Document:

Exhibit 10.31

 

EXECUTION VERSION

 

US GUARANTY AND SECURITY AGREEMENT

 

This US GUARANTY AND
SECURITY AGREEMENT (this “Agreement”), dated as of December 6, 2018, among the Persons listed on the signature
pages hereof as “Grantors” and those additional entities that hereafter become parties hereto by executing the form
of Joinder attached hereto as Annex 1 (each, a “Grantor” and collectively, the “Grantors”),
and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity
as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its
successors and assigns in such capacity, “Agent”).

 

WITNESSETH:

 

WHEREAS,
pursuant to that certain Credit Agreement, of even date herewith (as amended, restated, supplemented, or otherwise modified from
time to time, the “Credit Agreement”), by and among INDUSTREA ACQUISITION CORP., a Delaware corporation,
CONCRETE PUMPING HOLDINGS ACQUISITION CORP. (to be renamed Concrete Pumping Holdings, Inc. upon consummation of the Concrete
Pumping Acquisition (as defined in the Credit Agreement), a Delaware corporation, CONCRETE PUMPING INTERMEDIATE ACQUISITION
CORP., a Delaware corporation, CONCRETE PUMPING MERGER SUB INC., a Delaware corporation (“Concrete Merger
Sub”), which upon the consummation of the Concrete Pumping Acquisition will be merged with and into the existing CONCRETE
PUMPING HOLDINGS, INC., a Delaware corporation (which is to be renamed Brundage-Bone Concrete Pumping Holdings Inc. upon consummation
of the Concrete Pumping Acquisition) (the “Target”), BRUNDAGE-BONE CONCRETE
PUMPING, INC., a Colorado corporation (“Brundage Pumping”), and ECO-PAN, INC., a Colorado corporation
(“Eco-Pan US”; and together with Concrete Merger Sub, the Target, Brundage Pumping and each other Person that
from time to time that becomes party thereto as a US Borrower in accordance with the terms thereof, each a “US Borrower”
and collectively the “US Borrowers”), CAMFAUD CONCRETE PUMPS LIMITED, a private limited company incorporated
and registered under the laws of England and Wales with Company Number 02635232 (“Camfaud Concrete”) and PREMIER
CONCRETE PUMPING LIMITED, a private limited company incorporated and registered under the laws of England and Wales with Company
Number 01714938 (“Premier Concrete”, and together Camfaud Concrete and together with those additional entities
that become parties thereto as “UK Borrowers” in accordance with the terms thereof, each a “UK Borrower”,
and collectively, the “UK Borrowers”; UK Borrowers and US Borrowers are each hereinafter referred to as a “Borrower”,
and collectively, the “Borrowers”), the lenders party thereto as “Lenders” (each of such Lenders,
together with its successors and assigns, is referred to hereinafter as a “Lender”), Agent, and WELLS FARGO
CAPITAL FINANCE (UK) LIMITED, a private limited company incorporated and registered under the laws of England a Wales with
company numbers 02656007 (in such capacity, together with its successors and assigns in such capacity, “UK Security Agent”),
the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms
and conditions thereof; and

 

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

 

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

 

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

 

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

 

1.           Definitions;
Construction.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vii)       “Cash
Dominion Event” means the occurrence of either of the following: (A) the occurrence and continuance of any Specified
Event of Default, or (B) Excess Availability is less than the greater of (x) 12.5% of the Line Cap, and (y) $5,000,000 for 3 consecutive
Business Days. 

 

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(viii)      “Cash
Dominion Period” means the period commencing after the occurrence of a Cash Dominion Event and continuing until the date
when (A) no Specified Event of Default shall exist and be continuing, and (B) Excess Availability is greater than the greater of
12.5% of the Line Cap, and (y) $5,000,000 for 30 consecutive calendar days.

 

(ix)         “Chattel
Paper” means chattel paper (as that term is defined in the Code), and includes tangible chattel paper and electronic
chattel paper.

 

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

 

(xi)         “Collateral”
has the meaning specified therefor in Section 3 hereof.

 

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

 

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

 

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

 

(xv)       “Controlled
Account” has the meaning specified therefor in Section 7(k) hereof.

 

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

 

(xvii)     “Controlled
Account Bank” has the meaning specified therefor in Section 7(k) hereof.

 

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

 

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

 

(xx)        “Credit
Agreement” has the meaning specified therefor in the recitals to this Agreement.

 

(xxi)       “Excluded
Accounts” means (A) Deposit Accounts and Securities Accounts with an aggregate amount on deposit therein of not more
than $1,500,000 at any one time for all such Deposit Accounts or Securities Accounts, or (B) Deposit Accounts solely and specifically
used for payroll and other employee wage and benefit accounts, tax accounts, including sales tax accounts, escrow accounts and/or
trust accounts used exclusively for the foregoing.

 

(xxii)      “Excluded
Asset” means each of the following:

 

(1)         any
asset the grant or perfection of a security interest in which would (i) be prohibited by enforceable anti-assignment provisions
set forth in any contract that is permitted or otherwise not prohibited by the terms of this Agreement, (ii) violate the terms
of any contract relating to such asset that is permitted or otherwise not prohibited by the terms of this Agreement or (iii) trigger
termination of any contract relating to such asset that is permitted or otherwise not prohibited by the terms of this Agreement
pursuant to any “change of control” or similar provision; it being understood that the term “Excluded Asset”
shall not include proceeds or receivables arising out of any contract described in this clause (1) to the extent that the
assignment of such proceeds or receivables is expressly deemed to be effective under the Code or other applicable Requirements
of Law notwithstanding the relevant prohibition, violation or termination right,

 

(2)         the
Capital Stock of any (i) Restricted Subsidiary that is subject to regulation as an insurance company (or any Restricted Subsidiary
thereof), (ii) Unrestricted Subsidiary, and/or (iii) not-for-profit subsidiary, in each case except to the extent that
such person is Guarantor or a security interest therein can be perfected by the filing of financing statements without violating
or conflicting with any agreement or instrument to which such entity or the Capital Stock thereof are subject,

 

(3)         any
intent-to-use (or similar) Trademark application prior to the filing and acceptance of a “Statement of Use”, “Amendment
to Allege Use” or similar filing with respect thereto, to the extent, if any, that, and solely during the period, if any,
in which the grant of a security interest therein may impair the validity or enforceability of such intent-to-use Trademark application
under applicable law; provided, that upon submission and acceptance by the PTO of an amendment to allege use pursuant to
15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall be considered Collateral,

 

(4)         governmental
licenses and state or local franchises, charters and authorizations, and any other property and asset, the grant or perfection
of a security interest in which would (i) require any governmental consent, approval, license or authorization that has not been
obtained (unless such consent, approval, license or authorization has been obtained), (ii) be prohibited by enforceable anti-assignment
provisions of applicable Requirements of Law, except, in the case of this clause (ii), to the extent such requirement or
prohibition would be rendered ineffective under the Code or other applicable Requirements of Law notwithstanding such requirement
or prohibition or (iii) result in material adverse tax consequences to any Grantor as reasonably determined by such US Administrative
Borrower (in consultation with the Agent),

 

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(5)         any
Excluded Real Property,

 

(6)         any
interest in any joint venture or non-Wholly-Owned Subsidiary,

 

(7)         any
Margin Stock,

 

(8)         any
cash or Cash Equivalents maintained in or credited to any Excluded Account,

 

(9)         any
asset with respect to which the Agent and the US Administrative Borrower have reasonably determined that the cost, burden, difficulty
or consequence (including any effect on the ability of the relevant Grantor to conduct its operations and business in the ordinary
course of business) of obtaining or perfecting a security interest therein outweighs the benefit of a security interest to the
Agent, Lender Group and Bank Product Providers afforded thereby, which determination is evidenced in writing,

 

(10)      Commercial
Tort Claims with an aggregate value (as reasonably estimated by the US Administrative Borrower) of less than $2,500,000,

 

(11)      any
lease, license or agreement or any asset subject to a purchase money security interest, Capital Lease or similar arrangement that
is, in each case, permitted by the Credit Agreement to the extent that the grant of a security interest therein would violate or
invalidate such lease, license or agreement or purchase money, Capital Lease or similar arrangement or trigger a right of termination
in favor of any other party thereto after giving effect to the applicable anti-assignment provisions the Code or any other applicable
Requirement of Law,

 

(12)      the
Capital Stock of (i) any CFC, (ii) any Domestic Subsidiary that has no material assets (held directly or indirectly) other than
the Capital Stock or Indebtedness of one or more CFCs, in each case, in excess of 65% of the issued and outstanding voting Capital
Stock and 100% of the issued and outstanding non-voting Capital Stock in any such Person,

 

(13)      Letter
of Credit Rights with an aggregate value less than $2,500,000 (other than those constituting supporting obligations of other Collateral
as to which perfection of the security interest in such other Collateral may be accomplished by the filing of a financing statement),
and

 

(14)      except
to the extent perfected by filing of a financing statement, any assets located outside the United States or the United Kingdom
or assets that require action under the law of any non-U.S. or non-U.K. jurisdiction to create or perfect a security interest in
such assets under such non-U.S. or non-U.K. jurisdiction, including any intellectual property registered in any non-U.S. or non-U.K.
jurisdiction.

 

(xxiii)      “Excluded
Real Property” means any Real Property which is (i) leasehold Real Property or (ii) is not Material Real Property; provided
that no Real Property acquired after the Closing Date which constitutes a Material Real Property shall be deemed to be Excluded
Real Property. 

 

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(xxiv)      “Excluded
Swap Obligation” means, with respect to any Grantor, any Swap Obligation if, and to the extent that, all or a portion
of the guaranty of such Grantor of (including by virtue of the joint and several liability provisions of Section 2.15 of
the Credit Agreement with respect to any Grantor that is a Borrower), or the grant by such Grantor of a security interest to secure,
such Swap Obligation (or any guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or
order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such
Grantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act and the regulations thereunder at the time the guaranty of such Grantor or the grant of such security interest becomes
effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap,
such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guaranty or
security interest is or becomes illegal.

 

(xxv)      
“Foreclosed Grantor” has the meaning specified therefor in Section 2(i)(iv)
hereof.

 

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

 

(xxvii)     “Grantor”
and “Grantors” have the respective meanings specified therefor in the preamble to this Agreement.

 

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

 

(xxix)      “Guarantor”
means each Grantor other than any Borrower.

 

(xxx)        “Guaranty”
means the guaranty set forth in Section 2 hereof.

 

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

 

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

 

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

 

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

 

(xxxv)     “Lender”
and “Lenders” have the respective meanings specified therefor in the recitals to this Agreement.

 

(xxxvi)    “Material
Real Property” means (i) on the Closing Date, each Real Property listed on Schedule 13 attached hereto and (ii)
any “fee-owned” Real Property acquired by any Grantor after the Closing Date having a fair market value (as reasonably
estimated by such Grantor) in excess of $5,000,000 as of the date of acquisition thereof.

 

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

 

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

 

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

 

(xl)          “Pledged
Companies” means each Person listed on Schedule 5 as a “Pledged Company”, together with each other
Person, all or a portion of whose Equity Interests are acquired or otherwise owned by a Grantor after the Closing Date and is required
to be pledged pursuant to Section 5.12 of the Credit Agreement.

 

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

 

(xlii)        “Pledged
Interests Addendum” means a Pledged Interests Addendum substantially in the form of Exhibit C.

 

(xliii)       “Pledged
Notes” has the meaning specified therefor in Section 6(i) hereof.

 

(xliv)       “Pledged
Operating Agreements” means all of each Grantor’s rights, powers, and remedies under the limited liability company
operating agreements of each of the Pledged Companies that are limited liability companies.

 

(xlv)        “Pledged
Partnership Agreements” means all of each Grantor’s rights, powers, and remedies under the partnership agreements
of each of the Pledged Companies that are partnerships.

 

(xlvi)      “Proceeds”
has the meaning specified therefor in Section 3 hereof.

 

(xlvii)     “PTO”
means the United States Patent and Trademark Office.

 

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

 

(xlix)      “Real
Property” means, at any time of determination, all right, title and interest (fee, leasehold or otherwise) of any Grantor
in and to real property (including but not limited to land, improvements and fixtures thereon).

 

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

 

(li)         “Rescission”
has the meaning specified therefor in Section 7(k) hereof.

 

    	 	8	 

     

    

 

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

 

(liii)        “Security
Interest” has the meaning specified therefor in Section 3 hereof.

 

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

 

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

 

(lvi)        “Titled
Equipment” means any and all Equipment and Inventory represented (or required to be represented) by a certificate of
title (or similar requirement) issued under the law of a State in the United States, including any licensed vehicle, truck or trailer.

 

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

 

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

 

(lix)         “URL”
means “uniform resource locator,” an internet web address.

 

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

 

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

 

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2.           Guaranty.

 

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

 

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

 

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

 

    	 	10	 

     

    

 

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

 

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

 

(f)           Each
of the Guarantors authorizes Agent, the other members of the Lender Group, and the Bank Product Providers without notice or demand
(other than any notice expressly required to be provided hereunder or under any other Loan Document), and without affecting or
impairing its liability hereunder, from time to time to:

 

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

 

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

 

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

 

    	 	11	 

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	12	 

     

    

 

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

 

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

 

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

 

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

 

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

 

(i)           Waivers.

 

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

 

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

 

    	 	13	 

     

    

  

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

 

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

 

(v)         Each
of the Guarantors hereby acknowledges and affirms that it understands that to the extent the Guarantied Obligations are secured
by Real Property located in California, Guarantors shall be liable for the full amount of the liability hereunder notwithstanding
the foreclosure on such Real Property by trustee sale or any other reason impairing such Guarantor’s right to proceed against
any Loan Party. In accordance with Section 2856 of the California Civil Code or any similar laws of any other applicable jurisdiction,
each of the Guarantors hereby waives until such time as the Guarantied Obligations have been paid in full:

 

    	 	14	 

     

    

  

(1)         all
rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become
available to the Guarantors by reason of Sections 2787 to 2855, inclusive, 2899, and 3433 of the California Civil Code or
any similar laws of any other applicable jurisdiction;

 

(2)         all
rights and defenses that the Guarantors may have because the Guarantied Obligations are secured by Real Property located in California,
meaning, among other things, that: (A) Agent, the other members of the Lender Group, and the Bank Product Providers may collect
from the Guarantors without first foreclosing on any real or personal property collateral pledged by any Borrower or any other
Grantor, and (B) if Agent, on behalf of the Lender Group, forecloses on any Real Property collateral pledged by any Borrower or
any other Grantor, (1) the amount of the Guarantied Obligations may be reduced only by the price for which that collateral is sold
at the foreclosure sale, even if the collateral is worth more than the sale price, and (2) the Lender Group may collect from the
Guarantors even if, by foreclosing on the Real Property collateral, Agent or the other members of the Lender Group have destroyed
or impaired any right the Guarantors may have to collect from any other Grantor, it being understood that this is an unconditional
and irrevocable waiver of any rights and defenses the Guarantors may have because the Guarantied Obligations are secured by Real
Property (including, without limitation, any rights or defenses based upon Sections 580a, 580d, or 726 of the California Code of
Civil Procedure or any similar laws of any other applicable jurisdiction); and

 

(3)         all
rights and defenses arising out of an election of remedies by Agent, the other members of the Lender Group, and the Bank Product
Providers, even though that election of remedies, such as a non-judicial foreclosure with respect to security for the Guarantied
Obligations, has destroyed Guarantors’ rights of subrogation and reimbursement against any Grantor by the operation of Section
580d of the California Code of Civil Procedure or any similar laws of any other applicable jurisdiction or otherwise.

 

(vi)        Each
of the Guarantors represents, warrants, and agrees that each of the waivers set forth above is made with full knowledge of its
significance and consequences and that if any of such waivers are determined to be contrary to any applicable law or public policy,
such waivers shall be effective to the maximum extent permitted by law.

 

(vii)       The
provisions in this Section 2 which refer to certain sections of the California Civil Code or the California Code of
Civil Procedure are included in this Guaranty solely out of an abundance of caution and shall not be construed to mean that any
of the above-referenced provisions of California law are in any way applicable to this Guaranty.

 

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

 

(a)          all
of such Grantor’s Accounts;

 

(b)          all
of such Grantor’s Books;

 

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

 

    	 	15	 

     

    

 

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

 

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

 

(f)           all
of such Grantor’s Equipment;

 

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

 

(h)          all
of such Grantor’s Fixtures;

 

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

 

(j)           all
of such Grantor’s Inventory;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	16	 

     

    

 

Notwithstanding anything
contained in this Agreement to the contrary, the term “Collateral” (and any component definition thereof) shall not
include any Excluded Asset.

 

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

 

5.           Grantors
Remain Liable. Anything herein to the contrary notwithstanding, (a) each of the Grantors shall remain liable under the contracts
and agreements included in the Collateral, including the Pledged Operating Agreements and the Pledged Partnership Agreements, to
perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise
by Agent or any other member of the Lender Group of any of the rights hereunder shall not release any Grantor from any of its duties
or obligations under such contracts and agreements included in the Collateral, and (c) none of the members of the Lender Group
shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement,
nor shall any of the members of the Lender Group be obligated to perform any of the obligations or duties of any Grantors thereunder
or to take any action to collect or enforce any claim for payment assigned hereunder. Until an Event of Default shall occur and
be continuing, except as otherwise provided in this Agreement, the Credit Agreement, or any other Loan Document, Grantors shall
have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective
businesses, subject to and upon the terms hereof and of the Credit Agreement and the other Loan Documents. Without limiting the
generality of the foregoing, it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests,
including all voting, consensual, dividend, and distribution rights, shall remain in the applicable Grantor until (i) the occurrence
and continuance of an Event of Default, and (ii) Agent has notified the applicable Grantor of Agent’s election to exercise
such rights with respect to the Pledged Interests pursuant to Section 16.

 

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

 

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

 

    	 	17	 

     

    

 

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

 

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

 

(d)          As
of the Closing Date, no Grantor and no Subsidiary of a Grantor holds any commercial tort claims that exceed $2,500,000 in amount,
except as set forth on Schedule 1.

 

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

 

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

 

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

 

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

 

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

 

    	 	18	 

     

    

 

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

 

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

 

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

 

(j)          (i)          Except
for the Security Interest created hereby, each Grantor is and will at all times be the sole holder of record and the legal and
beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated on Schedule 5
as being owned by such Grantor and, when acquired by such Grantor, any Pledged Interests acquired after the Closing Date, (ii)
all of the Pledged Interests are duly authorized, validly issued, fully paid and non-assessable and the Pledged Interests constitute
or will constitute the percentage of the issued and outstanding Equity Interests of the Pledged Companies of such Grantor identified
on Schedule 5 as supplemented or modified by any Pledged Interests Addendum or any Joinder to this Agreement, (iii) such
Grantor has the right and requisite authority to pledge, the Investment Property pledged by such Grantor to Agent as provided herein,
(iv) all actions necessary or desirable to perfect a Lien of, or otherwise protect, Agent’s Liens in the Investment Property,
and the proceeds thereof, have been duly taken, upon (A) the execution and delivery of this Agreement, (B) subject to the last
paragraph of Schedule 3.1 to Credit Agreement and the Intercreditor Agreement, the
taking of possession by Agent (or its agent or designee) of any certificates representing the Pledged Interests, to the extent
such Pledged Interests are represented by certificates, together with undated powers (or other documents of transfer acceptable
to Agent) endorsed in blank by the applicable Grantor, (C) the filing of financing statements in the applicable jurisdiction set
forth on Schedule 11 for such Grantor with respect to the Pledged Interests of such Grantor that are not represented by
certificates, and (D) subject to the last paragraph of Schedule 3.1 to Credit Agreement and the Intercreditor Agreement,
with respect to any Securities Accounts, the delivery of Control Agreements with respect thereto,
and (v) subject to the last paragraph of Schedule 3.1 to Credit Agreement and the Intercreditor Agreement, each
Grantor has delivered to and deposited with Agent all certificates representing the Pledged Interests owned by such Grantor to
the extent such Pledged Interests are represented by certificates, and undated powers (or other documents of transfer acceptable
to Agent) endorsed in blank with respect to such certificates. None of the Pledged Interests owned or held by such Grantor has
been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of any jurisdiction
to which such issuance or transfer may be subject.

 

    	 	19	 

     

    

 

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

 

(l)           Schedule
12 sets forth all Titled Equipment with a fair market value in excess of $150,000 owned by Grantors as of the Closing Date,
by model, model year, and vehicle identification number (to the extent available).

