Document:

Exhibit 10.1

 

Deal CUSIP: 44414JAA4

Revolver CUSIP: 44414JAB2

 

AMENDED AND RESTATED REVOLVING CREDIT

 

AND

 

SECURITY AGREEMENT

 

PNC BANK, NATIONAL ASSOCIATION 

(AS ADMINISTRATIVE AGENT, COLLATERAL
AGENT, AND LENDER)

 

PNC CAPITAL MARKETS LLC

(AS LEAD ARRANGER AND SOLE BOOKRUNNER)

 

WITH

 

HUDSON TECHNOLOGIES COMPANY

HUDSON HOLDINGS, INC.

AIRGAS-REFRIGERANTS, INC.

 

AND

 

EACH PERSON JOINED HERETO AS A BORROWER
FROM TIME TO TIME

 

(AS BORROWERS)

 

AND 

 

HUDSON TECHNOLOGIES, INC.

 

	(AS A GUARANTOR)

 

OCTOBER 10, 2017

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	I.	DEFINITIONS	1
	 	1.1	Accounting Terms	1
	 	1.2	General Terms	1
	 	1.3	Uniform Commercial Code Terms	32
	 	1.4	Certain Matters of Construction	33
	 	1.5	Existing Indebtedness	33
	 	 	 	 
	II.	ADVANCES, PAYMENTS	33
	 	2.1	Revolving Advances	33
	 	2.2	Procedure for Revolving Advances Borrowing	35
	 	2.3	Disbursement of Advance Proceeds	37
	 	2.4	Swing Loans	38
	 	2.5	Maximum Advances	39
	 	2.6	Repayment of Advances	39
	 	2.7	Repayment of Excess Advances	39
	 	2.8	Statement of Account	40
	 	2.9	Letters of Credit	40
	 	2.10	Issuance of Letters of Credit	40
	 	2.11	Requirements For Issuance of Letters of Credit	41
	 	2.12	Disbursements, Reimbursement	42
	 	2.13	Repayment of Participation Advances	43
	 	2.14	Documentation	43
	 	2.15	Determination to Honor Drawing Request	44
	 	2.16	Nature of Participation and Reimbursement Obligations	44
	 	2.17	Indemnity	45
	 	2.18	Liability for Acts and Omissions	46
	 	2.19	Additional Payments	47
	 	2.20	Manner of Borrowing and Payment	47
	 	2.21	Mandatory and Voluntary Prepayments	49
	 	2.22	Use of Proceeds	50
	 	2.23	Defaulting Lender	50
	 	 	 	 
	III.	INTEREST AND FEES	52
	 	3.1	Interest	52
	 	3.2	Letter of Credit Fees	53
	 	3.3	Facility Fee	54
	 	3.4	Fees	54
	 	3.5	Computation of Interest and Fees	54
	 	3.6	Maximum Charges	55
	 	3.7	Increased Costs	55
	 	3.8	Basis For Determining Interest Rate Inadequate or Unfair	56
	 	3.9	Capital Adequacy	57
	 	3.10	Taxes	57
	 	3.11	Replacement of Lenders	60

 

    - i -

     

    

 

	IV.	COLLATERAL:  GENERAL TERMS	60
	 	4.1	Security Interest in the Collateral	60
	 	4.2	Perfection of Security Interest	60
	 	4.3	Disposition of Collateral	61
	 	4.4	Preservation of Collateral	61
	 	4.5	Ownership of Collateral	61
	 	4.6	Defense of Agent’s and Lenders’ Interests	62
	 	4.7	Books and Records	62
	 	4.8	Financial Disclosure	62
	 	4.9	Compliance with Laws	63
	 	4.10	Inspection of Premises	63
	 	4.11	Insurance	64
	 	4.12	Failure to Pay Insurance	65
	 	4.13	Payment of Taxes	65
	 	4.14	Payment of Leasehold Obligations	65
	 	4.15	Receivables	65
	 	4.16	Inventory	68
	 	4.17	Maintenance of Equipment	68
	 	4.18	Exculpation of Liability	68
	 	4.19	Environmental Matters	68
	 	4.20	Financing Statements	70
	 	 	 	 
	V.	REPRESENTATIONS AND WARRANTIES	71
	 	5.1	Authority	71
	 	5.2	Formation and Qualification	71
	 	5.3	Survival of Representations and Warranties	71
	 	5.4	Tax Returns	71
	 	5.5	Financial Statements	72
	 	5.6	Entity Name	72
	 	5.7	O.S.H.A. and Environmental Compliance	72
	 	5.8	Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance	73
	 	5.9	Patents, Trademarks, Copyrights and Licenses	74
	 	5.10	Licenses and Permits	74
	 	5.11	Default of Indebtedness	75
	 	5.12	No Default	75
	 	5.13	No Burdensome Restrictions	75
	 	5.14	No Labor Disputes	75
	 	5.15	Margin Regulations	75
	 	5.16	Investment Company Act	75
	 	5.17	Disclosure	75
	 	5.18	Swaps	75
	 	5.19	Conflicting Agreements	76
	 	5.20	Application of Certain Laws and Regulations	76
	 	5.21	Business and Property of Borrowers	76
	 	5.22	Section 20 Subsidiaries	76
	 	5.23	Federal Securities Laws	76

 

    - ii -

     

    

 

	 	5.24	Delivery of Term Loan Documents and Acquisition Agreement	76
	 	 	 	
	VI.	AFFIRMATIVE COVENANTS	76
	 	6.1	Payment of Fees	76
	 	6.2	Conduct of Business and Maintenance of Existence and Assets	77
	 	6.3	Violations	77
	 	6.4	Government Receivables	77
	 	6.5	Fixed Charge Coverage Ratio	77
	 	6.6	Execution of Supplemental Instruments	78
	 	6.7	Payment of Indebtedness	78
	 	6.8	Standards of Financial Statements	78
	 	6.9	Federal Securities Laws	78
	 	6.10	Employment Agreement with Kevin Zugibe	79
	 	6.11	Exercise of Rights	79
	 	6.12	Keepwell	79
	 	 	 	 
	VII.	NEGATIVE COVENANTS	80
	 	7.1	Merger, Consolidation, Acquisition and Sale of Assets	80
	 	7.2	Creation of Liens	81
	 	7.3	Guarantees	81
	 	7.4	Investments	81
	 	7.5	Loans	81
	 	7.6	Capital Expenditures	81
	 	7.7	Dividends	82
	 	7.8	Indebtedness	82
	 	7.9	Nature of Business	82
	 	7.10	Transactions with Affiliates	82
	 	7.11	Reserved	82
	 	7.12	Subsidiaries	82
	 	7.13	Fiscal Year and Accounting Changes	82
	 	7.14	Pledge of Credit	83
	 	7.15	Amendment of Articles of Incorporation, By-Law	83
	 	7.16	Compliance with ERISA	83
	 	7.17	Prepayment of Indebtedness	83
	 	7.18	Membership/Partnership Interests	84
	 	7.19	Other Agreements	84
	 	 	 	 
	VIII.	CONDITIONS PRECEDENT	84
	 	8.1	Conditions to Initial Advances	84
	 	8.2	Conditions to Each Advance	88
	 	 	 	 
	IX.	INFORMATION AS TO BORROWERS	89
	 	9.1	Disclosure of Material Matters	89
	 	9.2	Schedules	89
	 	9.3	Environmental Reports	89
	 	9.4	Litigation	89
	 	9.5	Material Occurrences	90
	 	9.6	Government Receivables	90
	 	9.7	Annual Financial Statements	90

 

    - iii -

     

    

 

	 	9.8	Quarterly Financial Statements	90
	 	9.9	Monthly Financial Statements	90
	 	9.10	Other Reports	91
	 	9.11	Additional Information	91
	 	9.12	Projected Operating Budget	91
	 	9.13	INTENTIONALLY OMITTED	91
	 	9.14	Notice of Suits, Adverse Events	91
	 	9.15	ERISA Notices and Requests	92
	 	9.16	Additional Documents	92
	 	9.17	Updates to Certain Schedules	92
	 	 	 	 
	X.	EVENTS OF DEFAULT	92
	 	10.1	Nonpayment	92
	 	10.2	Breach of Representation	93
	 	10.3	Financial Information	93
	 	10.4	Judicial Actions	93
	 	10.5	Noncompliance	93
	 	10.6	Judgments	93
	 	10.7	Bankruptcy	93
	 	10.8	Inability to Pay	93
	 	10.9	Subsidiary Bankruptcy	93
	 	10.10	Material Adverse Effect	94
	 	10.11	Lien Priority	94
	 	10.12	Cross Default	94
	 	10.13	Term Loan Default	94
	 	10.14	Breach of Guaranty	94
	 	10.15	Change of Ownership	94
	 	10.16	Invalidity	94
	 	10.17	Licenses	94
	 	10.18	Seizures	95
	 	10.19	Pension Plans	95
	 	 	 	 
	XI.	LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT	95
	 	11.1	Rights and Remedies	95
	 	11.2	Agent’s Discretion	97
	 	11.3	Setoff	97
	 	11.4	Rights and Remedies not Exclusive	97
	 	11.5	Allocation of Payments After Event of Default	97
	 	11.6	Waiver of Notice	98
	 	11.7	Delay	99
	 	11.8	Jury Waiver	99
	 	 	 	 
	XII.	EFFECTIVE DATE AND TERMINATION	99
	 	12.1	Term	99
	 	12.2	Termination	99
	 	 	 	 
	XIII.	REGARDING AGENT	100
	 	13.1	Appointment	100
	 	13.2	Nature of Duties	100

 

    - iv -

     

    

 

	 	13.3	Lack of Reliance on Agent and Resignation	101
	 	13.4	Certain Rights of Agent	101
	 	13.5	Reliance	101
	 	13.6	Notice of Default	101
	 	13.7	Indemnification	102
	 	13.8	Agent in its Individual Capacity	102
	 	13.9	Delivery of Documents	102
	 	13.10	Borrowers’ Undertaking to Agent	102
	 	13.11	No Reliance on Agent’s Customer Identification Program	102
	 	13.12	Other Agreements	103
	 	 	 	 
	XIV.	MISCELLANEOUS	103
	 	14.1	Governing Law	103
	 	14.2	Entire Understanding	104
	 	14.3	Successors and Assigns; Participations; New Lenders	106
	 	14.4	Application of Payments	108
	 	14.5	Indemnity	108
	 	14.6	Notice	109
	 	14.7	Survival	111
	 	14.8	Severability	111
	 	14.9	Expenses	111
	 	14.10	Injunctive Relief	111
	 	14.11	Consequential Damages	111
	 	14.12	Captions	112
	 	14.13	Counterparts; Facsimile Signatures	112
	 	14.14	Construction	112
	 	14.15	Confidentiality; Sharing Information	112
	 	14.16	Publicity	112
	 	14.17	Certifications From Banks and Participants; US PATRIOT Act	113
	 	14.18	Anti-Terrorism Laws	113
	 	 	 	 
	 	XV.	BORROWING AGENCY	114
	 	15.1	Borrowing Agency Provisions	114

 

    - v -

     

    

 

List of Exhibits and Schedules

 

Exhibits

 

	Exhibit 1.2	Borrowing Base Certificate
	Exhibit 2.1(a)	Revolving Credit Note
	Section 2.4(a)	Swing Loan Note
	Exhibit 8.1(k)	Financial Condition Certificate
	Exhibit 16.3	Commitment Transfer Supplement
	 	 
	Schedules	 
	 	 
	Schedule 1.2	Permitted Encumbrances
	Schedule 4.5	Equipment and Inventory Locations
	Schedule 4.15(h)	Deposit and Investment Accounts
	Schedule 4.19	Real Property
	Schedule 5.1	Consents
	Schedule 5.2(a)	States of Qualification and Good Standing
	Schedule 5.2(b)	Subsidiaries
	Schedule 5.4	Federal Tax Identification Number
	Schedule 5.6	Prior Names
	Schedule 5.8(b)	Litigation
	Schedule 5.8(d)	Plans
	Schedule 5.9	Intellectual Property, Source Code Escrow Agreements
	Schedule 5.10	Licenses and Permits
	Schedule 5.14	Labor Disputes
	Schedule 6.5	EBITDA
	Schedule 7.3	Guarantees

 

    - vi -

     

    

 

AMENDED AND RESTATED REVOLVING CREDIT

AND

SECURITY AGREEMENT

 

This Amended and Restated
Revolving Credit and Security Agreement dated October 10, 2017 among Hudson Technologies
Company, a corporation organized under the laws of the State of Tennessee (“Hudson Technologies”), Hudson
Holdings, Inc., a corporation organized under the laws of the State of Nevada (“Holdings”), and Airgas-Refrigerants,
Inc., a corporation organized under the laws of the State of Delaware (“ARI” and together with Hudson Technologies,
Holdings, and each other Person joined hereto as a borrower from time to time, the “Borrowers” and each individually
a “Borrower”), HUDSON TECHNOLOGIES, INC., a corporation organized under the laws of the State of New York (“HT”
or a “Guarantor”), the financial institutions which are now or which hereafter become a party hereto (collectively,
the “Lenders” and individually a “Lender”) PNC CAPITAL MARKETS LLC, as lead arranger and sole bookrunner
(“PNCCM”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as collateral agent and administrative agent for
the Lenders (PNC, in such capacities, the “Agent”).

 

IN CONSIDERATION of
the mutual covenants and undertakings herein contained, the parties hereto hereby agree as follows:

 

I.            DEFINITIONS.

 

1.1           Accounting
Terms. As used in this Agreement, the Other Documents or any certificate, report or other document made or delivered pursuant
to this Agreement, accounting terms not defined in Section 1.2 or elsewhere in this Agreement and accounting terms partly defined
in Section 1.2 to the extent not defined, shall have the respective meanings given to them under GAAP; provided, however, whenever
such accounting terms are used for the purposes of determining compliance with financial covenants in this Agreement, such accounting
terms shall be defined in accordance with GAAP as applied in preparation of the audited financial statements of HT on a consolidated
and consolidating basis for the fiscal year ended December 31, 2016.

 

1.2           General
Terms. For purposes of this Agreement the following terms shall have the following meanings:

 

“Accountants”
shall have the meaning set forth in Section 9.7 hereof.

 

“Acquisition”
shall mean, pursuant to the terms of the Acquisition Agreement, the purchase by Holdings of the Shares (as defined in the Acquisition
Agreement).

 

“Acquisition
Agreement” shall mean the Stock Purchase Agreement, including all exhibits and schedules thereto, dated as of August
9, 2017, among Airgas, Inc., a Delaware corporation, as seller, Holdings, as buyer, and HT.

 

“Advance Rates”
shall have the meaning set forth in Section 2.1(a)(y)(iii) hereof.

 

“Advances”
shall mean and include the Revolving Advances, Swing Loans, and Letters of Credit.

 

    - 1 -

     

    

 

“Affiliate”
of any Person shall mean (a) any Person which, directly or indirectly, is in control of, is controlled by, or is under common control
with such Person, or (b) any Person who is a director, managing member, general partner or officer (i) of such Person, (ii) of
any Subsidiary of such Person or (iii) of any Person described in clause (a) above. For purposes of this definition, control of
a Person shall mean the power, direct or indirect, (x) to vote 35% or more of the Equity Interests having ordinary voting power
for the election of directors of such Person or other Persons performing similar functions for any such Person, or (y) to direct
or cause the direction of the management and policies of such Person whether by ownership of Equity Interests, contract or otherwise.

 

“Agent”
shall have the meaning set forth in the preamble to this Agreement and shall include its successors and assigns.

 

“Agreement”
shall mean this Amended and Restated Revolving Credit and Security Agreement, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

 

“Alternate
Base Rate” shall mean, for any day, a rate per annum equal to the highest of (a) the Base Rate in effect on such day,
(b) the sum of the Federal Funds Open Rate in effect on such day plus one half of one percent (0.5%), and (c) the sum of
the Daily LIBOR Rate in effect on such day plus one percent (1.0%), so long as a Daily LIBOR Rate is offered, ascertainable
and not unlawful.

 

“Alternate
Source” shall have the meaning set forth in the definition of Federal Funds Open Rate.

 

“Anti-Terrorism
Laws” shall mean any Laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money
laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended,
supplemented or replaced from time to time.

 

“Applicable
Law” shall mean all laws, rules and regulations applicable to the Person, conduct, transaction, covenant, Other Document
or contract in question, including all applicable common law and equitable principles; all provisions of all applicable state,
federal and foreign constitutions, statutes, rules, regulations, treaties, directives and orders of any Governmental Body, and
all orders, judgments and decrees of all courts and arbitrators.

 

“Applicable
Margin” shall mean, from the Closing Date through and including the day immediately prior to the first Adjustment Date
(as defined below) which occurs 180 days following the Closing Date, 1.75% for Revolving Advances and Swing Loans which are Eurodollar
Rate Loans and 0.75% for Revolving Advances and Swing Loans which are Domestic Rate Loans.

 

Thereafter, effective
as of the first Business Day following receipt by Agent of the quarterly financial statements of HT on a consolidated and consolidating
basis required under Section 9.8 hereof for the previous fiscal quarter (each day of such delivery, an “Adjustment Date”),
the Applicable Margin for each type of Advance shall be adjusted, if necessary, to the applicable percent per annum set forth in
the pricing table set forth below corresponding to the Borrowers’ Average Quarterly Undrawn Availability as of the last day
of the most recently completed fiscal quarter prior to the applicable Adjustment Date, such Average Quarterly Undrawn Availability
to be calculated and determined by Agent:

 

    - 2 -

     

    

 

 

	Average

Quarterly

Undrawn

Availability 	
        APPLICABLE

        MARGINS FOR

        DOMESTIC RATE

        LOANS

         
	APPLICABLE

MARGINS FOR

EURODOLLAR RATE

LOANS
	Greater than or equal to $30,000,000	0.50%	1.50%
	Greater than or equal to $15,000,000 but less than $30,000,000 	0.75%	1.75%
	Less than $15,000,000	1.00%	2.00%

 

Notwithstanding anything
to the contrary contained herein, no downward adjustment in any Applicable Margin shall be made on any Adjustment Date on which
any Event of Default shall have occurred and be continuing. Notwithstanding anything to the contrary contained herein, immediately
and automatically upon the occurrence of any Event of Default, each Applicable Margin shall increase to and equal the highest Applicable
Margin specified in the pricing table set forth above and shall continue at such highest Applicable Margin until the date (if any)
on which such Event of Default shall be waived or cured in accordance with the provisions of this Agreement, at which time the
rate will be adjusted based upon the most recent Average Quarterly Undrawn Availability. Any increase in interest rates payable
by Borrowers under this Agreement and the Other Documents pursuant to the provisions of the foregoing sentence shall be in addition
to and independent of any increase in such interest rates resulting from the occurrence of any Event of Default and/or the effectiveness
of the Default Rate provisions of Section 3.1 hereof.

 

If, for any reason,
Agent determines on any date (a “determination date”) that (a) the Average Quarterly Undrawn Availability as previously
calculated as of any applicable date for any applicable period was inaccurate, and (b) a proper calculation of the Average Quarterly
Undrawn Availability for any such period would have resulted in different pricing for such period, then (i) if the proper calculation
of Average Quarterly Undrawn Availability would have resulted in a higher interest rate for such period, automatically without
the necessity of any demand but with at least two (2) days prior written notice by Agent to Borrower, the interest accrued on the
applicable outstanding Advances for such period under the provisions of this Agreement and the Other Documents shall be deemed
to be retroactively increased by, and Borrowers shall be obligated to immediately pay to Agent for the ratable benefit of Lenders,
an amount equal to the excess of the amount of interest that should have been paid for such period over the amount of interest
actually paid for such period; and (ii) if the proper calculation of Average Quarterly Undrawn Availability would have resulted
in a lower interest rate for such period, then automatically without the necessity of any demand or notice, the interest accrued
on the applicable outstanding Advances for such period under the provisions of this Agreement and the Other Documents shall be
deemed to be retroactively decreased by an amount equal to the excess of the amount of interest that was actually paid for such
period over the amount of interest that should have been paid for such period and Agent shall credit to the Borrowers’ Account,
on the first day of the month following the applicable determination date, the amount of such excess in U.S. Dollars and immediately
available funds; provided, that, if as a result of any determination by Agent a proper calculation of Average Quarterly Undrawn
Availability would have resulted in a higher interest rate for one or more periods and a lower interest rate for one or more other
periods (due to the shifting of income or expenses from one period to another period or any other reason), then the amount payable
by Borrowers pursuant to clause (i) above shall be based upon the excess, if any, of the amount of interest that should have been
paid for all applicable periods over the amounts of interest actually paid for such periods.

 

    - 3 -

     

    

 

“Approved
Electronic Communication” shall mean each notice, demand, communication, information, document and other material transmitted,
posted or otherwise made or communicated by e-mail, E-Fax, Pinacle©, or any other equivalent electronic service agreed to
by Agent, whether owned, operated or hosted by Agent, any Lender, any of their Affiliates or any other Person, that any party is
obligated to, or otherwise chooses to, provide to Agent pursuant to this Agreement or any Other Document, including any financial
statement, financial and other report, notice, request, certificate and other information material; provided that Approved Electronic
Communications shall not include any notice, demand, communication, information, document or other material that Agent specifically
instructs a Person to deliver in physical form.

 

“Authority”
shall have the meaning set forth in Section 4.19(d).

 

“Average Undrawn
Availability” shall mean, as of any date of determination, the quotient obtained by dividing (x) the aggregate sum of
Undrawn Availability for each of the previous thirty (30) days by (y) thirty (30).

 

“Average Quarterly
Undrawn Availability” shall mean, with respect to any particular calendar quarter, the quotient obtained by dividing
(x) the aggregate sum of Undrawn Availability for each day in such quarterly period by (y) the number of days in such quarterly
period.

