
deferring or preventing a change in control of the Company and may adversely affect the market price of the Common Stock and the voting and other rights of the holders of shares of Common
Stock.

The Board may specify the following characteristics of Preferred Stock:

	The designation and stated value, if any, of the class or series of Preferred Stock;
	The number of shares of the class or series of Preferred Stock offered, and the liquidation preference, if any, per share;
	the dividend rate(s), period(s) or payment date(s) or method(s) of calculation, if any, applicable to the class or series of Preferred Stock;
	whether dividends, if any, are cumulative or non-cumulative and, if cumulative, the date from which dividends on the class or series of Preferred Stock will accumulate;
	the provisions for a sinking fund, if any, for the class or series of Preferred Stock;
	the provision for redemption, if applicable, of the class or series of Preferred Stock;
	the terms and conditions, if applicable, upon which the class or series of Preferred Stock will be convertible into Common Stock, including the conversion price or manner of calculation and
conversion period;
	voting rights, if any, of the class or series of Preferred Stock;
	the relative ranking and preferences of the class or series of Preferred Stock as to dividend rights and rights, if any, upon the liquidation, dissolution or winding up of the Company's
affairs;
	any limitations on issuance of any class or series of Preferred Stock ranking senior to or on a parity with the class or series of Preferred Stock as to dividend rights and rights, if any, upon
liquidation, dissolution or winding up of the Company's affairs; and
	any other specific terms, preferences, rights, limitations or restrictions of the class or series of Preferred Stock.

Warrants

As of December 31, 2019, the Company had outstanding warrants to purchase 3,583,713 shares of Common Stock as follows:

	warrants to purchase an aggregate of 12,642 shares with an exercise price of $18.00 per share, all of which are currently exercisable (subject to certain beneficial ownership limitations)
and expire on March 13, 2020, all of which shall be automatically exercised on a "cashless" basis upon expiration if the fair market value of the Common Stock is greater than the
exercise price of the warrants on the expiration date of the warrants;
	warrants to purchase an aggregate of 8,386 shares with an exercise price of $52.50 per share, all of which are currently exercisable (subject to certain beneficial ownership limitations) and
expire on April 20, 2022, all of which shall be automatically exercised on a "cashless" basis upon expiration if the fair market value of the Common Stock is greater than the exercise
price of the warrants on the expiration date of the warrants;

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	warrants to purchase an aggregate of 81,587 shares with an exercise price of $46.50 per share, all of which are currently exercisable (subject to certain beneficial ownership limitations)
and expire on May 17, 2022, all of which shall be automatically exercised on a "cashless" basis upon expiration if the fair market value of the Common Stock is greater than the
exercise price of the warrants on the expiration date of the warrants; 
	warrants to purchase an aggregate of 11,338 shares with an exercise price of $12.60 per share, all of which are currently exercisable and expire on January 12, 2023; 
	a warrant to purchase an aggregate of 916 shares with an exercise price of $21.30 per share, all of which are currently exercisable and expire on January 12, 2023;
	warrants to purchase an aggregate of 2,037 shares with an exercise price of $21.30 per share, which are currently exercisable (subject to certain beneficial ownership limitations) and
expire on January 12, 2023;
	warrants to purchase an aggregate of 3,647 shares with an exercise price of $21.30 per share, all of which are currently exercisable (subject to certain beneficial ownership limitations) and
expire on March 3, 2023;
	warrants to purchase an aggregate of 11,081 shares with an exercise price of $12.60 per share, all of which are currently exercisable and expire on March 3, 2023;
	warrants to purchase an aggregate of 11,836 shares with an exercise price of $18.75 per share, all of which are currently exercisable (subject to certain beneficial ownership limitations)
and expire on March 28, 2023;
	warrants to purchase an aggregate of 80,008 shares with an exercise price of $15.00 per share, all of which are currently exercisable (subject to certain beneficial ownership limitations)
and expire on May 17, 2023;
	warrants to purchase an aggregate of 7,668 shares with an exercise price of $10.125 per share, all of which are currently exercisable (subject to certain beneficial ownership limitations)
and expire on March 25, 2024, all of which shall be automatically exercised on a "cashless" basis upon expiration if the fair market value of the Common Stock is greater than the
exercise price of the warrants on the expiration date of the warrants;
	warrants to purchase an aggregate of 646 shares with an exercise price of $387.00 per share, all of which are currently exercisable and expire on October 17, 2024, all of which shall be
automatically exercised on a "cashless" basis upon expiration if the fair market value of the Common Stock is greater than the exercise price of the warrants on the expiration date of
the warrants;
	warrants to purchase an aggregate of 510 shares with an exercise price of $492.00 per share, all of which are currently exercisable and expire on July 23, 2025, all of which shall be
automatically exercised on a "cashless" basis upon expiration if the fair market value of the Common Stock is greater than the exercise price of the warrants on the expiration date of
the warrants; 
	a warrant to purchase an aggregate of 115,000 shares with an exercise price of $9.00 per share, which is currently exercisable (subject to certain beneficial ownership limitations) and
expires on March 25, 2024, which shall be automatically exercised on a "cashless" basis upon expiration if the fair market value of the Common Stock is greater than the exercise
price of the warrants on the expiration date of the warrant;