 

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

 

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

 

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

 

    	 	20	 

     

    

 

(a)          Possession
of Collateral. Subject to the last paragraph of Schedule 3.1 to Credit Agreement and the Intercreditor Agreement, in
the event that any Collateral, including Proceeds, is evidenced by or consists of Negotiable Collateral, Investment Property, or
Chattel Paper having an aggregate value or face amount of $2,500,000 or more for all such Negotiable Collateral, Investment Property,
or Chattel Paper, the Grantors shall promptly (and in any event within five Business Days (or such longer period as agreed to by
Agent in writing in its sole discretion) after acquisition thereof), notify Agent thereof, and if and to the extent that perfection
or priority of Agent’s Security Interest is dependent on or enhanced by possession, the applicable Grantor, promptly (and
in any event within five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request
by Agent, shall execute such other documents and instruments as shall be requested by Agent or, if applicable, endorse and deliver
physical possession of such Negotiable Collateral, Investment Property, or Chattel Paper to Agent, together with such undated powers
(or other relevant document of transfer acceptable to Agent) endorsed in blank as shall be requested by Agent, and shall do such
other acts or things deemed necessary or desirable by Agent to protect Agent’s Security Interest therein;

 

(b)          Chattel
Paper.

 

(i)          Subject
to the last paragraph of Schedule 3.1 to Credit Agreement and the Intercreditor Agreement, promptly (and in any event within
five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request by Agent, each
Grantor shall take all steps reasonably necessary to grant Agent control of all electronic Chattel Paper in accordance with the
Code and all “transferable records” as that term is defined in Section 16 of the Uniform Electronic Transaction Act
and Section 201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant jurisdiction,
to the extent that the aggregate value or face amount of such electronic Chattel Paper equals or exceeds $2,500,000;

 

(ii)         If
any Grantor retains possession of any Chattel Paper or instruments (which retention of possession shall be subject to the extent
permitted hereby and by the Credit Agreement), promptly upon the request of Agent, such Chattel Paper and instruments shall be
marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the Security
Interest of Wells Fargo Bank, National Association, as Agent for the benefit of the Lender Group and the Bank Product Providers”;

 

(c)          Control
Agreements.

 

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

 

(ii)         Subject
to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, each Grantor shall obtain an authenticated
Control Agreement, from each issuer of uncertificated securities, securities intermediary, or commodities intermediary issuing
or holding any financial assets or commodities to or for any Grantor, or maintaining a Securities Account for such Grantor (other
than with respect to any Excluded Accounts); and

 

(iii)        Subject
to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, each
Grantor shall obtain an authenticated Control Agreement with respect to all of such Grantor’s investment property;

 

    	 	21	 

     

    

 

(d)          Letter-of-Credit
Rights. Subject to the last paragraph of Schedule 3.1 to Credit Agreement and the Intercreditor Agreement, if the Grantors
(or any of them) are or become the beneficiary of letters of credit having a face amount or value of $2,500,000 or more in the
aggregate, then the applicable Grantor or Grantors shall promptly (and in any event within five Business Days (or such longer period
as agreed to by Agent in writing in its sole discretion)) after request by Agent, enter into a tri-party agreement with Agent and
the issuer or confirming bank with respect to letter-of-credit rights assigning such letter-of-credit rights to Agent and directing
all payments thereunder to Agent’s Account, all in form and substance reasonably satisfactory to Agent;

 

(e)          Commercial
Tort Claims. Subject to the last paragraph of Schedule 3.1 to Credit Agreement and the Intercreditor Agreement, if the
Grantors (or any of them) obtain Commercial Tort Claims having a value, or involving an asserted claim, in the amount of $2,500,000
or more in the aggregate for all Commercial Tort Claims, then the applicable Grantor or Grantors shall promptly (and in any event
within five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion) of obtaining such Commercial
Tort Claim), notify Agent upon incurring or otherwise obtaining such Commercial Tort Claims and, promptly (and in any event within
five Business Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request by Agent, amend
Schedule 1 to describe such Commercial Tort Claims in a manner that reasonably identifies such Commercial Tort Claims and
which is otherwise reasonably satisfactory to Agent, and hereby authorizes the filing of additional financing statements or amendments
to existing financing statements describing such Commercial Tort Claims, and agrees to do such other acts or things deemed necessary
or desirable by Agent to give Agent a perfected security interest (having the priority set forth in the Intercreditor Agreement)
in any such Commercial Tort Claim;

 

(f)           Government
Contracts. Subject to the last paragraph of Schedule 3.1 to Credit Agreement and the Intercreditor Agreement, other
than Accounts and Chattel Paper the aggregate value of which does not at any one time exceed $100,000, if any Account or Chattel
Paper arises out of a contract or contracts with the United States of America or any department, agency, or instrumentality thereof,
Grantors shall promptly (and in any event within five Business Days (or such longer period as agreed to by Agent in writing in
its sole discretion) of the creation thereof) notify Agent thereof and, promptly (and in any event within five Business Days (or
such longer period as agreed to by Agent in writing in its sole discretion)) after request by Agent, execute any instruments or
take any steps reasonably required by Agent in order that all moneys due or to become due under such contract or contracts shall
be assigned to Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall provide written notice thereof
under the Assignment of Claims Act or other applicable law;

 

(g)         Intellectual
Property.

 

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

 

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

 

    	 	22	 

     

    

 

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

 

(iv)        Each
Grantor shall (A) if the event giving rise to the obligations under this clause (iv) during the first three (3) fiscal quarters
of any fiscal year, on or before the date on which financial statements are required to be delivered pursuant to Section 5.1(a)
of the Credit Agreement for the fiscal quarter in which the relevant event occurred or (B) if the event giving rise to the obligation
under this clause (iv) occurs during the fourth fiscal quarter of any fiscal year, on or before the date that is ninety
(90) days after the end of such fiscal quarter (or, in the case of each of clauses (A) and (B), such longer period
as the Agent may agree to in its sole discretion) provide Agent with a written report of all new Patents, Trademarks or Copyrights
that are registered or the subject of pending applications for registrations, and of all Intellectual Property Licenses that are
material to the conduct of such Grantor’s business, in each case, which were acquired, registered, or for which applications
for registration were filed by any Grantor during the prior period and any statement of use or amendment to allege use with respect
to intent-to-use trademark applications. In the case of such registrations or applications therefor, which were acquired by any
Grantor, each such Grantor shall file the necessary documents with the appropriate Governmental Authority identifying the applicable
Grantor as the owner (or as a co-owner thereof, if such is the case) of such Intellectual Property. In each of the foregoing cases,
the applicable Grantor shall promptly cause to be prepared, executed, and delivered to Agent supplemental schedules to the applicable
Loan Documents to identify such Patent, Trademark and Copyright registrations and applications therefor (with the exception of
Trademark applications filed on an intent-to-use basis for which no statement of use or amendment to allege use has been filed)
and Intellectual Property Licenses as being subject to the security interests created thereunder;

 

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

 

    	 	23	 

     

    

 

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

 

(h)         Investment
Property.

 

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

 

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

 

(iii)        [Reserved];

 

(iv)        No
Grantor shall make or consent to any amendment or other modification or waiver with respect to any Pledged Interests, Pledged Operating
Agreement, or Pledged Partnership Agreement, or enter into any agreement or permit to exist any restriction with respect to any
Pledged Interests if the same is prohibited pursuant to the Loan Documents;

 

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

 

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

 

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

 

    	 	24	 

     

    

  

(i)          Real
Property; Fixtures. Each Grantor covenants and agrees that upon the acquisition of any fee interest in any Material Real Property
(except for any Excluded Real Property), it will within ninety (90) days after the Closing Date or after the acquisition thereof
(or such longer period as the Agent may agree in its sole discretion), as applicable, grant to Agent, for the benefit of the Lender
Group and the Bank Product Providers, a first priority Mortgage (subject to the Intercreditor Agreement and Permitted Liens) on
each fee interest in Material Real Property now or hereafter owned by such Grantor (except for any Excluded Real Property). The
Administrative Agent shall have received with respect to any Material Real Properties (other than any Excluded Real Property),
a Mortgage and any necessary UCC fixture filing in respect thereof, in each case together with, to the extent customary and appropriate
(as reasonably determined by the Administrative Agent and the Borrowers):

 

(i)          evidence
that (A) counterparts of such Mortgage have been duly executed, acknowledged and delivered and such Mortgage and any corresponding
Code or equivalent fixture filing are in form suitable for filing or recording in all filing or recording offices that the Agent
may deem reasonably necessary in order to create a valid and subsisting perfected Lien on such Material Real Property in favor
of the Agent, for the benefit of the Lender Group and the Bank Product Providers, to secure the Secured Obligations, (B) such Mortgage
and any corresponding Code or equivalent fixture filings have been duly recorded or filed, as applicable, and (C) all filing and
recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Agent;

 

(ii)         customary
legal opinions of local counsel for the relevant Grantor with respect to each Mortgage in the jurisdiction in which such Material
Real Property is located as the Agent may reasonably request, which legal opinions shall be in form and substance reasonably satisfactory
to the Administrative Agent;

 

(iii)        environmental
assessments in form and scope reasonably satisfactory to the Agent;

 

(iv)        a
policy or policies of title insurance insuring the Lien of such Mortgage in an amount reasonably satisfactory to the Agent naming
the Agent as the insured for the benefit of the Lender Group and the Bank Product Providers, issued by a nationally recognized
title insurance company reasonably acceptable to the Agent insuring the Lien of each such Mortgage as a valid and enforceable Lien
on such Material Real Property described therein, free and clear of any other Liens except Permitted Liens, together with such
endorsements, coinsurance and reinsurance as the Agent may reasonably request;

 

(v)         American
Land Title Association/American Congress of Surveying and Mapping (ALTA/ACSM) forms of surveys by a duly registered and licensed
land surveyor for which all necessary fees have been paid dated a date reasonably acceptable to the Agent, certified to the Agent
and the title insurance company in a manner reasonably satisfactory to the Agent; provided that the Agent may in its reasonable
discretion accept any such existing survey so long as such existing survey satisfies any applicable local law requirements; and

 

    	 	25	 

     

    

 

(vi)        appraisals
(if required under the Financial Institutions Reform Recovery and Enforcement Act of 1989, as amended, as determined by the Agent
in its reasonable discretion) and “Life-of-Loan” flood certifications and any required borrower notices under Regulation
H together with any other documents as the Agent and any Lender may reasonably request to complete their respective flood due diligence
(together with evidence of federal flood insurance for any such Flood Hazard Property located in a flood hazard area); provided
that the Agent may in its reasonable discretion accept any such existing certificate or appraisal so long as such existing certificate
or appraisal satisfies any applicable local law requirements;

 

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

 

(k)          Controlled
Accounts; Controlled Investments.

 

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

 

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

 

    	 	26	 

     

    

 

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

 

(iv)        Subject
to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, other than the Excluded Accounts, no
Grantor will, and no Grantor will permit its Subsidiaries to, make, acquire, or permit to exist Permitted Investments consisting
of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts unless Grantor or its Subsidiary, as
applicable, and the applicable bank or securities intermediary have entered into Control Agreements with Agent governing such Permitted
Investments in order to perfect (or further establish) Agent’s Liens in such Permitted Investments.

 

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

 

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

 

(n)         Titled
Equipment. 

 

(i)          Each
Grantor shall complete, on or prior to the date that is sixty (60) days following the Closing Date (or such later date as the Agent
agrees in its sole discretion), all actions necessary in order to perfect the security interest of the Agent, on behalf of the
Secured Parties, in any Titled Equipment owned by a Grantor on the Closing Date, including (A) cause to be delivered to the applicable
Governmental Authority a duly completed application, pay any applicable fees and take any other actions necessary in order to cause
the certificate of title for such Titled Equipment at all times to be registered with the applicable Governmental Authority showing
“Wells Fargo Bank, National Association, as Agent” as second lienholder thereon in the manner prescribed in the applicable
jurisdiction (and Wells Fargo Bank, National Association, as Agent, in such capacity shall be the only second lienholder so registered),
(B) if necessary to perfect in any jurisdiction, cause the Lien of Agent to be identified on a notice of lien or other filing made
in the appropriate filing office in the applicable jurisdiction and pay all applicable fees in connection therewith, (C) provide
Agent evidence reasonably satisfactory to it of the taking of the actions referred to in the preceding clauses (A) and (B),
and (D) subject to the Intercreditor Agreement, deliver the certificates of title for such Titled Equipment to Agent. Promptly
following the receipt by any Grantor of any document evidencing official notification from the applicable Governmental Authority
of the perfection of the security interest in any Titled Equipment (and in any event within five (5) Business Days thereof), such
Grantor shall deliver such notification to Agent; provided, that no Grantor shall be required to take the actions described
in this clause (n) in respect of Titled Equipment to the extent the fair market value of such Titled Equipment for which
any such actions are not taken is less than $150,000;

 

    	 	27	 

     

    

 

(ii)         With
respect to all Titled Equipment from time to time after the Closing Date acquired by any Grantor, each Grantor shall (A) if the
event giving rise to the obligation under this clause (ii) occurs during the first three Fiscal Quarters of any Fiscal Year,
on or before the date on which financial statements are required to be delivered pursuant to Section 5.1(a) of the Credit
Agreement for the Fiscal Quarter in which the acquisition occurred (provided that if such date is less than sixty (60) days after
the relevant acquisition occurred, then the date in this clause (A) shall be deemed to be the date that is sixty (60) days
after the relevant acquisition occurred), or (B) if the event giving rise to the obligation under this clause (ii) occurs
during the fourth Fiscal Quarter of any Fiscal Year, on or before the date that is sixty (60) days after the end of such Fiscal
Quarter (or, in the cases of clauses (A) and (B), such longer period as the Agent may reasonably agree), deliver
to the Agent a supplement to Schedule 12 attached hereto, and the relevant Grantor shall, take all actions required by clause
(i) above in order to perfect the security interest of the Agent, for the benefit of the Secured Parties, in newly acquired
Titled Equipment set forth on such revised Schedule 12;

 

(iii)        Each
Grantor agrees to execute all documentation reasonably required to cause the registrations and filings with the applicable Governmental
Authority referred to in clause (i) above to be accomplished within the periods specified in this clause (n). Each
Grantor hereby grants to Agent an absolute power of attorney to sign, upon the occurrence and during the continuance of an Event
of Default, any document or instrument, and to make such filings, recordings and registrations, as may be required by the relevant
Governmental Authority in order to effect an absolute assignment of all right, title and interest in any Titled Equipment;

 

(iv)        Each
Grantor will keep Titled Equipment with a fair market value of $150,000 or greater (other than (A) Titled Equipment sold in the
ordinary course of business in accordance with the Credit Agreement or (B) Titled Equipment out for repair or refurbishment or
out on assignment) within the states specified in Schedule 4.25 to the Credit Agreement or, upon not less than five (5)
days’ prior written notice (or such shorter period as the Agent may agree in its sole discretion) to the Agent indicating
each new location of the Titled Equipment, at such locations in the continental United States as the Grantors may elect; provided,
that within sixty (60) days of the relocation of any such Titled Equipment (or such later date as the Agent may agree in its sole
discretion) the applicable Grantor shall take all actions required by clause (i) above in such new jurisdiction necessary
to maintain or create the perfection and priority of the security interest of the Secured Parties in such Titled Equipment (subject
only to Permitted Liens); and

 

(v)         Each
Grantor will maintain and preserve, all of its Titled Equipment which is necessary or useful in the proper conduct of its business
in good working order and condition, ordinary wear and tear and casualty excepted;

 

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

 

    	 	28	 

     

    

 

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

 

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

 

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

 

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

 

(c)          INTERCREDITOR
AGREEMENT. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THE LIENS AND SECURITY INTERESTS GRANTED TO THE AGENT, PURSUANT
TO THIS AGREEMENT AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE AGENT HEREUNDER, ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR
AGREEMENT DATED AS OF DECEMBER 6, 2018, AMONG WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ABL AGENT, CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, AS TERM LOAN AGENT, AND THE LOAN PARTIES FROM TIME TO TIME PARTY THERETO, AS SUCH INTERCREDITOR AGREEMENT MAY BE AMENDED,
AMENDED AND RESTATED, RESTATED, SUPPLEMENTED, MODIFIED OR OTHERWISE IN EFFECT FROM TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN
THE TERMS OF THE INTERCREDITOR AGREEMENT AND THE TERMS OF THIS AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN
AND CONTROL.

 

9.           Further
Assurances.

 

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

 

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

 

    	 	29	 

     

    

 

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

 

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

 

(e)          Notwithstanding
anything to the contrary herein or in any other Loan Document, it is understood that:

 

(i)          no
action outside of the country of organization of the relevant Grantor shall be required in order to create or perfect any security
interest in any asset located outside of the country of organization of such Grantor, and no non-US or non-English law security
or pledge agreement or non-US or non-English law intellectual property filing, search or schedule shall be required,

 

(ii)         any
required landlord lien waivers, estoppels, warehouseman waivers or other collateral access or similar letters or agreements will
be permitted to be delivered on a commercially reasonable efforts basis within 90 days after the Closing Date,

 

(iii)        except
as described in Section 7(c) and Section 7(d) hereof, no action shall be required to obtain perfection through control
agreements or other control arrangements (other than control of Pledged Interests and promissory notes having an aggregate value
above $2,500,000, in each case, to the extent constituting Collateral and otherwise required above),

 

(iv)        the
following Collateral shall not be required to be perfected (other than to the extent perfected by the filing of a financing statement):

 

(1)         the
capital stock of (A) any Immaterial Subsidiary and/or (B) any person that is not a subsidiary which, if a subsidiary, would constitute
an Immaterial Subsidiary, and

 

(2)         Letter
of Credit Rights other than pursuant to Section 7(d) hereof.

 

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

 

    	 	30	 

     

    

  

11.         Agent
Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints Agent its attorney-in-fact, with full authority in the
place and stead of such Grantor and in the name of such Grantor or otherwise, at such time as an Event of Default has occurred
and is continuing under the Credit Agreement, to take any action and to execute any instrument which Agent may reasonably deem
necessary or advisable to accomplish the purposes of this Agreement, including:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

To the extent permitted
by law, each Grantor hereby ratifies all that such attorney-in-fact shall lawfully do or cause to be done by virtue hereof. This
power of attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated.

 

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

 

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

 

    	 	31	 

     

    

  

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

 

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

 

16.         Voting
and Other Rights in Respect of Pledged Interests.

 

(a)          Upon
the occurrence and during the continuation of an Event of Default, (i) Agent may, at its option, and with two (2) Business Days
prior notice to any Grantor, and in addition to all rights and remedies available to Agent under any other agreement, at law, in
equity, or otherwise, exercise all voting rights, or any other ownership or consensual rights (including any dividend or distribution
rights) in respect of the Pledged Interests owned by such Grantor, but under no circumstances is Agent obligated by the terms of
this Agreement to exercise such rights, and (ii) if Agent duly exercises its right to vote any of such Pledged Interests, each
Grantor hereby appoints Agent, such Grantor’s true and lawful attorney-in-fact and IRREVOCABLE PROXY to vote such Pledged
Interests in any manner Agent deems advisable for or against all matters submitted or which may be submitted to a vote of shareholders,
partners or members, as the case may be. The power-of-attorney and proxy granted hereby is coupled with an interest and shall be
irrevocable.

 

(b)          For
so long as any Grantor shall have the right to vote the Pledged Interests owned by it, such Grantor covenants and agrees that it
will not, without the prior written consent of Agent, vote or take any consensual action with respect to such Pledged Interests
which would materially adversely affect the rights of Agent, the other members of the Lender Group, or the Bank Product Providers,
or the value of the Pledged Interests.

 

    	 	32	 

     

    

  

17.         Remedies.
Upon the occurrence and during the continuance of an Event of Default (subject to the Intercreditor Agreement):

 

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

 

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

 

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

 

    	 	33	 

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

23.         Continuing
Security Interest: Assignments under Credit Agreement.

 

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

 

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

 

    	 	35	 

     

    

 

24.         Survival.
All representations and warranties made by the Grantors in this Agreement and in the certificates or other instruments delivered
in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of this Agreement and the making of any loans and issuance of any Letters of Credit, regardless
of any investigation made by any such other party or on its behalf and notwithstanding that Agent, Issuing Lender, or any Lender
may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit
is extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued
interest on any loan or any fee or any other amount payable under the Credit Agreement is outstanding and unpaid or any Letter
of Credit is outstanding and so long as the Commitments have not expired or terminated.