 

“Base Rate”
shall mean the base commercial lending rate of PNC as publicly announced to be in effect from time to time, such rate to be adjusted
automatically, without notice, on the effective date of any change in such rate. This rate of interest is determined from time
to time by PNC as a means of pricing some loans to its customers and is neither tied to any external rate of interest or index
nor does it necessarily reflect the lowest rate of interest actually charged by PNC to any particular class or category of customers
of PNC.

 

“Blocked Accounts”
shall have the meaning set forth in Section 4.15(h).

 

“Blocked Account
Bank” shall have the meaning set forth in Section 4.15(h).

 

“Blocked Person”
shall have the meaning set forth in Section 5.24(b) hereof.

 

“Borrower”
and “Borrowers” shall have the meaning set forth in the preamble to this Agreement and shall extend to all permitted
successors and assigns of each such Person.

 

    - 4 -

     

    

 

“Borrowers’
Account” shall have the meaning set forth in Section 2.8.

 

“Borrowing
Agent” shall mean Holdings.

 

“Borrowing
Base Certificate” shall mean a certificate in substantially the form of Exhibit 1.2 duly executed by the President, Chief
Financial Officer or Controller of the Borrowing Agent and delivered to the Agent, appropriately completed, by which such officer
shall certify to Agent the Formula Amount and calculation thereof as of the date of such certificate.

 

“Business”
shall mean, in the case of the Borrowers, (i) selling reclaimed and virgin refrigerants throughout the air conditioning and refrigeration
industry, (ii) providing refrigerant management services, fire suppression services, and energy and efficiency optimization services,
and (iii) activities necessary to conduct the foregoing, and any related businesses.

 

“Business
Day” shall mean any day other than Saturday or Sunday or a legal holiday on which commercial banks are authorized or
required by law to be closed for business in East Brunswick, New Jersey and, if the applicable Business Day relates to any Eurodollar
Rate Loans, such day must also be a day on which dealings are carried on in the London interbank market.

 

“Capital Expenditures”
shall mean expenditures made or liabilities incurred for the acquisition of any fixed assets or improvements, replacements, substitutions
or additions thereto which have a useful life of more than one year, including the total principal portion of Capitalized Lease
Obligations, which, in accordance with GAAP, would be classified as capital expenditures.

 

“Capitalized
Lease Obligation” shall mean any Indebtedness of Borrowers represented by obligations under a lease that is required
to be capitalized for financial reporting purposes in accordance with GAAP.

 

“Cash Management
Products and Services” shall mean agreements or other arrangements under which Agent or any Lender or any Affiliate of
Agent or a Lender provides any of the following products or services to any Borrower: (a) credit cards; (b) credit card
processing services; (c) debit cards and stored value cards; (d) commercial cards; (e) ACH transactions; and (f) cash
management and treasury management services and products, including without limitation controlled disbursement accounts or services,
lockboxes, automated clearinghouse transactions, overdrafts, interstate depository network services. The indebtedness, obligations
and liabilities of any Borrower to the provider of any Cash Management Products and Services (including all obligations and liabilities
owing to such provider in respect of any returned items deposited with such provider) (the “Cash Management Liabilities”)
shall be “Obligations” hereunder, guaranteed obligations under the Guaranty and secured obligations under any Guarantor
Security Agreement, as applicable, and otherwise treated as Obligations for purposes of each of the Other Documents. The Liens
securing the Cash Management Products and Services shall be pari passu with the Liens securing all other Obligations under
this Agreement and the Other Documents, subject to the express provisions of hereof.

 

“Cash Management
Liabilities” shall have the meaning provided in the definition of “Cash Management Products and Services.”

 

    - 5 -

     

    

 

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

 

“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. §§9601
et seq.

 

“CFTC”
shall mean the Commodity Futures Trading Commission.

 

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

 

“Change of
Control” shall mean (a) the occurrence of any event (whether in one or more transactions) which results in a transfer
of control of a Borrower to a Person who is not an Original Owner or (b) any merger or consolidation of or with a Borrower or sale
of all or substantially all of the property or assets of a Borrower. For purposes of this definition, “control of a Borrower”
shall mean the power, direct or indirect (x) to vote 50% or more of the Equity Interests having ordinary voting power for the election
of directors (or the individuals performing similar functions) of a Borrower or (y) to direct or cause the direction of the management
and policies of a Borrower by contract or otherwise.

 

“Change of
Ownership” shall mean (a) 50% or more of the Equity Interests of any Borrower is no longer owned or controlled by (including
for the purposes of the calculation of percentage ownership, any Equity Interests into which any Equity Interests of such Borrower
held by any of the Original Owners are convertible or for which any such Equity Interests of such Borrower or of any other Person
may be exchanged and any Equity Interests issuable to such Original Owners upon exercise of any warrants, options or similar rights
which may at the time of calculation be held by such Original Owners) a Person who is an Original Owner, (b) the acquisition of
ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange
Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the Closing Date), of Equity Interests
representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of
HT; (c) occupation of a majority of the seats (other than vacant seats) on the board of directors of HT by Persons who were neither
(i) directors of HT on the Closing Date, (ii) nominated by the board of directors of HT nor (iii) appointed by directors so nominated;
(d) any merger, consolidation or sale of substantially all of the property or assets of such Borrower.

 

    - 6 -

     

    

 

“Charges”
shall mean all taxes, charges, fees, imposts, levies or other assessments, including all net income, gross income, gross receipts,
sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment,
social security, unemployment, excise, severance, stamp, occupation and property taxes, custom duties, fees, assessments, liens,
claims and charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts,
imposed by any taxing or other authority, domestic or foreign (including the Pension Benefit Guaranty Corporation or any environmental
agency or superfund), upon the Collateral, Borrowers or any of their Affiliates.

 

“Closing Date”
shall mean October 10, 2017 or such other date as may be agreed to by the parties hereto.

 

“Code”
shall mean the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute
of similar import, and the rules and regulations thereunder, as from time to time in effect.

 

“Collateral”
shall mean and include all right, title and interest of each Credit Party in all of the following property and assets of such Credit
Party, in each case whether now existing or hereafter arising or created and whether now owned or hereafter acquired and wherever
located:

 

(a)          all
Receivables;

 

(b)          all
Equipment;

 

(c)          all
General Intangibles and Intellectual Property;

 

(d)          all
Inventory, including specifically but without limitation gas cylinders and other similar items that contain gas;

 

(e)          all
Subsidiary Stock (including Subsidiary Stock of the Subsidiaries set forth on Schedule 5.2(b)) and Investment Property;

 

(f)       
   all fixtures;

 

(g)          all
Real Property;

 

(h)          all
contract rights, rights of payment which have been earned under a contract rights, chattel paper (including electronic chattel
paper and tangible chattel paper), commercial tort claims (whether now existing or hereafter arising); documents (including all
warehouse receipts and bills of lading), deposit accounts, goods, instruments (including promissory notes), letters of credit (whether
or not the respective letter of credit is evidenced by a writing) and letter-of-credit rights, cash, certificates of deposit, insurance
proceeds (including hazard, flood and credit insurance), security agreements, eminent domain proceeds, condemnation proceeds, tort
claim proceeds and all supporting obligations;

 

    - 7 -

     

    

 

(i)     
     all ledger sheets, ledger cards, files, correspondence, records, books of account,
business papers, computers, computer software (owned by any Borrower or in which it has an interest), computer programs,
tapes, disks and documents, including all of such property relating to the property described in clauses (a) through (h) of
this definition; and

 

(j)        
  all proceeds and products of the property described in clauses (a) through (i) of this definition, in
whatever form. It is the intention of the parties that if Agent shall fail to have a perfected Lien in any particular
property or assets of any Borrower for any reason whatsoever, but the provisions of this Agreement and/or of the Other
Documents, together with all financing statements and other public filings relating to Liens filed or recorded by Agent
against Borrowers, would be sufficient to create a perfected Lien in any property or assets that such Borrower may receive
upon the sale, lease, license, exchange, transfer or disposition of such particular property or assets, then all such
“proceeds” of such particular property or assets shall be included in the Collateral as original collateral that
is the subject of a direct and original grant of a security interest as provided for herein and in the Other Documents (and
not merely as proceeds (as defined in Article 9 of the Uniform Commercial Code) in which a security interest is created or
arises solely pursuant to Section 9-315 of the Uniform Commercial Code).

 

“Commitment
Percentage” of any Lender shall mean the percentage set forth below such Lender’s name on the signature page hereof
as same may be adjusted upon any assignment by a Lender pursuant to Section 14.3(c) or (d) hereof.

 

“Commitment
Transfer Supplement” shall mean a document in the form of Exhibit 15.3 hereto, properly completed and otherwise in form
and substance satisfactory to Agent by which the Purchasing Lender purchases and assumes a portion of the obligation of Lenders
to make Advances under this Agreement.

 

“Compliance
Certificate” shall mean a compliance certificate to be signed by the Chief Financial Officer or Controller of Borrowing
Agent, which shall state that, based on an examination sufficient to permit such officer to make an informed statement, no Default
or Event of Default exists, or if such is not the case, specifying such Default or Event of Default, its nature, when it occurred,
whether it is continuing and the steps being taken by Borrowers with respect to such default and, such certificate shall have appended
thereto calculations which set forth Borrowers’ compliance with the requirements or restrictions imposed by Sections 6.5,
7.4, 7.5, 7.6, 7.7, 7.8, 7.10 and 7.11.

 

“Consents”
shall mean all filings and all licenses, permits, consents, approvals, authorizations, qualifications and orders of Governmental
Bodies and other third parties, domestic or foreign, necessary to carry on Borrowers’ business or necessary (including to
avoid a conflict or breach under any agreement, instrument, other document, license, permit or other authorization) for the execution,
delivery or performance of this Agreement, the Acquisition Agreement, or the Other Documents, including any Consents required under
all applicable federal, state or other Applicable Law.

 

“Consigned
Inventory” shall mean Inventory of Borrowers that is in the possession of another Person on a consignment, sale or return,
or other basis that does not constitute a final sale and acceptance of such Inventory.

 

    - 8 -

     

    

 

“Contract
Rate” shall have the meaning set forth in Section 3.1 hereof.

 

“Controlled
Group” shall mean, at any time, each Borrower and all members of a controlled group of corporations and all trades or
businesses (whether or not incorporated) under common control and all other entities which, together with any Borrower, are treated
as a single employer under Section 414 of the Code.

 

“Copyright
Licenses” shall mean any written agreement providing for the grant by or to a Credit Party of any right under any Copyright.

 

“Copyrights”
shall mean all copyrights in all Works, all registrations and recordings thereof, and all applications in connection therewith,
including, without limitation, registrations, recordings and applications in the United States Copyright Office or in any similar
office or agency of the United States, any state thereof or any other country or any political subdivision thereof, or otherwise
and all renewals thereof.

 

“Covered Entity”
shall mean (a) each Borrower, each of such Borrower’s Subsidiaries, all Guarantors and all pledgors of Collateral and (b)
each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition,
control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding
equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar
functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether
by ownership of equity interests, contract or otherwise.

 

“Customer”
shall mean and include the account debtor with respect to any Receivable and/or the prospective purchaser of goods, services or
both with respect to any contract or contract right, and/or any party who enters into or proposes to enter into any contract or
other arrangement with any Borrower, pursuant to which such Borrower is to deliver any personal property or perform any services.

 

“Customs”
shall have the meaning set forth in Section 2.11(b) hereof.

 

“Credit Parties”
shall mean the Borrowers and the Guarantors and “Credit Party” shall mean any of them.

 

“Daily LIBOR
Rate” shall mean, for any day, the rate per annum determined by the Agent by dividing (x) the Published Rate by (y) a
number equal to 1.00 minus the Reserve Percentage.

 

“Default”
shall mean an event, circumstance or condition which, with the giving of notice or passage of time or both, would constitute an
Event of Default.

 

“Default Rate”
shall have the meaning set forth in Section 3.1 hereof.

 

“Defaulting
Lender” shall have the meaning set forth in Section 2.23(a) hereof.

 

“Depository
Accounts” shall have the meaning set forth in Section 4.15(h) hereof.

 

    - 9 -

     

    

 

“Designated
Lender” shall have the meaning set forth in Section 14.2(d) hereof.

 

“Documents”
shall have the meaning set forth in Section 8.1(c) hereof.

 

“Dollar”
and the sign “$” shall mean lawful money of the United States of America.

 

“Domestic
Rate Loan” shall mean any Advance that bears interest based upon the Alternate Base Rate.

 

“Drawing Date”
shall have the meaning set forth in Section 2.12(b) hereof.

 

“Early Termination
Date” shall have the meaning set forth in Section 13.1 hereof.

 

“Earnings
Before Interest and Taxes” shall mean for any period, with respect to Borrowers on a consolidated basis (unless Persons
other than Borrowers are so specified in another applicable Section or provision of this Agreement), the sum of (i) net income
(or loss) for such period (excluding extraordinary gains and losses), plus (ii) all interest expense for such period, plus (iii)
all charges against income for such period for federal, state and local taxes.

 

“EBITDA”
shall mean for any period, without duplication, with respect to HT on a consolidated basis with the Borrowers and Guarantors (unless
Persons other than HT, the Borrowers or the Guarantors are so specified in another applicable Section or provision of this Agreement),
the sum of (i) Earnings Before Interest and Taxes for such period plus (ii) depreciation expenses for such period, plus (iii)
amortization expenses for such period, plus (iv) non-cash charges (including, without limitation, for the avoidance of doubt, non-cash
stock compensation, expense and non-cash purchase accounting adjustments) plus (v) certain non-recurring cash expenses related
to the Acquisition, to the extent expensed and not capitalized, in an aggregate amount not to exceed $15,000,000, provided,
that (A) no addback to EBITDA of the expenses described in this clause (v) shall be permitted at any time after the fiscal quarter
ending on September 30, 2018, and (B) the aggregate amount of such expenses which may be added back to EBITDA for the fiscal quarter
ending on September 30, 2018 may not exceed $600,000.

 

“Eligible
Contract Participant” shall mean an “eligible contract participant” as defined in the CEA and regulations
thereunder.

 

“Eligible
Inventory” shall mean and include finished goods Inventory valued at the lower of cost or market value, determined on
a first-in-first-out basis, which is not, in Agent’s opinion, obsolete, slow moving or unmerchantable and which Agent, in
its reasonable discretion, shall not deem ineligible Inventory, based on such considerations as Agent may from time to time deem
appropriate including whether the Inventory is subject to a perfected, first priority security interest in favor of Agent and no
other Lien (other than a Permitted Encumbrance). In addition, Inventory shall not be Eligible Inventory if it (i) does not conform
to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof, (ii)
is in-transit, (iii) is located outside the continental United States or at a location that is not otherwise in compliance with
this Agreement, (iv) constitutes Consigned Inventory, (v) is the subject of an Intellectual Property Claim; (vi) is subject to
a License Agreement or other agreement that limits, conditions or restricts Borrowers’ or Agent’s right to sell or
otherwise dispose of such Inventory, unless Agent is a party to a Licensor/Agent Agreement with the Licensor under such License
Agreement; or (vii) is situated at a location not owned by Borrowers, unless (x) the owner or occupier of such location has executed
in favor of Agent a Lien Waiver Agreement or (y) Agent has implemented a reserve equal to three (3) months’ rent with respect
to such location. For the avoidance of doubt, Eligible Inventory shall (i) include Slow Moving Inventory and (ii) exclude Inventory
acquired pursuant to a trade Letter of Credit to the extent such trade Letter of Credit remains outstanding.

 

    - 10 -

     

    

 

“Eligible
In-Transit Inventory” shall mean and include Inventory which (x) is stored or contained in (I) railroad cars located
within the continental United States or (II) portable tanks or bulk containers (including intermodal tanks and tanker trailers,
but excluding cylinders and drums of any size) located within the continental United States and used for over-the-road transportation
of refrigerant and (y) which is not otherwise excluded from being Eligible Inventory except that it is in-transit within the United
States. Eligible In-Transit Inventory shall include all such Inventory for which title has passed to a Borrower, which is insured
to the full value thereof, and for which Agent shall have in its possession (a) all negotiable bills of lading properly endorsed
and (b) all non-negotiable bills of lading issued in Agent’s name.

 

“Eligible
Receivables” shall mean and include with respect to each Borrower, each Receivable of such Borrower arising in the Ordinary
Course of Business and which Agent, in its reasonable credit judgment, shall deem to be an Eligible Receivable, based on such considerations
as Agent may from time to time deem appropriate. A Receivable shall not be deemed eligible unless such Receivable is subject to
Agent’s first priority perfected security interest and no other Lien (other than Permitted Encumbrances), and is evidenced
by an invoice or other documentary evidence satisfactory to Agent. In addition, no Receivable shall be an Eligible Receivable if:

 

(a)          it
arises out of a sale made by such Borrower to an Affiliate of such Borrower or to a Person controlled by an Affiliate of such Borrower;

 

(b)          it
is due or unpaid more than (i) sixty (60) days after the original due date and/or (ii) one hundred twenty (120) days after the
original invoice date;

 

(c)          fifty
percent (50%) or more of the Receivables from such Customer are not deemed Eligible Receivables hereunder. Such percentage may,
in Agent’s reasonable discretion, be increased or decreased from time to time;

 

(d)          any
covenant, representation or warranty contained in this Agreement with respect to such Receivable has been breached;

 

(e)          the
Customer shall (i) apply for, suffer, or consent to the appointment of, or the taking of possession by, a receiver, custodian,
trustee or liquidator of itself or of all or a substantial part of its property or call a meeting of its creditors, (ii) admit
in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of its present business,
(iii) make a general assignment for the benefit of creditors, (iv) commence a voluntary case under any state or federal bankruptcy
laws (as now or hereafter in effect), (v) be adjudicated a bankrupt or insolvent, (vi) file a petition seeking to take advantage
of any other law providing for the relief of debtors, (vii) acquiesce to, or fail to have dismissed, any petition which is filed
against it in any involuntary case under such bankruptcy laws, or (viii) take any action for the purpose of effecting any of the
foregoing;

 

    - 11 -

     

    

 

(f)      
    the sale is to a Customer outside the continental United States of America or Puerto Rico or
to a Customer located in a province of Canada that has not adopted the Personal Property Security Act of Canada, unless the
sale is on letter of credit, guaranty or acceptance terms, in each case acceptable to Agent in its reasonable discretion;

 

(g)          the
sale to the Customer is on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment or any other repurchase
or return basis or is evidenced by chattel paper;

 

(h)          Agent
believes, in its reasonable judgment, that collection of such Receivable is insecure or that such Receivable may not be paid by
reason of the Customer’s financial inability to pay;

 

(i)      
    the Customer is the United States of America, any state or any department, agency or
instrumentality of any of them, unless such Borrower assigns its right to payment of such Receivable to Agent pursuant to the
Assignment of Claims Act of 1940, as amended (31 U.S.C. Sub-Section 3727 et seq. and 41 U.S.C. Sub-Section 15 et seq.) or has
otherwise complied with other applicable statutes or ordinances, provided, however, that notwithstanding the
foregoing, (x) through and including the date which is sixty (60) days following the Closing Date, such Receivables may be
included within the Formula Amount irrespective of whether the applicable Borrower complies with the requirements set forth
in this clause (i), and (y) after the date which is sixty (60) days following the Closing Date, such Receivables may be
included in the Formula Amount in an aggregate amount not to exceed $100,000 outstanding at any one time even if the
applicable Borrower has failed to comply with the requirements contained in this clause (i);

 

(j)       
   the goods giving rise to such Receivable have not been delivered to and accepted by the Customer or
the services giving rise to such Receivable have not been performed by such Borrower and accepted by the Customer or the
Receivable otherwise does not represent a final sale;

 

(k)          the
Receivables of the Customer exceed a credit limit determined by Agent, in its reasonable discretion, to the extent such Receivable
exceeds such limit, provided, however, that if the Receivables of such Customer are insured in an amount (such amount, the “Credit
Insurance Limit”) of not less than $2,000,000, pursuant to a policy of credit insurance in effect on the applicable date
of determination, the terms and issuer of which are satisfactory to the Agent in the exercise of its commercially reasonable judgment,
then, in such event, the amount of the credit limit for such Customer (within the meaning contemplated under this clause (k)) shall
equal not less than ninety per cent (90%) of the amount of such Credit Insurance Limit;

 

(l)     
     the Receivable is subject to any offset, deduction, defense, dispute, or counterclaim,
the Customer is also a creditor or supplier of such Borrower or the Receivable is contingent in any respect or for any
reason, in such event only that portion of the Receivable subject to such offset, deduction, defense or dispute shall be
deemed Ineligible;

 

    - 12 -

     

    

 

(m)         Such
Borrower has made any agreement with any Customer for any deduction therefrom, except for discounts or allowances made in the Ordinary
Course of Business for prompt payment, all of which discounts or allowances are reflected in the calculation of the face value
of each respective invoice related thereto;

 

(n)          any
return, rejection or repossession of the merchandise has occurred or the rendition of services has been disputed;

 

(o)          such
Receivable is not payable to such Borrower; or

 

(p)          such
Receivable is not otherwise satisfactory to Agent as determined in good faith by Agent in the exercise of its discretion in a reasonable
manner.

 

“Environmental
Complaint” shall have the meaning set forth in Section 4.19(d) hereof.

 

“Environmental
Laws” shall mean all federal, state and local environmental, land use, zoning, health, chemical use, safety and sanitation
laws, statutes, ordinances and codes relating to the protection of the environment and/or governing the use, storage, treatment,
generation, transportation, processing, handling, production or disposal of Hazardous Substances and the rules, regulations, policies,
guidelines, interpretations, decisions, orders and directives of federal, state and local governmental agencies and authorities
with respect thereto.