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	a warrant to purchase an aggregate of 89,239 shares with an exercise price of $12.00 per share, which is currently exercisable and expires on March 25, 2024, which shall be automatically
exercised on a "cashless" basis upon expiration if the fair market value of the Common Stock is greater than the exercise price of the warrants on the expiration date of the warrant;

	Series A warrants to purchase an aggregate of 909,672 shares with an exercise price of $0.75 per share, all of which are currently exercisable (subject to certain beneficial ownership
limitations) and expire on January 31, 2024; and
	warrants to purchase an aggregate of 2,237,500 shares with an exercise price of $1.78 per share, which became exercisable on February 27, 2020 (subject to certain beneficial ownership
limitations) and expire on August 28, 2023.

All of the outstanding warrants contain provisions for the adjustment of the exercise price in the event of stock dividends, stock splits or similar transactions. In addition, certain of the
warrants contain a "cashless exercise" feature that allows the holders thereof to exercise the warrants without a cash payment to the Company under certain circumstances. Certain
of the warrants also contain provisions that provide certain rights to warrantholders in the event of a fundamental transaction, including a merger or consolidation with or into another entity,
such as: 

	the right to receive the same amount and kind of consideration paid to the holders of Common Stock in the fundamental transaction;
	the right to require the Company or a successor entity to purchase the unexercised portion of certain warrants at the warrant's respective fair value using the
Black Scholes option pricing formula; or
	the right to require the Company or a successor entity to redeem the unexercised portion of certain warrants for the same consideration paid to holders of Common Stock in the
fundamental transaction at the warrant's respective fair value using the Black Scholes option pricing formula.

The Series A warrants provide that, from January 31, 2019 through January 31, 2022, inclusive, if the Company publicly announces, issues or sells, or is deemed to have issued or sold,
any shares of Common Stock for a price per share less than the exercise price of the Series A warrants in effect immediately prior to such public announcement, issue or sale or deemed
issuance or sale, subject to certain limited exceptions, then the exercise price of the Series A warrants shall be reduced to such lower price per share. If the Company publicly announces,
issues or sells, or is deemed to have issued or sold any shares of Common Stock for a price per share lower than the exercise price of the Series A warrants then in effect after January 31,
2022, subject to certain limited exceptions, then the exercise price of the Series A warrants shall be reduced to an amount equal to the product of (i) the exercise price in effect immediately
prior to such public announcement, issue or sale or deemed issuance or sale and (ii) the quotient determined by dividing (a) the sum of (x) the product derived by multiplying the exercise price
then in effect and the number of shares of Common Stock outstanding immediately prior to the new issuance plus (y) the consideration received by the Company for the new issuance, by (b)
the product derived by multiplying (x) the exercise price then in effect by (y) the number of shares of Common Stock outstanding immediately after the new issuance. Shares of Common Stock
will be deemed to be issued or sold if the Company: (1) grants or sells, or publicly

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announce the issuance or sale of, any options to purchase shares of Common Stock and the lowest price per
share for which one share of Common Stock is issuable upon the exercise of such option (or upon conversion, exercise or exchange of any convertible security issuable upon exercise of such
option) is less than the exercise price of the Series A warrant, or (2) issue or sell, or publicly announce the issuance or sale of, any convertible securities and the lowest price per share for
which one share of Common Stock is issuable upon the conversion, exercise or exchange of such convertible security is less than the exercise price of the Series A warrant. The exercise price
is subject to adjustment in accordance with the foregoing provisions and in the event of stock dividends, stock splits or similar transactions.

Anti-Takeover Effects of Nevada Law and Provisions of the Company's Articles of Incorporation and Bylaws

Certain provisions of Nevada law and the Articles of Incorporation, and the Company's Amended and Restated Bylaws, as amended (the "Bylaws"), could
make the following more difficult:

	acquisition of the Company by means of a tender offer;
	acquisition of the Company by means of a proxy contest or otherwise; or
	removal of the Company's incumbent officers and directors.

These provisions, summarized below, could have the effect of discouraging certain types of coercive takeover practices and inadequate takeover bids. These provisions may also
encourage persons seeking to acquire control of the Company to first negotiate with the Board.

Classified Board. The Articles of Incorporation provide that the Board is to be divided into three classes, as nearly equal in number as possible, with directors in each class
serving three-year terms. This provision may have the effect of delaying or discouraging an acquisition of the Company or a change in the Company's management.

Filling Vacancies. The Articles of Incorporation provide that newly created directorships resulting from any increase in the authorized number of directors or any vacancies
in the Board resulting from death, resignation, retirement, disqualification, removal from office or other cause shall, unless otherwise provided by law or resolution of the Board, be filled only by
a majority of the directors then in office, though less than a quorum. The directors so chosen shall hold office for a term expiring at the annual meeting of stockholders at which the term of office
of the class to which they have been chosen expires.