 

25.         CHOICE
OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION.

 

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

 

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

 

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

 

    	 	36	 

     

    

 

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

 

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

 

(f)          IN
THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST ANY
PARTY HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN SECTION 25(c) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING,
THE PARTIES HERETO AGREE AS FOLLOWS:

 

(i)          WITH
THE EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING
IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND THIS GENERAL
REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF LOS ANGELES, CALIFORNIA.

 

(ii)         THE
FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS
IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER,
AND (D) TEMPORARY, PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING
ORDERS, OR PRELIMINARY INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS
AND REMEDIES DESCRIBED IN CLAUSES (A) THROUGH (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO
PARTICIPATE IN A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER.

 

    	 	37	 

     

    

  

(iii)        UPON
THE WRITTEN REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE PARTIES
DO NOT AGREE UPON A REFEREE WITHIN TEN DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT
TO APPOINT A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). THE REFEREE SHALL BE APPOINTED TO SIT WITH
ALL OF THE POWERS PROVIDED BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL
REMEDIES.

 

(iv)        EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED
INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT
TO THE COURSE OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE
CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER
SHALL BE USED AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE
OBLIGATION TO ARRANGE FOR AND PAY THE COSTS OF THE COURT REPORTER; PROVIDED, THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES,
SHALL ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.

 

(v)         THE
REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL
OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL
COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA.

 

(vi)        THE
REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES
IN ACCORDANCE WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL
RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT.
THE REFEREE SHALL REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE
SHALL ISSUE A DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED
BY THE COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY
APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.

 

(vii)       THE
PARTIES RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE
AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO
KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN
THEM THAT ARISES OUT OF OR IS RELATED TO THIS AGREEMENT.

 

    	 	38	 

     

    

 

26.         New
Subsidiaries. Pursuant to Section 5.12 of the Credit Agreement, certain Subsidiaries (whether by acquisition or creation)
of any Grantor are required to enter into this Agreement by executing and delivering in favor of Agent a Joinder to this Agreement
in substantially the form of Annex 1. Upon the execution and delivery of Annex 1 by any such new Subsidiary, such
Subsidiary shall become a Guarantor and/or Grantor hereunder with the same force and effect as if originally named as a Guarantor
and/or Grantor herein. The execution and delivery of any instrument adding an additional Guarantor or Grantor as a party to this
Agreement shall not require the consent of any Guarantor or Grantor hereunder. The rights and obligations of each Guarantor and
Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor or Grantor hereunder.

 

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

 

28.         Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

    	 	39	 

     

    

 

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

 

		GRANTORS:
	 	 
		CONCRETE PUMPING HOLDINGS ACQUISITION CORP. (TO BE RENAMED CONCRETE PUMPING HOLDINGS, INC. UPON CONSUMMATION OF THE CONCRETE PUMPING ACQUISITION)
		 	
		By:	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer 
		 	
		CONCRETE PUMPING INTERMEDIATE ACQUISITION CORP.
		 	
		By:	/s/ Tariq Osman
	 	Name:	Tariq Osman
	 	Title:	President
		 	
		CONCRETE PUMPING MERGER SUB INC. (TO BE MERGED WITH AND INTO CONCRETE PUMPING HOLDINGS, INC. UPON CONSUMMATION OF THE CONCRETE PUMPING ACQUISITION)
		 	
		By:	/s/ Tariq Osman
	 	Name:	Tariq Osman
	 	Title:	President

 

[Concrete Pumping – Signature Page
to US Guaranty and Security Agreement]

 

     

     

    

 

		GRANTORS (CONT’D):
	 	
		INDUSTREA ACQUISITION CORP.
	 		
		By: 	/s/ Tariq Osman
	 	Name:	Tariq Osman
	 	Title:	Executive Vice President
	 		
		CONCRETE PUMPING HOLDINGS, INC. (TO BE RENAMED BRUNDAGE-BONE CONCRETE PUMPING HOLDINGS INC. UPON CONSUMMATION OF THE CONCRETE PUMPING ACQUISITION)
	 		
	 	By:	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer, Secretary and Treasurer 
		 	
		CONCRETE PUMPING INTERMEDIATE HOLDINGS, LLC
		 	
		By:	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer, Secretary and Treasurer 
		 	
		BRUNDAGE-BONE CONCRETE PUMPING, INC.
		 	
		By:	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer, Secretary and Treasurer 
	 	 	 
		ECO-PAN, INC.
		 	
		By:	/s/ Iain Humphries
	 	Name:	Iain Humphries
	 	Title:	Chief Financial Officer, Secretary and Treasurer 

 

[Concrete Pumping – Signature Page
to US Guaranty and Security Agreement]

 

     

     

    

 

		AGENT:
		 
		WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, As Agent
		 	
		By:	/s/ Kathryn A. Scharre
			Name: Kathryn A. Scharre
			Title: Its Authorized Signatory

 

[Concrete Pumping – Signature Page
to US Guaranty and Security Agreement]

 

     

     

    

 

SCHEDULE 1

 

COMMERCIAL
TORT CLAIMS

 

[include specific case caption or descriptions
per Official Code Comment 5 to Section 9-108 of the Code]

 

     

     

    

 

SCHEDULE 2

 

COPYRIGHTS

 

     

     

    

 

SCHEDULE 3

 

INTELLECTUAL
PROPERTY LICENSES

 

     

     

    

 

SCHEDULE 4

 

PATENTS

 

     

     

    

 

SCHEDULE 5

 

PLEDGED
COMPANIES

 

	Name of Grantor		Name of Pledged

Company		Number of

Shares/Units		Class of

Interests		Percentage

of Class

Owned		Percentage

of Class

Pledged		Certificate

Nos.
			 		 		 		 		 		 

 

     

     

    

 

SCHEDULE 6

 

TRADEMARKS

 

     

     

    

 

SCHEDULE 7

 

NAME;
CHIEF EXECUTIVE OFFICE; TAX IDENTIFICATION NUMBERS AND

ORGANIZATIONAL NUMBERS

 

	Name	 	Jurisdiction of

Organization		Chief Executive

Office		Tax

Identification

Number		Organizational

Number
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

SCHEDULE 8

 

OWNED
REAL PROPERTY

 

     

     

    

 

SCHEDULE 9

 

DEPOSIT
ACCOUNTS AND SECURITIES ACCOUNTS

 

     

     

    

 

SCHEDULE 10

 

CONTROLLED
ACCOUNT BANKS 

 

Wells Fargo Bank, National Association

 

     

     

    

 

SCHEDULE 11

 

LIST OF
UNIFORM COMMERCIAL CODE FILING JURISDICTIONS

 

	Grantor	Jurisdictions

 

     

     

    

 

SCHEDULE 12

 

MOTOR
VEHICLES

 

Attach table with auto vehicles

 

     

     

    

 

SCHEDULE 13

 

MATERIAL
REAL PROPERTY

 

     

     

    

 

ANNEX 1 TO US GUARANTY AND SECURITY
AGREEMENT

FORM OF JOINDER

 

Joinder No. ____ (this
“Joinder”), dated as of _________ 20____, to the US Guaranty and Security Agreement, dated as of December 6,
2018 (as amended, restated, supplemented, or otherwise modified from time to time, the “Guaranty and Security Agreement”),
by and among each of the parties listed on the signature pages thereto and those additional entities that thereafter become parties
thereto (collectively, jointly and severally, “Grantors” and each, individually, a “Grantor”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, national banking association, in its capacity as administrative agent for each
member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity,
“Agent”).

 

WITNESSETH:

 

WHEREAS,
pursuant to that certain Credit Agreement, of even date herewith (as amended, restated, supplemented, or otherwise modified from
time to time, the “Credit Agreement”), by and among INDUSTREA ACQUISITION CORP., a Delaware corporation,
CONCRETE PUMPING HOLDINGS ACQUISITION CORP. (to be renamed Concrete Pumping Holdings, Inc. upon consummation of the Concrete
Pumping Acquisition (as defined in the Credit Agreement), a Delaware corporation, CONCRETE PUMPING INTERMEDIATE ACQUISITION
CORP., a Delaware corporation, CONCRETE PUMPING MERGER SUB INC., a Delaware corporation (“Concrete Merger
Sub”), which upon the consummation of the Concrete Pumping Acquisition will be merged with and into the existing CONCRETE
PUMPING HOLDINGS, INC., a Delaware corporation (which is to be renamed Brundage-Bone Concrete Pumping Holdings Inc. upon consummation
of the Concrete Pumping Acquisition) (the “Target”), BRUNDAGE-BONE CONCRETE
PUMPING, INC., a Colorado corporation (“Brundage Pumping”), and ECO-PAN, INC., a Colorado corporation
(“Eco-Pan US”; and together with Concrete Merger Sub, the Target, Brundage Pumping and each other Person that
from time to time that becomes party thereto as a US Borrower in accordance with the terms thereof, each a “US Borrower”
and collectively the “US Borrowers”), CAMFAUD CONCRETE PUMPS LIMITED, a private limited company incorporated
and registered under the laws of England and Wales with Company Number 02635232 (“Camfaud Concrete”) and PREMIER
CONCRETE PUMPING LIMITED, a private limited company incorporated and registered under the laws of England and Wales with Company
Number 01714938 (“Premier Concrete”, and together Camfaud Concrete and together with those additional entities
that become parties thereto as “UK Borrowers” in accordance with the terms thereof, each a “UK Borrower”,
and collectively, the “UK Borrowers”; UK Borrowers and US Borrowers are each hereinafter referred to as a “Borrower”,
and collectively, the “Borrowers”), the lenders party thereto as “Lenders” (each of such Lenders,
together with its successors and assigns, is referred to hereinafter as a “Lender”), Agent, and WELLS FARGO
CAPITAL FINANCE (UK) LIMITED, a private limited company incorporated and registered under the laws of England a Wales with
company numbers 02656007 (in such capacity, together with its successors and assigns in such capacity, “UK Security Agent”),
the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms
and conditions thereof; 

 

WHEREAS, initially
capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Guaranty and
Security Agreement or, if not defined therein, in the Credit Agreement, and this Joinder shall be subject to the rules of construction
set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated herein by
this reference, mutatis mutandis; 

 

     

     

    

 

WHEREAS, Grantors have
entered into the Guaranty and Security Agreement in order to induce the Lender Group and the Bank Product Providers to make certain
financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements;

 

WHEREAS, pursuant to
Section 5.12 of the Credit Agreement and Section 26 of the Guaranty and Security Agreement, certain Subsidiaries
of the Loan Parties, must execute and deliver certain Loan Documents, including the Guaranty and Security Agreement, and the joinder
to the Guaranty and Security Agreement by the undersigned new Grantor or Grantors (collectively, the “New Grantors”)
may be accomplished by the execution of this Joinder in favor of Agent, for the benefit of the Lender Group and the Bank Product
Providers; and

 

WHEREAS, each New Grantor
(a) is [an Affiliate] [a Subsidiary] of Borrowers and, as such, will benefit by virtue of the financial accommodations extended
to Borrowers by the Lender Group or the Bank Product Providers, and (b) by becoming a Grantor will benefit from certain rights
granted to the Grantors pursuant to the terms of the Loan Documents and the Bank Product Agreements;

 

NOW, THEREFORE, for
and in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each New Grantor hereby agrees as follows:

 

1.          In
accordance with Section 26 of the Guaranty and Security Agreement, each New Grantor, by its signature below, becomes a
“Grantor” [and “Guarantor”]1 under the Guaranty and Security Agreement with the same force
and effect as if originally named therein as a “Grantor” [and “Guarantor”] and each New Grantor hereby
(a) agrees to all of the terms and provisions of the Guaranty and Security Agreement applicable to it as a “Grantor”
[or “Guarantor”] thereunder, and (b) represents and warrants that the representations and warranties made by it as
a “Grantor” [or “Guarantor”] thereunder are true and correct in all material respects (except that such
materiality qualifier shall not be applicable to any representations and warranties that are already qualified or modified by
materiality in the text thereof) on and as of the date hereof. In furtherance of the foregoing, each New Grantor hereby [(i) jointly
and severally unconditionally and irrevocably guarantees as a primary obligor and not merely as a surety the full and prompt payment
when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied Obligations, and (ii)] unconditionally grants,
assigns, and pledges to Agent, for the benefit of the Lender Group and the Bank Product Providers, to secure the Secured Obligations,
a continuing security interest in and to all of such New Grantor’s right, title and interest in and to the Collateral (as
defined in Section 3 of the Guaranty and Security Agreement). Each reference to a “Grantor” [or “Guarantor”]
in the Guaranty and Security Agreement shall be deemed to include each New Grantor. The Guaranty and Security Agreement is incorporated
herein by reference.

 

2.          Schedule
1, “Commercial Tort Claims”, Schedule 2, “Copyrights”, Schedule 3, “Intellectual
Property Licenses”, Schedule 4, “Patents”, Schedule 5, “Pledged Companies”, Schedule
6, “Trademarks”, Schedule 7, Name; Chief Executive Office; Tax Identification Numbers and Organizational
Numbers, Schedule 8, “Owned Real Property”, Schedule 9, “Deposit Accounts and Securities Accounts”,
Schedule 10, “Controlled Account Banks”, Schedule 11, “List of Uniform Commercial Code Filing Jurisdictions”,
Schedule 12, “Motor Vehicles” and Schedule 13, “Material Real Property” attached hereto supplement
Schedule 1, Schedule 2, Schedule 3, Schedule 4, Schedule 5, Schedule 6, Schedule 7, Schedule
8, Schedule 9, Schedule 10, Schedule 11, Schedule 12 and Schedule 13 respectively, to the
Guaranty and Security Agreement and shall be deemed a part thereof for all purposes of the Guaranty and Security Agreement.

 

 

1 If new Grantor is a Borrower, provision may not
be included.

 

     

     

    

 

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

 

4.          Each
New Grantor represents and warrants to Agent, the Lender Group and the Bank Product Providers that this Joinder has been duly executed
and delivered by such New Grantor and constitutes its legal, valid, and binding obligation, enforceable against it in accordance
with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer,
moratorium, or other similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether
such enforceability is considered in a proceeding at law or in equity).

 

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

 

6.          The
Guaranty and Security Agreement, as supplemented hereby, shall remain in full force and effect.

 

7.          THIS
JOINDER SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH
IN SECTION 25 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS
MUTANDIS.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK]

 

     

     

    

 

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

 

	NEW GRANTORS:	[NAME OF NEW GRANTOR]
	 		
		By:	
			Name:
			Title:
		 	
		[NAME OF NEW GRANTOR]
	 		
		By:	
			Name:
			Title:
	 		
	AGENT:	WELLS FARGO BANK, NATIONAL
		ASSOCIATION, a national banking association
	 		
		By:	
			Name:
			Title:

 

[SIGNATURE PAGE TO JOINDER NO. ___ TO US
GUARANTY AND SECURITY AGREEMENT]

 

     

     

    

 

EXHIBIT A

 

COPYRIGHT SECURITY AGREEMENT

 

This COPYRIGHT SECURITY
AGREEMENT (this “Copyright Security Agreement”) is made this ___ day of __________, 20__, by and among Grantors
listed on the signature pages hereof (collectively, jointly and severally, “Grantors” and each individually
“Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells
Fargo”), in its capacity as administrative agent for each member of the Lender Group and the Bank Product Providers (in
such capacity, together with its successors and assigns in such capacity, “Agent”).

 

WITNESSETH:

 

 

 

WHEREAS, pursuant to that certain Credit Agreement, dated as of December 6, 2018 (as amended, restated, supplemented,
or otherwise modified from time to time, the “Credit Agreement”), by and among INDUSTREA ACQUISITION CORP.,
a Delaware corporation, CONCRETE PUMPING HOLDINGS ACQUISITION CORP. (to be renamed Concrete Pumping Holdings, Inc. upon
consummation of the Concrete Pumping Acquisition (as defined in the Credit Agreement), a Delaware corporation, CONCRETE PUMPING
INTERMEDIATE ACQUISITION CORP., a Delaware corporation, CONCRETE PUMPING MERGER SUB INC., a Delaware corporation (“Concrete
Merger Sub”), which upon the consummation of the Concrete Pumping Acquisition will be merged with and into the existing
CONCRETE PUMPING HOLDINGS, INC., a Delaware corporation (which is to be renamed Brundage-Bone Concrete Pumping Holdings
Inc. upon consummation of the Concrete Pumping Acquisition) (the “Target”), BRUNDAGE-BONE
CONCRETE PUMPING, INC., a Colorado corporation (“Brundage Pumping”), and ECO-PAN, INC., a Colorado
corporation (“Eco-Pan US”; and together with Concrete Merger Sub, the Target, Brundage Pumping and each other
Person that from time to time that becomes party thereto as a US Borrower in accordance with the terms thereof, each a “US
Borrower” and collectively the “US Borrowers”), CAMFAUD CONCRETE PUMPS LIMITED, a private
limited company incorporated and registered under the laws of England and Wales with Company Number 02635232 (“Camfaud
Concrete”) and PREMIER CONCRETE PUMPING LIMITED, a private limited company incorporated and registered under
the laws of England and Wales with Company Number 01714938 (“Premier Concrete”, and together Camfaud Concrete
and together with those additional entities that become parties thereto as “UK Borrowers” in accordance with the terms
thereof, each a “UK Borrower”, and collectively, the “UK Borrowers”; UK Borrowers and US
Borrowers are each hereinafter referred to as a “Borrower”, and collectively, the “Borrowers”),
the lenders party thereto as “Lenders” (each of such Lenders, together with its successors and assigns, is referred
to hereinafter as a “Lender”), Agent, and WELLS FARGO CAPITAL FINANCE (UK) LIMITED, a private limited
company incorporated and registered under the laws of England a Wales with company numbers 02656007 (in such capacity, together
with its successors and assigns in such capacity, “UK Security Agent”), the Lender Group has agreed to make
certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; 

 

WHEREAS, the members
of the Lender Group and the Bank Product Providers are willing to make the financial accommodations to Borrowers as provided for
in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others,
that Grantors shall have executed and delivered to Agent, for the benefit of the Lender Group and the Bank Product Providers, that
certain US Guaranty and Security Agreement, dated as of December 6, 2018 (including all annexes, exhibits or schedules thereto,
as from time to time amended, restated, supplemented or otherwise modified, the “Guaranty and Security Agreement”);
and

 

     

     

    

 

WHEREAS, pursuant to
the Guaranty and Security Agreement, Grantors are required to execute and deliver to Agent, for the benefit of the Lender Group
and the Bank Product Providers, this Copyright Security Agreement;

 

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

 

1.          DEFINED
TERMS. All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the Guaranty
and Security Agreement or, if not defined therein, in the Credit Agreement, and this Copyright Security Agreement shall be subject
to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction
are incorporated herein by this reference, mutatis mutandis.

 

2.          GRANT
OF SECURITY INTEREST IN COPYRIGHT COLLATERAL. Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for
the benefit each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing
security interest (referred to in this Copyright Security Agreement as the “Security Interest”) in all of such
Grantor’s right, title and interest in and to the following, whether now owned or hereafter acquired or arising (collectively,
the “Copyright Collateral”):

 

(a)          all
of such Grantor’s Copyrights and Copyright Intellectual Property Licenses to which it is a party including those referred
to on Schedule I;

 

(b)          all
renewals or extensions of the foregoing; and

 

(c)          all
products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future infringement
of any Copyright or any Copyright exclusively licensed under any Intellectual Property License, including the right to receive
damages, or the right to receive license fees, royalties, and other compensation under any Copyright Intellectual Property License.

 

3.          SECURITY
FOR SECURED OBLIGATIONS. This Copyright Security Agreement and the Security Interest created hereby secures the payment and
performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing,
this Copyright Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would
be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them,
whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.

 

4.          SECURITY
AGREEMENT. The Security Interest granted pursuant to this Copyright Security Agreement is granted in conjunction with the security
interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the Guaranty and Security
Agreement. Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest
in the Copyright Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms
and provisions of which are incorporated by reference herein as if fully set forth herein. To the extent there is any inconsistency
between this Copyright Security Agreement and the Guaranty and Security Agreement, the Guaranty and Security Agreement shall control.