 

“Equipment”
shall mean and include all of the Credit Parties’ goods (other than Inventory) whether now owned or hereafter acquired and
wherever located including all equipment, machinery, apparatus, motor vehicles, fittings, furniture, furnishings, fixtures, parts,
accessories and all replacements and substitutions therefor or accessions thereto.

 

“Equity Interests”
of any Person shall mean any and all shares, rights to purchase, options, warrants, general, limited or limited liability partnership
interests, member interests, participation or other equivalents of or interest in (regardless of how designated) equity of such
Person, whether voting or nonvoting, including common stock, preferred stock, convertible securities or any other “equity
security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange
Act).

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time and the rules and regulations promulgated
thereunder.

 

“Eurodollar
Rate” shall mean for any Eurodollar Rate Loan for the then current Interest Period relating thereto the interest rate
per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) determined by Agent by dividing (i) the rate which appears
on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which US dollar deposits are offered
by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by Agent which
has been approved by the British Bankers’ Association as an authorized information vendor for the purpose of displaying rates
at which US dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternative Source”),
at approximately 11:00 a.m., London time two (2) Business Days prior to the first day of such Interest Period (or if there shall
at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, a comparable
replacement rate determined by the Agent at such time (which determination shall be conclusive absent manifest error)) for an amount
comparable to such Eurodollar Rate Loan and having a borrowing date and a maturity comparable to such Interest Period by (ii) a
number equal to 1.00 minus the Reserve Percentage; provided, however, that if the Eurodollar Rate determined as provided
above would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

    - 13 -

     

    

 

The Eurodollar Rate
shall be adjusted with respect to any Eurodollar Rate Loan that is outstanding on the effective date of any change in the Reserve
Percentage as of such effective date. The Agent shall give prompt notice to the Borrowing Agent of the Eurodollar Rate as determined
or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.

 

“Eurodollar
Rate Loan” shall mean an Advance at any time that bears interest based on the Eurodollar Rate.

 

“Event of
Default” shall have the meaning set forth in Article X hereof.

 

“Exchange
Act” shall have the mean the Securities Exchange Act of 1934, as amended.

 

“Excluded
Hedge Liability or Liabilities” shall mean, with respect to each Borrower and Guarantor, each of its Swap Obligations
if, and only to the extent that, all or any portion of this Agreement or any Other Document that relates to such Swap Obligation
is or becomes illegal under the CEA, or any rule, regulation or order of the CFTC, solely by virtue of such Borrower’s and/or
Guarantor’s failure to qualify as an Eligible Contract Participant on the Eligibility Date for such Swap. Notwithstanding
anything to the contrary contained in the foregoing or in any other provision of this Agreement or any Other Document, the foregoing
is subject to the following provisos: (a) if a Swap Obligation arises under a master agreement governing more than one Swap, this
definition 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 under the CEA, or any rule, regulations or order of the CFTC, solely as a result of the failure
by such Borrower or Guarantor for any reason to qualify as an Eligible Contract Participant on the Eligibility Date for such Swap;
(b) if a guarantee of a Swap Obligation would cause such obligation to be an Excluded Hedge Liability but the grant of a security
interest would not cause such obligation to be an Excluded Hedge Liability, such Swap Obligation shall constitute an Excluded Hedge
Liability for purposes of the guaranty but not for purposes of the grant of the security interest; and (c) if there is more than
one Borrower or Guarantor executing this Agreement or the Other Documents and a Swap Obligation would be an Excluded Hedge Liability
with respect to one or more of such Persons, but not all of them, the definition of Excluded Hedge Liability or Liabilities with
respect to each such Person shall only be deemed applicable to (i) the particular Swap Obligations that constitute Excluded Hedge
Liabilities with respect to such Person, and (ii) the particular Person with respect to which such Swap Obligations constitute
Excluded Hedge Liabilities.

 

    - 14 -

     

    

 

“Excluded
Taxes” shall mean, with respect to Agent, any Lender, Participant, Swing Loan Lender, Issuer or any other recipient of
any payment to be made by or on account of any Obligations, (a) Taxes (i) imposed on or measured by its overall net income
(however denominated), and franchise Taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision
thereof) under the laws of which such recipient is organized or in which its principal office or applicable lending office is located
or, in the case of any Lender, Participant, Swing Loan Lender or Issuer, in which its applicable lending office is located, or
(ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed by the United States of America or any similar
Tax imposed by any other jurisdiction in which any Borrower is located, (c) in the case of a Foreign Lender, any withholding
Tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates
a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change
in Law) to comply with Section 3.10(e), except to the extent that such Foreign Lender or Participant (or its assignor or seller
of a participation, if any) was entitled, at the time of designation of a new lending office (or assignment or sale of a participation),
to receive additional amounts from Borrowers with respect to such withholding Tax pursuant to Section 3.10(a), or (d) any Taxes
imposed on any “withholding payment” payable to such recipient as a result of the failure of such recipient to satisfy
the requirements set forth in FATCA.

 

“Existing
Credit Agreement” shall mean that certain Revolving Credit, Term Loan, and Security Agreement dated June 22, 2012 by
and among Hudson Technologies, the lenders party thereto, and PNC, as agent, as amended, restated, supplemented, or otherwise modified
from time to time.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with) and any current or future regulations thereunder or official
interpretations thereof.

 

“Federal Funds
Effective Rate” for any day shall mean the rate per annum (based on a year of 360 days and actual days elapsed and rounded
upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the
weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous trading
day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal
Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate” as of the
date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal
Funds Effective Rate” for such day shall be the Federal Funds Effective Rate for the last day on which such rate was announced.

 

“Federal Funds
Open Rate” for any day shall mean the rate per annum (based on a year of 360 days and actual days elapsed) which is the
daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM
for that day opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or
as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by PNC (an “Alternate
Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any
Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute screen)
or any Alternate Source, a comparable replacement rate determined by the PNC at such time (which determination shall be conclusive
absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds Open Rate for such day shall
be the “open” rate on the immediately preceding Business Day. If and when the Federal Funds Open Rate changes, the
rate of interest with respect to any advance to which the Federal Funds Open Rate applies will change automatically without notice
to the Borrowers, effective on the date of any such change.

 

    - 15 -

     

    

 

“Fee Letter”
shall mean that certain Fee Letter dated as of August 9, 2017 by and among Hudson Technologies, Agent, and PNCCM, in each case
as amended, restated, supplemented, or otherwise modified from time to time.

 

“Fixed Charge
Coverage Ratio” shall mean and include, with respect to HT on a consolidated basis with the Borrowers and Guarantors
for any fiscal period, the ratio of (a) EBITDA for such period, minus Unfinanced Capital Expenditures made during such period,
minus the aggregate amount of cash taxes paid during such period, to (b) the aggregate amount of all scheduled payments
of principal (which, for the avoidance of doubt, excludes principal payments relating to outstanding Revolving Advances) and all
cash payments of interest, in each case with regard to all Funded Debt of the Borrowers during such period, plus the aggregate
amount of cash dividends and distributions made during such period, plus (but without duplication) payments in respect of
Capital Lease Obligations made during such period.

 

“Foreign Lender”
shall mean any Lender that is organized under the laws of a jurisdiction other than that in which Borrowers are resident for Tax
purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall
be deemed to constitute a single jurisdiction.

 

“Foreign Subsidiary”
of any Person, shall mean any Subsidiary of such Person that is not organized or incorporated in the United States or any State
or territory thereof.

 

“Formula Amount”
shall have the meaning set forth in Section 2.1(a).

 

“Funded Debt”
shall mean, with respect to any Person, without duplication, all Indebtedness for borrowed money evidenced by notes, bonds, debentures,
or similar evidences of Indebtedness that by its terms matures more than one year from, or is directly or indirectly renewable
or extendible at such Person’s option under a revolving credit or similar agreement obligating the lender or lenders to extend
credit over a period of more than one year from the date of creation thereof, and specifically including Capitalized Lease Obligations,
current maturities of long-term debt, revolving credit and short term debt extendible beyond one year at the option of the debtor,
and also including, in the case of Borrowers, the Obligations, the Term Loan and, without duplication, Indebtedness consisting
of guaranties of Funded Debt of other Persons.

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America in effect from time to time.

 

    - 16 -

     

    

 

“General Intangibles”
shall mean and include all of Credit Parties’ general intangibles, whether now owned or hereafter acquired, including all
payment intangibles, all choses in action, causes of action, corporate or other business records, inventions, designs, patents,
patent applications, equipment formulations, manufacturing procedures, quality control procedures, trademarks, trademark applications,
service marks, trade secrets, goodwill, copyrights, design rights, software, computer information, source codes, codes, records
and updates, registrations, licenses, franchises, customer lists, tax refunds, tax refund claims, computer programs, all claims
under guaranties, security interests or other security held by or granted to Credit Parties to secure payment of any of the Receivables
by a Customer (other than to the extent covered by Receivables) all rights of indemnification and all other intangible property
of every kind and nature (other than Receivables).

 

“Governmental
Acts” shall have the meaning set forth in Section 2.17.

 

“Governmental
Body” shall mean any nation or government, any state or other political subdivision thereof or any entity, authority,
agency, division or department exercising the legislative, judicial, regulatory or administrative functions of or pertaining to
a government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body
charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial
Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor
or similar authority to any of the foregoing).

 

“Guarantor”
shall mean, collectively, HT and each Person who may hereafter guarantee payment or performance of the whole or any part of the
Obligations and “Guarantors” means collectively all such Persons.

 

“Guaranty”
shall mean any guaranty of the obligations of Borrowers executed by a Guarantor in favor of Agent for its benefit and for the ratable
benefit of Lenders, in form and substance satisfactory to Agent.

 

“Hazardous
Discharge” shall have the meaning set forth in Section 4.19(d) hereof.

 

“Hazardous
Substance” shall mean, without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde
foam insulation, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, Hazardous Wastes, hazardous
or Toxic Substances or related materials as defined in or subject to regulation under Environmental Laws.

 

“Hazardous
Wastes” shall mean all waste materials subject to regulation under CERCLA, RCRA or applicable state law, and any other
applicable Federal and state laws now in force or hereafter enacted relating to hazardous waste disposal.

 

“Hedge Liabilities”
shall have the meaning provided in the definition of “Lender-Provided Interest Rate Hedge”.

 

“HT”
shall mean Hudson Technologies, Inc., a corporation organized under the laws of the State of New York.

 

    - 17 -

     

    

 

“Indebtedness”
of a Person at a particular date shall mean all obligations of such Person which in accordance with GAAP would be classified upon
a balance sheet as liabilities (except capital stock and surplus earned or otherwise) and in any event, without limitation by reason
of enumeration, shall include all indebtedness, debt and other similar monetary obligations of such Person whether direct or guaranteed,
and all premiums, if any, due at the required prepayment dates of such indebtedness, and all indebtedness secured by a Lien on
assets owned by such Person, whether or not such indebtedness actually shall have been created, assumed or incurred by such Person.
Any indebtedness of such Person resulting from the acquisition by such Person of any assets subject to any Lien shall be deemed,
for the purposes hereof, to be the equivalent of the creation, assumption and incurring of the indebtedness secured thereby, whether
or not actually so created, assumed or incurred.

 

“Indemnified
Taxes” shall mean Taxes other than Excluded Taxes.

 

“Ineligible
Security” shall mean any security which may not be underwritten or dealt in by member banks of the Federal Reserve System
under Section 16 of the Banking Act of 1933 (12 U.S.C. Section 24, Seventh), as amended.

 

“Intellectual
Property” shall mean property constituting under any Applicable Law a Patent, Patent License, patent application, Copyright,
Copyright License, Trademark, Trademark License, service mark, trade name, Works, mask work, trade secret or license or other right
to use any of the foregoing.

 

“Intellectual
Property Claim” shall mean the assertion by any Person of a claim (whether asserted in writing, by action, suit or proceeding
or otherwise) that Borrowers’ ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property
or other property or asset is violative of any ownership of or right to use any Intellectual Property of such Person.

 

“Intercreditor
Agreement” shall mean that certain Intercreditor Agreement dated of even date herewith by and between Agent and Term
Loan Agent, and acknowledged by Borrowers and Guarantors, as amended, restated, supplemented or otherwise modified from time to
time.

 

“Interest
Period” shall mean the period provided for any Eurodollar Rate Loan pursuant to Section 2.2(b).

 

“Interest
Rate Hedge” shall mean an interest rate exchange, collar, cap, swap, floor, adjustable strike cap, adjustable strike
corridor, cross-currency swap or similar agreements entered into by any Borrower, Guarantor and/or their respective Subsidiaries
in order to provide protection to, or minimize the impact upon, such Borrower, any Guarantor and/or their respective Subsidiaries
of increasing floating rates of interest applicable to Indebtedness.

 

“Interest
Rate Hedge Liabilities” shall have the meaning assigned in the definition of Lender-Provided Interest Rate Hedge.

 

“Inventory”
shall mean and include as to each Credit Party all of such Credit Party’s inventory (as defined in Article 9 of the Uniform
Commercial Code) and all of such Credit Party’s now owned or hereafter acquired goods, merchandise and other personal property,
wherever located, to be furnished under any consignment arrangement, contract of service or held for sale or lease, all raw materials,
work in process, finished goods and materials and supplies of any kind, nature or description which are or might be used or consumed
in Credit Parties’ business or used in selling or furnishing such goods, merchandise and other personal property, and all
documents of title or other documents representing them.

 

    - 18 -

     

    

 

“Inventory
Advance Rate” shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

 

“Inventory
NOLV Advance Rate” shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

 

“Investment
Property” shall mean and include all of Credit Parties’ now owned or hereafter acquired securities (whether certificated
or uncertificated), securities entitlements, securities accounts, commodities contracts and commodities accounts.

 

“Issuer”
shall mean (i) Agent in its capacity as the issuer of Letters of Credit under this Agreement and (ii) any other Person which Agent
in its discretion shall designate as the issuer of and cause to issue any particular Letter of Credit under this Agreement in place
of Agent as issuer.

 

“Law(s)”
shall mean any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance,
release, ruling, order, executive order, injunction, writ, decree, judgment, authorization or approval, lien or award of or any
settlement arrangement, by agreement, consent or otherwise, with any Governmental Body, foreign or domestic.

 

“Leasehold
Interests” shall mean all of Credit Parties’ right, title and interest in and to the premises identified on Schedule
4.19 hereto or which is hereafter leased by the Credit Parties.

 

“Lender”
and “Lenders” shall have the meaning ascribed to such term in the preamble to this Agreement and shall include
each Person which becomes a transferee, successor or assign of any Lender. For the purpose of this Agreement or any Other Document
which provides for the granting of a security interest or other Lien to the Agent for the benefit of Lenders as security for the
Obligations, “Lenders" shall include any Affiliate of a Lender to which any of such Obligations (specifically including
any Hedge Liabilities and any Cash Management Liabilities) is owed.

 

“Lender-Provided
Foreign Currency Hedge” shall mean a Foreign Currency Hedge which is provided by any Lender and for which such Lender
confirms to Agent in writing prior to the execution thereof that it:  (a) is documented in a standard International Swap
Dealers Association, Inc. Master Agreement or another reasonable and customary manner; (b) provides for the method of calculating
the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner; and (c) is entered into for
hedging (rather than speculative) purposes. The liabilities owing to the provider of any Lender-Provided Foreign Currency Hedge
(the “Foreign Currency Hedge Liabilities”) by any Borrower, Guarantor, or any of their respective Subsidiaries that
is party to such Lender-Provided Foreign Currency Hedge shall, for purposes of this Agreement and all Other Documents be “Obligations”
of such Person and of each other Borrower and Guarantor, be guaranteed obligations under any Guaranty and secured obligations under
any Guarantor Security Agreement, as applicable, and otherwise treated as Obligations for purposes of the Other Documents, except
to the extent constituting Excluded Hedge Liabilities of such Person. The Liens securing the Foreign Currency Hedge Liabilities
shall be pari passu with the Liens securing all other Obligations under this Agreement and the Other Documents, subject to
the express provisions of Section 11.5 hereof.

 

    - 19 -

     

    

 

“Lender-Provided
Interest Rate Hedge” shall mean an Interest Rate Hedge which is provided by any Lender and with respect to which such
Lender confirms to Agent in writing prior to the execution thereof that it: (a) is documented in a standard International
Swap Dealers Association, Inc. Master Agreement or another reasonable and customary manner; (b) provides for the method of calculating
the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner; and (c) is entered into for
hedging (rather than speculative) purposes. The liabilities owing to the provider of any Lender-Provided Interest Rate Hedge (the
“Interest Rate Hedge Liabilities”) by any Borrower, Guarantor, or any of their respective Subsidiaries that is party
to such Lender-Provided Interest Rate Hedge shall, for purposes of this Agreement and all Other Documents be “Obligations”
of such Person and of each other Borrower and Guarantor, be guaranteed obligations under any Guaranty and secured obligations under
any Guarantor Security Agreement, as applicable, and otherwise treated as Obligations for purposes of the Other Documents, except
to the extent constituting Excluded Hedge Liabilities of such Person. The Liens securing the Hedge Liabilities shall be pari passu with the Liens securing all other Obligations under this Agreement and the Other Documents, subject to the express provisions
of Section 11.5 hereof.

 

“Letter of
Credit Fees” shall have the meaning set forth in Section 3.2.

 

“Letter of
Credit Borrowing” shall have the meaning set forth in Section 2.12(d).

 

“Letter of
Credit Sublimit” shall mean $5,000,000.

 

“Letters of
Credit” shall have the meaning set forth in Section 2.9.

 

“License Agreement”
shall mean any agreement between a Credit Party and a Licensor pursuant to which such Credit Party is authorized to use any Intellectual
Property in connection with the manufacturing, marketing, sale or other distribution of any Inventory of such Credit Party or otherwise
in connection with such Credit Party’s business operations.

 

“Licensor”
shall mean any Person from whom a Credit Party obtains the right to use (whether on an exclusive or non-exclusive basis) any Intellectual
Property in connection with such Credit Party’s manufacture, marketing, sale or other distribution of any Inventory or otherwise
in connection with such Credit Party’s business operations.

 

“Licensor/Agent
Agreement” shall mean an agreement between Agent and a Licensor, in form and content satisfactory to Agent, by which
Agent is given the unqualified right, vis-a-vis such Licensor, to enforce Agent’s Liens with respect to and to dispose of
the applicable Borrower’s Inventory with the benefit of any Intellectual Property applicable thereto, irrespective of such
Borrower’s default under any License Agreement with such Licensor.

 

    - 20 -

     

    

 

“Lien”
shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory or otherwise),
Charge, claim or encumbrance, or preference, priority or other security agreement or preferential arrangement held or asserted
in respect of any asset of any kind or nature whatsoever including any conditional sale or other title retention agreement, any
lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing
statement under the Uniform Commercial Code or comparable law of any jurisdiction.

 

“Lien Waiver
Agreement” shall mean an agreement in form and substance satisfactory to Agent which is executed in favor of Agent by
a Person who owns or occupies premises at which any Collateral may be located from time to time and by which such Person shall
waive any Lien that such Person may ever have with respect to any of the Collateral and shall authorize Agent from time to time
to enter upon the premises to inspect or remove the Collateral from such premises or to use such premises to store or dispose of
such Inventory.

 

“Material
Adverse Effect” shall mean a material adverse effect on (a) the condition (financial or otherwise), results of operations,
assets, business or properties of Borrowers and Guarantors, taken as a whole, (b) the ability of Borrowers, taken as a whole, to
duly and punctually pay or perform the Obligations in accordance with the terms thereof, (c) the value of the Collateral, or Agent’s
Liens on the Collateral or the priority of any such Lien or (d) the practical realization of the benefits of Agent’s and
each Lender’s rights and remedies under this Agreement and the Other Documents.

 

“Maximum Face
Amount” shall mean, with respect to any outstanding Letter of Credit, the face amount of such Letter of Credit including
all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become effective.

 

“Maximum Loan
Amount” shall mean $150,000,000.

 

“Maximum Revolving
Advance Amount” shall mean $150,000,000.

 

“Maximum Swing
Loan Advance Amount” shall mean $15,000,000.

 

“Maximum Undrawn
Amount” shall mean with respect to any outstanding Letter of Credit, the amount of such Letter of Credit that is or may
become available to be drawn, including all automatic increases provided for in such Letter of Credit, whether or not any such
automatic increase has become effective.

 

“Modified
Commitment Transfer Supplement” shall have the meaning set forth in Section 14.3(d).

 

“Multiemployer
Plan” shall mean a “multiemployer plan” as defined in Section 3(37) or 4001(a)(3) of ERISA to which contributions
are required.

 

“Multiple
Employer Plan” shall mean a Plan which has two or more contributing sponsors (including any Credit Party or any member
of the Controlled Group) at least two of whom are not under common control, as such a plan is described in Section 4063 or 4064
of ERISA.

 

    - 21 -

     

    

 

“Non-Qualifying
Party” shall mean any Credit Party that on the Eligibility Date fails for any reason to qualify as an Eligible Contract
Participant.

 

“Notes”
shall mean collectively, the Revolving Credit Note and any Swing Loan Note.