Removal. The Bylaws and the Nevada Revised Statutes ("NRS") provide that any director may be removed from the Board by the vote or written
consent of stockholders representing not less than two-thirds of the voting power of the issued and outstanding shares entitled to vote.

Requirements for Advance Notification of Stockholder Nominations and Proposals. The Bylaws establish advance notice procedures with respect to stockholder proposals
and the nomination of candidates for election as directors, other than nominations made by or at the direction of the Board.

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Special Meetings of the Stockholders. The Bylaws provide that special meetings of the stockholders may be called by the Chair of the Board or the Company's President, or
by the  Board acting pursuant to a resolution adopted by the total number of authorized directors, whether or not there exist any vacancies in previously authorized directorships.

No Cumulative Voting. The Articles of Incorporation and the Bylaws do not provide for cumulative voting in the election of directors.

Undesignated Preferred Stock. The authorization of undesignated Preferred Stock in the Articles of Incorporation makes it possible for the Board to issue Preferred Stock
with voting or other rights or preferences that could impede the success of any attempt to change control of the Company. These and other provisions may have the effect of deferring hostile
takeovers or delaying changes in control or management of the Company.

Amendment of Charter Provisions. The amendment of any of the above provisions set forth in the Articles of Incorporation, except for the provision making it possible for the
Board to issue undesignated Preferred Stock, would require approval by a stockholder vote by the holders of at least 66-2/3% of the voting power of all the then-outstanding shares of the
capital stock of the Company entitled to vote generally in the election of directors.

In addition, the NRS contain provisions governing the acquisition of a controlling interest in certain Nevada corporations. Nevada's "acquisition of controlling interest" statutes
(NRS 78.378 through 78.3793, inclusive) contain provisions governing the acquisition of a controlling interest in certain Nevada corporations. These "control share" laws provide
generally that any person that acquires a "controlling interest" in certain Nevada corporations may be denied voting rights, unless a majority of the disinterested stockholders of the
corporation elects to restore such voting rights. These laws will apply to the Company as of a particular date if the Company were to have 200 or more stockholders of record (at least 100 of
whom have addresses in Nevada appearing on the Company's stock ledger at all times during the 90 days immediately preceding that date) and do business in the State of Nevada directly or
through an affiliated corporation, unless the Company's articles of incorporation or bylaws in effect on the tenth day after the acquisition of a controlling interest provide otherwise. These laws
provide that a person acquires a "controlling interest" whenever a person acquires shares of a subject corporation that, but for the application of these provisions of the NRS, would
enable that person to exercise (1) one-fifth or more, but less than one-third, (2) one-third or more, but less than a majority or (3) a majority or more, of all of the voting power of the corporation
in the election of directors. Once an acquirer crosses one of these thresholds, shares which it acquired in the transaction taking it over the threshold and within the 90 days immediately
preceding the date when the acquiring person acquired or offered to acquire a controlling interest become "control shares" to which the voting restrictions described above apply.
These laws may have a chilling effect on certain transactions if the Articles of Incorporation or Bylaws are not amended to provide that these provisions do not apply to the Company or to an
acquisition of a controlling interest, or if the Company's disinterested stockholders do not confer voting rights in the control shares.

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Nevada's "combinations with interested stockholders" statutes (NRS 78.411 through 78.444, inclusive) provide that specified types of business "combinations"
between certain Nevada corporations and any person deemed to be an "interested stockholder" of the corporation are prohibited for two years after such person first becomes an
"interested stockholder" unless the corporation's board of directors approves the combination (or the transaction by which such person becomes an "interested
stockholder") in advance, or unless the combination is approved by the board of directors and sixty percent of the corporation's voting power not beneficially owned by the interested
stockholder, its affiliates and associates. Furthermore, in the absence of prior approval, certain restrictions may apply even after such two-year period. For purposes of these statutes, an
"interested stockholder" is any person who is (1) the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the corporation, or
(2) an affiliate or associate of the corporation and at any time within the two previous years was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the
then-outstanding shares of the corporation. The definition of the term "combination" is sufficiently broad to cover most significant transactions between a corporation and an
"interested stockholder". These laws generally apply to Nevada corporations with 200 or more stockholders of record. However, a Nevada corporation may elect in its articles of
incorporation not to be governed by these particular laws, but if such election is not made in the corporation's original articles of incorporation, the amendment (1) must be approved by the
affirmative vote of the holders of stock representing a majority of the outstanding voting power of the corporation not beneficially owned by interested stockholders or their affiliates and
associates, and (2) is not effective until 18 months after the vote approving the amendment and does not apply to any combination with a person who first became an interested stockholder on
or before the effective date of the amendment. The Company has not made such an election in its original articles of incorporation or in its Articles of Incorporation and the Company has not
amended its Articles of Incorporation to so elect.

Further, NRS 78.139 also provides that directors may resist a change or potential change in control of the corporation if the board of directors determines that the change or potential
change is opposed to or not in the best interest of the corporation upon consideration of any relevant facts, circumstances, contingencies or constituencies pursuant to NRS 78.138(4).

   

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