 

     

     

    

 

5.          AUTHORIZATION
TO SUPPLEMENT. Grantors shall give Agent prior written notice of no less than five (5) Business Days (or such shorter period
as Agent may agree in its sole discretion) before filing any-additional application for registration of any copyright
and prompt notice in writing of any additional copyright registrations granted therefor after the date hereof. Without limiting
Grantors’ obligations under this Section, Grantors hereby authorize Agent unilaterally to modify this Copyright Security
Agreement by amending Schedule I to include any future United States registered copyrights or applications therefor of each
Grantor. Notwithstanding the foregoing, no failure to so modify this Copyright Security Agreement or amend Schedule I shall
in any way affect, invalidate or detract from Agent’s continuing security interest in all Collateral, whether or not listed
on Schedule I.

 

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

 

7.          CHOICE
OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION. THIS COPYRIGHT SECURITY AGREEMENT SHALL BE SUBJECT TO
THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 25 OF THE
GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

[Signature Page Follows]

 

     

     

    

 

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

 

	GRANTORS:	 
	 		
		By:	
			Name:
			Title:
			 
		 
			 
		By:	
			Name:
			Title:
			 
	AGENT:	ACCEPTED AND ACKNOWLEDGED BY:
		 
		WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association 
		 	
		By:	
			Name:
			Title:

 

[SIGNATURE PAGE TO COPYRIGHT SECURITY AGREEMENT]

 

     

     

    

 

SCHEDULE I

TO

COPYRIGHT SECURITY AGREEMENT

 

COPYRIGHT REGISTRATIONS

 

	Grantor		Country		Copyright		Registration
No.		Registration
Date
			 		 		 		 

 

Copyright Licenses

 

     

     

    

 

EXHIBIT B

 

PATENT SECURITY AGREEMENT

 

This PATENT SECURITY
AGREEMENT (this “Patent Security Agreement”) is made this _____ day of ______ 20_, by and among the Grantors
listed on the signature pages hereof (collectively, jointly and severally, “Grantors” and each individually
“Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells
Fargo”), in its capacity as administrative agent for each member of the Lender Group and the Bank Product Providers (in such
capacity, together with its successors and assigns in such capacity, “Agent”).

 

WITNESSETH:

 

WHEREAS,
pursuant to that certain Credit Agreement, dated as of December 6, 2018 (as amended, restated, supplemented, or otherwise modified
from time to time, the “Credit Agreement”), by and among INDUSTREA ACQUISITION CORP., a Delaware corporation,
CONCRETE PUMPING HOLDINGS ACQUISITION CORP. (to be renamed Concrete Pumping Holdings, Inc. upon consummation of the Concrete
Pumping Acquisition (as defined in the Credit Agreement), a Delaware corporation, CONCRETE PUMPING INTERMEDIATE ACQUISITION
CORP., a Delaware corporation, CONCRETE PUMPING MERGER SUB INC., a Delaware corporation (“Concrete Merger
Sub”), which upon the consummation of the Concrete Pumping Acquisition will be merged with and into the existing CONCRETE
PUMPING HOLDINGS, INC., a Delaware corporation (which is to be renamed Brundage-Bone Concrete Pumping Holdings Inc. upon consummation
of the Concrete Pumping Acquisition) (the “Target”), BRUNDAGE-BONE CONCRETE
PUMPING, INC., a Colorado corporation (“Brundage Pumping”), and ECO-PAN, INC., a Colorado corporation
(“Eco-Pan US”; and together with Concrete Merger Sub, the Target, Brundage Pumping and each other Person that
from time to time that becomes party thereto as a US Borrower in accordance with the terms thereof, each a “US Borrower”
and collectively the “US Borrowers”), CAMFAUD CONCRETE PUMPS LIMITED, a private limited company incorporated
and registered under the laws of England and Wales with Company Number 02635232 (“Camfaud Concrete”) and PREMIER
CONCRETE PUMPING LIMITED, a private limited company incorporated and registered under the laws of England and Wales with Company
Number 01714938 (“Premier Concrete”, and together Camfaud Concrete and together with those additional entities
that become parties thereto as “UK Borrowers” in accordance with the terms thereof, each a “UK Borrower”,
and collectively, the “UK Borrowers”; UK Borrowers and US Borrowers are each hereinafter referred to as a “Borrower”,
and collectively, the “Borrowers”), the lenders party thereto as “Lenders” (each of such Lenders,
together with its successors and assigns, is referred to hereinafter as a “Lender”), Agent, and WELLS FARGO
CAPITAL FINANCE (UK) LIMITED, a private limited company incorporated and registered under the laws of England a Wales with
company numbers 02656007 (in such capacity, together with its successors and assigns in such capacity, “UK Security Agent”),
the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms
and conditions thereof; 

 

WHEREAS, the members
of the Lender Group and the Bank Product Providers are willing to make the financial accommodations to Borrowers as provided for
in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others,
that the Grantors shall have executed and delivered to Agent, for the benefit of the Lender Group and the Bank Product Providers,
that certain US Guaranty and Security Agreement, dated as of December 6, 2018 (including all annexes, exhibits or schedules thereto,
as from time to time amended, restated, supplemented or otherwise modified, the “Guaranty and Security Agreement”);
and

 

     

     

    

 

WHEREAS, pursuant to
the Guaranty and Security Agreement, Grantors are required to execute and deliver to Agent, for the benefit of the Lender Group
and the Bank Product Providers, this Patent Security Agreement;

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each Grantor hereby agrees as follows:

 

1.           DEFINED
TERMS. All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the Guaranty
and Security Agreement or, if not defined therein, in the Credit Agreement, and this Patent Security Agreement shall be subject
to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are
incorporated herein by this reference, mutatis mutandis.

 

2.           GRANT
OF SECURITY INTEREST IN PATENT COLLATERAL. Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the
benefit each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing
security interest (referred to in this Patent Security Agreement as the “Security Interest”) in all of such
Grantor’s right, title and interest in and to the following, whether now owned or hereafter acquired or arising (collectively,
the “Patent Collateral”):

 

(a)          all
of its Patents and Patent Intellectual Property Licenses to which it is a party including those referred to on Schedule I;

 

(b)          all
divisionals, continuations, continuations-in-part, reissues, reexaminations, or extensions of the foregoing; and

 

(c)          all
products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future infringement
of any Patent or any Patent exclusively licensed under any Intellectual Property License, including the right to receive damages,
or right to receive license fees, royalties, and other compensation under any Patent Intellectual Property License.

 

3.           SECURITY
FOR SECURED OBLIGATIONS. This Patent Security Agreement and the Security Interest created hereby secures the payment and performance
of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Patent
Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors,
or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they
are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.

 

4.           SECURITY
AGREEMENT. The Security Interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security
interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the Guaranty and Security
Agreement. Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest
in the Patent Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms and
provisions of which are incorporated by reference herein as if fully set forth herein. To the extent there is any inconsistency
between this Patent Security Agreement and the Guaranty and Security Agreement, the Guaranty and Security Agreement shall control.

 

     

     

    

 

5.          AUTHORIZATION
TO SUPPLEMENT. If any Grantor shall obtain rights to any new patent application or issued patent or become entitled to the
benefit of any patent application or patent for any divisional, continuation, continuation-in-part, reissue, or reexamination of
any existing patent or patent application, the provisions of this Patent Security Agreement shall automatically apply thereto.
Grantors shall give prompt notice in writing to Agent with respect to any such new patent rights. Without limiting Grantors’
obligations under this Section, Grantors hereby authorize Agent unilaterally to modify this Patent Security Agreement by amending
Schedule I to include any such new patent rights of each Grantor. Notwithstanding the foregoing, no failure to so modify
this Patent Security Agreement or amend Schedule I shall in any way affect, invalidate or detract from Agent’s continuing
security interest in all Collateral, whether or not listed on Schedule I.

 

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

 

7.          CHOICE
OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION. THIS PATENT SECURITY AGREEMENT SHALL BE SUBJECT TO THE
PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 25 OF THE GUARANTY
AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

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

 

	GRANTORS:	 
	 		 
		By:	
			Name:
			Title:
		 	
		 
		 	
		By:	
			Name:
			Title:
			 
	AGENT:	ACCEPTED AND ACKNOWLEDGED BY:
		 
		WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association 
		 	
		By:	
			Name:
			Title:

 

[SIGNATURE PAGE TO PATENT SECURITY AGREEMENT]

 

     

     

    

 

SCHEDULE I

 

to

 

PATENT SECURITY AGREEMENT

 

Patents

 

	Grantor		Country		Patent		Application/ 

    Patent No.		Filing Date
	 								

 

 

Patent Licenses

 

     

     

    

 

EXHIBIT C

 

PLEDGED INTERESTS ADDENDUM

 

This Pledged Interests
Addendum, dated as of ___________, 20__ (this “Pledged Interests Addendum”), is delivered pursuant to Section
7 of the Guaranty and Security Agreement referred to below. The undersigned hereby agrees that this Pledged Interests Addendum
may be attached to that certain US Guaranty and Security Agreement, dated as of December 6, 2018, (as amended, restated, supplemented,
or otherwise modified from time to time, the “Guaranty and Security Agreement”), made by the undersigned, together
with the other Grantors named therein, to WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent.
Initially capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Guaranty and Security
Agreement or, if not defined therein, in the Credit Agreement, and this Pledged Interests Addendum shall be subject to the rules
of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated
herein by this reference, mutatis mutandis. The undersigned hereby agrees that the additional interests listed on Schedule
I shall be and become part of the Pledged Interests pledged by the undersigned to Agent in the Guaranty and Security Agreement
and any pledged company set forth on Schedule I shall be and become a “Pledged Company” under the Guaranty and
Security Agreement, each with the same force and effect as if originally named therein.

 

This Pledged Interests
Addendum is a Loan Document. Delivery of an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic
method of transmission shall be equally as effective as delivery of an original executed counterpart of this Pledged Interests
Addendum. If the undersigned delivers an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic
method of transmission, the undersigned shall also deliver an original executed counterpart of this Pledged Interests Addendum
but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of
this Pledged Interests Addendum.

 

The undersigned hereby
certifies that the representations and warranties set forth in Section 6 of the Guaranty and Security Agreement of the undersigned
are true and correct as to the Pledged Interests listed herein on and as of the date hereof.

 

THIS PLEDGED INTERESTS
ADDENDUM SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH
IN SECTION 25 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS
MUTANDIS.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Pledged Interests Addendum to be executed and delivered as of the day and year first above written.

 

		 
	 		
		By:	
			Name:
			Title:

 

     

     

    

 

SCHEDULE I

 

TO

 

PLEDGED INTERESTS ADDENDUM

 

Pledged Interests

 

	Name of Grantor		Name of Pledged Company		Number of

Shares/Units		Class of

Interests		Percentage of

Class

Owned		Certificate

Nos.
			 								

 

     

     

    

 

EXHIBIT D

 

TRADEMARK SECURITY AGREEMENT

 

This TRADEMARK SECURITY
AGREEMENT (this “Trademark Security Agreement”) is made this ____ day of ______, 20___, by and among Grantors
listed on the signature pages hereof (collectively, jointly and severally, “Grantors” and each individually
“Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells
Fargo”), in its capacity as administrative agent for the Lender Group and the Bank Product Providers (in such capacity,
together with its successors and assigns in such capacity, “Agent”).

 

WITNESSETH:

 

WHEREAS,
pursuant to that certain Credit Agreement, dated as of December 6, 2018 (as amended, restated, supplemented, or otherwise modified
from time to time, the “Credit Agreement”), by and among INDUSTREA ACQUISITION CORP., a Delaware corporation,
CONCRETE PUMPING HOLDINGS ACQUISITION CORP. (to be renamed Concrete Pumping Holdings, Inc. upon consummation of the Concrete
Pumping Acquisition (as defined in the Credit Agreement), a Delaware corporation, CONCRETE PUMPING INTERMEDIATE ACQUISITION
CORP., a Delaware corporation, CONCRETE PUMPING MERGER SUB INC., a Delaware corporation (“Concrete Merger
Sub”), which upon the consummation of the Concrete Pumping Acquisition will be merged with and into the existing CONCRETE
PUMPING HOLDINGS, INC., a Delaware corporation (which is to be renamed Brundage-Bone Concrete Pumping Holdings Inc. upon consummation
of the Concrete Pumping Acquisition) (the “Target”), BRUNDAGE-BONE CONCRETE
PUMPING, INC., a Colorado corporation (“Brundage Pumping”), and ECO-PAN, INC., a Colorado corporation
(“Eco-Pan US”; and together with Concrete Merger Sub, the Target, Brundage Pumping and each other Person that
from time to time that becomes party thereto as a US Borrower in accordance with the terms thereof, each a “US Borrower”
and collectively the “US Borrowers”), CAMFAUD CONCRETE PUMPS LIMITED, a private limited company incorporated
and registered under the laws of England and Wales with Company Number 02635232 (“Camfaud Concrete”) and PREMIER
CONCRETE PUMPING LIMITED, a private limited company incorporated and registered under the laws of England and Wales with Company
Number 01714938 (“Premier Concrete”, and together Camfaud Concrete and together with those additional entities
that become parties thereto as “UK Borrowers” in accordance with the terms thereof, each a “UK Borrower”,
and collectively, the “UK Borrowers”; UK Borrowers and US Borrowers are each hereinafter referred to as a “Borrower”,
and collectively, the “Borrowers”), the lenders party thereto as “Lenders” (each of such Lenders,
together with its successors and assigns, is referred to hereinafter as a “Lender”), Agent, and WELLS FARGO
CAPITAL FINANCE (UK) LIMITED, a private limited company incorporated and registered under the laws of England a Wales with
company numbers 02656007 (in such capacity, together with its successors and assigns in such capacity, “UK Security Agent”),
the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms
and conditions thereof; 

 

WHEREAS, the members
of the Lender Group and the Bank Product Providers are willing to make the financial accommodations to Borrowers as provided for
in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others,
that Grantors shall have executed and delivered to Agent, for the benefit of Lender Group and the Bank Product Providers, that
certain US Guaranty and Security Agreement, dated as of December 6, 2018 (including all annexes, exhibits or schedules thereto,
as from time to time amended, restated, supplemented or otherwise modified, the “Guaranty and Security Agreement”);
and

 

     

     

    

 

WHEREAS, pursuant to
the Guaranty and Security Agreement, Grantors are required to execute and deliver to Agent, for the benefit of the Lender Group
and the Bank Product Providers, this Trademark Security Agreement;

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each Grantor hereby agrees as follows:

 

1.          DEFINED
TERMS. All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the Guaranty
and Security Agreement or, if not defined therein, in the Credit Agreement, and this Trademark Security Agreement shall be subject
to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction
are incorporated herein by this reference, mutatis mutandis.

 

2.          GRANT
OF SECURITY INTEREST IN TRADEMARK COLLATERAL. Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for
the benefit of each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing
security interest (referred to in this Trademark Security Agreement as the “Security Interest”) in all of such
Grantor’s right, title and interest in and to the following, whether now owned or hereafter acquired or arising (collectively,
the “Trademark Collateral”):

 

(a)          all
of its Trademarks and Trademark Intellectual Property Licenses to which it is a party including those referred to on Schedule
I;

 

(b)         all
goodwill of the business connected with the use of, and symbolized by, each Trademark and each Trademark Intellectual Property
License; and

 

(c)          all
products and proceeds (as that term is defined in the Code) of the foregoing, including any claim by such Grantor against third
parties for past, present or future (i) infringement or dilution of any Trademark or any Trademarks exclusively licensed under
any Intellectual Property License, including right to receive any damages, (ii) injury to the goodwill associated with any Trademark,
or (iii) right to receive license fees, royalties, and other compensation under any Trademark Intellectual Property License.

 

2.           SECURITY
FOR SECURED OBLIGATIONS. This Trademark Security Agreement and the Security Interest created hereby secures the payment and
performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing,
this Trademark Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would
be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them,
whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.

 

3.           SECURITY
AGREEMENT. The Security Interest granted pursuant to this Trademark Security Agreement is granted in conjunction with the security
interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the Guaranty and Security
Agreement. Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest
in the Trademark Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms
and provisions of which are incorporated by reference herein as if fully set forth herein. To the extent there is any inconsistency
between this Trademark Security Agreement and the Guaranty and Security Agreement, the Guaranty and Security Agreement shall control.

 

     

     

    

 

4.          AUTHORIZATION
TO SUPPLEMENT. If any Grantor shall obtain rights to any new trademarks, the provisions of this Trademark Security Agreement
shall automatically apply thereto. Grantors shall give prompt notice in writing to Agent with respect to any such new trademarks
or renewal or extension of any trademark registration. Without limiting Grantors’ obligations under this Section, Grantors
hereby authorize Agent unilaterally to modify this Trademark Security Agreement by amending Schedule I to include any such
new trademark rights of each Grantor. Notwithstanding the foregoing, no failure to so modify this Trademark Security Agreement
or amend Schedule I shall in any way affect, invalidate or detract from Agent’s continuing security interest in all
Collateral, whether or not listed on Schedule I.

 

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

 

6.          CHOICE
OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION. THIS TRADEMARK SECURITY AGREEMENT SHALL BE SUBJECT TO
THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 25 OF THE
GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

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

 

	GRANTORS:	 
	 		
		By:	
			Name:
			Title:
	 		
		 
	 		
		By:	
			Name:
			Title:
	 		
	AGENT:	ACCEPTED AND ACKNOWLEDGED BY:
	 	
		WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association 
	 		
		By:	
			Name:
			Title:

 

[SIGNATURE PAGE TO TRADEMARK SECURITY AGREEMENT]

 

     

     

    

 

SCHEDULE
I

 

to

 

TRADEMARK
SECURITY AGREEMENT

 

Trademark
Registrations/Applications

 

	Grantor		Country		Mark		Application/ 

Registration No.		App/Reg Date
	 								

 

Trade Names

 

Common Law Trademarks

 

Trademarks Not Currently
In Use

 

Trademark LicensesExhibit 10.32

 

EXECUTION VERSION

 

Dated 6 December 2018

 

 

 

CAMFAUD GROUP LIMITED AND OTHERS

as Chargors and Guarantors

 

and

 

WELLS FARGO CAPITAL FINANCE (UK) LIMITED

as UK Security Agent

 

 

 

UK Debenture

 

 

 

Condor House

5-10 St. Paul’s Churchyard

London EC4M 8AL

Tel. +44 (0)20 3201 5000

Fax: +44 (0)20 3201 5001

www.morganlewis.com

 

     

     

    

 

Contents

 

	Clause	 	Page
	 	 	 
	1	Definitions and Interpretation	1
	 	 	 
	2	Covenant to pay	4
	 	 	 
	3	Creation of Security	5
	 	 	 
	4	Nature of Security Created	7
	 	 	 
	5	Restrictions	7
	 	 	 
	6	Conversion of Floating Charge	7
	 	 	 
	7	Representations and Warranties	8
	 	 	 
	8	Undertakings	9
	 	 	 
	9	Shares and Investments	12
	 	 	 
	10	Enforcement	12
	 	 	 
	11	Appointment and powers of Receivers	13
	 	 	 
	12	Protection of purchasers	14
	 	 	 
	13	Protection of the Secured Parties and Receivers	14
	 	 	 
	14	Further Assurances	15
	 	 	 
	15	Power of Attorney	16
	 	 	 
	16	Preservation of Security	16
	 	 	 
	17	Guarantee and Indemnity	19
	 	 	 
	18	Notices	21
	 	 	 
	19	Miscellaneous Provisions	23
	 	 	 
	20	Release	23
	 	 	 
	21	Governing Law and Jurisdiction	24
	 	 	 
	Schedule 1 The Chargors	25
	 	 
	Schedule 2 Land charged by way of legal mortgage	26
	 	 
	Schedule 3 Forms of Notice to Banks and Acknowledgement	27
	 	 
	Schedule 4 Shares	37
	 	 
	Schedule 5 Charged Accounts	38
	 	 
	Schedule 6 Specified Intellectual Property	39
	 	 
	Schedule 7 Deed of Accession	40

 

     

     

    

 

THIS DEED OF DEBENTURE is dated
6 December 2018

 

Between:

 

		(1)	CAMFAUD GROUP LIMITED registered in England with number 10473517 (the Company);

 

		(2)	THE COMPANIES identified in Part 1 of Schedule 1 (The Chargors) (together with
the Company and each person which becomes a party to this Deed by executing a Deed of Accession, each a Chargor and together
the Chargors);

 

		(3)	THE COMPANIES identified in Part 2 of Schedule 1 (The Guarantors) (together with
the Company and each person which becomes a party to this Deed by executing a Guarantor Accession Letter, each a Guarantor
and together the Guarantors); and

 

		(4)	WELLS FARGO CAPITAL FINANCE (UK) LIMITED registered in England with number 2656007, as agent
and trustee for the Secured Parties (the UK Security Agent).