 

“Obligations”
shall mean and include any and all loans (including, without limitation, all Advances and Swing Loans), advances, debts, liabilities,
obligations (including without limitation all reimbursement obligations and cash collateralization obligations with respect to
Letters of Credit issued hereunder), covenants and duties owing by the Credit Parties to Issuer, Lenders, Swing Loan Lender, or
Agent or to any other direct or indirect subsidiary or affiliate of Issuer, Agent, Swing Loan Lender, or any Lender of any kind
or nature, present or future (including any interest or other amounts accruing thereon after maturity, or after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Credit Parties,
whether or not a claim for post-filing or post-petition interest or other amounts is allowed in such proceeding), whether or not
evidenced by any note, guaranty or other instrument, whether arising under any agreement, instrument or document, (including this
Agreement and the Other Documents) whether or not for the payment of money, whether arising by reason of an extension of credit,
opening of a letter of credit, loan, equipment lease or guarantee, under any interest or currency swap, future, option or other
similar agreement, or in any other manner, whether arising out of overdrafts or deposit or other accounts or electronic funds transfers
(whether through automated clearing houses or otherwise) or out of the Issuer’s, Agent’s, Swing Loan Lender’s,
or any Lender’s non-receipt of or inability to collect funds or otherwise not being made whole in connection with depository
transfer check or other similar arrangements, whether direct or indirect (including those acquired by assignment or participation),
absolute or contingent, joint or several, due or to become due, now existing or hereafter arising, contractual or tortious, liquidated
or unliquidated, regardless of how such indebtedness or liabilities arise or by what agreement or instrument they may be evidenced
or whether evidenced by any agreement or instrument, including, but not limited to, (i) any and all of Borrowers’ Indebtedness
and/or liabilities under this Agreement, the Other Documents, Lender-Provided Interest Rate Hedges, Lender-Provided Foreign Currency
Hedges, any Cash Management Products and Services, or under any other agreement between Issuer, Agent, Swing Loan Lender, or Lenders
and Credit Parties and any amendments, extensions, renewals or increases and all costs and expenses of Issuer, Agent, Swing Loan
Lender, and any Lender incurred in the documentation, negotiation, modification, enforcement, collection or otherwise in connection
with any of the foregoing, including but not limited to reasonable attorneys’ fees and expenses and all obligations of Credit
Parties to Agent, Swing Loan Lender, or Lenders to perform acts or refrain from taking any action, (ii) all Hedge Liabilities and
(iii) all Cash Management Liabilities. Notwithstanding anything to the
contrary contained in the foregoing, the Obligations shall not include any Excluded Hedge Liabilities.

 

“Ordinary
Course of Business” shall mean the ordinary course of Borrowers’ business as conducted on the Closing Date.

 

“Original
Owners” shall mean (i) Holdings with respect to Hudson Technologies and ARI or (ii) HT with respect to Holdings.

 

    - 22 -

     

    

 

“Other Connection
Taxes” shall mean with respect to Agent, any Lender, Participant, Swing Loan Lender, Issuer or any other recipient of
any payment to be made by or on account of any Obligations, Taxes imposed as a result of a present or former connection between
such Person and the jurisdiction imposing such Tax (other than connections arising from such Person having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced this Agreement or any Other Document, or sold or assigned an interest in any Obligations
hereunder or under any Other Document). 

 

“Other Documents”
shall mean the Notes, any Guaranty, any Lender-Provided Interest Rate Hedge, the perfection certificate, the Fee Letter, the Intercreditor
Agreement, the mortgages, if any, and any and all other agreements, instruments and documents, including guaranties, guaranty security
agreements, pledges, subordination agreements, powers of attorney, consents, interest or currency swap agreements or other similar
agreements and all other writings heretofore, now or hereafter executed by Borrowers or any Guarantor and/or delivered to Agent
or any Lender in respect of the transactions contemplated by this Agreement.

 

“Other Taxes”
shall mean all present or future or documentary taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or under any Other Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any Other Document.

 

“Out-of-Formula
Loans” shall have the meaning set forth in Section 14.2(e).

 

“Parent”
of any Person shall mean a corporation or other entity owning, directly or indirectly at least 50% of the shares of stock or other
ownership interests having ordinary voting power to elect a majority of the directors of the Person, or other Persons performing
similar functions for any such Person.

 

“Participant”
shall mean each Person who shall be granted the right by any Lender to participate in any of the Advances and who shall have entered
into a participation agreement in form and substance satisfactory to such Lender.

 

“Participation
Advance” shall have the meaning set forth in Section 2.12(d).

 

“Participation
Commitment” shall mean each Lender’s obligation to buy a participation of the Letters of Credit issued hereunder.

 

“Patent Licenses”
shall mean any written agreement providing for the grant by or to a Credit Party of any right to manufacture, use or sell any invention
covered by a Patent.

 

“Patents”
shall mean (a) all letters patent of the United States or any other country, now existing or hereafter arising, and all improvement
patents, reissues, reexaminations, patents of additions, and extensions thereof and (b) all applications for letters patent of
the United States or any other country and all provisionals, divisions, continuations and continuations-in-part and substitutes
thereof.

 

“Payee”
shall have the meaning set forth in Section 3.10.

 

    - 23 -

     

    

 

“Payment Office”
shall mean initially Two Tower Center Boulevard, East Brunswick, New Jersey 08816; thereafter, such other office of Agent, if any,
which it may designate by notice to Borrowing Agent and to each Lender to be the Payment Office.

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any successor.

 

“Pension Benefit
Plan” shall mean, at any time, any “employee pension benefit plan” as defined in Section 3(2) of ERISA (including
a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding
standards under Section 412, 430 or 436 of the Code and is maintained or to which contributions are required by any Credit Party
or any member of the Controlled Group.

 

“Permitted
Acquisitions” shall mean acquisitions of the assets or Equity Interests of another Person (the “target”)
so long as: (a) at the time of and after giving effect to such acquisition, Borrowers have Undrawn Availability and Average Undrawn
Availability of not less than (x) $20,000,000 in the case of acquisitions with respect to which the aggregate consideration is
less than $25,000,000 and (y) $25,000,000 in the case of acquisitions with respect to which the aggregate consideration is equal
to or greater than $25,000,000 but equal to or less than $50,000,000 (the calculation of the aggregate amount of such consideration,
in each case, to be made in accordance with the following clause (b)), (b) the total costs and liabilities (including without limitation
or duplication, all assumed liabilities, all earn-out payments, deferred payments and the value of any other stock or assets transferred,
assigned or encumbered with respect to such acquisitions) of all such acquisitions do not exceed $100,000,000 in the aggregate
throughout the Term or $50,000,000 in the aggregate in any fiscal year, (c) with respect to the acquisition of Equity Interests,
such target shall (i) have a positive adjusted EBITDA, calculated in a manner reasonably satisfactory to the Agent and (ii) be
added as a Borrower to this Agreement and be jointly and severally liable for all Obligations; (d) the target or property is used
or useful in the Borrowers’ Business; (e) Agent shall have received a first-priority security interest in all acquired assets
or Equity Interests, subject to the Intercreditor Agreement and documentation satisfactory to Agent; (f) the board of directors
(or other comparable governing body) of the target shall have duly approved the transaction; (g) Borrowers shall have delivered
to Agent (i) a pro forma balance sheet and pro forma financial statements and a Compliance Certificate demonstrating that,
upon giving effect to such acquisition on a pro forma basis, Borrowers would be in compliance with the financial covenants set
forth in Section 6.5 as of the most recent fiscal quarter end and (ii) financial statements of the acquired entity for the two
most recent fiscal years then ended, in form and substance reasonably acceptable to Agent; (h) if such acquisition includes general
partnership interests or any other Equity Interest that does not have a corporate (or similar) limitation on liability of the owners
thereof, then such acquisition shall be effected by having such Equity Interests acquired by a corporate holding company directly
or indirectly wholly-owned by a Borrower and newly formed for the sole purpose of effecting such acquisition; (i) no assets acquired
in any such transaction(s) shall be included in the Formula Amount until Agent has received a field examination and/or appraisal
of such assets, in form and substance acceptable to Agent; and (j) no Default or Event of Default shall have occurred or will occur
after giving pro forma effect to such acquisition. For the purposes of calculating Undrawn Availability under this definition,
any assets being acquired in the proposed acquisition shall be included in the Formula Amount on the date of closing so long as
Agent has received a field exam and, if so required by Agent, an appraisal, in each case of such assets as set forth in clause
(i) above and so long as such assets satisfy the applicable eligibility criteria.

 

    - 24 -

     

    

 

“Permitted
Dispositions” shall mean at any time, unless an Event of Default has occurred and is then continuing (i) sales, abandonment,
or other dispositions of Equipment that is substantially worn, damaged, or obsolete or no longer used or useful in the Business;
(ii) leases or subleases of Real Property not useful in the conduct of the Business of Borrowers and their Subsidiaries and (iii)
sales or dispositions of other assets (but excluding in all cases inventory and accounts receivable) so long as (x) each such disposition
made pursuant to this clause (iii) is made at fair market value, (y) the aggregate fair market value of all such assets disposed
of pursuant to this clause (iii) would not exceed $1,000,000 (or such greater amount as to which Agent shall have given its prior
written consent) in any fiscal year (including the proposed disposition), and (z) the applicable Borrower reinvests the proceeds
of each such sale or disposition made pursuant to this clause (iii) in substantially similar assets within 180 days after receipt
thereof.

 

“Permitted
Distributions” shall mean the declaration and payment by a Borrower of a dividend or distribution so long as: (a) no
notice of termination with regard to this Agreement shall be outstanding; (b) at the time of the payment of any such dividend or
distribution, and after giving pro forma effect thereto, Borrowers shall be in compliance with the financial covenants set forth
in Section 6.5 hereof; (c) at the time of the payment of any such dividend or distribution, and after giving pro forma effect thereto,
Undrawn Availability and Average Undrawn Availability shall be not less than $15,000,000; and (d) the purpose of such dividend
or distribution shall be as set forth in writing to Agent, delivered at least ten (10) days prior to the making of such dividend
or distribution and the proceeds of such dividend or distribution shall in fact be used for such purpose.

 

“Permitted
Encumbrances” shall mean:

 

(a)          Liens
in favor of Agent for the benefit of Agent and Lenders, including without limitation, Liens securing Hedge Liabilities and Cash
Management Products and Services;

 

(b)          Liens
for Taxes not delinquent or being Properly Contested;

 

(c)          Liens
disclosed in the financial statements referred to in Section 5.5, the existence of which Agent has consented to in writing;

 

(d)          deposits
or pledges to secure obligations under worker’s compensation, social security or similar laws, or under unemployment insurance;

 

(e)          deposits
or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety
and appeal bonds and other obligations of like nature arising in the Ordinary Course of Business;

 

(f)       
   Liens arising by virtue of the rendition, entry or issuance against Borrowers or any Subsidiary, or
any property of Borrowers or any Subsidiary, of any judgment, writ, order, or decree for so long as each such Lien (x) is in
existence for less than 20 consecutive days after it first arises or is being Properly Contested and (y) is at all times
junior in priority to any Liens in favor of Agent;

 

    - 25 -

     

    

 

(g)          mechanics’,
workers’, materialmen’s or other like Liens arising in the Ordinary Course of Business with respect to obligations
which are not due or which are being Properly Contested;

 

(h)          Liens
placed upon fixed assets hereafter acquired to secure a portion of the purchase price thereof, provided that (x) any such lien
shall not encumber any Collateral of Borrowers and (y) the aggregate amount of Indebtedness secured by such Liens incurred as a
result of such purchases during any fiscal year shall not exceed the amount provided for in Section 7.6;

 

(i)        
  Liens in favor of Term Loan Agent, subject to the terms of the Intercreditor Agreement; and

 

(j)      
    Liens disclosed on Schedule 1.2; provided that such Liens shall secure only those
obligations which they secure on the Closing Date (and extensions, renewals and refinancings of such obligations permitted by
Section 7.8) and shall not subsequently apply to Collateral of Borrowers.

 

“Person”
shall mean any individual, sole proprietorship, partnership, corporation, business trust, joint stock company, trust, unincorporated
organization, association, limited liability company, limited liability partnership, institution, public benefit corporation, joint
venture, entity or Governmental Body (whether federal, state, county, city, municipal or otherwise, including any instrumentality,
division, agency, body or department thereof).

 

“Plan”
shall mean any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Benefit Plan and a Multiemployer
Plan, as defined herein) maintained by any Credit Party or any member of the Controlled Group or to which any Borrower or any member
of the Controlled Group is required to contribute.

 

“PNC”
shall have the meaning set forth in the preamble to this Agreement and shall extend to all of its successors and assigns.

 

“PNCCM”
shall have the meaning set forth in the preamble to this Agreement and shall extend to all of its successors and assigns.

 

“Properly
Contested” shall mean, in the case of any Indebtedness or Lien, as applicable, of any Person (including any Taxes) that
is not paid as and when due or payable by reason of such Person’s bona fide dispute concerning its liability to pay same
or concerning the amount thereof, (i) such Indebtedness or Lien, as applicable, is being properly contested in good faith by appropriate
proceedings promptly instituted and diligently conducted; (ii) such Person has established appropriate reserves as shall be required
in conformity with GAAP; (iii) the non-payment of such Indebtedness will not have a Material Adverse Effect and will not result
in the forfeiture of any assets of such Person; (iv) no Lien is imposed upon any of such Person’s assets with respect to
such Indebtedness unless such Lien is at all times junior and subordinate in priority to the Liens in favor of the Agent (except
only with respect to property taxes that have priority as a matter of applicable state law) and enforcement of such Lien is stayed
during the period prior to the final resolution or disposition of such dispute; (v) if such Indebtedness or Lien, as applicable,
results from, or is determined by the entry, rendition or issuance against a Person or any of its assets of a judgment, writ, order
or decree, enforcement of such judgment, writ, order or decree is stayed pending a timely appeal or other judicial review; and
(vi) if such contest is abandoned, settled or determined adversely (in whole or in part) to such Person, such Person forthwith
pays such Indebtedness and all penalties, interest and other amounts due in connection therewith.

 

    - 26 -

     

    

 

“Published
Rate” shall mean the rate of interest published each Business Day in the Wall Street Journal “Money Rates”
listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published
therein for any reason, then the Published Rate shall be the Eurodollar Rate for a one month period as published in another publication
selected by the Agent).

 

“Purchasing
CLO” shall have the meaning set forth in Section 14.3(d) hereof.

 

“Purchasing
Lender” shall have the meaning set forth in Section 14.3(c) hereof.

 

“Qualified
ECP Loan Party” shall mean each Borrower or Guarantor that on the Eligibility Date is (a) a corporation, partnership,
proprietorship, organization, trust, or other entity other than a “commodity pool” as defined in Section 1a(10) of
the CEA and CFTC regulations thereunder that has total assets exceeding $10,000,000 or (b) an Eligible Contract Participant that
can cause another person to qualify as an Eligible Contract Participant on the Eligibility Date under Section 1a(18)(A)(v)(II)
of the CEA by entering into or otherwise providing a “letter of credit or keepwell, support, or other agreement” for
purposes of Section 1a(18)(A)(v)(II) of the CEA

 

“RCRA”
shall mean the Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq., as same may be amended from time to
time.

 

“R-22 Inventory”
shall mean the Borrowers’ salable R-22 Refrigerant Gas inventory.  As used in this definition, the term “salable”
means R-22 Refrigerant Gas that conforms to Standard 700.

 

“R-22 Refrigerant
Gas” shall mean chlorodifluoromethane or monochlorodifluoromethane.

 

“Real Property”
shall mean all of each Credit Party’s right, title and interest in and to the owned and leased premises identified on Schedule
4.19 hereto or which is hereafter owned or leased by such Credit Party.

 

“Receivables”
shall mean and include, as to each Credit Party, all of such Credit Party’s accounts (as defined in Article 9 of the Uniform
Commercial Code), and all of such Credit Party’s contract rights, instruments (including those evidencing indebtedness owed
to Credit Parties by their Affiliates), documents, chattel paper (including electronic chattel paper), general intangibles relating
to accounts, drafts and acceptances, credit card receivables and all other forms of obligations owing to such Credit Party arising
out of or in connection with the sale or lease of Inventory or the rendition of services, all supporting obligations, guarantees
and other security therefor, whether secured or unsecured, now existing or hereafter created, and whether or not specifically sold
or assigned to Agent hereunder.

 

    - 27 -

     

    

 

“Receivables
Advance Rate” shall have the meaning set forth in Section 2.1(a)(y)(i) hereof.

 

“Register”
shall have the meaning set forth in Section 14.3(e).

 

“Reimbursement
Obligation” shall have the meaning set forth in Section 2.12(b) hereof.

 

“Release”
shall have the meaning set forth in Section 5.7(c)(i) hereof.

 

“Reportable
Compliance Event” shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal
complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate
crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any
aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.

 

“Reportable
ERISA Event” shall mean a reportable event described in Section 4043 of ERISA or the regulations promulgated thereunder,
other than an event for which the 30-day notice period is waived.

 

“Required
Lenders” shall mean Lenders (not including Swing Loan Lender (in its capacity as such Swing Loan Lender) or any Defaulting
Lender) holding at least sixty-six and two thirds percent (662⁄3%) of the Advances and, if no Advances are outstanding, shall
mean Lenders holding sixty-six and two thirds percent (662⁄3%) of the Commitment Percentages; provided, however,
(i) if there are fewer than three (3) Lenders, Required Lenders shall mean all Lenders (other than any Defaulting Lender) and (ii)
for amendments or modifications to the Formula Amount or the component definitions thereof which would result in increased availability,
Required Lenders shall mean Lenders holding at least seventy-five percent (75%) of the Advances, and if no Advances are outstanding,
shall mean Lenders holding seventy-five percent (75%) of the Commitment Percentages.

 

“Reserve Percentage”
shall mean as of any day the maximum effective percentage in effect on such day as prescribed by the Board of Governors of the
Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal and emergency
reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”.

 

“Revolving
Advances” shall mean the Advances made pursuant to Section 2.1 hereof.

 

“Revolving
Credit Note” shall mean, collectively, the promissory notes referred to in Section 2.1(a) hereof.

 

“Revolving
Commitment” shall mean, as to any Lender, the obligation of such Lender (if applicable), to make Revolving Advances and
participate in Swing Loans and Letters of Credit, in an aggregate principal and/or face amount not to exceed the Commitment Percentage
(if any) of such Lender.

 

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“Revolving
Interest Rate” shall mean an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable
Margin with respect to Revolving Advances which are Domestic Rate Loans and Swing Loans and (b) the sum of the Eurodollar Rate
plus the Applicable Margin with respect to Revolving Advances which are Eurodollar Rate Loans.

 

“Sanctioned
Country” shall mean a country subject to a sanctions program maintained under any Anti-Terrorism Law.

 

“Sanctioned
Person” shall mean any individual person, group, regime, entity or thing listed or otherwise recognized as a specially
designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions
(including but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.

 

“SEC”
shall mean the Securities and Exchange Commission or any successor thereto.

 

“Section 20
Subsidiary” shall mean the Subsidiary of the bank holding company controlling PNC, which Subsidiary has been granted
authority by the Federal Reserve Board to underwrite and deal in certain Ineligible Securities.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Settlement
Date” shall mean the Closing Date and thereafter Wednesday or Thursday of each week or more frequently if Agent deems
appropriate unless such day is not a Business Day in which case it shall be the next succeeding Business Day.

 

“Slow Moving
Inventory” shall mean inventory (excluding R-22 Inventory) not sold, processed or blended into a saleable product within
one year of acquisition thereof by the applicable Borrower.

 

“Springing
Dominion Event” shall mean the Borrowers have Undrawn Availability (calculated without giving effect to clauses (b)(ii)
and (b)(iii) thereof) of less than (i) $15,000,000 at any time or (ii) $17,500,000, calculated on average over a period of five
consecutive days; provided, however, that a Springing Dominion Event shall cease to exist on the date that Borrowers
have Undrawn Availability (calculated without giving effect to clauses (b)(ii) and (b)(iii) thereof) equal to or greater than $20,000,000,
calculated on average over a period of thirty (30) consecutive days.

 

“Standard
700” shall mean, as of any date of determination, Standard 700 of the Air-Conditioning, Heating and Refrigeration Institute,
as in effect on such date.

 

“Subsidiary”
of any Person shall mean a corporation or other entity of whose Equity Interests having ordinary voting power (other than Equity
Interests having such power only by reason of the happening of a contingency) to elect a majority of the directors of such corporation,
or other Persons performing similar functions for such entity, are owned, directly or indirectly, by such Person.

 

    - 29 -

     

    

 

“Subsidiary
Stock” (a) with respect to the Equity Interests issued to a Credit Party by any Subsidiary (other than a Foreign Subsidiary),
100% of such issued and outstanding Equity Interests, and (b) with respect to any Equity Interests issued to a Credit Party by
any Foreign Subsidiary, if any, (i) 100% of such issued and outstanding Equity Interests not entitled to vote (within the meaning
of Treas. Reg. Section 1.956-2(c)(2)) and (ii) 66% (or such greater percentage that, due to a change in an Applicable Law after
the date hereof, (x) could not reasonably be expected to cause the undistributed earnings of such  Foreign Subsidiary as determined
for United States federal income tax purposes to be treated as a deemed dividend to such Credit Party and (y) could not reasonably
be expected to cause any material adverse tax consequences) of such issued and outstanding Equity Interests entitled to vote (within
the meaning of Treas. Reg. Section 1.956-2(c)(2)).

 

“Swap”
shall mean any “swap” as defined in Section 1a(47) of the CEA and regulations thereunder other than (a) a swap entered
into on, or subject to the rules of, a board of trade designated as a contract market under Section 5 of the CEA, or (b) a commodity
option entered into pursuant to CFTC Regulation 32.3(a).

 

“Swap
Obligation” means any obligation to pay or perform under any agreement, contract or transaction that constitutes a Swap
which is also a Lender-Provided Interest Rate Hedge, or a Lender-Provided Foreign Currency Hedge.

 

“Swing Loan
Lender” shall mean PNC, in its capacity as lender of the Swing Loans.

 

“Swing Loan
Note” shall mean the promissory note described in Section 2.4(a) hereof.

 

“Swing Loans”
shall mean the Advances made pursuant to Section 2.4 hereof.