 

Recitals

 

		(A)	The Chargors enter into this Deed to secure the repayment and satisfaction of the Secured Liabilities.

 

		(B)	The Guarantors enter this Deed to guarantee the repayment and satisfaction of the Secured Liabilities.

 

		(C)	The Chargors and the UK Security Agent intend that this document take effect as a deed notwithstanding
that it may be executed under hand.

 

It is agreed:

 

	1	Definitions and Interpretation

 

	1.1	Definitions

 

In this Deed:

 

Act means the Law of
Property Act 1925.

 

Blocked Accounts means
the bank accounts of the Chargors specified in Part I (Blocked Accounts) of Schedule 5 (Charged Accounts) and/or
specified as “Blocked Accounts” in the Schedule to any Deed of Accession and/or such other bank accounts of the Chargors
as the UK Security Agent may designate or approve.

 

Book Debts means:

 

		(a)	all book and other debts in existence from time to time (including, without limitation, any sums
whatsoever owed by banks or similar institutions) both present and future, actual or contingent, due, owing to or which may become
due, owing to or purchased or otherwise acquired by any Chargor; and

 

		(b)	the benefit of all rights whatsoever relating to the debts referred to in (a) above including,
without limitation, any related agreements, documents, rights and remedies (including, without limitation, negotiable or non-negotiable
instruments, guarantees, indemnities, legal and equitable charges, reservation of proprietary rights, rights of tracing, unpaid
vendor's liens and all similar connected or related rights and assets).

 

Charged Accounts means
the Blocked Accounts and the Other Accounts.

 

     

     

    

 

Credit Agreement means
the credit agreement dated on or about the date of this Deed and made between, among others, Concrete Pumping Holdings Acquisition
Corp., Wells Fargo Bank, National Association as agent and the lenders that are party thereto.

 

Deed of Accession means
a deed of accession substantially in the form set out in Schedule 7 (Deed of Accession).

 

Distribution Rights
means all allotments, accretions, offers, options, rights, bonuses, benefits and advantages, whether by way of conversion, redemption,
preference, option or otherwise which at any time accrue to or are offered or arise in respect of any Investments or Shares, and
includes all dividends, interest and other distributions paid or payable on or in respect of them.

 

Equipment means each
Chargor's fixed and moveable plant, machinery, tools, vehicles, computers and office and other equipment and the benefit of all
related authorisations, agreements and warranties.

 

Guarantor Accession Letter
means a letter substantially in the form set out in Schedule 10 (Form of Guarantor Accession Letter).

 

Immaterial Subsidiary Shares
means any shares held by the Company in Eco-Pan Limited, South Coast Concrete Pumping Limited and Reilly Concrete Pumping Limited.

 

Insurance means the
interest of each Chargor in each contract or policy of insurance to which a Chargor is a party or in which it otherwise has an
interest.

 

Intellectual Property Rights
means:

 

		(a)	any patents, trademarks, service marks, designs, business names, copyrights, database rights, design
rights, domain names, moral rights, inventions, confidential information, knowhow and other intellectual property rights and interests
(which may now or in the future subsist), whether registered or unregistered; and

 

		(b)	the benefit of all applications and rights to use such assets of each Chargor (which may now or
in the future subsist).

 

Investments means all
or any stocks, shares, bonds and securities of any kind (marketable or otherwise), negotiable instruments and warrants and any
other financial instruments (as defined in the Regulations).

 

Land has the same meaning
as it has in section 205(1) of the Act.

 

Other Accounts means
the bank accounts of the Chargors specified in Part II (Other Accounts) of Schedule 5 (Charged Accounts) and/or
specified as “Other Accounts” in the Schedule to any Deed of Accession and/or such other bank accounts of the Chargors
as the UK Security Agent may designate or approve.

 

PSC register means a
register of persons with significant control required pursuant to section 790M of the Companies Act 2006.

 

Receiver means a receiver
appointed pursuant to this Deed or to any applicable law, whether alone or jointly, and includes a receiver and/or manager and,
if the UK Security Agent is permitted by law to appoint an administrative receiver, includes an administrative receiver.

 

Regulations means the
Financial Collateral Arrangements (No 2) Regulations 2003 (S.I. 2003/3226) or equivalent legislation in any applicable jurisdiction
bringing into effect Directive 2002/47/EC on financial collateral arrangements, and Regulation means any of them.

 

    	 	2	 

     

    

 

Restrictions Notice
means a “restrictions notice” as defined in paragraph 1(2) of Schedule 1B of the Companies Act 2006.

 

Secured Liabilities means
(a) all loans (including the UK Revolving Loans) debts, principal, interest (including any interest that accrues after the commencement
of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding),
reimbursement or indemnification obligations with respect to Letters of Credit issued for the account of UK Borrowers (irrespective
of whether contingent), premiums, liabilities (including all amounts charged to the UK Loan Account pursuant to the Credit Agreement),
obligations (including indemnification obligations) of any UK Loan Party, fees (including the fees provided for in the Fee Letter)
of any UK Loan Party, Lender Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency
Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding) of any
UK Loan Party, guarantees of any UK Loan Party, and all covenants and duties of any other kind and description owing by any UK
Loan Party arising out of, under, pursuant to, in connection with, or evidenced by the Credit Agreement or any of the other Loan
Documents 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 interest not paid when due and all other expenses or other amounts that
any UK Loan Party is required to pay or reimburse by the Loan Documents or by law or otherwise in connection with the Loan Documents,
and (b) all UK Bank Product Obligations. Without limiting the generality of the foregoing, the Secured Liabilities include the
obligation to pay (i) the principal of the UK Revolving Loans, (ii) interest accrued on the UK Revolving Loans, (iii) the amount
necessary to reimburse Issuing Bank for amounts paid or payable pursuant to Letters of Credit issued for the account of UK Borrowers,
(iv) Letters of Credit commissions, fees (including fronting fees) and charges, (v) Lender Group Expenses of any UK Loan Party,
(vi) fees payable by any UK Loan Party under the Credit Agreement or any of the other Loan Documents, (vii) indemnities and other
amounts payable by any UK Loan Party under or in connection with any Loan Document, and (viii) any guarantees by any US Loan Party
of all or any part of the Secured Liabilities. Any reference in the Credit Agreement or in the Loan Documents to the UK Obligations
shall include all or any portion thereof and any extensions, modifications, renewals, or alterations thereof, both prior and subsequent
to any Insolvency Proceeding.

 

Security Assets means
all assets of each Chargor subject to any security created by this Deed.

 

Security Period means
the period beginning on the date of this Deed and ending on the date on which the Secured Liabilities have been irrevocably and
unconditionally satisfied in full and no Secured Party has any commitment or liability, whether present or future, actual or contingent,
in relation to the facility provided under the Credit Agreement in relation to any Chargor. If any amount paid by any Chargor and/or
in connection with the satisfaction of the Secured Liabilities is capable of being avoided or otherwise set aside on the liquidation
or administration of such Chargor or otherwise, then that amount shall not be considered to have been irrevocably paid for the
purpose of this Deed.

 

Shares means all shares
held by any Chargor in its Subsidiaries.

 

Specified Intellectual Property
means the registered Intellectual Property Rights (if any) specified in Schedule 6 (Specified Intellectual Property)
and/or in the Schedule to any Deed of Accession.

 

Subsidiary means:

 

		(a)	a subsidiary within the meaning of section
1159 of the Companies Act 2006; and

 

		(b)	any company which would be a subsidiary within the meaning of section 1159 of the Companies Act
2006 but for any Security Interest subsisting over the shares in that company from time to time,

 

but on the basis that a person
shall be treated as a member of a company if any shares in that company are held by that person's nominee or any other person acting
on that person's behalf.

 

    	 	3	 

     

    

 

Warning Notice means
a “warning notice” as defined in paragraph 1(2) of Schedule 1B of the Companies Act 2006.

 

	1.2	Construction

 

		(a)	Any reference in this Deed to:

 

		(i)	assets includes present and future properties, revenues and rights of every description;

 

		(ii)	an authorisation means an authorisation, consent, approval, licence, resolution, filing
or registration;

 

		(iii)	any Loan Document or any other agreement or instrument is a reference to that Loan Document
or other agreement or instrument as amended, amended and restated, varied, novated supplemented or replaced from time to time;

 

		(iv)	indebtedness includes any obligation (whether incurred as principal or as surety) for the
payment or repayment of money, whether present or future, actual or contingent;

 

		(v)	a person includes one or more of that person's assigns, transferees or successors in title,
delegates, sub-delegates and appointees (in the case of a Chargor only, in so far as such assigns, transferees or successors in
title, delegates, sub-delegates and appointees are permitted in accordance with the Loan Documents) and any person, firm, company,
corporation, government, state or agency of a state or any association, trust or partnership (whether or not having separate legal
personality);

 

		(vi)	a regulation includes any regulation, rule, official directive, request or guideline (whether
or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation;

 

		(vii)	a guarantee includes any guarantee or indemnity, bond, letter of credit, documentary or
other credit, or other assurance against financial loss;

 

		(viii)	a provision of law is a reference to that provision as amended or re-enacted;

 

		(ix)	words importing the singular shall include the plural and vice versa.

 

		(b)	Clause and Schedule headings are for ease of reference only.

 

		(c)	Capitalised terms defined in the Credit Agreement have the same meaning when used in this Deed
unless the context requires otherwise.

 

		(d)	The terms of the other Loan Documents and of any side letters between any parties in relation to
any Loan Document are incorporated in this Deed to the extent required to ensure that any purported disposition of an interest
in Land contained in this Deed is a valid disposition in accordance with section 2(1) of the Law of Property (Miscellaneous Provisions)
Act 1989.

 

		(e)	Each of the charges in Clause 3 (Creation of Security) over each category of the assets,
each asset and each sub-category of each asset specified in such clause shall be read and construed separately, as though each
such category, asset and sub-category were charged independently and separately of each other and shall apply to both present and
future assets.

 

	2	Covenant to pay

 

Each Chargor covenants with
the UK Security Agent as trustee for the Secured Parties that it will on demand pay and discharge the Secured Liabilities when
due.

 

    	 	4	 

     

    

 

	3	Creation of Security

 

	3.1	Land

 

Each Chargor charges:

 

		(a)	by way of legal mortgage its interest in the Land referred to in Schedule 2 (Land charged
by way of legal mortgage); and

 

		(b)	by way of fixed charge any right, title or interest which it has now or may subsequently acquire
to or in any other Land.

 

	3.2	Shares

 

Each Chargor charges by way
of mortgage or (if or to the extent that this Deed does not take effect as a mortgage) by way of fixed charge:

 

		(a)	all Shares; and

 

		(b)	all related Distribution Rights.

 

	3.3	Investments

 

Each Chargor charges by way
of mortgage or (if and to the extent that this Deed does not take effect as a mortgage) by way of fixed charge:

 

		(a)	all Investments; and

 

		(b)	all related Distribution Rights,

 

including those held for it
by any nominee.

 

	3.4	Equipment

 

Each
Chargor charges by way of fixed charge all Equipment, so far as it is not charged by way of legal mortgage or fixed charge under
Clause 3.1 (Land).

 

	3.5	Book Debts

 

Each Chargor charges by way
of fixed charge its Book Debts, both uncollected and collected, the proceeds of the same and all monies otherwise due and owing
to such Chargor but excluding the Charged Accounts and any amounts standing to the credit of any Charged Account.

 

	3.6	Blocked Accounts

 

Each Chargor charges by way
of fixed charge all of its right, title and interest (if any) in and to the Blocked Accounts and all monies standing to the credit
of any of the Blocked Accounts and the debts represented by them

 

	3.7	Intellectual Property Rights

 

Each Chargor charges by way
of fixed charge all Intellectual Property Rights.

 

	3.8	Goodwill

 

Each Chargor charges by way
of fixed charge its goodwill.

 

    	 	5	 

     

    

 

	3.9	Uncalled capital

 

Each Chargor charges by way
of fixed charge its uncalled capital.

 

	3.10	Authorisations

 

Each Chargor charges by way
of fixed charge the benefit of all authorisations held by it in relation to any Security Asset.

 

	3.11	Insurance

 

Each Chargor charges by way
of fixed charge all of its benefits, claims and returns of premiums in respect of the Insurance.

 

	3.12	Other assets

 

		(a)	Each Chargor charges by way of floating charge all its present and future business, undertaking
and assets which are not effectively mortgaged, charged by way of fixed charge or assigned under this Clause 3 (Creation of
Security).

 

		(b)	Paragraph 14 of Schedule B1 to the Insolvency Act 1986 shall apply to any floating charge created
by this Deed.

 

	3.13	Trust

 

		(a)	Subject to paragraph (b), if or to the extent that for any reason the assignment, mortgaging or
charging of any Security Asset is prohibited, each Chargor holds it on trust for the UK Security Agent.

 

		(b)	If the reason referred to in paragraph (a) is that:

 

		(i)	a consent or waiver must be obtained; or

 

		(ii)	a condition must be satisfied,

 

then subject to paragraph (c),
the relevant Chargor shall use all reasonable endeavours to:

 

		(A)	apply for the consent or waiver; and

 

		(B)	satisfy the condition,

 

as soon as reasonably practicable
after the date of this Deed or, if the Security Asset is acquired after the date of this Deed, as soon as reasonably practicable
after the date of acquisition.

 

		(c)	Where the consent or waiver is not to be unreasonably withheld, the relevant Chargor shall use
all reasonable endeavours to obtain it as soon as reasonably practicable.

 

		(d)	On the waiver or consent being obtained, or the condition being satisfied, the Security Asset shall
be mortgaged, charged or assigned (as appropriate) under this Clause 3 (Creation of Security) and the trust referred to
in paragraph (a) shall terminate.

 

		(e)	In relation to paragraphs (b) and (c) above, the parties acknowledge that all reasonable endeavours
will not require:

 

		(i)	any steps to be taken in relation to an asset having a value of less than US$ 150,000;

 

    	 	6	 

     

    

 

		(ii)	the relevant Chargor to place commercial relationships with any third party in jeopardy; or

 

		(iii)	the payment by the relevant Chargor of any monetary consideration to such third party, other than
expenses and nominal amounts, to obtain any such consent or waiver.

 

	4	Nature of Security Created

 

The Security Interests created
under this Deed are created:

 

		(a)	as a continuing security and will extend for the ultimate balance of sums payable in connection
with the Secured Liabilities regardless of any intermediate payment or discharge in whole or part;

 

		(b)	(except in the case of assets which are the subject of a legal mortgage under this Deed) over all
present and future assets of the kind described which are owned by any Chargor and, to the extent that it does not own those assets,
shall extend to any right or interest which it may have in them;

 

		(c)	in favour of the UK Security Agent as agent and trustee for the Secured Parties; and

 

		(d)	subject to Clause 3.13 (Trust) with full title guarantee.

 

	5	Restrictions

 

No Chargor shall:

 

		(a)	create or permit to subsist any Security Interest of whatsoever nature on any Security Asset; or

 

		(b)	sell, transfer, grant, lease or otherwise dispose of any Security Asset,

 

in each case,
except as permitted by the Loan Documents or with the consent of the UK Security Agent.

 

	6	Conversion of Floating Charge

 

	6.1	Conversion on notice

 

Subject to Clause 6.2 (Limitation),
the UK Security Agent may by notice to a Chargor at any time during the Security Period convert the floating charge created by
that Chargor under this Deed into a fixed charge in respect of any Security Asset specified in that notice if:

 

		(a)	an Event of Default has occurred and is continuing; or

 

		(b)	the UK Security Agent (acting reasonably) considers that Security Asset to be in danger of being
seized, attached, charged, taken possession of or sold under any form of distress, sequestration, execution or other process or
otherwise to be in jeopardy.

 

	6.2	Limitation

 

Clause 6.1 (Conversion on
notice) shall not apply by reason only of a moratorium being obtained, or anything being done with a view to a moratorium being
obtained, under section 1A of the Insolvency Act 1986.

 

	6.3	Automatic conversion

 

The floating charge created
by a Chargor under this Deed will convert automatically into fixed charges:

 

    	 	7	 

     

    

 

		(a)	if the UK Security Agent receives notice of an intention to appoint an administrator of that Chargor;

 

		(b)	if any steps are taken, (including the presentation of a petition, the passing of a resolution
or the making of an application) to appoint a liquidator, provisional liquidator, administrator or Receiver in respect of that
Chargor over all or any part of its assets, or if such person is appointed;

 

		(c)	if that Chargor creates or attempts to create any Security Interest over all or any of the Security
Assets (other than as permitted by the Loan Documents);

 

		(d)	on the crystallisation of any other floating charge over the Security Assets;

 

		(e)	if any person seizes, attaches, charges, takes possession of or sells any Security Asset under
any form of distress, sequestration, execution or other process, or attempts to do so; and

 

	 	(f)	in any
                                  other circumstances prescribed by law.

 

	7	Representations and Warranties

 

	7.1	Making of representations

 

Each Chargor makes the representations
and warranties set out in this Clause 7 to the UK Security Agent and the Secured Parties. The representations and warranties so
set out are made on the date of this Deed and the representations set out in Clause 7.2 (Title) and paragraphs (b), (c)
and (d) of Clause 7.4 (Shares) are deemed to be repeated by the Chargors throughout the Security Period on those dates on
which the Repeating Representations are to be repeated in accordance with the terms of the Credit Agreement with reference to the
facts and circumstances then existing.

 

	7.2	Title

 

The Chargors are the sole legal
and beneficial owners of the Security Assets free of any Security Interest or third party interest of any kind (other than pursuant
to or as permitted by the Loan Documents or as contemplated by Clause 3.13 (Trust)).

 

	7.3	Land

 

All Land (other than any leasehold
property) beneficially owned by a Chargor as at the date of this Deed is described in Schedule 2 (Land charged by way of
legal mortgage).

 

	7.4	Shares

 

		(a)	All Shares beneficially owned by a Chargor as at the date of this Deed are described in Schedule 4
(Shares).

 

		(b)	All of the Shares are fully paid.

 

		(c)	No Warning Notice or Restrictions Notice has been issued to a Chargor in respect of all or any
part of the Shares held by such Chargor and remains in effect.

 

		(d)	The PSC register of each Chargor (other than the Company) is up to date and no Warning Notices
or Restrictions Notices have been issued by a Chargor (other than the Company) which have not been complied with or lifted.

 

    	 	8	 

     

    

 

	7.5	Specified Intellectual Property

 

On the date of this Deed, the
details of the Specified Intellectual Property appearing or referred to in Schedule 6 (Specified Intellectual Property):

 

		(a)	are true, accurate, and complete in all material respects; and

 

		(b)	no Chargor is the owner of any interest in any other material registered Intellectual Property
Rights which are not identified in that Schedule.

 

	8	Undertakings

 

	8.1	Duration

 

The undertakings in this clause
8 shall remain in force throughout the Security Period and are given by each Chargor to the UK Security Agent and the Secured Parties.

 

	8.2	Book debts and receipts

 

Each Borrower shall collect
and realise its Book Debts and other monies and receipts as follows:

 

		(a)	it will collect and realise the proceeds and shall promptly pay all amounts so received into a
Blocked Account (but pending such payment will not commingle such amounts with any other funds and shall hold such amounts on trust
for the UK Security Agent);

 

		(b)	if any account debtor makes a payment into any account which is not a Blocked Account, it will
promptly (i) transfer the relevant amounts to a Blocked Account and (ii) direct the relevant account debtor to make future payments
to a Blocked Account; and

 

		(c)	to the extent that the UK Security Agent do not obtain an effective Security Interest in any Book
Debt, it will hold such Book Debts on trust for the UK Security Agent and deal with it in accordance with the other provisions
of this clause 8.2.

 

	8.3	Blocked Account Arrangements

 

Each Borrower
shall:

 

		(a)	in respect of each Blocked Account opened or designated on the date of this Deed:

 

		(i)	serve notice upon the account bank at which each Blocked Account is opened (in respect of the relevant
Blocked Accounts) in substantially the form set out in Part I of Schedule 3 (Forms of Notice to Banks and Acknowledgement);
and

 

		(ii)	procure the relevant bank returns the acknowledgement in substantially the form set out in Part
II of Schedule 3 (Forms of Notice to Banks and Acknowledgement) or such other form acceptable to the UK Security Agent (acting
reasonably); and

 

		(b)	in respect of each Blocked Account opened or designated after the date of this Deed, promptly following
the opening or designation of such Blocked Account:

 

		(i)	serve notice upon the account bank at which each Blocked Account is opened (in respect of the relevant
Blocked Accounts) in substantially the form set out in Part III of Schedule 3 (Forms of Notice to Banks and Acknowledgement);
and

 

		(ii)	procure the relevant bank returns the acknowledgement in substantially the form set out in Part
IV of Schedule 3 (Forms of Notice to Banks and Acknowledgement) or such other form acceptable to the UK Security Agent (acting
reasonably).

 

    	 	9	 

     

    

 

	8.4	Operation of Blocked Accounts

 

Until the security constituted
by this Deed is discharged, no Borrower shall be entitled to withdraw the whole or any part of any amount standing to the credit
of any Blocked Account and shall not take any action, claim or proceedings against the UK Security Agent or any other party for
the return or payment to any person of the whole or any part of any amount standing to the credit of any Blocked Account.

 

	8.5	Other Account Arrangements

 

Each Chargor shall promptly
upon the execution of this Deed or, in respect of any Other Account opened after the date of this Deed, promptly following the
opening of such Other Account:

 

		(a)	serve notice upon the account bank at which each Other Account is opened (in respect of the relevant
Other Accounts) in substantially the form set out in Part V of Schedule 3 (Forms of Notice to Banks and Acknowledgement);
and

 

		(b)	use reasonable endeavours to procure the relevant bank returns the acknowledgement in substantially
the form set out in Part VI of Schedule 3 (Forms of Notice to Banks and Acknowledgement) or such other form acceptable
to the UK Security Agent (acting reasonably), provided that, if the relevant Chargor has not been able to obtain such acknowledgement
from the relevant bank within 20 Business Days of serving the notice referred to in paragraph (a) above, any obligation to comply
with this paragraph (b) shall cease.

 

	8.6	Operation of Other Accounts

 

Unless the Security Agent gives
notice to the Chargor following an Event of Default which has occurred and is continuing, the Chargors shall be entitled to operate
the Other Accounts PROVIDED THAT:

 

		(a)	the Other Accounts each retain a credit or zero balance at all times; and

 

		(b)	the Chargors shall not at any time transfer the whole or any part of the amounts standing to the
credit of any Other Account to any other bank account other than to another Charged Account or in the ordinary course of business
or to the extent permitted under the Loan Documents.

 

	8.7	Shares and Investments

 

Each Chargor covenants that,
at all times during the Security Period:

 

		(a)	if it forms or acquires any Subsidiary after the date of this Deed, it shall promptly notify the
UK Security Agent;

 

		(b)	as soon as any Shares (other than the Immaterial Subsidiary Shares) or Investments are registered
in, or transferred into the name of, a Chargor, it shall promptly (or such longer period as is reasonably required for HM Revenue
and Customs to stamp any transfer form effecting such acquisition) deposit with the UK Security Agent, in respect of or in connection
with those Shares (other than the Immaterial Subsidiary Shares) or Investments:

 

		(i)	all stock and share certificates and documents of or evidencing title; and

 

		(ii)	signed undated transfers, completed in blank,

 

all of which will be held by
the UK Security Agent at the reasonable expense and risk of the Chargor;

 

    	 	10	 

     

    

 

		(c)	it shall:

 

		(i)	comply with any notice served on it in respect of all or any part of the Shares held by that Chargor
pursuant to Part 21A of the Companies Act 2006 within the timeframe specified in that notice; and

 

		(ii)	will deliver to the UK Security Agent a copy of any Warning Notice or Restrictions Notice served
on it in respect of all or any part of the Shares held by that Chargor promptly upon receipt; and

 

		(d)	other than the Company, it will send a copy of any Restrictions Notices or Warning Notices issued
by it to the UK Security Agent promptly following issue.

 

	8.8	Land

 

		(a)	Each Chargor shall promptly notify the UK Security Agent in writing if it acquires any estate or
interest in Land.

 

		(b)	Each Chargor shall promptly give notice in writing to the UK Security Agent if:

 

		(i)	it receives any notice under section 146 of the Act; or

 

		(ii)	any proceedings are commenced against it for the forfeiture of any lease of any Land.

 

		(c)	If any Chargor acquires any freehold or leasehold property after the date of this Deed it shall:

 

		(i)	promptly on request by the UK Security Agent and at the cost of the Chargor, execute and deliver
to the UK Security Agent a legal mortgage in favour of the UK Security Agent of that property in the same form as this Deed (mutatis
mutandis);

 

		(ii)	if required by the UK Security Agent and if the title to that freehold or leasehold property is
registered at the Land Registry or required to be so registered, give the Land Registry written notice of this Deed; and

 

		(iii)	if applicable, ensure that the provisions of Clause 14.1 (Application to Land Registrar)
are complied with in relation to that legal mortgage.

 

		(d)	If the consent of the landlord in whom the reversion of a lease is vested is required for a Chargor
to execute a legal mortgage over it, that Chargor shall:

 

		(i)	not be required to perform that obligation unless and until it has obtained the landlord's consent;
and

 

		(ii)	use its reasonable endeavours to obtain the landlord's consent.

 

		(e)	Each Chargor shall:

 

		(i)	perform all its obligations under any law or regulation in any way related to or affecting its
Land, except to the extent that non-performance of those obligations would not materially adversely affect the value or marketability
of any of its Land; and

 

		(ii)	within 14 days after receipt by it of any material application, requirement, order or notice served
or given by any public or local or any other authority with respect to its Land (or any part of it):

 

		(A)	deliver a copy to the UK Security Agent; and

 

		(B)	inform the UK Security Agent of the steps taken or proposed to be taken to comply with the relevant
requirements.

 

    	 	11	 

     

    

 

	9	Shares and Investments

 

	9.1	Before an Event of Default

 

Until an Event of Default occurs
and is continuing:

 

		(a)	each Chargor shall pay all monies arising from the Distribution Rights relating to the Shares and
Investments into an Other Account; and

 

		(b)	no Chargor shall exercise any voting and other rights and powers attached to the Shares and Investments
in a manner which prejudices the interests of the Secured Parties under the Loan Documents.

 

	9.2	After an Event of Default

 

Following the occurrence of
an Event of Default which is continuing, each Chargor shall promptly pay over to the UK Security Agent all monies arising from
the Distribution Rights relating to the Shares and Investments which it may receive, and exercise all voting and other rights and
powers attached to the Shares and Investments in any manner which the UK Security Agent may direct.

 

	10	Enforcement

 

	10.1	When Security becomes enforceable

 

The Security Interests created
by a Chargor under this Deed shall be enforceable:

 

		(a)	after the occurrence of an Event of Default for so long as such Event of Default is continuing;
or

 

		(b)	if a Chargor so requests.

 

	10.2	Powers on enforcement

 

At any time after the Security
Interests created by a Chargor under this Deed has become enforceable, the UK Security Agent may (without prejudice to any other
of its rights and remedies and without notice to any Chargor) do all or any of the following:

 

		(a)	serve notice upon any account bank at which an Other Account is open, terminating the Chargor's
right to operate such Other Account;

 

		(b)	exercise all the powers and rights conferred on mortgagees by the Act, as varied and extended by
this Deed, without the restrictions contained in sections 103 or 109(1) of the Act;

 

		(c)	exercise the power of leasing, letting, entering into agreements for leases or lettings or accepting
or agreeing to accept surrenders of leases in relation to any Security Asset, without the restrictions imposed by sections 99 and
100 of the Act;

 

		(d)	to the extent that any Security Asset constitutes Financial Collateral, as defined in the Regulations,
appropriate it and transfer the title in and to it to the UK Security Agent insofar as not already transferred, subject to paragraphs
(1) and (2) of Regulation 18;

 

		(e)	subject to Clause 11.1 (Method of appointment and removal), appoint one or more persons
to be a Receiver or Receivers of all or any of the Security Assets; and

 

		(f)	appoint an administrator of any Chargor.

 

    	 	12	 

     

    

 

	10.3	Disposal of the Security Assets

 

In exercising the powers referred
to in Clause 10.2 (Powers on enforcement), the UK Security Agent or any Receiver may sell or dispose of all or any of the
Security Assets at the times, in the manner and order, on the terms and conditions and for the consideration determined by it.

 

	10.4	Application of moneys

 

		(a)	The UK Security Agent or any Receiver shall apply moneys received by them under this Deed after
the Security Interests created under this Deed have become enforceable in the following order:

 

		(i)	first, in or towards the payment pro rata of, or the provision pro rata for, any unpaid costs and
expenses of the UK Security Agent and any Receiver under this Deed or which are incidental to any Receiver's appointment, together
with interest at the rate specified in Section 2.6(c) of the Credit Agreement (both before and after judgment) from the date those
amounts became due until the date they are irrevocably paid in full;

 

		(ii)	secondly, in or towards the payment pro rata of, or the provision pro rata for, any unpaid fees,
commission or remuneration of the UK Security Agent and any Receiver;

 

		(iii)	thirdly, in or towards the discharge of all liabilities having priority to the Secured Liabilities;

 

		(iv)	fourthly, in or towards the discharge of the Secured Liabilities in accordance with the Credit
Agreement; and

 

		(v)	fifthly, in the payment of any surplus to the relevant Chargor or other person entitled to it,

 

and section 109(8) of the Act
shall not apply.

 

	 	(b)	Clause 10.4(a) will override any appropriation made by a Chargor.

 

	11	Appointment and powers of Receivers

 

	11.1	Method of appointment and removal

 

		(a)	The UK Security Agent may not appoint a Receiver by reason only of a moratorium being obtained,
or anything being done with a view to a moratorium being obtained, under section 1A of the Insolvency Act 1986.

 

		(b)	Every appointment or removal of a Receiver, of any delegate or of any other person by the UK Security
Agent pursuant to this Deed may be made in writing under the hand of any officer or manager of the UK Security Agent (subject to
any requirement for a court order in the removal of an administrative receiver).

 

	11.2	Powers of Receiver

 

Every Receiver shall have all
the powers:

 

		(a)	of the UK Security Agent under this Deed;

 

		(b)	conferred by the Act on mortgagees in possession and on receivers appointed under the Act; and

 

    	 	13	 

     

    

 

		(c)	in relation to, and to the extent applicable to, the Security Assets or any of them, the powers
specified in Schedule 1 of the Insolvency Act 1986 (whether or not the Receiver is an administrative receiver within the meaning
of that Act).

 

	11.3	Joint or several

 

If two or more persons are
appointed as Receivers of the same assets, they may act jointly and/or severally so that (unless any instrument appointing them
specifies to the contrary) each of them may exercise individually all the powers and discretions conferred on Receivers by this
Deed.

 

	11.4	Receiver as agent

 

Every Receiver shall be the
agent of the relevant Chargor which shall be solely responsible for his acts and defaults and for the payment of his remuneration.

 

	11.5	Receiver's remuneration

 

Every Receiver shall be entitled
to remuneration for his services at a rate to be fixed by agreement between him and the UK Security Agent, and the maximum rate
specified in section 109(6) of the Act shall not apply.

 

	11.6	Delegation

 

		(a)	The UK Security Agent and any Receiver may, for the time being and from time to time, delegate
by power of attorney or in any other manner (including, without limitation, under the hand of any manager of the UK Security Agent)
to any person any right, power or discretion exercisable by the UK Security Agent or such Receiver (as the case may be) under this
Deed.

 

		(b)	Any such delegation may be made upon the terms (including, without limitation, power to sub delegate)
and subject to any regulations which the UK Security Agent or such Receiver (as the case may be) may think fit.

 

		(c)	Neither the UK Security Agent nor any Receiver will be in any way liable or responsible to any
Chargor for any loss or liability arising from any act, default, omission or misconduct on the part of any such delegate or sub
delegate who shall be entitled to all the indemnities to which his appointor is entitled under this Deed.

 

	12	Protection of purchasers

 

No purchaser or other person
dealing with the UK Security Agent or any Receiver shall be bound or concerned:

 

		(a)	to see or enquire whether the right of the UK Security Agent or any Receiver to exercise any of
the powers conferred by this Deed has arisen or not;

 

		(b)	with the propriety of the exercise or purported exercise of those powers; or

 

		(c)	with the application of any moneys paid to the UK Security Agent, to any Receiver or to any other
person.

 

	13	Protection of the Secured Parties and Receivers

 

	13.1	Exclusion of liability

 

None of the UK Security Agent,
the other Secured Parties, any Receiver or any of their respective officers or employees shall have any responsibility or liability:

 

    	 	14	 

     

    

 

		(a)	for any action taken, or any failure to take any action, in relation to all or any of the Security
Assets;

 

		(b)	to account as mortgagee in possession or for any loss upon realisation of any Security Asset;

 

		(c)	for any loss resulting from any fluctuation in exchange rates in connection with any purchase of
currencies; or

 

		(d)	for the loss or destruction of, or damage to, any of the Security Assets, or to any documents of
or evidencing title to them, which are in the possession or held to the order of any such person (and which will be held by such
persons at the expense and risk of the Chargors); or

 

		(e)	for any other default or omission in relation to all or any of the Security Assets for which a
mortgagee in possession might be liable,

 

except in the case of gross
negligence, wilful misconduct or breach of any obligations under the Loan Documents on the part of that person.

 

	14	Further Assurances

 

	14.1	Application to Land Registrar

 

Each Chargor consents to the
registration against the registered titles specified in Schedule 2 (Land charged by way of legal mortgage) of:

 

		(a)	a restriction in the following terms:

 

"No disposition
of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by the
proprietor for the time being of the charge dated [●] in favour of Wells Fargo Capital Finance (UK) Limited referred to in
the charges register"; and

 

		(b)	a notice that the Lenders are under an obligation to make further advances on the terms and subject
to the conditions of the Loan Documents.

 

	14.2	Further action

 

Each Chargor shall, at its
own expense, promptly take any action and sign or execute any further documents which the UK Security Agent (acting reasonably)
may require in order to:

 

		(a)	protect, preserve and perfect the Security Interests intended to be created by or pursuant to this
Deed;

 

		(b)	protect and preserve the ranking of the Security Interests intended to be created by or pursuant
to this Deed with any other Security Interest over any assets of any Chargor; or

 

		(c)	facilitate the realisation of all or any of the Security Assets or the exercise of any rights,
powers and discretions conferred on the UK Security Agent, any Receiver or any administrator in connection with all or any of the
Security Assets,

 

and any such document may (i)
disapply section 93 of the Act and (ii) contain an assignment to the UK Security Agent of the Book Debts in any manner reasonably
required by the UK Security Agent.

 

    	 	15	 

     

    

 

	14.3	Deposit of documents

 

At any time after an Event
of Default has occurred and is continuing, each Chargor shall on request by the UK Security Agent (acting reasonably), deposit
with the UK Security Agent, in respect of or in connection with the Security Assets:

 

		(a)	all deeds, certificates and other documents of or evidencing title; and

 

		(b)	any other documents which the UK Security Agent may from time to time require for perfecting its
title, or the title of any purchaser,

 

all of which will be held by
the UK Security Agent at the reasonable expense and risk of the relevant Chargor.

 

	14.4	Law of Property (Miscellaneous Provisions) Act 1994

 

The covenant set out in section
2(1)(b) of the Law of Property (Miscellaneous Provisions) Act 1994 shall extend to the provisions set out in this Clause 14 (Further
Assurances).

 

	15	Power of Attorney

 

	15.1	Appointment

 

Each Chargor irrevocably and
by way of security appoints each of:

 

		(a)	the UK Security Agent;

 

		(b)	any delegate or sub-delegate of, or other person nominated in writing by, an officer of the UK
Security Agent; and

 

		(c)	any Receiver,

 

jointly and severally as that
Chargor's attorney, in that Chargor's name, on its behalf and in such manner as the attorney may in its or his absolute discretion
think fit following the occurrence of an Event of Default which is continuing or following the failure by that Chargor to comply
with a request from the UK Security Agent in accordance with the terms of this Deed, to take any action and sign or execute any
further documents which that Chargor is required to take, sign or execute in accordance with this Deed.

 

	15.2	Ratification

 

Each Chargor agrees, promptly
on the request of the UK Security Agent or any Receiver, to ratify and confirm all actions taken and documents signed or executed
in each case pursuant to the appointment in Clause 15.1 save in the case of gross negligence, wilful misconduct or breach of any
obligations under the Loan Documents on the part of that person.

 

	16	Preservation of Security

 

	16.1	Reinstatement

 

If any payment by a Chargor
or any discharge given by the UK Security Agent (whether in respect of the obligations of any Chargor or any security for those
obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event:

 

		(a)	the liability of each Chargor shall continue as if the payment, discharge, avoidance or reduction
had not occurred; and

 

    	 	16	 

     

    

 

		(b)	the UK Security Agent shall be entitled to recover the value or amount of that security or payment
from each Chargor, as if the payment, discharge, avoidance or reduction had not occurred.

 

	16.2	Waiver of defences

 

The obligations of each Chargor
under this Deed will not be affected by an act, omission, matter or thing which, but for this Clause 16.2 (Waiver of defences),
would reduce, release or prejudice any of its obligations under this Deed (without limitation and whether or not known to it or
the UK Security Agent or any other Secured Party) including:

 

		(a)	any time, waiver or consent granted to, or composition with, any Chargor or other person;

 

		(b)	the release of any other Chargor or any other person under the terms of any composition or arrangement
with any creditor of any Chargor or any other person;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any Chargor or any other person or any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any
security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of any Chargor or any other person;

 

		(e)	any amendment (however fundamental) or replacement of a Loan Document or any other document or
security;

 

		(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Loan Document
or any other document or security; or

 

		(g)	any insolvency or similar proceedings.

 

	16.3	Chargor intent

 

Without prejudice to the generality
of Clause 16.2 (Waiver of defences), each Chargor expressly confirms that it intends that the security created by this Deed
shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Loan
Documents and/or any facility or amount made available under any of the Loan Documents for the purposes of or in connection with
any of the following:

 

		(a)	business acquisitions of any nature;

 

		(b)	increasing working capital;

 

		(c)	enabling investor distributions to be made;

 

		(d)	carrying out restructurings;

 

		(e)	refinancing existing facilities;

 

		(f)	refinancing any other indebtedness;

 

		(g)	making facilities available to new borrowers;

 

		(h)	any other variation or extension of the purposes for which any such facility or amount might be
made available from time to time; and

 

    	 	17	 

     

    

 

		(i)	any fees, costs and/or expenses associated with any of the foregoing.

 

	16.4	Immediate recourse

 

Each Chargor waives any right
it may have of first requiring the UK Security Agent to proceed against or enforce any other rights or security or claim payment
from any person before enforcing the security constituted by this Deed. This waiver applies irrespective of any law or any provision
of a Loan Document to the contrary.

 

	16.5	Appropriations

 

Until the expiry of the Security
Period or if the monies referred to in (a) or (b) below are insufficient to procure the expiry of the Security Period, the UK Security
Agent may:

 

		(a)	refrain from applying or enforcing any other monies, security or rights held or received by the
UK Security Agent in respect of the Secured Liabilities, or apply and enforce the same in such manner and order as it sees fit
(whether against the Secured Liabilities or otherwise) and no Chargor shall be entitled to the benefit of the same; and

 

		(b)	hold in an interest-bearing suspense account any monies received from any Chargor or on account
of any Chargor's liability in respect of the Secured Liabilities.

 

	16.6	Deferral of Chargors' rights

 

Until the expiry of the Security
Period, and unless the UK Security Agent otherwise directs, no Chargor will exercise any rights which it may have by reason of
performance by it of its obligations under the Loan Documents:

 

		(a)	to be indemnified by any other Chargor;

 

		(b)	to claim any contribution from any other guarantor of any Chargor’s obligations under the
Loan Documents; and/or

 

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any
of the UK Security Agent’s rights under the Loan Documents or of any other guarantee or security taken pursuant to, or in
connection with, the Loan Documents by the UK Security Agent.

 

	16.7	Additional Security

 

This Deed is in addition to,
is not in any way prejudiced by and shall not merge with any contractual right or remedy or other Security Interest now or in the
future held by or available to any Secured Party.