 

“Taxes”
shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed
by any Governmental Body, including any interest, additions to tax or penalties applicable thereto.

 

“Term”
shall have the meaning set forth in Section 13.1 hereof.

 

“Term Loan”
shall mean, collectively, the term loans made severally to some or all of the Borrowers by the Term Loan Lenders pursuant to the
Term Loan Documents.

 

“Term Loan
Agent” shall mean U.S. Bank National Association, as administrative agent and collateral agent for Term Loan Lenders.         

 

“Term Loan
Documents” shall mean that certain Term Loan Credit and Security Agreement dated as of even date herewith among Credit
Parties, Term Loan Agent, and Term Loan Lenders, and all agreements, instruments, and documents executed or delivered in connection
therewith, each as amended, restated, supplemented, or otherwise modified from time to time.

 

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“Term Loan
Lenders” shall mean the lenders from time to time party to the Term Loan Documents.

 

“Termination
Event” shall mean: (a) a Reportable ERISA Event with respect to any Plan; (b) the withdrawal of any Borrower or any member
of the Controlled Group from a Plan during a plan year in which such entity was a “substantial employer” as defined
in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA;
(c) the providing of notice of intent to terminate a Plan in a distress termination described in Section 4041(c) of ERISA; (d)
the commencement of proceedings by the PBGC to terminate a Plan; (e) any event or condition (i) which might constitute grounds
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or (ii) that may result
in the termination of a Multiemployer Plan pursuant to Section 4041A of ERISA; (f) the partial or complete withdrawal, within the
meaning of Section 4203 or 4205 of ERISA, of any Borrower or any member of the Controlled Group from a Multiemployer Plan; (g)
notice that a Multiemployer Plan is subject to Section 4245 of ERISA; or (h) the imposition of any liability under Title IV of
ERISA, other than for PBGC premiums due but not delinquent, upon any Borrower or any member of the Controlled Group.

 

“Toxic Substance”
shall mean and include any material present on the Real Property or the Leasehold Interests which has been shown to have significant
adverse effect on human health or which is subject to regulation under the Toxic Substances Control Act (TSCA), 15 U.S.C. §§
2601 et seq., applicable state law, or any other applicable Federal or state laws now in force or hereafter enacted relating to
toxic substances. “Toxic Substance” includes but is not limited to asbestos, polychlorinated biphenyls (PCBs) and lead-based
paints.

 

“Trademark
License” shall mean any written agreement providing for the grant by or to a Person of any right to use any Trademark.

 

“Trademarks”
shall mean (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, service
marks, elements of package or trade dress of goods or services, logos and other source or business identifiers, together with the
goodwill associated therewith, all registrations and recordings thereof, and all applications in connection therewith, whether
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof and (b) all renewals thereof.

 

“Transition
Services Agreement” shall mean that certain transition services agreement, dated as of October 10, 2017, among Airgas,
Inc., Holdings and HT with respect to, inter alia, customer remittances received on or after the Closing Date by Airgas, Inc.

 

“Transactions”
means the transactions contemplated to occur on the Closing Date pursuant to the Acquisition, under this Agreement and under the
Term Loan Documents.

 

“Transferee”
shall have the meaning set forth in Section 14.3(d) hereof.

 

“Undrawn Availability”
at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount or (ii) the Maximum Revolving Advance
Amount minus the Maximum Undrawn Amount of all then outstanding Letters of Credit, minus (b) the sum of (i)
the outstanding amount of Revolving Advances and Swing Loans plus (ii) all amounts due and owing to any Borrower’s
trade creditors which are outstanding sixty (60) days or more past their due date, plus (iii) fees and expenses incurred
in connection with the Transactions for which Borrowers are liable but which have not been paid or charged to Borrowers’
Account.

 

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“Unfinanced
Capital Expenditures” shall mean all Capital Expenditures of Borrowers other than those made utilizing financing provided
by the applicable seller or third party lenders. For the avoidance of doubt, Capital Expenditures made by a Borrower utilizing
the proceeds of Revolving Advances and Swing Loans shall be deemed to be Unfinanced Capital Expenditures.

 

“Uniform Commercial
Code” shall have the meaning set forth in Section 1.3 hereof.

 

“USA PATRIOT
Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.

 

“Week”
shall mean the time period commencing with the opening of business on a Wednesday and ending on the end of business the following
Tuesday.

 

“Works”
shall mean all works which are subject to copyright protection pursuant to Title 17 of the United States Code.

 

1.3           Uniform
Commercial Code Terms. All terms used herein and defined in the Uniform Commercial Code as adopted in the State of New York
from time to time (the “Uniform Commercial Code”) shall have the meaning given therein unless otherwise defined herein.
Without limiting the foregoing, the terms “accounts”, “chattel paper”, “commercial tort claims”,
“instruments”, “general intangibles”, “goods”, “payment intangibles”, “proceeds”,
“supporting obligations”, “securities”, “investment property”, “documents”, “deposit
accounts”, “software”, “letter of credit rights”, “inventory”, “equipment”
and “fixtures”, as and when used in the description of Collateral shall have the meanings given to such terms in Articles
8 or 9 of the Uniform Commercial Code. To the extent the definition of any category or type of collateral is expanded by any amendment,
modification or revision to the Uniform Commercial Code, such expanded definition will apply automatically as of the date of such
amendment, modification or revision.

 

    - 32 -

     

    

 

1.4           Certain
Matters of Construction. The terms “herein”, “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. All references herein
to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules
to, this Agreement. Any pronoun used shall be deemed to cover all genders. Wherever appropriate in the context, terms used herein
in the singular also include the plural and vice versa. All references to statutes and related regulations shall include any amendments
of same and any successor statutes and regulations. Unless otherwise provided, all references to any instruments or agreements
to which Agent is a party, including references to any of the Other Documents, shall include any and all modifications or amendments
thereto and any and all extensions or renewals thereof. All references herein to the time of day shall mean the time in New York,
New York. Unless otherwise provided, all financial calculations shall be performed with Inventory valued on a first-in, first-out
basis. Whenever the words “including” or “include” shall be used, such words shall be understood to mean
“including, without limitation” or “include, without limitation”. A Default or Event of Default shall be
deemed to exist at all times during the period commencing on the date that such Default or Event of Default occurs to the date
on which such Default or Event of Default is waived in writing pursuant to this Agreement or, in the case of a Default, is cured
within any period of cure expressly provided for in this Agreement; and an Event of Default shall “continue” or be
“continuing” until such Event of Default has been waived in writing by the Required Lenders or cured within any period
of cure expressly provided for in this Agreement. Any Lien referred to in this Agreement or any of the Other Documents as having
been created in favor of Agent, any agreement entered into by Agent pursuant to this Agreement or any of the Other Documents, any
payment made by or to or funds received by Agent pursuant to or as contemplated by this Agreement or any of the Other Documents,
or any act taken or omitted to be taken by Agent, shall, unless otherwise expressly provided, be created, entered into, made or
received, or taken or omitted, for the benefit or account of Agent and Lenders. Wherever the phrase “to the best of Borrowers’
knowledge” or words of similar import relating to the knowledge or the awareness of Borrowers are used in this Agreement
or Other Documents, such phrase shall mean and refer to (i) the actual knowledge of a senior officer of Borrowers or (ii) the knowledge
that a senior officer would have obtained if he had engaged in good faith and diligent performance of his duties, including the
making of such reasonably specific inquiries as may be necessary of the employees or agents of Borrowers and a good faith attempt
to ascertain the existence or accuracy of the matter to which such phrase relates. All covenants hereunder shall be given independent
effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted
by an exception to, or otherwise within the limitations of, another covenant shall not avoid the occurrence of a default if such
action is taken or condition exists. In addition, all representations and warranties hereunder shall be given independent effect
so that if a particular representation or warranty proves to be incorrect or is breached, the fact that another representation
or warranty concerning the same or similar subject matter is correct or is not breached will not affect the incorrectness of a
breach of a representation or warranty hereunder.

 

1.5           Existing
Indebtedness. This Agreement amends and restates, in its entirety, the Existing Credit Agreement and all the indebtedness outstanding
on the Closing Date under the Existing Credit Agreement and any related instrument, agreement, or document is, and shall be deemed
to be, outstanding under this Agreement as of the Closing Date. The execution and delivery of this Agreement and the Other Documents,
however, does not represent or evidence a refinancing, repayment, accord, and/or satisfaction or a novation of any such existing
indebtedness. All liens and security interests previously granted to the Agent pursuant to the Existing Loan Agreement and all
related instruments, agreements, and documents are acknowledged and reconfirmed, and remain in full force and effect, and are not
intended to be released, replaced, or impaired.

 

		II.	ADVANCES, PAYMENTS.

 

2.1          Revolving
Advances.

 

(a)          Amount
of Revolving Advances. Subject to the terms and conditions set forth in this Agreement including Sections 2.1(b) and (c), each
Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal
to such Lender’s Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the outstanding amount
of the Swing Loans, less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit or (y) an amount equal to the
sum of:

 

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(i)          up
to 85%, subject to the provisions of Section 2.1(b) hereof (“Receivables Advance Rate”), of Eligible Receivables, plus

 

(ii)         up
to the lesser of (A) 70%, subject to the provisions of Sections 2.1(b), (c) and (d) hereof, of the value of the Eligible Inventory
(“Inventory Advance Rate”) and (B) 85%, subject to the provisions of Sections 2.1(b), (c) and (d) hereof, of the appraised
net orderly liquidation value of Eligible Inventory (as evidenced by an Inventory appraisal satisfactory to Agent in its commercially
reasonable judgment) (the “Inventory NOLV Advance Rate”), plus

 

(iii)        up
to the lesser of (A) 70%, subject to the provisions of Sections 2.1(b), (c) and (d) hereof, of the value of the Eligible In-Transit
Inventory (“In-Transit Inventory Advance Rate”) and (B) 85%, subject to the provisions of Sections 2.1(b), (c) and
(d) hereof, of the appraised net orderly liquidation value of Eligible In-Transit Inventory (as evidenced by an Inventory appraisal
satisfactory to Agent in its commercially reasonable judgment) (the “In-Transit Inventory NOLV Advance Rate”, and together
with the Inventory Advance Rate, Inventory NOLV Advance Rate, the In-Transit Inventory Advance Rate, and the Receivables Advance
Rate, collectively, the “Advance Rates”), minus

 

(iv)        the
aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, minus

 

(v)         such
reserves as Agent may reasonably deem proper and necessary from time to time.

 

The amount derived
from the sum of (x) Sections 2.1(a)(y)(i), (ii), and (iii) minus (y) Sections 2.1 (a)(y)(iv) and (v) at any time and from time
to time shall be referred to as the “Formula Amount”. The Revolving Advances shall be evidenced by one or more secured
promissory notes (collectively, the “Revolving Credit Note”) substantially in the form attached hereto as Exhibit 2.1(a).

 

(b)          Discretionary
Rights. Upon thirty (30) days written notice to the Borrowers, the Advance Rates may be increased or decreased by Agent at
any time and from time to time in the exercise of its reasonable discretion. Borrowers consent to any such increases or decreases
and acknowledge that decreasing the Advance Rates or increasing or imposing reserves may limit or restrict Advances requested by
Borrowers. The rights of Agent under this subsection are subject to the provisions of Section 14.2(b). Notwithstanding anything
to the contrary herein, the Agent may implement a rent reserve in the amount of three (3) months’ rent for each parcel of
Real Property leased by a Borrower (including all warehouses) for which the Agent has not received a fully executed Lien Waiver
Agreement in form and substance acceptable to the Agent, provided that, for the avoidance of doubt (I) Inventory located
at such premises, to the extent it otherwise constitutes Eligible Inventory, shall be deemed Eligible Inventory and (II) such rent
reserve shall be eliminated with respect to any such premises upon Agent’s receipt of a duly executed Lien Waiver Agreement
applicable to such premises.

 

    - 34 -

     

    

 

(c)          Sublimits
for Revolving Advances made against Eligible Inventory. The aggregate amount of Revolving Advances made to Borrowers against
(i) Eligible Inventory consisting of gas cylinders shall not exceed in the aggregate, at any time outstanding, Six Million Four
Hundred Thousand Dollars ($6,400,000), (ii) Eligible In-Transit Inventory shall not exceed in the aggregate, at any time outstanding,
Ten Million Dollars ($10,000,000), and (iii) Eligible Inventory consisting of Slow Moving Inventory shall not exceed in the aggregate,
at any time outstanding, One Million Five Hundred Thousand Dollars ($1,500,000).

 

(d)          Step-up
in Value. For avoidance of doubt, it is understood and acknowledged by Agent and Lenders that Borrowers intend, on or about
the Closing Date, to step-up to fair market value the cost of Inventory owned by ARI as of the date of consummation of the Acquisition
and in such case, to the extent such step-up occurs, Eligible Inventory shall reflect such step-up to fair market value.

 

2.2          Procedure
for Revolving Advances Borrowing.

 

(a)          Borrowing
Agent may notify Agent prior to 10:00 a.m. on a Business Day of Borrowers’ request to incur, on that day, a Revolving Advance
hereunder. Should any amount required to be paid as interest hereunder, or as fees or other charges under this Agreement or any
other agreement with Agent or Lenders, or with respect to any other Obligation, become due, same shall be deemed a request for
a Revolving Advance maintained as a Domestic Rate Loan as of the date such payment is due, in the amount required to pay in full
such interest, fee, charge or Obligation under this Agreement or any other agreement with Agent or Lenders, and such request shall
be irrevocable.

 

(b)          Notwithstanding
the provisions of subsection (a) above, in the event Borrower desires to obtain a Eurodollar Rate Loan for any Advance (other than
Swing Loans), Borrowers shall give Agent written notice by no later than 10:00 a.m. on the day which is three (3) Business Days
prior to the date such Eurodollar Rate Loan is to be borrowed, specifying (i) the date of the proposed borrowing (which shall be
a Business Day), (ii) the type of borrowing and the amount on the date of such Advance to be borrowed, which amount shall be in
an aggregate principal amount that is not less than $1,000,000 and integral multiples of $500,000 in excess thereof, and (iii)
the duration of the first Interest Period therefor. Interest Periods for Eurodollar Rate Loans shall be for one, two, or three
months; provided, if an Interest Period would end on a day that is not a Business Day, it shall end on the next succeeding Business
Day unless such day falls in the next succeeding calendar month in which case the Interest Period shall end on the next preceding
Business Day. No Eurodollar Rate Loan shall be made available to Borrowers during the continuance of a Default or an Event of Default.
After giving effect to each requested Eurodollar Rate Loan, including those which are converted from a Domestic Rate Loan under
Section 2.2(d), there shall not be outstanding more than five (5) Eurodollar Rate Loans, in the aggregate.

 

    - 35 -

     

    

 

(c)          Each
Interest Period of a Eurodollar Rate Loan shall commence on the date such Eurodollar Rate Loan is made and shall end on such date
as Borrowers may elect as set forth in subsection (b)(iii) above provided that the exact length of each Interest Period shall be
determined in accordance with the practice of the interbank market for offshore Dollar deposits and no Interest Period shall end
after the last day of the Term. Borrowing Agent shall elect the initial Interest Period applicable to a Eurodollar Rate Loan by
its notice of borrowing given to Agent pursuant to Section 2.2(b) or by its notice of conversion given to Agent pursuant to Section
2.2(d), as the case may be. Borrowing Agent shall elect the duration of each succeeding Interest Period by giving irrevocable written
notice to Agent of such duration not later than 10:00 a.m. on the day which is three (3) Business Days prior to the last day of
the then current Interest Period applicable to such Eurodollar Rate Loan. If Agent does not receive timely notice of the Interest
Period elected by Borrowing Agent, Borrowing Agent shall be deemed to have elected to convert such Eurodollar Rate Loan to a Domestic
Rate Loan as of the last day of the Interest Period applicable to such Eurodollar Rate Loan subject to Section 2.2(d) below.

 

(d)          
Provided that no Event of Default shall have occurred and be continuing, Borrowing Agent may, on the last Business Day of the then
current Interest Period applicable to any outstanding Eurodollar Rate Loan, or on any Business Day with respect to Domestic Rate
Loans, convert any such loan into a loan of another type in the same aggregate principal amount provided that any conversion of
a Eurodollar Rate Loan shall be made only on the last Business Day of the then current Interest Period applicable to such Eurodollar
Rate Loan. If Borrowers desire to convert a loan, Borrowing Agent shall give Agent written notice by no later than 10:00 a.m. (i)
on the day which is three (3) Business Days’ prior to the date on which such conversion is to occur with respect to a conversion
from a Domestic Rate Loan to a Eurodollar Rate Loan, or (ii) on the day which is one (1) Business Day prior to the date on which
such conversion is to occur (which date shall be the last Business Day of the Interest Period for the applicable Eurodollar Rate
Loan) with respect to a conversion from a Eurodollar Rate Loan to a Domestic Rate Loan, specifying, in each case, the date of such
conversion, the loans to be converted and if the conversion is from a Domestic Rate Loan to any other type of loan, the duration
of the first Interest Period therefor.

 

(e)          At
its option and upon written notice given prior to 10:00 a.m. (New York time) at least three (3) Business Days’ prior to the
date of such prepayment, Borrowers may prepay the Eurodollar Rate Loans in whole at any time or in part from time to time with
accrued interest on the principal being prepaid to the date of such repayment. Borrowing Agent shall specify the date of prepayment
of Advances which are Eurodollar Rate Loans and the amount of such prepayment. In the event that any prepayment of a Eurodollar
Rate Loan is required or permitted on a date other than the last Business Day of the then current Interest Period with respect
thereto, Borrowers shall indemnify Agent and Lenders therefor in accordance with Section 2.2(f) hereof.

 

(f)          Each
Borrower shall indemnify Agent and Lenders and hold Agent and Lenders harmless from and against any and all losses or expenses
that Agent and Lenders may sustain or incur as a consequence of any prepayment, conversion of or any default by Borrowers in the
payment of the principal of or interest on any Eurodollar Rate Loan or failure by Borrowers to complete a borrowing of, a prepayment
of or conversion of or to a Eurodollar Rate Loan after notice thereof has been given, including, but not limited to, any interest
payable by Agent or Lenders to lenders of funds obtained by it in order to make or maintain its Eurodollar Rate Loans hereunder.
A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by Agent or any Lender to Borrowing
Agent shall be conclusive absent manifest error.

 

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(g)          Notwithstanding
any other provision hereof, if any Applicable Law, or any change therein or in the interpretation or application thereof, including
without limitation any Change in Law, shall make it unlawful for any Lender (for purposes of this subsection (g), the term “Lender”
shall include any Lender and the office or branch where any Lender or any corporation or bank controlling such Lender makes or
maintains any Eurodollar Rate Loans) to make or maintain its Eurodollar Rate Loans, the obligation of Lenders to make Eurodollar
Rate Loans hereunder shall forthwith be cancelled and Borrowers shall, if any affected Eurodollar Rate Loans are then outstanding,
promptly upon request from Agent, either pay all such affected Eurodollar Rate Loans or convert such affected Eurodollar Rate Loans
into loans of another type. If any such payment or conversion of any Eurodollar Rate Loan is made on a day that is not the last
day of the Interest Period applicable to such Eurodollar Rate Loan, Borrowers shall pay Agent, upon Agent’s request, such
amount or amounts as may be necessary to compensate Lenders for any loss or expense sustained or incurred by Lenders in respect
of such Eurodollar Rate Loan as a result of such payment or conversion, including (but not limited to) any interest or other amounts
payable by Lenders to lenders of funds obtained by Lenders in order to make or maintain such Eurodollar Rate Loan. A certificate
as to any additional amounts payable pursuant to the foregoing sentence submitted by Lenders to Borrowers shall be conclusive absent
manifest error.

 

2.3           Disbursement
of Advance Proceeds. All Advances shall be disbursed from whichever office or other place Agent may designate from time to
time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers’ Account
on Agent’s books. During the Term, Borrowers may use the Revolving Advances and Swing Loans by borrowing, prepaying and reborrowing,
all in accordance with the terms and conditions hereof. The proceeds of each Revolving Advance or Swing Loan requested by Borrowers
or deemed to have been requested by Borrowers under Section 2.2(a) hereof shall, (i) with respect to requested Revolving Advances,
to the extent Lenders make such Revolving Advances, and with respect to Swing Loans made upon any request by Borrowing Agent for
a Revolving Advance to the extent Swing Loan Lender makes such Swing Loan, be made available to the applicable Borrowers on the
day so requested by way of credit to such Borrowers’ operating account at PNC, or such other bank as Borrowing Agent may
designate following notification to Agent, in immediately available federal funds or other immediately available funds or, (ii)
with respect to Revolving Advances deemed to have been requested by any Borrower or Swing Loans made upon any deemed request for
a Revolving Advance by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed
request.

 

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2.4          Swing
Loans.