 

	16.8	New Accounts

 

If a Secured Party receives
notice (actual or otherwise) of any subsequent Security Interest over or affecting all or any of the Security Assets it may open
a new account or accounts with any Chargor and, if it does not do so, it shall nevertheless be treated as if it had done so at
the time when it received or was deemed to have received notice of that subsequent Security Interest, and as from that time all
payments made by the relevant Chargor to that Secured Party:

 

		(a)	shall be credited or be treated as having been credited to the new account of that Chargor; and

 

		(b)	shall not operate to reduce the Secured Liabilities at the time when the that Secured Party received
or was deemed to have received such notice.

 

    	 	18	 

     

    

 

	17	Guarantee and Indemnity

 

	17.1	Guarantee and indemnity

 

Each Guarantor irrevocably
and unconditionally jointly and severally:

 

		(a)	guarantees to each Secured Party punctual performance by each other UK Loan Party of all the UK
Loan Party's obligations under the Loan Documents;

 

		(b)	undertakes with each Secured Party that whenever a UK Loan Party does not pay any amount when due
under or in connection with any Loan Document, that Guarantor shall immediately on demand pay that amount as if it was the principal
obligor; and

 

agrees with each Secured Party
that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary
obligation, indemnify that relevant Secured Party immediately on demand against any cost, loss or liability it incurs as a result
of a UK Loan Party not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable
by it under any Loan Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will
not exceed the amount it would have had to pay under this Clause 17 (Guarantee and Indemnity) if the amount claimed had
been recoverable on the basis of a guarantee.

 

	17.2	Continuing Guarantee

 

This guarantee is a continuing
guarantee and will extend to the ultimate balance of sums payable by any UK Loan Party under the Loan Documents, regardless of
any intermediate payment or discharge in whole or in part.

 

	17.3	Reinstatement

 

If any discharge, release or
arrangement (whether in respect of the obligations of any UK Loan Party or any security for those obligations or otherwise) is
made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must
be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under
this Clause 17 (Guarantee and Indemnity) will continue or be reinstated as if the discharge, release or arrangement had
not occurred.

 

	17.4	Waiver of defences

 

The obligations of each Guarantor
under this Clause 17 (Guarantee and Indemnity) will not be affected by any act, omission, matter or thing which, but for
this Clause, would reduce, release or prejudice any of its obligations under this Clause 17 (Guarantee and Indemnity) (without
limitation and whether or not known to it or any Secured Party) including:

 

		(a)	any time, waiver or consent granted to, or composition with, any UK Loan Party or other person;

 

		(b)	the release of any other UK Loan Party or any other person under the terms of any composition or
arrangement with any creditor of any UK Loan Party;

 

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any UK Loan Party or other person or any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any
security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of a UK Loan Party or any other person;

 

    	 	19	 

     

    

 

		(e)	any amendment, novation, supplement, extension restatement (however fundamental and whether or
not more onerous) or replacement of a Loan Document or any other document or security including any change in the purpose of, any
extension of or increase in any facility or the addition of any new facility under any Loan Document or other document or security;

 

		(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Loan Document
or any other document or security;

 

		(g)	any insolvency or similar proceedings; or

 

		(h)	the exercise of, or refraining from the exercise of, any rights against any UK Loan Party or any
Charged Property.

 

	17.5	Guarantor intent

 

Without prejudice to the generality
of Clause 17.4 (Waiver of defences), each Guarantor expressly confirms that it intends that this guarantee shall extend
from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Loan Documents and/or
any facility or amount made available under any of the Loan Documents for the purposes of or in connection with any of the following:

 

		(a)	business acquisitions of any nature;

 

		(b)	increasing working capital;

 

		(c)	enabling investor distributions to be made;

 

		(d)	carrying out restructurings;

 

		(e)	refinancing existing facilities;

 

		(f)	refinancing any other indebtedness;

 

		(g)	making facilities available to new borrowers;

 

		(h)	any other variation or extension of the purposes for which any such facility or amount might be
made available from time to time; and

 

		(i)	any fees, costs and/or expenses associated with any of the foregoing.

 

	17.6	Immediate recourse

 

Each Guarantor waives any right
it may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other
rights or security or claim payment from any person before claiming from that Guarantor under this Clause 17 (Guarantee and
Indemnity). This waiver applies irrespective of any law or any provision of a Loan Document to the contrary.

 

	17.7	Appropriations

 

Until all amounts which may
be or become payable by the UK Loan Party under or in connection with the Loan Documents have been irrevocably paid in full or
if the monies referred to in (a) or (b) below are insufficient to procure the expiry of the Security Period, each Secured Party
(or any trustee or agent on its behalf) may:

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that
Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner
and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the
same; and

 

    	 	20	 

     

    

 

		(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account
of any Guarantor's liability under this Clause 17 (Guarantee and Indemnity).

 

	17.8	Deferral of Guarantor’s rights

 

Until all amounts which may
be or become payable by each UK Loan Party under or in connection with the Loan Documents have been irrevocably paid in full and
unless the UK Collateral Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance
by it of its obligations under the Loan Documents or by reason of any amount being payable, or liability arising, under this Clause
17 (Guarantee and Indemnity):

 

		(a)	to receive or claim payment from or be indemnified by a UK Loan Party;

 

		(b)	to claim any contribution from any other guarantor of, or provider of any Security Interest in
respect of, any UK Loan Party's obligations under the Loan Documents;

 

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any
rights of the Secured Parties under the Loan Documents or of any other guarantee or security taken pursuant to, or in connection
with, the Loan Documents by the Secured Parties;

 

		(d)	to bring legal or other proceedings for an order requiring any UK Loan Party to make any payment,
or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 17
(Guarantee and Indemnity) of this Deed;

 

		(e)	to exercise any right of set-off against any UK Loan Party; and/or

 

		(f)	to claim or prove as a creditor of any UK Loan Party in competition with the Secured Parties (or
any of them).

 

	17.9	Additional Security

 

This guarantee is in addition
to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Secured Party.

 

	17.10	Guarantee in favour of the Bank Product Providers

 

For the purposes of this Clause
17 (Guarantee and Indemnity), the definition of Loan Documents shall be deemed to include any UK Bank Product Agreement.

 

	18	Notices

 

	18.1	Delivery and Receipt

 

		(a)	Any communications to be made under or in connection with this Deed shall be made in writing, may
be made by letter or facsimile and shall be deemed to be given as follows:

 

		(i)	if by way of letter, when it has been left at the relevant address or two Business Days after being
deposited in the post with postage prepaid in an envelope addressed to it at that address; and

 

		(ii)	if by facsimile, when received in legible form,

 

save that any notice delivered
or received on a non-Business Day or after business hours shall be deemed to be given on the next Business Day at the place of
delivery or receipt.

 

    	 	21	 

     

    

 

		(b)	Any communication or document made or delivered to the Company in accordance with this Clause 18.1
(Delivery and Receipt) will be deemed to have been made or delivered to each of the Chargors.

 

	18.2	Company’s Address

 

The Company's and each other
Chargor's address for notices are:

 

Camfaud Group Limited

High Road Thornwood Common,

Epping,

Essex, CM16 6LU

 

Attention:Bruce Young/David
Faud

 

With a copy to each of:

 

Brundage Bone Concrete Pumping
Holdings Inc.

6461 Downing Street

Denver, CO 80029

Attn: Iain Humphries

Tel. No.: (303) 289-7497

Email: iainhumphries@brundagebone.com

 

Argand Partners LP LLC

Club Row Building

28 West 44th Street, Suite 501

New York, NY 10036

Attn: Tariq Osman

Tel. No.: (212) 588-6470

Email: tosman@argandequity.com

 

Winston & Strawn LLP

200 Park Avenue

New York, NY 10166-4193

Attn: Peter Alfano

Tel. No.: (212) 294-6765

Email: palfano@winston.com

 

or such as the Company may
notify to the UK Security Agent by not less than 10 days' notice.

 

	18.3	UK Security Agent’s Address

 

The UK Security Agent's address
and facsimile number for notices are:

 

Wells Fargo Capital Finance
(UK) Limited

4th Floor

90 Long Acre

London WC2E 9RA

 

		Fax No:	+44 845 641 8889

		Attention:	Portfolio Manager – Camfaud

 

or such as the UK Security
Agent may notify to the Company by not less than 10 days' notice.

 

    	 	22	 

     

    

 

	19	Miscellaneous Provisions

 

	19.1	Tacking

 

For the purposes of section
94(1) of the Act and section 49(3) of the Land Registration Act 2002 the UK Security Agent confirms on behalf of the Lenders that
the Lenders shall make further advances to the Borrowers on the terms and subject to the conditions of the Loan Documents.

 

	19.2	Separate Charges

 

This Deed shall, in relation
to each Chargor, be read and construed as if it were a separate Deed relating to such Chargor to the intent that if any Security
Interest created by any other Chargor in this Deed shall be invalid or liable to be set aside for any reason, this shall not affect
any Security Interest created under this Deed by such first Chargor.

 

	19.3	Invalidity

 

If, at any time, any provision
of this Deed is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability
of the remaining provisions will not in any way be affected or impaired.

 

	19.4	Rights and Remedies

 

The rights of the Secured Parties
under this Deed are cumulative, may be exercised as often as considered appropriate and are in addition to the general law. Such
rights (whether arising hereunder or under the general law) shall not be capable of being waived or varied otherwise than by an
express waiver or variation in writing and, in particular, any failure to exercise or delay in exercising any of such rights shall
not operate as a waiver or variation of that or any other such right, any defective or partial exercise of any such rights shall
not preclude any other or further exercise of that or any other such right, and no act or course of conduct or negotiation by any
Secured Party or on its behalf shall in any way preclude it from exercising any such right or constitute a suspension or any variation
of any such right.

 

	19.5	Accession of Affiliates

 

		(a)	To the extent that any Affiliate of the Company is required by the terms of the Loan Documents
to provide Security Interests over its assets under English law, it may do so by executing a Deed of Accession and such Affiliate
shall on the date which such Deed of Accession is executed by it become a party to this Deed in the capacity of a Chargor and this
Deed shall be read and construed for all purposes as if such company had been an original party to this Deed as a Chargor (but
for the avoidance of doubt the security created by such company shall be created on the date of the Deed of Accession).

 

		(b)	Each Chargor (other than the Company) by its execution of this Deed or any Deed of Accession, irrevocably
appoints the Company to execute on its behalf any Deed of Accession without further reference to or the consent of such Chargor
and such Chargor shall be bound by any such Deed of Accession as if it had itself executed such Deed of Accession.

 

	20	Release

 

	20.1	Expiry of Security Period

 

		(a)	Upon the expiry of the Security Period or as otherwise permitted under the Loan Documents, the
UK Security Agent shall, at the request and cost of the Chargors, take whatever action is necessary to release the Security Assets
from the security constituted by this Deed and/or reassign the benefit of the Security Assets to the Chargors.

 

    	 	23	 

     

    

 

		(b)	Section 93 of the Act shall not apply to this Deed.

 

	20.2	Other Accounts

 

At any time before the Security
Interests created by this Deed shall have become enforceable, in the absence of any directions from the UK Security Agent to the
contrary, any amounts permitted by the terms of the Loan Documents to be paid into an Other Account shall upon payment into such
account stand released from any fixed charge in respect of such amount created pursuant to Clause 3 (Creation of Security)
and shall stand subject to the floating charge created by Clause 3.12(a) (Other Assets), provided that such release shall
in no respect prejudice the continuance of any fixed charge created pursuant to Clause 3 (Creation of Security) in respect
of any other amount.

 

	21	Governing Law and Jurisdiction

 

	21.1	Governing Law

 

English law governs this Deed,
its interpretation and any non-contractual obligations arising from or connected with it.

 

	21.2	Jurisdiction

 

		(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Deed (including a dispute regarding the existence, validity or termination of this Deed) (a Dispute).

 

		(b)	The parties agree that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.

 

		(c)	This Clause 21.2 (Jurisdiction) is for the benefit of the Secured Parties only. As a result,
no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the
extent allowed by law, a Secured Party may take concurrent proceedings in any number of jurisdictions.

 

This Deed has been entered into as a
deed on the date stated at the beginning of this Deed.

 

    	 	24	 

     

    

 

Schedule 1

Part 1 - The Chargors

 

	Name of Chargor	 	Jurisdiction of incorporation	 	Registration number
	 	 	 	 	 
	Camfaud Group Limited	 	England and Wales	 	10473517
	 	 	 	 	 
	Camfaud Concrete Pumps Limited	 	England and Wales	 	02635232
	 	 	 	 	 
	Premier Concrete Pumping Limited	 	England and Wales	 	01714938

 

Part 2 – The Guarantors

 

	Name of Guarantor 	 	Jurisdiction of incorporation	 	Registration number
	 	 	 	 	 
	Camfaud Group Limited	 	England and Wales	 	10473517
	 	 	 	 	 
	Camfaud Concrete Pumps Limited	 	England and Wales	 	02635232
	 	 	 	 	 
	Premier Concrete Pumping Limited	 	England and Wales	 	01714938

 

    	 	25	 

     

    

 

Schedule 2

Land charged by way of legal mortgage

 

None.

 

    	 	26	 

     

    

 

Schedule 3

Forms of Notice to Banks and Acknowledgement

 

Part
I – Blocked Account Notice

 

[On Headed Notepaper of relevant Chargor]

 

[Date]

 

National Westminster Bank Plc

102 High Rd

Loughton

Essex IG10 4AS

 

Dear Sirs,

 

		1	We refer to the notice and acknowledgement dated [ ], copies of which are appended to this notice
(the Existing Blocked Account Acknowledgement), whereby we notified you that we had charged by way of first fixed charge
in favour of Wells Fargo Capital Finance (UK) Limited (WFCF) all our rights, title, interest and benefit in and to the following
account(s) held with yourselves and all amounts standing to the credit of such account from time to time:

 

Account No. [●], sort
code [●]

 

Account No. [●], sort
code [●]

 

[Repeat as necessary]

 

(the Blocked Account(s)
and the Existing Fixed Charge).

 

		2	The Existing Fixed Charge was granted to secure our obligations under a facility agreement between,
among others, us and WFCF and certain other finance documents (the Existing Obligations).

 

		3	On or around the date of this notice we have refinanced the Existing Obligations and entered into
a new credit agreement between, among others, us and WFCF (the New Credit Agreement). In connection with the New Credit
Agreement we hereby give you notice that by a debenture dated [●], we have charged to WFCF as the UK Security Agent (the
UK Security Agent) by way of first fixed charge all our rights, title, interest and benefit in and to the Blocked Accounts
and all amounts standing to the credit of such account from time to time (the New Fixed Charge).

 

		4	We request that the provisions of the Existing Blocked Account Acknowledgement continue to apply
to the Blocked Accounts charged in favour of the UK Security Agent pursuant to the New Fixed Charge. Please acknowledge receipt
of this letter by returning a copy of the attached letter on your own headed notepaper with a receipted copy of this notice forthwith,
to the Security Trustee at Wells Fargo Capital Finance (UK) Limited, 4th Floor, 90 Long Acre, London WC2E 9RA, Attention: Portfolio
Manager – Camfaud.

 

Yours faithfully

 

	 	 
	for and on behalf of
	[the relevant Chargor]

 

    	 	27	 

     

    

 

Part II – Blocked Account Acknowledgement

 

[On the Headed Notepaper of Bank]

 

[Date]

 

Wells Fargo Capital Finance (UK) Limited
(the UK Security Agent)

4th Floor

90 Long Acre

London WC2E 9RA

 

Attention:Portfolio Manager –
Camfaud

 

Dear Sirs,

 

[Name of Chargor] (Company)

 

		1	We refer to the notice, received today from the Company with respect to the fixed charge which
it has granted to the UK Security Agent over the Blocked Account(s) (the Notice).

 

		2	Terms not defined in this letter shall have the meanings given to them in the Notice.

 

		3	We hereby agree acknowledge that the Company has charged to the UK Security Agent by way of a first
fixed charge all of its rights, title, interest and benefit in and to the Blocked Account(s).

 

		4	We hereby irrevocably undertake to you that until receipt by us of notice from you confirming that
you no longer have any interest in the Blocked Account the provisions of the Existing Blocked Account Acknowledgement shall continue
to apply to the Blocked Accounts and that:

 

		(a)	any reference in the Existing Blocked Account Acknowledgement to the Existing Fixed Charge shall
be deemed to be a reference to the New Fixed Charge; and

 

		(b)	any reference in the Existing Blocked Account Acknowledgement
to Security Trustee shall be deemed to be a reference to the UK Security Agent.

 

This letter is governed by and shall be
construed in accordance with English law.

 

Yours faithfully

 

	 	 
	for and on behalf of
	National Westminster Bank Plc

 

    	 	28	 

     

    

 

We hereby acknowledge and accept the terms
of this letter

 

	 	 
	for and on behalf of
	Wells Fargo Capital Finance (UK) Limited

 

    	 	29	 

     

    

 

Part
III Blocked Account Notice

 

[On Headed Notepaper of relevant Chargor]

 

[Date]

 

[Bank]

[Branch]

 

	Attention:	[•]

 

Dear Sirs,

 

		1	We hereby give you notice that by debenture dated [●], we have charged to Wells Fargo Capital
Finance (UK) Limited (the UK Security Agent) by way of first fixed charge all our rights, title, interest and benefit in
and to the following account(s) held with yourselves and all amounts standing to the credit of such account from time to time:

 

Account No. [●], sort
code [●]

 

Account No. [●], sort
code [●]

 

[Repeat as necessary]

 

(the Blocked Account(s)).

 

		2	Please acknowledge receipt of this letter by returning a copy of the attached letter on your own
headed notepaper with a receipted copy of this notice forthwith, to the UK Security Agent at Wells Fargo Capital Finance (UK) Limited,
4th Floor, 90 Long Acre, London WC2E 9RA, Attention: Portfolio Manager – Camfaud.

 

Yours faithfully

 

	 	 
	for and on behalf of
	[the relevant Chargor]

 

    	 	30	 

     

    

 

Part
IV - Blocked Account Acknowledgement

 

[On the Headed Notepaper of Bank]

 

[Date]

 

Wells Fargo Capital Finance (UK) Limited
(the UK Security Agent)

4th Floor

90 Long Acre

London WC2E 9RA

 

	Attention:	Portfolio Manager – Camfaud

 

Dear Sirs,

 

[Name of Chargor] (Company)

 

		1	We refer to the notice, received today from the Company with respect to the fixed charge which
it has granted to the Security Agent over the Blocked Account(s) (the Notice).

 

		2	Terms not defined in this letter shall have the meanings given to them in the Notice.

 

		3	We hereby acknowledge that the Company has charged to the UK Security Agent by way of a first fixed
charge all of its rights, title, interest and benefit in and to the Blocked Account.

 

		4	We hereby irrevocably undertake to you that until receipt by us of notice from you confirming that
you no longer have any interest in the Blocked Account we shall:

 

		(a)	not exercise any right of combination, consolidation, merger or set-off which we may have in respect
of, or otherwise exercise any other right which we may have to apply any monies from time to time standing or accruing to the credit
of the Blocked Account save for fees and charges payable to us for the operation of the Blocked Account;

 

		(b)	promptly notify you of any renewal, renumbering or redesignation of any and all of the Blocked
Account;

 

		(c)	promptly send to you copies with respect to all the Blocked Account of all statements and, if requested
by you, copies of all credits, debits and notices given or made by us in connection with such account;

 

		(d)	not permit or effect any withdrawal or transfer from the Blocked Account by or on behalf of the
Company save for withdrawals and transfers requested by you in writing to us pursuant to the terms of this letter;

 

		(e)	comply with all instructions received by us from you from time to time with respect to the conduct
of the Blocked Account provided that such instructions are given in accordance with the terms of this letter;

 

		(f)	comply with all instructions received by us from you from time to time with respect to the movement
of funds from the Blocked Account provided that:

 

		(i)	all instructions are received in writing,
by facsimile, to us at facsimile number [●], attention: [●]; and

 

    	 	31	 

     

    

 

		(ii)	all instructions must be received by 2pm
if they are to be complied with on the same Business Day. Instructions received outside such hours will be complied with on the
next Business Day following such receipt. Facsimile instructions will be deemed received at the time of transmission;

 

		(iii)	all instructions are given in compliance
with the mandate entered into by you stipulating who may give instructions to us; and

 

		(g)	to the extent that an instruction is given which would in our opinion cause the Blocked Account
to become overdrawn, transfer the outstanding balance in the account;

 

		(h)	[(subject to paragraph 4(h) below) effect the following transaction on a daily basis unless we
receive written notice to the contrary in accordance with paragraph 4(f) above: the cleared balance of the Blocked Account will
be transferred into the account at [Bank] account number [●], being an account in your name designated the [the relevant
Borrower] Loan Account attn. [●]];]

 

		(i)	not be obliged to comply with any instructions received from you or undertake the transactions
set out in paragraph 4(g)) where:

 

		(i)	due to circumstances not within our direct
control we are unable to comply with such instructions; and

 

		(ii)	that to comply with such instructions
will breach a Court Order or be contrary to applicable law,

 

and in each case we shall give
notice thereof to the Company and the Security Agent as well as reasons why we cannot comply with such instructions; and

 

		(j)	not be responsible for any loss caused to you or to the Company in the event that we are unable
to comply with any instructions due to circumstances set out in paragraph 4(h), and in any event, we shall not be liable for any
consequential, special, secondary or indirect loss of or damage to goodwill, profits or anticipated savings (however caused).

 

		5	You acknowledge that we are obliged to comply with the terms of this letter and that we have no
notice of the particulars of the charge granted to you by the Company other than as set out in the Notice and this letter. You
further acknowledge that subject to the terms of this letter we shall not be liable to you in any respect if the Company operates
the Blocked Account in breach of any agreement entered into by the Company with you.

 

		6	We note that, for the purposes of this letter, all notices, copy notices, advices and correspondence
to be delivered to you shall be effectively delivered if sent by facsimile to you at number [●] or by post at the address
at the top of this letter, in both cases marked for the attention of the [●].

 

This letter is governed by and shall be construed
in accordance with English law.

 

Yours faithfully

 

	 	 
	for and on behalf of
	[Bank]

 

    	 	32	 

     

    

  

We hereby acknowledge and accept the terms
of this letter

 

	 	 
	for and on behalf of
	Wells Fargo Capital Finance (UK) Limited

 

    	 	33	 

     

    

 

Part
V - Other Accounts Notice

 

[On Headed Notepaper of relevant Chargor]

 

[Date]

 

[Bank]

 

[Branch]

 

	Attention:	[•]

 

Dear Sirs,

 

		1	We hereby give you notice that by a debenture
dated [●], we have charged to Wells Fargo Capital Finance (UK) Limited (the UK Security Agent) all our rights, title,
interest and benefit in and to the following account(s) held with yourselves and all amounts standing to the credit of such account
from time to time:

 

Account No. [●], sort
code [●]

 

Account No. [●], sort
code [●]

 

[Repeat as necessary]

 

(the Charged Account(s)).

 

		2	We hereby agree to indemnify you on demand against any and all costs, losses and expenses suffered
or incurred by you as a result of complying with the undertakings contained in this noticed and in the enclosed acknowledgement,
with which you are hereby instructed to comply, together with all other instructions which you may receive from the Security Trustee
from time to time in relation to such undertakings.

 

		3	Please acknowledge receipt of this letter by returning a copy of the attached letter on your own
headed notepaper with a receipted copy of this notice forthwith, to the UK Security Agent at Wells Fargo Capital Finance (UK) Limited,
4th Floor, 90 Long Acre, London WC2E 9RA, Attention: Portfolio Manager – Camfaud.

 

Yours faithfully

 

	 	 
	for and on behalf of
	[the relevant Chargor]

 

    	 	34	 

     

    

 

Part
VI - Other Accounts Acknowledgement

 

[On the Headed Notepaper of Bank]

 

[Date]

 

Wells Fargo Capital Finance (UK) Limited
(the UK Security Agent)

4th Floor

90 Long Acre

London WC2E 9RA

 

	Attention:	Portfolio Manager – Camfaud

 

Dear Sirs,

 

[Name of Chargor] (Company)

 

		1	We refer to the notice, received today
from the Company with respect to the charge which it has granted to you over the Charged Accounts (the Notice).

 

		2	Terms not defined in this letter shall have the meanings given to them in the Notice.

 

		3	We hereby acknowledge that the Company has charged to you all of its rights, title, interest and
benefit in and to the Charged Accounts.

 

		4	We hereby irrevocably undertake to you that until receipt by us of notice from you confirming that
you no longer have any interest in the Charged Accounts we shall:

 

		(a)	not exercise any right of combination, consolidation, merger or set-off which we may have in respect
of, or otherwise exercise any other right which we may have to apply any monies from time to time standing or accruing to the credit
of the Charged Accounts save for fees and charges payable to us for the operation of the Charged Accounts;

 

		(b)	promptly notify you of any renewal, renumbering or redesignation of any and all of the Charged
Accounts;

 

		(c)	upon request from you send to you copies with respect to all the Charged Accounts of all statements
together with copies of all credits, debits and notices given or made by us in connection with such account;

 

		(d)	permit or effect any withdrawal or transfer from the Charged Accounts in accordance with the Chargor's
mandate with us until we receive notice from you terminating the Chargor's right to operate the Charged Accounts;

 

		(e)	comply with all instructions received by us from you from time to time with respect to the conduct
of the Charged Accounts provided that such instructions are given in accordance with the terms of this letter;

 

		(f)	comply with all instructions received by us from you from time to time with respect to the movement
of funds from the Charged Accounts provided that:

 

		(i)	all instructions are received in writing,
by facsimile, to us at facsimile number [●], attention: [●]; and

 

    	 	35	 

     

    

 

		(ii)	all instructions must be received by 2pm
if they are to be complied with on the same Business Day. Instructions received outside such hours will be complied with on the
next Business Day following such receipt. Facsimile instructions will be deemed received at the time of transmission; and

 

		(iii)	to the extent that an instruction is given
which would in our opinion cause any Charged Account to become overdrawn we will transfer the cleared balance in the account.

 

		(g)	not be obliged to comply with any instructions received from you where:

 

		(i)	due to circumstances not within our direct
control we are unable to comply with such instructions; and

 

		(ii)	that to comply with such instructions
will breach a Court Order or be contrary to applicable law;

 

and in each case we shall give
notice thereof to you and the Company as well as reasons why we cannot comply with such instructions;

 

		(h)	in the event that we are unable to comply with any instructions due to circumstances set out in
paragraph (g) not be responsible for any loss caused to you or to the Company and in any event we shall not be liable for any consequential,
special, secondary or indirect loss of or damage to goodwill, profits or anticipated savings (however caused); and

 

		5	You acknowledge that we are obliged to comply with the terms of this letter and that we have no
notice of the particulars of the charge granted to you by the Company other than as set out in the Notice and this letter. You
further acknowledge that subject to the terms of this letter we shall not be liable to you in any respect if the Company operates
the Charged Accounts in breach of any agreement entered into by the Chargor with you.

 

		6	We are irrevocably authorised by you to follow any instructions received from you in relation to
the Charged Accounts from any person that we reasonably believe is an authorised officer of the UK Security Agent, without further
inquiry as to the UK Security Agent's right or authority to give such instructions and we shall be fully protected in acting in
accordance with such instructions.

 

This letter is governed by and shall be
construed in accordance with English law.

 

Yours faithfully

 

	 	 
	for and on behalf of
	[Bank]

 

We hereby acknowledge and accept the terms
of this letter

 

	 	 
	for and on behalf of
	Wells Fargo Capital Finance (UK) Limited

    	 	36	 

     

    

 

Schedule 4

Shares

 

	Chargor	 	Company Name	 	Type of Share	 	Number of Shares
	 	 	 	 	 	 	 
	Camfaud Group Limited	 	Camfaud Concrete Pumps Limited	 	Ordinary shares of £1 each	 	10,000
	 	 	 	 	 	 	 
	Camfaud Group Limited	 	Premier Concrete Pumping Limited	 	Ordinary shares of £1 each	 	50,000
	 	 	 	 	 	 	 
	Camfaud Group Limited	 	Eco-Pan Limited	 	Ordinary share of £1 	 	1
	 	 	 	 	 	 	 
	Camfaud Group Limited	 	South Coast Concrete Pumping Limited	 	Ordinary shares of £1 each	 	1,000
	 	 	 	 	 	 	 
	Camfaud Group Limited	 	Reilly Concrete Pumping Limited	 	Ordinary shares of £1 each	 	10,000

 

    	 	37	 

     

    

 

Schedule 5

Charged Accounts

 

Part
I – Blocked Accounts

 

 

 

    	 	38	 

     

    

 

Schedule 6

Specified Intellectual Property

 

Trade Marks

 

 

 

    	 	39	 

     

    

 

Schedule 7

Deed of Accession

 

THIS DEED OF ACCESSION is dated
[•] and made

 

BETWEEN

 

		(1)	[•] Limited [registered in England with number [•] whose registered office is at [•]][a
corporation organised and existing under the laws of [•] whose principal place of business is at [•]][of [•]] (the
New Chargor);

 

		(2)	CAMFAUD GROUP LIMITED registered in England with number 10473517 for itself and as agent
for and on behalf of each of the other Chargors presently party to the Debenture (as defined below) (Company); and

 

		(3)	WELLS FARGO CAPITAL FINANCE (UK) LIMITED, registered in England with number 2656007, as
agent and trustee for the Secured Parties (the UK Security Agent).

 

RECITALS

 

		(A)	The Company and others as Chargors entered
into a debenture dated [•] (as supplemented and amended from time to time, the Debenture) in favour of the UK Security Agent.

 

		(B)	The New Chargor has at the request of
the Company and in consideration of the Secured Parties continuing to make facilities and/or Bank Products available to the Borrowers
and after giving due consideration to the terms and conditions of the Loan Documents and the Debenture and satisfying itself that
there are reasonable grounds for believing that the entry into this Deed by it will be of benefit to it, decided in good faith
and for the purpose of carrying on its business to enter into this Deed and thereby become a Chargor under the Debenture.

 

		(C)	The Chargors and the UK Security Agent
intend that this document take effect as a deed notwithstanding that it may be executed under hand.

 

IT IS AGREED:

 

		1	Terms defined in the Debenture have the
same meaning when used in this Deed.

 

		2	The New Chargor agrees to become a party
to and bound by the terms of the Debenture as a Chargor with immediate effect and so that the Debenture shall be read and construed
for all purposes as if the New Chargor had been an original party to the Debenture in the capacity of Chargor (but so that the
security created consequent on such accession shall be created on the date of this Deed).

 

		3	The New Chargor undertakes to be bound
by all of the covenants and agreements in the Debenture which are expressed to be binding on a Chargor.

 

		4	The New Chargor grants to the UK Security
Agent the assignments, charges, mortgages and other Security Interests described in the Debenture as being granted, created or
made by Chargors under the Debenture to the intent that its assignments, charges, mortgages and other Security Interests shall
be effective and binding upon it and its property and assets and shall not in any way be avoided, discharged or released or otherwise
adversely affected by any ineffectiveness or invalidity of the Debenture or of any other party's execution of the Debenture or
any other Deed of Accession, or by any avoidance, invalidity, discharge or release of any guarantee, assignment or charge contained
in the Debenture or in any other Deed of Accession.

 

    	 	40	 

     

    

 

		5	The Debenture and this Deed shall be read and construed as one to the extent and so that references
in the Debenture to:

 

		(a)	this Deed and similar phrases shall be deemed to include this Deed;

 

		(b)	Schedule 2 (Land charged by way of legal mortgage) shall be deemed to include a reference
to Part I of the Schedule to this Deed;

 

		(c)	Schedule 4 (Shares) shall be deemed to include a reference to Part II of the Schedule
to this Deed;

 

		(d)	Schedule 5 (Charged Accounts) shall be deemed to include a reference to Part III of
the Schedule to this Deed; and

 

		(e)	Schedule 6 (Specified Intellectual Property) shall be deemed to include a reference
to Part IV of the Schedule to this Deed.

 

		6	The parties agree that the bank accounts of the New Chargor specified in Part III of the Schedule
to this Deed:

 

		(a)	as Other Accounts shall be designated as Other Accounts; and

 

		(b)	as Blocked Accounts shall be designated as Blocked Accounts,

 

for the purposes of the Debenture.

 

		7	The Company, for itself and as agent for and on behalf of the other Chargors under the Debenture,
agrees and consents to all of the matters provided for in this Deed.

 

		8	Without limiting the generality of the other provisions of this Deed and the Debenture, pursuant
to the terms of this Deed and the Debenture, the New Chargor as security for the payment and performance of the Secured Liabilities,
and in the manner specified in Clause 4 (Nature of Security Created) of the Debenture:

 

		(a)	charges to the UK Security Agent by way of legal mortgage all of the property (if any) now belonging
to it brief descriptions of which are specified in Schedule 2 (Land charged by way of legal mortgage) to the Debenture
and/or Part I of the Schedule to this Deed;

 

		(b)	charges by way of mortgage or (if to the extent that this Deed does not take effect as a mortgage)
by way of fixed charge to the UK Security Agent all of the Shares (if any) brief descriptions of which are specified in Part II
of the Schedule to this Deed (which shall from today's date form part of the Shares for the purposes of the Debenture) and all
related Distribution Rights;

 

		(c)	charges to the UK Security Agent by way of a fixed charge all of its right, title and interest
in and to:

 

		(i)	the Blocked Account(s) specified in Part
III of the Schedule to this Deed; and

 

		(ii)	all monies standing to the credit of such
Blocked Account(s) and the debts represented by them;

 

		(d)	charges to the UK Security Agent by way of fixed charge its Intellectual Property Rights (if any)
specified in Part IV of the Schedule to this Deed (which shall from today's date form part of the Specified Intellectual Property
of the Chargors for the purposes of the Debenture); and

 

    	 	41	 

     

    

 

		(e)	charges by way of fixed charge to the UK Security Agent all of its right, title and interest in
and to its Equipment.

 

		9	English law governs this Deed, its interpretation and any non-contractual obligations arising from
or connected with it.

 

This Deed has been entered into as a
deed on the date stated at the beginning of this Deed.

 

SCHEDULE 1

 

Part
I – Land

 

[Insert details of any real property
owned by the New Chargor]

 

Part
II –Shares

 

[Insert details of all Group Shares of
the New Chargor]

 

Part
III – Charged Accounts

 

Blocked Accounts

 

[Insert details of all Blocked Accounts
of the New Chargor]

 

Other Accounts

 

[Insert details of all Other Accounts
of the New Chargor]

 

Part
IV – Specified Intellectual Property

 

[Insert details of any registered Intellectual
Property owned by the New Chargor]

 

    	 	42	 

     

    

 

SIGNATORIES

 

[to the Deed of Accession]

 

The New
Chargor

 

	Executed
    as a deed by	)	 
	[•]
LIMITED
	)	 
	acting by a Director
    in the presence of:	)	 

 

	Signature
    of witness:	 
	 	 
	Name of
witness:
	 
	 	 
	Address:	 
	 	 
	 	 

 

The Company

for itself
and as agent for the other

Chargors party
to the Debenture

 

	Executed
    as a deed by	)	 
	CAMFAUD
GROUP LIMITED
	)	 
	acting by a Director
    in the presence of:	)	 

 

	Signature
    of witness:	 
	 	 
	Name of witness:	 
	 	 
	Address:	 
	 	 
	 	 

 

The UK Security
Agent

 

WELLS FARGO
CAPITAL FINANCE (UK) LIMITED

 

By: Ian Conway

 

    	 	43	 

     

    

 

Schedule 8

Form of Guarantor Accession Letter

 

	Date:	[·]

 

To:

 

Wells Fargo
Capital Finance (UK) Limited (the UK Security Agent)

4th Floor

90 Long Acre

London WC2E 9RA

 

	Attention:	Portfolio Manager –
Camfaud

 

Dear Sirs

 

UK
Debenture dated [·]
(the Agreement)

 

		1.	We refer to
                                         the Agreement. This is a Guarantor Accession Letter. Terms defined in the Agreement have
                                         the same meaning in this Guarantor Accession Letter unless given a different meaning
                                         in this Guarantor Accession Letter.

 

 

		2.	[Subsidiary]
                                         agrees to become an Additional Guarantor and to be bound by the terms of the Agreement
                                         as an Additional Guarantor pursuant to clause [•] (Additional Guarantors)
                                         of the Agreement.

 

		3.	[Subsidiary]
                                         is a company duly incorporated under the laws of [name of relevant jurisdiction].

 

		4.	[Subsidiary's]
                                         administrative details are as follows:

 

	Address:	[·]

 

	Fax
No:	[·]

 

	Attention:	[·]

 

This Accession
Letter and any non-contractual obligations arising out of or in connection with it, are governed by English law.

 

[This Accession
Letter is entered into by deed.]

 

	[Company]	[Subsidiary]

 

[SIGNATORIES

[to the Guarantor
Accession Letter]

 

The New Guarantor

	Executed as
    a deed by	)	 	 
	[●] LIMITED	)
	 	 
	 	)	 	 
	 	 	Director	 

 

    	 	44	 

     

    

 

In the presence
of:

 

	Signature
    of witness	 	 
	 	 	 
	Name	 	 
	 	 	 
	Address	 	 
	 	 	 
	Occupation	 	 

 

The Company

	Executed as
    a deed by	)	 	 
	CAMFAUD GROUP LIMITED	)	 	 
	for itself and as agent
    for the other	)	 	 
	Guarantor party to the
    UK Debenture	)	 	 

 

In the presence
of:

 

	Signature
    of witness	 	 
	 	 	 
	Name	 	 
	 	 	 
	Address	 	 
	 	 	 
	Occupation	 	 

 

The UK Security
Agent

 

WELLS FARGO
CAPITAL FINANCE (UK) LIMITED

 

    	 	45	 

     

    

 

Signatories

 

The Company

 

	Executed as
    a deed by	)	 
	CAMFAUD GROUP LIMITED	)	 
	acting by a director in
    the presence of:	)	/s/
    David Faud
	Signature of witness:	 	/s/
    Richard Crilly
	Name of witness:	 	Richard
    Crilly
	Address:	 	168
    Millicent Grove
	 	 	London
    N13 6HS

 

     

     

    

 

The Chargors

 

	Executed
    as a deed by	)	 
	CAMFAUD GROUP LIMITED	)	 
	acting by a director
    in the presence of:	)	/s/
    David Faud
	Signature of witness:	 	/s/
    Richard Crilly
	Name of witness:	 	Richard
    Crilly
	Address:	 	168
    Millicent Grove
	 	 	London
    N13 6HS

 

	Executed
    as a deed by	)	 
	CAMFAUD CONCRETE
    PUMPS LIMITED	)	 
	acting by a director
    in the presence of:	)	/s/
    David Faud
	Signature of witness:	 	/s/
    Richard Crilly
	Name of witness:	 	Richard
    Crilly
	Address:	 	168
    Millicent Grove
	 	 	London
    N13 6HS

 

	Executed
    as a deed by	)	 
	PREMIER CONCRETE
    PUMPING LIMITED	)	 
	acting by a director
    in the presence of:	)	/s/
    David Faud
	Signature of witness:	 	/s/
    Richard Crilly
	Name of witness:	 	Richard
    Crilly
	Address:	 	168
    Millicent Grove
	 	 	London
    N13 6HS
	 	 	 

 

     

     

    

 

The Guarantors

 

	Executed
    as a deed by	)	 
	CAMFAUD GROUP LIMITED	)	 
	acting by a director
    in the presence of:	)	/s/
    David Faud
	Signature of witness:	 	/s/
    Richard Crilly
	Name of witness:	 	Richard
    Crilly
	Address:	 	168
    Millicent Grove
	 	 	London
    N13 6HS

 

	Executed
    as a deed by	)	 
	CAMFAUD CONCRETE
    PUMPS LIMITED	)	 
	acting by a director
    in the presence of:	)	/s/
    David Faud
	Signature of witness:	 	/s/
    Richard Crilly
	Name of witness:	 	Richard
    Crilly
	Address:	 	168
    Millicent Grove
	 	 	London
    N13 6HS

 

	Executed
    as a deed by	)	 
	PREMIER CONCRETE
    PUMPING LIMITED	)	 
	acting by a director
    in the presence of:	)	/s/
    David Faud
	Signature of witness:	 	/s/
    Richard Crilly
	Name of witness:	 	Richard
    Crilly
	Address:	 	168
    Millicent Grove
	 	 	London
    N13 6HS
	 	 	 

 

     

     

    

 

The UK Security
Agent

 

WELLS FARGO
CAPITAL FINANCE (UK) LIMITED

 

	By: 	/s/ Ian Conway

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]