 

(a)          Subject
to the terms and conditions set forth in this Agreement, and in order to minimize the transfer of funds between Lenders and Agent
for administrative convenience, Agent, Lenders holding Revolving Commitments and Swing Loan Lender agree that in order to facilitate
the administration of this Agreement, Swing Loan Lender may, at its election and option made in its commercially reasonable judgment
cancelable at any time for any reason whatsoever, make swing loan advances (“Swing Loans”) available to Borrowers as
provided for in this Section 2.4 at any time or from time to time after the date hereof to, but not including, the expiration of
the Term, in an aggregate principal amount up to but not in excess of the Maximum Swing Loan Advance Amount, provided that the
outstanding aggregate principal amount of Swing Loans and the Revolving Advances at any one time outstanding shall not exceed an
amount equal to the lesser of (i) the Maximum Revolving Advance Amount less the Maximum Undrawn Amount of all outstanding Letters
of Credit or (ii) the Formula Amount. All Swing Loans shall be Domestic Rate Loans only. Borrowers may borrow (at the option and
election of Swing Loan Lender), repay and reborrow (at the option and election of Swing Loan Lender) Swing Loans and Swing Loan
Lender may make Swing Loans as provided in this Section 2.4 during the period between Settlement Dates.  All Swing Loans
shall be evidenced by a secured promissory note (the “Swing Loan Note”) substantially in the form attached hereto as
Exhibit 2.4(a). Swing Loan Lender’s agreement to make Swing Loans under this Agreement is cancelable at any time for any
reason whatsoever and the making of Swing Loans by Swing Loan Lender from time to time shall not create any duty or obligation,
or establish any course of conduct, pursuant to which Swing Loan Lender shall thereafter be obligated to make Swing Loans in the
future

 

(b)          Upon
either (i) any request by Borrowing Agent for a Revolving Advance made pursuant to Section 2.2(a) hereof or (ii) the occurrence
of any deemed request by Borrowers for a Revolving Advance pursuant to the provisions of the last sentence of Section 2.2(a) hereof,
Swing Loan Lender may elect, in its sole discretion, to have such request or deemed request treated as a request for a Swing Loan,
and may advance same day funds to Borrowers as a Swing Loan; provided that notwithstanding anything to the contrary provided for
herein, Swing Loan Lender may not make Swing Loan Advances if Swing Loan Lender has been notified by Agent or by Required Lenders
that one or more of the applicable conditions set forth in Section 8.2 of this Agreement have not been satisfied or the Revolving
Commitments have been terminated for any reason.

 

(c)          Upon
the making of a Swing Loan (whether before or after the occurrence of a Default or an Event of Default and regardless of whether
a Settlement has been requested with respect to such Swing Loan), each Lender holding a Revolving Commitment shall be deemed, without
further action by any party hereto, to have unconditionally and irrevocably purchased from Swing Loan Lender, without recourse
or warranty, an undivided interest and participation in such Swing Loan in proportion to its Commitment Percentage. Swing Loan
Lender or Agent may, at any time, require the Lenders holding Revolving Commitments to fund such participations by means of a Settlement
as provided for in Section 2.20 below. From and after the date, if any, on which any Lender holding a Revolving Commitment is required
to fund, and funds, its participation in any Swing Loans purchased hereunder, Agent shall promptly distribute to such Lender its
Commitment Percentage of all payments of principal and interest and all proceeds of Collateral received by Agent in respect of
such Swing Loan; provided that no Lender holding a Revolving Commitment shall be obligated in any event to make Revolving Advances
in an amount in excess of its Commitment Percentage minus its Participation Commitment (taking into account any reallocations under
Section 2.20) of the Maximum Undrawn Amount of all outstanding Letters of Credit.

 

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2.5          Maximum
Advances. The aggregate balance of Revolving Advances and Swing Loans outstanding at any time shall not exceed the lesser of
(a) the Maximum Revolving Advance Amount or (b) the Formula Amount less, in each case, the aggregate Maximum Undrawn Amount of
all issued and outstanding Letters of Credit.

 

2.6          Repayment
of Advances.

 

(a)          The
Revolving Advances shall be due and payable in full on the last day of the Term subject to earlier prepayment as herein provided.

 

(b)          Borrowers
recognize that the amounts evidenced by checks, notes, drafts or any other items of payment relating to and/or proceeds of Collateral
may not be collectible by Agent on the date received. Agent shall conditionally credit Borrowers’ Account as of the next
Business Day after the Business Day on which such item of payment is received by Agent (and the Business Day on which each such
item of payment is so credited shall be referred to, with respect to such item, as the “Application Date”).
Agent is not, however, required to credit Borrowers’ Account for the amount of any item of payment which is unsatisfactory
to Agent and Agent may charge Borrowers’ Account for the amount of any item of payment which is returned for any reason whatsoever,
to Agent unpaid. Subject to the foregoing, Borrowers agree that for purposes of computing the interest charges under this Agreement,
each item of payment received by Agent shall be deemed applied by Agent on account of the Obligations on its respective Application
Date. Borrowers further agree that there is a monthly float charge payable to Agent for Agent’s sole benefit, in an amount
equal to (y) the face amount of all items of payment received by Agent during the prior month (including items of payment received
by Agent as a wire transfer or electronic depository check) multiplied by (z) the Revolving Interest Rate with respect to Domestic
Rate Loans for one (1) Business Day. All proceeds received by Agent shall be applied to the Obligations in accordance with Section
4.15(h).

 

(c)          All
payments of principal, interest and other amounts payable hereunder, or under any of the Other Documents shall be made to Agent
at the Payment Office not later than 1:00 P.M. (New York time) on the due date therefor in lawful money of the United States of
America in federal funds or other funds immediately available to Agent. Agent shall have the right to effectuate payment on any
and all Obligations due and owing hereunder by charging Borrowers’ Account or by making Advances as provided in Section 2.2
hereof.

 

(d)          Borrowers
shall pay principal, interest, and all other amounts payable hereunder, or under any related agreement, without any deduction whatsoever,
including, but not limited to, any deduction for any setoff or counterclaim.

 

2.7          Repayment
of Excess Advances. The aggregate balance of Advances outstanding at any time in excess of the maximum amount of Advances permitted
hereunder shall be immediately due and payable without the necessity of any demand, at the Payment Office, whether or not a Default
or Event of Default has occurred.

 

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2.8          Statement
of Account. Agent shall maintain, in accordance with its customary procedures, a loan account (“Borrowers’ Account”)
in the name of Borrowers in which shall be recorded the date and amount of each Advance made by Agent and the date and amount of
each payment in respect thereof; provided, however, the failure by Agent to record the date and amount of any Advance shall not
adversely affect Agent or any Lender. Each month, Agent shall send to Borrowers a statement showing the accounting for the Advances
made, payments made or credited in respect thereof, and other transactions between Agent and Borrowers, during such month. The
monthly statements shall be deemed correct and binding upon Borrowers in the absence of manifest error and shall constitute an
account stated between Lenders and Borrowers unless Agent receives a written statement of Borrowers’ specific exceptions
thereto within thirty (30) days after such statement is received by Borrowers. The records of Agent with respect to the loan account
shall be conclusive evidence absent manifest error of the amounts of Advances and other charges thereto and of payments applicable
thereto.

 

2.9          Letters
of Credit.

 

(a)          Subject
to the terms and conditions hereof, Issuer shall issue or cause the issuance of standby and/or trade letters of credit (“Letters
of Credit”) for the account of Borrowers; provided, however, that Agent will not be required to issue or cause to be issued
any Letters of Credit to the extent that the issuance thereof would then cause the sum of (i) the outstanding Revolving Advances
plus (ii) the outstanding Swing Loans plus (iii) the Maximum Undrawn Amount of all outstanding Letters of Credit plus (iv) the
Maximum Undrawn Amount of the Letter of Credit to be issued to exceed the lesser of (x) the Maximum Revolving Advance Amount or
(y) the Formula Amount (calculated without giving effect to the deductions provided for in Section 2.1(a)(y)(iv). The Maximum Undrawn
Amount of all outstanding Letters of Credit shall not exceed in the aggregate at any time the Letter of Credit Sublimit. All disbursements
or payments related to Letters of Credit shall be deemed to be Domestic Rate Loans consisting of Revolving Advances and shall bear
interest at the applicable Contract Rate for Domestic Rate Loans; Letters of Credit that have not been drawn upon shall not bear
interest.

 

(b)          Notwithstanding
any provision of this Agreement, Issuer shall not be under any obligation to issue any Letter of Credit if (i) any order, judgment
or decree of any Governmental Body or arbitrator shall by its terms purport to enjoin or restrain  Issuer from issuing any
Letter of Credit, or any Law applicable to Issuer or any request or directive (whether or not having the force of law) from any
Governmental Body with jurisdiction over Issuer shall prohibit, or request that Issuer refrain from, the issuance of letters of
credit generally or the Letter of Credit in particular or shall impose upon Issuer with respect to the Letter of Credit any restriction,
reserve or capital requirement (for which Issuer is not otherwise compensated hereunder) not in effect on the date of this Agreement,
or shall impose upon Issuer any unreimbursed loss, cost or expense which was not applicable on the date of this Agreement, and
which Issuer in good faith deems material to it, or (ii) the issuance of the Letter of Credit would violate one or more policies
of Issuer applicable to letters of credit generally.

 

2.10        Issuance
of Letters of Credit.

 

(a)          Borrowing
Agent may request Agent to issue or cause the issuance of a Letter of Credit by delivering to Agent, at the Payment Office, prior
to 10:00 a.m. (New York time), at least five (5) Business Days’ prior to the proposed date of issuance, Agent’s form
of Letter of Credit Application (the “Letter of Credit Application”) completed to the satisfaction of Agent;
and, such other certificates, documents and other papers and information as Agent may reasonably request. Borrowers also have the
right to give instructions and make agreements with respect to any application, any applicable letter of credit and security agreement,
any applicable letter of credit reimbursement agreement and/or any other applicable agreement, any letter of credit and the disposition
of documents, disposition of any unutilized funds, and to agree with Agent upon any amendment, extension or renewal of any Letter
of Credit. Issuer shall not issue any requested Letter of Credit if such Issuer has received notice from Agent or any Lender that
one or more of the applicable conditions set forth in Section 8.2 of this Agreement have not been satisfied or the commitments
of Lenders to make Revolving Advances hereunder have been terminated for any reason.

 

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(b)          Each
Letter of Credit shall, among other things, (i) provide for the payment of sight drafts, other written demands for payment, or
acceptances of usance drafts when presented for honor thereunder in accordance with the terms thereof and when accompanied by the
documents described therein and (ii) have an expiry date not later than twenty-four (24) months after such Letter of Credit’s
date of issuance and in no event later than the last day of the Term. Each standby Letter of Credit shall be subject either to
the Uniform Customs and Practice for Documentary Credits as most recently published by the International Chamber of Commerce at
the time a Letter of Credit is issued (the “UCP”) or the International Standby Practices (ISP98-International
Chamber of Commerce Publication Number 590) (the “ISP98 Rules”)), and any subsequent revision thereof at the time a
standby Letter of Credit is issued, as determined by Agent, and each trade Letter of Credit shall be subject to the UCP.

 

(c)          Agent
shall use its reasonable efforts to notify Lenders of the request by Borrowers for a Letter of Credit hereunder.

 

2.11        Requirements
For Issuance of Letters of Credit.

 

(a)          Borrowing
Agent shall authorize and direct any Issuer to name any Borrower as the “Applicant” or “Account Party”
of each Letter of Credit. If Agent is not the Issuer of any Letter of Credit, Borrowing Agent shall authorize and direct the Issuer
to deliver to Agent all instruments, documents, and other writings and property received by the Issuer pursuant to the Letter of
Credit and to accept and rely upon Agent’s instructions and agreements with respect to all matters arising in connection
with the Letter of Credit, the application therefor or any acceptance therefor.

 

(b)          In
connection with all Letters of Credit issued or caused to be issued by Agent under this Agreement, Borrowers hereby appoint Agent,
or its designee, as its attorney, with full power and authority if an Event of Default shall have occurred, (i) to sign and/or
endorse Borrowers’ name upon any warehouse or other receipts, letter of credit applications and acceptances, (ii) to sign
Borrowers’ name on bills of lading; (iii) to clear Inventory through the United States of America Customs Department (“Customs”)
in the name of Borrowers or Agent or Agent’s designee, and to sign and deliver to Customs officials powers of attorney in
the name of Borrowers for such purpose; and (iv) to complete in Borrowers’ name or Agent’s, or in the name of Agent’s
designee, any order, sale or transaction, obtain the necessary documents in connection therewith, and collect the proceeds thereof.
Neither Agent nor its attorneys will be liable for any acts or omissions nor for any error of judgment or mistakes of fact or law,
except for Agent’s or its attorney’s willful misconduct. This power, being coupled with an interest, is irrevocable
as long as any Letters of Credit remain outstanding.

 

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2.12        Disbursements,
Reimbursement.

 

(a)          Immediately
upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Lender’s
Commitment Percentage of the Maximum Undrawn Amount of such Letter of Credit and the amount of such drawing, respectively.

 

(b)          In
the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, Agent will promptly notify
Borrowing Agent. Provided that it shall have received such notice, Borrowers shall reimburse (such obligation to reimburse Agent
shall sometimes be referred to as a “Reimbursement Obligation”) Agent prior to 12:00 Noon, New York time on
each date that an amount is paid by Agent under any Letter of Credit (each such date, a “Drawing Date”) in an
amount equal to the amount so paid by Agent. In the event Borrowers fail to reimburse Agent for the full amount of any drawing
under any Letter of Credit by 12:00 Noon, New York time, on the Drawing Date, Agent will promptly notify each Lender thereof, and
Borrowers shall be deemed to have requested that a Revolving Advance maintained as a Domestic Rate Loan be made by the Lenders
to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the lesser
of Maximum Revolving Advance Amount or the Formula Amount and subject to Section 8.2 hereof. Any notice given by Agent pursuant
to this Section 2.12(b) may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation
shall not affect the conclusiveness or binding effect of such notice.

 

(c)          Each
Lender shall upon any notice pursuant to Section 2.12(b) make available to Agent an amount in immediately available funds equal
to its Commitment Percentage of the amount of the drawing, whereupon the participating Lenders shall (subject to Section 2.12(d))
each be deemed to have made a Revolving Advance maintained as a Domestic Rate Loan to Borrowers in that amount. If any Lender so
notified fails to make available to Agent the amount of such Lender’s Commitment Percentage of such amount by no later than
2:00 p.m., New York time on the Drawing Date, then interest shall accrue on such Lender’s obligation to make such payment,
from the Drawing Date to the date on which such Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective
Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Revolving
Advances maintained as a Domestic Rate Loans on and after the fourth day following the Drawing Date. Agent will promptly give notice
of the occurrence of the Drawing Date, but failure of Agent to give any such notice on the Drawing Date or in sufficient time to
enable any Lender to effect such payment on such date shall not relieve such Lender from its obligation under this Section 2.12(c),
provided that such Lender shall not be obligated to pay interest as provided in Section 2.12(c) (i) and (ii) until and commencing
from the date of receipt of notice from Agent of a drawing.

 

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(d)          With
respect to any unreimbursed drawing that is not converted into a Revolving Advance maintained as a Domestic Rate Loan to Borrowers
in whole or in part as contemplated by Section 2.12(b), because of Borrowers’ failure to satisfy the conditions set forth
in Section 8.2 (other than any notice requirements) or for any other reason, Borrowers shall be deemed to have incurred from Agent
a borrowing (each a “Letter of Credit Borrowing”) in the amount of such drawing. Such Letter of Credit Borrowing
shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to a Revolving
Advance maintained as a Domestic Rate Loan. Each Lender’s payment to Agent pursuant to Section 2.12(c) shall be deemed to
be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance”
from such Lender in satisfaction of its Participation Commitment under this Section 2.12.

 

(e)          Each
Lender’s Participation Commitment shall continue until the last to occur of any of the following events: (x) Agent ceases
to be obligated to issue or cause to be issued Letters of Credit hereunder; (y) no Letter of Credit issued or created hereunder
remains outstanding and uncancelled and (z) all Persons (other than the Borrowers) have been fully reimbursed for all payments
made under or relating to Letters of Credit.

 

2.13        Repayment
of Participation Advances.

 

(a)          Upon
(and only upon) receipt by Agent for its account of immediately available funds from Borrowers (i) in reimbursement of any payment
made by the Agent under the Letter of Credit with respect to which any Lender has made a Participation Advance to Agent, or (ii)
in payment of interest on such a payment made by Agent under such a Letter of Credit, Agent will pay to each Lender, in the same
funds as those received by Agent, the amount of such Lender’s Commitment Percentage of such funds, except Agent shall retain
the amount of the Commitment Percentage of such funds of any Lender that did not make a Participation Advance in respect of such
payment by Agent (and, to the extent that any of the other Lender(s) holding the Revolving Commitment have funded any portion such
Defaulting Lender’s Participation Advance in accordance with the provisions of Section 2.23, Agent will pay over to such
Non-Defaulting Lenders a pro rata portion of the funds so withheld from such Defaulting Lender.

 

(b)          If
Agent is required at any time to return to Borrowers, or to a trustee, receiver, liquidator, custodian, or any official in any
insolvency proceeding, any portion of the payments made by Borrowers to Agent pursuant to Section 2.13(a) in reimbursement of a
payment made under the Letter of Credit or interest or fee thereon, each Lender shall, on demand of Agent, forthwith return to
Agent the amount of its Commitment Percentage of any amounts so returned by Agent plus interest at the Federal Funds Effective
Rate.

 

2.14        Documentation.
Borrowers agree to be bound by the terms of the Letter of Credit Application and by Agent’s interpretations of any Letter
of Credit issued for Borrowers’ account and by Agent’s written regulations and customary practices relating to letters
of credit, though Agent’s interpretations may be different from Borrowers’ own. In the event of a conflict between
the Letter of Credit Application and this Agreement, this Agreement shall govern. It is understood and agreed that, except in the
case of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment),
Agent shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following Borrowers’
instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.

 

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2.15        Determination
to Honor Drawing Request. In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary
thereof, Agent shall be responsible only to determine that the documents and certificates required to be delivered under such Letter
of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other
drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.

 

2.16        Nature
of Participation and Reimbursement Obligations. Each Lender’s obligation in accordance with this Agreement to make the
Revolving Advances or Participation Advances as a result of a drawing under a Letter of Credit, and the obligations of Borrowers
to reimburse Agent upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed
strictly in accordance with the terms of this Section 2.16 under all circumstances, including the following circumstances:

 

(i)          any
set-off, counterclaim, recoupment, defense or other right which such Lender may have against Agent, Borrowers or any other Person
for any reason whatsoever;

 

(ii)         the
failure of Borrowers or any other Person to comply, in connection with a Letter of Credit Borrowing, with the conditions set forth
in this Agreement for the making of a Revolving Advance, it being acknowledged that such conditions are not required for the making
of a Letter of Credit Borrowing and the obligation of the Lenders to make Participation Advances under Section 2.12;

 

(iii)        any
lack of validity or enforceability of any Letter of Credit;

 

(iv)        any
claim of breach of warranty that might be made by Borrowers or any Lender against the beneficiary of a Letter of Credit, or the
existence of any claim, set-off, recoupment, counterclaim, cross claim, defense or other right which Borrowers or any Lender may
have at any time against a beneficiary, any successor beneficiary or any transferee of any Letter of Credit or the proceeds thereof
(or any Persons for whom any such transferee may be acting), Agent or any Lender or any other Person, whether in connection with
this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between
Borrowers or any Subsidiaries of Borrowers and the beneficiary for which any Letter of Credit was procured);

 

(v)         the
lack of power or authority of any signer of (or any defect in or forgery of any signature or endorsement on) or the form of or
lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document
presented under or in connection with any Letter of Credit, or any fraud or alleged fraud in connection with any Letter of Credit,
or the transport of any property or provisions of services relating to a Letter of Credit, in each case even if Agent or any of
Agent’s Affiliates has been notified thereof;

 

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(vi)        payment
by Agent under any Letter of Credit against presentation of a demand, draft or certificate or other document which does not comply
with the terms of such Letter of Credit;

 

(vii)       the
solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction
or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic
of any property or services relating to a Letter of Credit;

 

(viii)      any
failure by the Agent or any of Agent’s Affiliates to issue any Letter of Credit in the form requested by Borrowers, unless
the Agent has received written notice from Borrowers of such failure within three (3) Business Days after the Agent shall have
furnished Borrowers a copy of such Letter of Credit and such error is material and no drawing has been made thereon prior to receipt
of such notice;

 

(ix)         any
Material Adverse Effect on Borrowers or any Guarantor;

 

(x)          any
breach of this Agreement or any Other Document by any party thereto;

 

(xi)         the
occurrence or continuance of an insolvency proceeding with respect to Borrowers or any Guarantor;

 

(xii)        the
fact that a Default or Event of Default shall have occurred and be continuing;

 

(xiii)       the
fact that the Term shall have expired or this Agreement or the Obligations hereunder shall have been terminated; and

 

(xiv)      any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 

2.17         Indemnity.
In addition to amounts payable as provided in Section 14.5, the Borrowers hereby agrees to protect, indemnify, pay and save harmless
Agent and any of Agent’s Affiliates that have issued a Letter of Credit from and against any and all claims, demands, liabilities,
damages, taxes, penalties, interest, judgments, losses, costs, charges and expenses (including reasonable fees, expenses and disbursements
of counsel and allocated costs of internal counsel) which the Agent or any of Agent’s Affiliates may incur or be subject
to as a consequence, direct or indirect, of the issuance of any Letter of Credit, other than as a result of (A) the gross negligence
or willful misconduct of the Agent as determined by a final and non-appealable judgment of a court of competent jurisdiction or
(b) the wrongful dishonor by the Agent or any of Agent’s Affiliates of a proper demand for payment made under any Letter
of Credit, except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de
jure or de facto Governmental Body (all such acts or omissions herein called “Governmental Acts”).

 

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2.18         Liability
for Acts and Omissions. As between Borrowers and Issuer, Swing Loan Lender, Agent and Lenders, each Borrower assume all risks
of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In
furtherance and not in limitation of the respective foregoing, Agent shall not be responsible for: (i) the form, validity, sufficiency,
accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance
of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent
or forged (even if Agent shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof,
in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such
Letter of Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions required
in order to draw upon such Letter of Credit or any other claim of Borrowers against any beneficiary of such Letter of Credit, or
any such transferee, or any dispute between or among Borrowers and any beneficiary of any Letter of Credit or any such transferee;
(iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, facsimile, telex or
otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii)
the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit;
or (viii) any consequences arising from causes beyond the control of Agent, including any governmental acts, and none of the above
shall affect or impair, or prevent the vesting of, any of Agent’s rights or powers hereunder. Nothing in the preceding sentence
shall relieve Agent from liability for Agent’s gross negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final non-appealable judgment) in connection with actions or omissions described in such clauses (i) through
(viii) of such sentence. In no event shall Agent or Agent’s Affiliates be liable to the Borrowers for any indirect, consequential,
incidental, punitive, exemplary or special damages or expenses (including without limitation attorneys’ fees), or for any
damages resulting from any change in the value of any property relating to a Letter of Credit.

 

Without limiting the
generality of the foregoing, Agent and each of its Affiliates (i) may rely on any oral or other communication believed in good
faith by Agent or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit, (ii)
may honor any presentation if the documents presented appear on their face substantially to comply with the terms and conditions
of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor
was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement
to the same extent as if such presentation had initially been honored, together with any interest paid by Agent or its Affiliates;
(iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such
statement (even if such statement indicates that a draft or other document is being delivered separately), and shall not be liable
for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v)
may pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices of the place where such
bank is located; and (vi) may settle or adjust any claim or demand made on Agent or its Affiliate in any way related to any order
issued at the applicant’s request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar
document (each an “Order”) and honor any drawing in connection with any Letter of Credit that is the subject of such
Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit fail to conform in
any way with such Letter of Credit.

 

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In furtherance and
extension and not in limitation of the specific provisions set forth above, any action taken or omitted by Agent under or in connection
with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith
and without gross negligence (as determined by a court of competent jurisdiction in a final non-appealable judgment), shall not
put Agent under any resulting liability to Borrowers or any Lender.

 

2.19        Additional
Payments. Any sums expended by Agent or any Lender due to Borrowers’ failure to perform or comply with its obligations
under this Agreement or any Other Document including Borrowers’ obligations under Sections 4.2, 4.4, 4.12, 4.13, 4.14 and
6.1 hereof, may be charged to Borrowers’ Account as a Revolving Advance or, at the discretion of Swing Loan Lender, as a
Swing Loan, and added to the Obligations.

 

2.20        Manner
of Borrowing and Payment.

 

(a)          Each
borrowing of Revolving Advances shall be advanced according to the applicable Commitment Percentages of Lenders. Each borrowing
of Swing Loans shall be advanced by Swing Loan Lender alone.

 

(b)          Promptly
after receipt by Agent of a request or a deemed request for a Revolving Advance pursuant to Section 2.2(a) and, with respect to
Revolving Advances, to the extent Agent elects not to provide a Swing Loan or the making of a Swing Loan would result in the aggregate
amount of all outstanding Swing Loans exceeding the maximum amount permitted in Section 2.4(a), Agent shall notify Lenders holding
the Revolving Commitments of its receipt of such request specifying the information provided by Borrowing Agent and the apportionment
among Lenders of the requested Revolving Advance as determined by Agent in accordance with the terms hereof. Each Lender shall
remit the principal amount of each Revolving Advance to Agent such that Agent is able to, and Agent shall, to the extent the applicable
Lenders have made funds available to it for such purpose and subject to Section 8.2, fund such Revolving Advance to Borrowers in
U.S. Dollars and immediately available funds at the Payment Office prior to the close of business, on the applicable borrowing
date; provided that if any applicable Lender fails to remit such funds to Agent in a timely manner, Agent may elect in its
sole discretion to fund with its own funds the Revolving Advance of such Lender on such borrowing date, and such Lender shall be
subject to the repayment obligation in Section 2.20(c) hereof.

 

(c)          Unless
Agent shall have been notified by telephone, confirmed in writing, by any Lender holding a Revolving Commitment that such Lender
will not make the amount which would constitute its applicable Revolving Commitment Percentage of the requested Revolving Advance
available to Agent, Agent may (but shall not be obligated to) assume that such Lender has made such amount available to Agent on
such date in accordance with Section 2.20(b) and may, in reliance upon such assumption, make available to Borrowers a corresponding
amount. Agent will promptly notify Borrowing Agent of its receipt of any such notice from a Lender. In such event, if a Lender
has not in fact made its applicable Revolving Commitment Percentage of the requested Revolving Advance available to Agent, then
the applicable Lender and Borrowers severally agree to pay to Agent on demand such corresponding amount with interest thereon,
for each day from and including the date such amount is made available to Borrowers through but excluding the date of payment to
Agent, at (i) in the case of a payment to be made by such Lender, the greater of (A) (x) the daily average Federal Funds Effective
Rate (computed on the basis of a year of 360 days) during such period as quoted by Agent, times (y) such amount or (B) a rate determined
by Agent in accordance with banking industry rules on interbank compensation, and (ii) in the case of a payment to be made by Borrowers,
the Revolving Interest Rate for Revolving Advances that are Domestic Rate Loans. If such Lender pays its share of the applicable
Revolving Advance to Agent, then the amount so paid shall constitute such Lender’s Revolving Advance. Any payment by Borrowers
shall be without prejudice to any claim Borrowers may have against a Lender holding a Revolving Commitment that shall have failed
to make such payment to Agent. A certificate of Agent submitted to any Lender or Borrower with respect to any amounts owing under
this paragraph (c) shall be conclusive, in the absence of manifest error.

 

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(d)          Agent,
on behalf of Swing Loan Lender, shall demand settlement (a “Settlement”) of all or any Swing Loans with Lenders holding
the Revolving Commitments on at least a weekly basis, or on any more frequent date that Agent elects or that Swing Loan Lender
at its option exercisable for any reason whatsoever may request, by notifying Lenders holding the Revolving Commitments of such
requested Settlement by facsimile, telephonic or electronic transmission no later than 3:00 p.m. on the date of such requested
Settlement (the “Swing Loan Settlement Date”). Subject to any contrary provisions of Section 2.23, each Lender
holding a Revolving Commitment shall transfer the amount of such Lender’s Commitment Percentage of the outstanding principal
amount (plus interest accrued thereon to the extent requested by Agent) of the applicable Swing Loan with respect to which Settlement
is requested by Agent, to such account of Agent as Agent may designate not later than 5:00 p.m. on such Swing Loan Settlement Date
if requested by Agent by 3:00 p.m., otherwise not later than 5:00 p.m. on the next Business Day. Settlements may occur at any time
notwithstanding that the conditions precedent to making Revolving Advances set forth in Section 8.2 have not been satisfied or
the Revolving Commitments shall have otherwise been terminated at such time. All amounts so transferred to Agent shall be applied
against the amount of outstanding Swing Loans and, when so applied shall constitute Revolving Advances of such Lenders accruing
interest as Domestic Rate Loans. If any such amount is not transferred to Agent by any Lender holding a Revolving Commitment on
such Swing Loan Settlement Date, Agent shall be entitled to recover such amount on demand from such Lender together with interest
thereon as specified in Section 2.20(c).

 

(e)          If
any Lender or Participant (a “Benefited Lender”) shall at any time receive any payment of all or part of its Advances,
or interest thereon, or receive any Collateral in respect thereof (whether voluntarily or involuntarily or by set-off) in a greater
proportion than any such payment to and Collateral received by any other Lender, if any, in respect of such other Lender’s
Advances, or interest thereon, and such greater proportionate payment or receipt of Collateral is not expressly permitted hereunder,
such Benefited Lender shall purchase for cash from the other Lenders a participation in such portion of each such other Lender’s
Advances, or shall provide such other Lender with the benefits of any such Collateral, or the proceeds thereof, as shall be necessary
to cause such Benefited Lender to share the excess payment or benefits of such Collateral or proceeds ratably with each of the
other Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such
Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery,
but without interest. Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under Applicable
Law, that each Lender so purchasing a portion of another Lender’s Advances may exercise all rights of payment (including
rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion, and the obligations
owing to each such purchasing Lender in respect of such participation and such purchased portion of any other Lender’s Advances
shall be part of the Obligations secured by the Collateral, and the obligations owing to each such purchasing Lender in respect
of such participation and such purchased portion of any other Lender’s Advances shall be part of the Obligations secured
by the Collateral.

 

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2.21        Mandatory
and Voluntary Prepayments.

  

(a)          Subject
to Section 4.3 hereof, and subject to the terms of the Intercreditor Agreement, and other than Permitted Dispositions, when any
Credit Party sells or otherwise disposes of any Collateral other than Inventory in the Ordinary Course of Business, Credit Parties
shall repay the Advances in an amount equal to the net proceeds of such sale (i.e., gross proceeds less the reasonable costs of
such sales or other dispositions), such repayments to be made promptly but in no event more than one (1) Business Day following
receipt of such net proceeds, and until the date of payment, such proceeds shall be held in trust for Agent. The foregoing shall
not be deemed to be implied consent to any such sale otherwise prohibited by the terms and conditions hereof. Such repayments shall
be applied to the Advances in such order as Agent may determine, subject to Borrowers’ ability to reborrow Revolving Advances
in accordance with the terms hereof.

 

(b)          Subject
to the terms of the Intercreditor Agreement, Borrowers shall prepay (or cause to be prepaid) the Advances by an amount equal to
all net proceeds (i.e., gross proceeds less the actual collection costs if any, and in connection with any indemnification claim,
any actual losses, costs or expenses which gave rise thereto) received by Borrowers pursuant to the Acquisition Agreement, whether
as adjustments to the purchase price payable thereunder, as indemnification payments or otherwise. Such repayments shall be applied
to the Revolving Advances subject to Borrowers’ ability to reborrow Revolving Advances in accordance with the terms hereof.

 

(c)          Subject
to the terms of the Intercreditor Agreement, and except as otherwise provided in Section 2.2(f) hereof, Borrowers may prepay (or
cause to be prepaid) the Advances at any time on upon written notice to the Agent, without penalty or premium.

 

(d)          Subject
to the terms of the Intercreditor Agreement, in the event of any issuance or other incurrence of Indebtedness by Borrowers or the
issuance of any Equity Interests by any Borrower (which, for the avoidance of doubt, shall not include HT), Borrowers shall, no
later than one (1) Business Day after the receipt by Borrowers of (i) the cash proceeds from any such issuance or incurrence of
Indebtedness or (ii) the net cash proceeds of any issuance of Equity Interests, as applicable, repay the Advances in an amount
equal to (x) 100% of such cash proceeds in the case of such incurrence or issuance of Indebtedness and (y) 100% of such net cash
proceeds in the case of an issuance of Equity Interests. Such repayments shall be applied to the Advances in such order as Agent
may determine, subject to Borrowers’ ability to reborrow Revolving Advances in accordance with the terms hereof.

 

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(e)          Borrowers
may, at their option from time to time (but in no event more than twice in any calendar year) permanently reduce the aggregate
Revolving Commitments upon at least ten (10) Business Days’ prior written notice to Agent, which notice shall specify the
amount and effective date of the reduction and shall be irrevocable once given. Each reduction (i) shall be in a minimum amount
of $10,000,000 or an increment of $5,000,000 in excess thereof, (ii) shall not reduce the aggregate Revolving Commitments to an
amount less than the sum of (A) the aggregate principal amount of Revolving Advances and Swing Loans outstanding at such time and
(B) the Maximum Undrawn Amount of all Letters of Credit at such time (unless accompanied by a corresponding prepayment of such
outstanding Revolving Advances and Swing Loans and/or cash collateralization or backstopping by a backstop letter of credit, in
each case reasonably satisfactory to Agent), and (iii) shall not reduce the aggregate Revolving Commitments to an amount less than
$50,000,000.

 

2.22        Use
of Proceeds.

 

(a)          Borrowers
shall apply the proceeds of Advances to (i) partially fund the Acquisition and related fees and expenses, (ii) pay fees and expenses
relating to this transaction, (iii) provide for its capital expenditure and working capital needs and reimburse drawings under
Letters of Credit, and (iv) to fund Permitted Acquisitions.

 

(b)          Without
limiting the generality of Section 2.22(a) above, neither the Borrowers, the Guarantors nor any other Person which may in the future
become party to this Agreement or the Other Documents as a Borrower or Guarantor, intends to use nor shall they use any portion
of the proceeds of the Advances, directly or indirectly, for any purpose in violation of Applicable Law.

 

2.23        Defaulting
Lender.

 

(a)          Notwithstanding
anything to the contrary contained herein, in the event any Lender (x) has refused (which refusal constitutes a breach by such
Lender of its obligations under this Agreement) to make available its portion of any Advance or (y) notifies either Agent or Borrowers
that it does not intend to make available its portion of any Advance (if the actual refusal would constitute a breach by such Lender
of its obligations under this Agreement) (each, a “Lender Default”), all rights and obligations hereunder of
such Lender (a “Defaulting Lender”) as to which a Lender Default is in effect and of the other parties hereto
shall be modified to the extent of the express provisions of this Section 2.23 while such Lender Default remains in effect.

 

(b)          Advances
shall be incurred pro rata from Lenders (the “Non-Defaulting Lenders”) which are not Defaulting Lenders based
on their respective Commitment Percentages, and no Commitment Percentage of any Lender or any pro rata share of any Advances required
to be advanced by any Lender shall be increased as a result of such Lender Default. Amounts received in respect of principal of
any type of Advances shall be applied to reduce the applicable Advances of each Lender (other than any Defaulting Lender) pro rata
based on the aggregate of the outstanding Advances of that type of all Lenders at the time of such application; provided, that,
Agent shall not be obligated to transfer to a Defaulting Lender any payments received by Agent for the Defaulting Lender’s
benefit, nor shall a Defaulting Lender be entitled to the sharing of any payments hereunder (including any principal, interest
or fees). Amounts payable to a Defaulting Lender shall instead be paid to or retained by Agent. Agent may hold and, in its discretion,
re-lend to Borrowers the amount of such payments received or retained by it for the account of such Defaulting Lender.

 

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(c)          A
Defaulting Lender shall not be entitled to give instructions to Agent or to approve, disapprove, consent to or vote on any matters
relating to this Agreement and the Other Documents. All amendments, waivers and other modifications of this Agreement and the Other
Documents may be made without regard to a Defaulting Lender and, for purposes of the definition of “Required Lenders”,
a Defaulting Lender shall be deemed not to be a Lender and not to have either Advances outstanding or a Commitment Percentage.

 

(d)          Other
than as expressly set forth in this Section 2.23, the rights and obligations of a Defaulting Lender (including the obligation to
indemnify Agent) and the other parties hereto shall remain unchanged. Nothing in this Section 2.23 shall be deemed to release any
Defaulting Lender from its obligations under this Agreement and the Other Documents, shall alter such obligations, shall operate
as a waiver of any default by such Defaulting Lender hereunder, or shall prejudice any rights which Borrowers, Agent or any Lender
may have against any Defaulting Lender as a result of any default by such Defaulting Lender hereunder.

 

(e)          In
the event a Defaulting Lender retroactively cures to the satisfaction of Agent the breach which caused a Lender to become a Defaulting
Lender, such Defaulting Lender shall no longer be a Defaulting Lender and shall be treated as a Lender under this Agreement.

 

(f)       
   if any Swing Loans are outstanding or any Letters of Credit (or drawings under any Letter of Credit
for which Issuer has not been reimbursed) are outstanding or exist at the time any such Lender holding a Revolving Commitment
becomes a Defaulting Lender, then:

 

(i)          Defaulting
Lender’s Participation Commitment in the outstanding Swing Loans and of the Maximum Undrawn Amount of all outstanding Letters
of Credit shall be reallocated among Non-Defaulting Lenders holding Revolving Commitments in proportion to the respective Commitment
Percentages of such Non-Defaulting Lenders to the extent (but only to the extent) that (x) such reallocation does not cause the
aggregate sum of outstanding Revolving Advances made by any such Non-Defaulting Lender holding a Revolving Commitment plus such
Lender’s reallocated Participation Commitment in the outstanding Swing Loans plus such Lender’s reallocated Participation
Commitment in the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit to exceed the Revolving Commitment of any
such Non-Defaulting Lender, and (y) no Default or Event of Default has occurred and is continuing at such time;

 

(ii)         if
the reallocation described in clause (A) above cannot, or can only partially, be effected, Borrowers shall within one Business
Day following notice by Agent (x) first, prepay any outstanding Swing Loans that cannot be reallocated, and (y) second, cash collateralize
for the benefit of issuer, Borrowers’ obligations corresponding to such Defaulting Lender’s Participation Commitment
in the Maximum Undrawn Amount of all Letters of Credit (after giving effect to any partial reallocation pursuant to clause (A)
above) in accordance with Section 3.2(b) for so long as such Obligations are outstanding;

 

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(iii)        if
Borrowers cash collateralize any portion of such Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount
of all Letters of Credit pursuant to clause (B) above, Borrowers shall not be required to pay any fees to such Defaulting Lender
pursuant to Section 3.2(a) with respect to such Defaulting Lender’s Revolving Commitment Percentage of Maximum Undrawn Amount
of all Letters of Credit during the period such Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount
of all Letters of Credit are cash collateralized;

 

(iv)        if
Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit is reallocated pursuant
to clause (A) above, then the fees payable to Lenders holding Revolving Commitments pursuant to Section 3.2(a) shall be adjusted
and reallocated to Non-Defaulting Lenders holding Revolving Commitments in accordance with such reallocation;

 

(v)         if
all or any portion of such Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit
is neither reallocated nor cash collateralized pursuant to clauses (A) or (B) above, then, without prejudice to any rights or remedies
of Issueror any other Lender hereunder, all Letter of Credit Fees payable under Section 3.2(a) with respect to such Defaulting
Lender’s Revolving Commitment Percentage of the Maximum Undrawn Amount of all Letters of Credit shall be payable to the Issuer(and
not to such Defaulting Lender) until (and then only to the extent that) such Participation Commitment in the Maximum Undrawn Amount
of all Letters of Credit is reallocated and/or cash collateralized; and

 

(vi)        so
long as any Lender holding a Revolving Commitment is a Defaulting Lender, Swing Loan Lender shall not be required to fund any Swing
Loans and Issuer shall not be required to issue, amend or increase any Letter of Credit, unless such Issuer is satisfied that the
related exposure and Defaulting Lender’s Participation Commitment in the Maximum Undrawn Amount of all Letters of Credit
and all Swing Loans (after giving effect to any such issuance, amendment, increase or funding) will be fully allocated to Non-Defaulting
Lenders holding Revolving Commitments and/or cash collateral for such Letters of Credit will be provided by Borrowers in accordance
with clause (A) and (B) above, and participating interests in any newly made Swing Loan or any newly issued or increased Letter
of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.23(b)(iii)(A) above (and such Defaulting
Lender shall not participate therein).

 

		III.	INTEREST AND FEES.

 

3.1           Interest.
Interest on Advances shall be payable in arrears on the first day of each month with respect to Domestic Rate Loans and, with respect
to Eurodollar Rate Loans, at the end of each Interest Period or, for Eurodollar Rate Loans with an Interest Period in excess of
three months, at the earlier of (a) each three months from the commencement of such Eurodollar Rate Loan or (b) the end of the
Interest Period. Interest charges shall be computed on the actual principal amount of Advances outstanding during the month at
a rate per annum equal to (i) with respect to Revolving Advances, the applicable Revolving Interest Rate and (ii) with respect
to Swing Loans, the Revolving Interest Rate for Domestic Rate Loans (as applicable, the “Contract Rate”). Whenever,
subsequent to the date of this Agreement, the Alternate Base Rate is increased or decreased, the applicable Contract Rate for Domestic
Rate Loans shall be similarly changed without notice or demand of any kind by an amount equal to the amount of such change in the
Alternate Base Rate during the time such change or changes remain in effect. The Eurodollar Rate shall be adjusted with respect
to Eurodollar Rate Loans without notice or demand of any kind on the effective date of any change in the Reserve Percentage as
of such effective date. Upon and after the occurrence of an Event of Default, and during the continuation thereof, at the option
of Agent or at the direction of Required Lenders, the Obligations shall bear interest at the applicable Contract Rate for Domestic
Rate Loans plus two percent (2%) per annum (as applicable, the “Default Rate”).

 

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3.2          Letter
of Credit Fees.

 

(a)          Borrowers
shall pay (x) to Agent, for the ratable benefit of Lenders, fees for each Letter of Credit for the period from and excluding the
date of issuance of same to and including the date of expiration or termination, equal to the average daily face amount of each
outstanding Letter of Credit multiplied by the Applicable Margin for Revolving Advances consisting of Eurodollar Rate Loans, such
fees to be calculated on the basis of a 360-day year for the actual number of days elapsed and to be payable quarterly in arrears
on the first day of each quarter and on the last day of the Term, and (y) to the Issuer, a fronting fee of one quarter of one percent
(0.25%) per annum times the average daily face amount of each outstanding Letter of Credit for the period from and excluding the
date of issuance of same to and including the date of expiration or termination, together with any and all administrative, issuance,
amendment, payment and negotiation charges with respect to Letters of Credit and all fees and expenses as agreed upon by the Issuer
and the Borrowers in connection with any Letter of Credit, including in connection with the opening, amendment or renewal of any
such Letter of Credit and any acceptances created thereunder and shall reimburse Agent for any and all fees and expenses, if any,
paid by Agent to the Issuer (all of the foregoing fees, the “Letter of Credit Fees”). All such charges shall be deemed
earned in full on the date when the same are due and payable hereunder and shall not be subject to rebate or pro-ration upon the
termination of this Agreement for any reason. Any such charge in effect at the time of a particular transaction shall be the charge
for that transaction, notwithstanding any subsequent change in the Issuer’s prevailing charges for that type of transaction.
All Letter of Credit Fees payable hereunder shall be deemed earned in full on the date when the same are due and payable hereunder
and shall not be subject to rebate or pro-ration upon the termination of this Agreement for any reason. Upon and after the occurrence
of an Event of Default, and during the continuation thereof, at the option of Agent or at the direction of Required Lenders (or,
in the case of any Event of Default under Section 10.7, immediately and automatically upon the occurrence of any such Event of
Default without the requirement of any affirmative action by any party), the Letter of Credit Fees described in clause (x) of this
Section 3.2(a) shall be increased by an additional two percent (2%) per annum.

 

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(b)          On
demand (or, in the case of any Event of Default under Section 10.7, immediately and automatically upon the occurrence of such Event
of Default, without the requirement of any affirmative action by any party), Borrowers will cause cash to be deposited and maintained
in an account with Agent, as cash collateral, in an amount equal to one hundred and five percent (105%) of the Maximum Undrawn
Amount of all outstanding Letters of Credit, and Borrowers hereby irrevocably authorizes Agent, in its discretion, on Borrowers’
behalf and in Borrowers’ name, to open such an account and to make and maintain deposits therein, or in an account opened
by Borrowers, in the amounts required to be made by Borrowers, out of the proceeds of Receivables or other Collateral or out of
any other funds of Borrowers coming into any Lender’s possession at any time. Agent will invest such cash collateral (less
applicable reserves) in such short-term money-market items as to which Agent and Borrowers mutually agree and the net return on
such investments shall be credited to such account and constitute additional cash collateral. Borrowers may not withdraw amounts
credited to any such account except upon the occurrence of all of the following: (x) payment and performance in full of all Obligations,
(y) expiration of all Letters of Credit and (z) termination of this Agreement. Borrowers hereby assign, pledge and grant to Agent,
for its benefit and the ratable benefit of Issuer and Lenders, a continuing security interest in and to and Lien on any such cash
collateral and any right, title and interest of Borrowers in any deposit account, securities account or investment account into
which such cash collateral may be deposited from time to time to secure the Obligations, specifically including all Obligations
with respect to any Letters of Credit. Borrowers agree that upon the coming due of any Reimbursement Obligations (or any other
Obligations, including Obligations for Letter of Credit Fees) with respect to the Letters of Credit, Agent may use such cash collateral
to pay and satisfy such Obligations.

 

3.3          Facility
Fee. If, for any calendar quarter during the Term, the average daily unpaid balance of the Revolving Advances plus Swing Loans
plus the undrawn amount of any outstanding Letters of Credit for each day of such calendar quarter does not equal the Maximum Revolving
Advance Amount, then Borrowers shall pay to Agent for the ratable benefit of Lenders a fee at a rate equal to one quarter of one
percent (0.25%) per annum on the amount by which the Maximum Revolving Advance Amount exceeds such average daily unpaid balance.
Such fee shall be payable to Agent in arrears on the first day of each calendar quarter with respect to the previous calendar quarter.

 

3.4          Fees.

 

(a)          Borrowers
shall pay the amounts required to be paid in the Fee Letter in the manner and at the times required by the Fee Letter.

 

(b)          All
of the fees and out-of-pocket costs and expenses of any appraisals conducted pursuant to Section 4.10 hereof shall be paid for
when due, in full and without deduction, off-set or counterclaim by Borrowers.

 

3.5          Computation
of Interest and Fees. Interest and fees hereunder shall be computed on the basis of a year of 360 days and for the actual number
of days elapsed; provided that interest on Domestic Rate Loans shall be calculated on a 365 or 366 day basis, as the case may be,
for the actual number of days elapsed. If any payment to be made hereunder becomes due and payable on a day other than a Business
Day, the due date thereof shall be extended to the next succeeding Business Day and interest thereon shall be payable at the applicable
Contract Rate for Domestic Rate Loans during such extension.

 

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3.6          Maximum
Charges. In no event whatsoever shall interest and other charges charged hereunder exceed the highest rate permissible under
law. In the event interest and other charges as computed hereunder would otherwise exceed the highest rate permitted under law,
such excess amount shall be first applied to any unpaid principal balance owed by Borrowers, and if the then remaining excess amount
is greater than the previously unpaid principal balance, Lenders shall promptly refund such excess amount to Borrowers and the
provisions hereof shall be deemed amended to provide for such permissible rate.

 

3.7          Increased
Costs. In the event that any Applicable Law or any Change in Law, or compliance by any Lender (for purposes of this Section
3.7, the term “Lender” shall include Agent or any Lender and any corporation or bank controlling Agent or any Lender)
and the office or branch where Agent or any Lender (as so defined) makes or maintains any Eurodollar Rate Loans with any request
or directive (whether or not having the force of law) from any central bank or other financial, monetary or other authority, shall:

 

(a)          subject
Agent, Swing Loan Lender, or any Lender to any tax of any kind whatsoever with respect to this Agreement or any Other Document
or change the basis of taxation of payments to Agent, Swing Loan Lender, or any Lender or Issuer of principal, fees, interest or
any other amount payable hereunder or under any Other Documents (except for the rate of tax on the overall net income of Agent,
Swing Loan Lender, or Lender by the jurisdiction in which it maintains its principal office);

 

(b)          impose,
modify or hold applicable any reserve, special deposit, assessment or similar requirement against assets held by, or deposits in
or for the account of, advances or loans by, or other credit extended by, any office of Agent, Swing Loan Lender, or any Lender,
including pursuant to Regulation D of the Board of Governors of the Federal Reserve System; or

 

(c)          impose
on Agent, Swing Loan Lender, or any Lender or the London interbank Eurodollar market any other condition with respect to this Agreement
or any Other Document;

 

and the result of any
of the foregoing is to increase the cost to Agent, Swing Loan Lender, or any Lender of making, renewing or maintaining its Advances
hereunder by an amount that Agent, Swing Loan Lender or such other Lender deems to be material or to reduce the amount of any payment
(whether of principal, interest or otherwise) in respect of any of the Advances by an amount that Agent, Swing Loan Lender, or
such other Lender deems to be material, then, in any case Agent shall use reasonable efforts to notify Borrowing Agent thereof
within a reasonable period of time following Agent’s actual knowledge thereof, and promptly following Borrowing Agent’s
receipt of such notice, Borrowers shall promptly pay Agent, Swing Loan Lender, or such other Lender, upon its demand, such additional
amount as will compensate Agent, Swing Loan Lender, or such other Lender for such additional cost or such reduction, as the case
may be, provided that the foregoing shall not apply to increased costs which are reflected in the Eurodollar Rate, as the case
may be. Agent, Swing Loan Lender, or such other Lender shall certify the amount of such additional cost or reduced amount to Borrowers,
and such certification shall be conclusive absent manifest error.

 

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3.8          Basis
For Determining Interest Rate Inadequate or Unfair. In the event that Agent or any Lender shall have determined that:

 

(a)          reasonable
means do not exist for ascertaining the Eurodollar Rate applicable pursuant to Section 2.2 hereof for any Interest Period; or

 

(b)          Dollar
deposits in the relevant amount and for the relevant maturity are not available in the London interbank Eurodollar market, with
respect to an outstanding Eurodollar Rate Loan, a proposed Eurodollar Rate Loan, or a proposed conversion of a Domestic Rate Loan
into a Eurodollar Rate Loan; or

 

(c)          the
making, maintenance or funding of any Eurodollar Rate Loan has been made impracticable or unlawful by compliance by Agent or such
Lender in good faith with any Applicable Law or any interpretation or application thereof by any Governmental Body or with any
request or directive of any such Governmental Body (whether or not having the force of law), or

 

(d)          the
Eurodollar Rate will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any Eurodollar
Rate Loan,

 

then Agent shall give
Borrowers prompt written or telephonic notice of such determination. If such notice is given, (i) any such requested Eurodollar
Rate Loan shall be made as a Domestic Rate Loan, unless Borrowers shall notify Agent no later than 10:00 a.m. (New York City time)
two (2) Business Days prior to the date of such proposed borrowing, that its request for such borrowing shall be cancelled or made
as an unaffected type of Eurodollar Rate Loan, (ii) any Domestic Rate Loan or Eurodollar Rate Loan which was to have been converted
to an affected type of Eurodollar Rate Loan shall be continued as or converted into a Domestic Rate Loan, or, if Borrowers shall
notify Agent, no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the proposed conversion, shall be maintained
as an unaffected type of Eurodollar Rate Loan, and (iii) any outstanding affected Eurodollar Rate Loans shall be converted into
a Domestic Rate Loan, or, if Borrowers shall notify Agent, no later than 10:00 a.m. (New York City time) two (2) Business Days
prior to the last Business Day of the then current Interest Period applicable to such affected Eurodollar Rate Loan, shall be converted
into an unaffected type of Eurodollar Rate Loan, on the last Business Day of the then current Interest Period for such affected
Eurodollar Rate Loans. Until such notice has been withdrawn, Lenders shall have no obligation to make an affected type of Eurodollar
Rate Loan or maintain outstanding affected Eurodollar Rate Loans and Borrowers shall not have the right to convert a Domestic Rate
Loan or an unaffected type of Eurodollar Rate Loan into an affected type of Eurodollar Rate Loan.

 

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3.9          Capital
Adequacy.

 

(a)          In
the event that Agent, Swing Loan Lender, or any Lender shall have determined that any Applicable Law or guideline regarding capital
adequacy, or any Change in Law, or any change in the interpretation or administration thereof by any Governmental Body, central
bank or comparable agency charged with the interpretation or administration thereof, or compliance by Agent, Swing Loan Lender,
or any Lender (for purposes of this Section 3.9, the term “Lender” shall include Agent, Swing Loan Lender, or any Lender
and any corporation or bank controlling Agent, Swing Loan Lender, or any Lender) and the office or branch where Agent, Swing Loan
Lender, or any Lender (as so defined) makes or maintains any Eurodollar Rate Loans with any request or directive regarding capital
adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have the
effect of reducing the rate of return on Agent, Swing Loan Lender, or any Lender’s capital as a consequence of its obligations
hereunder to a level below that which Agent or such Lender could have achieved but for such adoption, change or compliance (taking
into consideration Agent’s, Swing Loan Lender’s, and each Lender’s policies with respect to capital adequacy)
by an amount deemed by Agent, Swing Loan Lender, or any Lender to be material, then, from time to time, Borrowers shall pay upon
demand to Agent, Swing Loan Lender, or any Lender such additional amount or amounts as will compensate Agent, Swing Loan Lender,
or such other Lender for such reduction. In determining such amount or amounts, Agent, Swing Loan Lender, or such other Lender
may use any reasonable averaging or attribution methods. The protection of this Section 3.9 shall be available to Agent, Swing
Loan Lender, or such other Lender regardless of any possible contention of invalidity or inapplicability with respect to the Applicable
Law or condition.

 

(b)          A
certificate of Agent, Swing Loan Lender, or such Lender setting forth such amount or amounts as shall be necessary to compensate
Agent, Swing Loan Lender, or such Lender with respect to Section 3.9(a) hereof when delivered to Borrowers shall be conclusive
absent manifest error.

 

3.10        Taxes.

 

(a)          Any
and all payments by or on account of any Obligations hereunder or under any Other Document shall be made free and clear of and
without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if Borrowers shall be required
by Applicable Law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section) Agent, Swing Loan Lender, Lender, Issuer or Participant, as the case may be, receives an amount equal
to the sum it would have received had no such deductions been made, (ii) Borrowers shall make such deductions and (iii) Borrowers
shall timely pay the full amount deducted to the relevant Governmental Body in accordance with Applicable Law.

 

(b)          Without
limiting the provisions of Section 3.10(a) above, Borrowers shall timely pay any Other Taxes to the relevant Governmental Body
in accordance with Applicable Law.

 

(c)          Each
Borrower shall indemnify Agent, Swing Loan Lender, each Lender, Issuer and any Participant, within ten (10) days after demand therefor,
for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on
or attributable to amounts payable under this Section) paid by Agent, Swing Loan Lender, such Lender, Issuer, or such Participant,
as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Body. A certificate
as to the amount and basis of such payment or liability delivered to Borrowers by any Lender, Swing Loan Lender, Participant, or
Issuer (with a copy to Agent), or by Agent on its own behalf or on behalf of Swing Loan Lender, a Lender or Issuer, shall be conclusive
absent manifest error.

 

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(d)          As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Borrower to a Governmental Body, upon request
of Agent, Borrowers shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Body evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Agent.

 

(e)          Any
Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which
any Borrower is resident for tax purposes, or under any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any Other Document shall deliver to Borrowers (with a copy to Agent), at the time or times prescribed by Applicable
Law or reasonably requested by Borrowers or Agent, such properly completed and executed documentation prescribed by Applicable
Law as will permit such payments to be made without withholding or at a reduced rate of withholding. Notwithstanding the submission
of such documentation claiming a reduced rate of or exemption from U.S. withholding tax, Agent shall be entitled to withhold United
States federal income taxes at the full 30% withholding rate if in its reasonable judgment it is required to do so under the due
diligence requirements imposed upon a withholding agent under § 1.1441-7(b) of the United States Income Tax Regulations or
other Applicable Law. Further, Agent is indemnified under § 1.1461-1(e) of the United States Income Tax Regulations against
any claims and demands of any Lender, Issuer or assignee or participant of a Lender or Issuer for the amount of any tax it deducts
and withholds in accordance with regulations under § 1441 of the Code. In addition, any Lender, if requested by Borrowers
or Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrowers or Agent
as will enable Borrowers or Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Without limiting the generality of the foregoing, in the event that any Borrower is resident for tax purposes in
the United States of America, any Foreign Lender (or other Lender) shall deliver to Borrowers and Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender (or other Lender) becomes a Lender
under this Agreement (and from time to time thereafter upon the request of Borrowers or Agent, but only if such Foreign Lender
(or other Lender) is legally entitled to do so), whichever of the following is applicable:

 

(i)          two
(2) duly completed valid originals of IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form) claiming eligibility for benefits
of an income tax treaty to which the United States of America is a party,

 

(ii)         two
(2) duly completed valid originals of IRS Form W-8ECI (or successor form),

 

(iii)        in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x)
a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A)
of the Code, (B) a “10 percent shareholder” of Borrowers within the meaning of section 881(c)(3)(B) of the Code, or
(C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) two duly completed valid
originals of IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form),

 

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(iv)        any
other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding
tax duly completed together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrowers
to determine the withholding or deduction required to be made, or

 

(v)         to
the extent that any Lender is not a Foreign Lender, such Lender shall submit to Agent two (2) originals of an IRS Form W-9 (or
successor form) or any other form prescribed by Applicable Law demonstrating that such Lender is not a Foreign Lender.

 

(f)          If
a payment made to a Lender, Swing Loan Lender, Participant, Issuer, or Agent under this Agreement or any Other Document would be
subject to U.S. Federal withholding Tax imposed by FATCA if such Person fails to comply with the applicable reporting requirements
of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender, Swing Loan Lender,
Participant, Issuer, or Agent shall deliver to the Agent (in the case of Swing Loan Lender, a Lender, Participant or Issuer) and
Borrowers at the time or times reasonably requested by the Borrowers or Agent (A) such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code), and (B) such additional documentation reasonably requested by
Agent or any Borrower as may be necessary for Agent and the Borrowers to comply with their obligations under FATCA and to determine
that Swing Loan Lender, such Lender, Participant, Issuer, or Agent has complied with such applicable reporting requirements under
FATCA or to determine the amount to deduct and withhold from such payment. For purposes of this subparagraph (f), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

(g)          If
Agent, Swing Loan Lender, a Lender, a Participant or Issuer determines, in its sole discretion exercised in good faith, that it
has received a refund of any Indemnified Taxes or Other Taxes (including the payment of additional amounts pursuant to this Section
3.10), it shall pay to Borrowers an amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by Borrowers under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund),
net of all out-of-pocket expenses of the Agent, Swing Loan Lender, such Lender, Participant, or the Issuer, as the case may be,
and without interest (other than any interest paid by the relevant Governmental Body with respect to such refund). Borrowers shall
repay to Agent, Swing Loan Lender, a Lender, a Participant or Issuer , upon written request of such party, the amount paid to Borrowers
pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Body) in the
event that such party is required to repay such refund to such Governmental Body. This paragraph shall not be construed to require
Agent, Swing Loan Lender, any Lender, Participant, or Issuer to make available its tax returns (or any other information relating
to its taxes that it deems confidential) to Borrowers or any other Person.

 

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3.11        Replacement
of Lenders. If any Lender (an “Affected Lender”) (a) makes demand upon Borrowers for (or if Borrowers are otherwise
required to pay) amounts pursuant to Section 3.7 or 3.9 hereof, (b) is unable to make or maintain Eurodollar Rate Loans as a result
of a condition described in Section 2.2(h) hereof, (c) is a Defaulting Lender, or (d) denies any consent requested by the Agent
pursuant to Section 14.2(b) hereof, Borrowers may, within ninety (90) days of receipt of such demand, notice (or the occurrence
of such other event causing Borrowers to be required to pay such compensation or causing Section 2.2(h) hereof to be applicable),
or such Lender becoming a Defaulting Lender or denial of a request by Agent pursuant to Section 14.2(b) hereof, as the case may
be, by notice in writing to the Agent and such Affected Lender (i) request the Affected Lender to cooperate with Borrowers in obtaining
a replacement Lender satisfactory to Agent and Borrowers (the “Replacement Lender”); (ii) request the non-Affected
Lenders to acquire and assume all of the Affected Lender’s Advances and its Commitment Percentage, as provided herein, but
none of such Lenders shall be under any obligation to do so; or (iii) propose a Replacement Lender subject to approval by Agent
in its good faith business judgment. If any satisfactory Replacement Lender shall be obtained, and/or if any one or more of the
non-Affected Lenders shall agree to acquire and assume all of the Affected Lender’s Advances and its Commitment Percentage,
then such Affected Lender shall assign, in accordance with Section 14.3 hereof, all of its Advances and its Commitment Percentage,
and other rights and obligations under this Loan Agreement and the Other Documents to such Replacement Lender or non-Affected Lenders,
as the case may be, in exchange for payment of the principal amount so assigned and all interest and fees accrued on the amount
so assigned, plus all other Obligations then due and payable to the Affected Lender.

 

		IV.	COLLATERAL: GENERAL TERMS

 

4.1          Security
Interest in the Collateral. To secure the prompt payment and performance to Agent, Issuer, and each Lender of the Obligations,
each Credit Party hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each Lender a continuing
security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter acquired or arising and
wheresoever located. Credit Parties shall promptly provide Agent with written notice of all commercial tort claims, such notice
to contain the case title together with the applicable court and a brief description of the claim(s). Upon delivery of each such
notice, Credit Parties shall be deemed to hereby grant to Agent a security interest and lien in and to such commercial tort claims
and all proceeds thereof.

 

4.2           Perfection
of Security Interest. The Credit Parties shall take all action that may be necessary or desirable, or that Agent may request,
so as at all times to maintain the validity, perfection, enforceability and priority of Agent’s security interest in and
Lien on the Collateral or to enable Agent to protect, exercise or enforce its rights hereunder and in the Collateral, including,
but not limited to, (i) immediately discharging all Liens other than Permitted Encumbrances, (ii) obtaining Lien Waiver Agreements,
(iii) delivering to Agent, endorsed or accompanied by such instruments of assignment as Agent may specify, and stamping or marking,
in such manner as Agent may specify, any and all chattel paper, instruments, letters of credits and advices thereof and documents
evidencing or forming a part of the Collateral, (iv) entering into warehousing, lockbox and other custodial arrangements satisfactory
to Agent, and (v) executing and delivering financing statements, control agreements, instruments of pledge, mortgages, notices
and assignments, in each case in form and substance satisfactory to Agent, relating to the creation, validity, perfection, maintenance
or continuation of Agent’s security interest and Lien under the Uniform Commercial Code or other Applicable Law. By its signature
hereto, Credit Parties hereby authorize Agent to file against Credit Parties, one or more financing, continuation or amendment
statements pursuant to the Uniform Commercial Code in form and substance satisfactory to Agent (which statements may have a description
of collateral which is broader than that set forth herein). All charges, expenses and fees Agent may incur in doing any of the
foregoing, and any local taxes relating thereto, shall be charged to Credit Parties’ Account as a Revolving Advance of a
Domestic Rate Loan and added to the Obligations.

 

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4.3          Disposition
of Collateral. Credit Parties will safeguard and protect all Collateral for Agent’s general account and make no disposition
thereof whether by sale, lease or otherwise except the sale of Inventory in the Ordinary Course of Business and Permitted Dispositions.

 

4.4          Preservation
of Collateral. Following the occurrence of an Event of Default, in addition to the rights and remedies set forth in Section
11.1 hereof, Agent: (a) may at any time take such steps as Agent deems necessary to protect Agent’s interest in and to preserve
the Collateral, including the hiring of such security guards or the placing of other security protection measures as Agent may
deem appropriate; (b) may employ and maintain at any of Borrowers’ premises a custodian who shall have full authority to
do all acts necessary to protect Agent’s interests in the Collateral; (c) may lease warehouse facilities to which Agent may
move all or part of the Collateral; (d) may use Credit Parties’ owned or leased lifts, hoists, trucks and other facilities
or equipment for handling or removing the Collateral; and (e) shall have, and is hereby granted, a right of ingress and egress
to the places where the Collateral is located, and may proceed over and through any of Credit Parties’ owned or leased property.
Credit Parties shall cooperate fully with all of Agent’s efforts to preserve the Collateral and will take such actions to
preserve the Collateral as Agent may direct. All of Agent’s expenses of preserving the Collateral, including any expenses
relating to the bonding of a custodian, shall be charged to Borrowers’ Account as a Revolving Advance maintained as a Domestic
Rate Loan and added to the Obligations.

 

4.5          Ownership
of Collateral.

 

(a)          With
respect to the Collateral, at the time the Collateral becomes subject to Agent’s security interest: (i) each Credit Party
shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority security interest
in each and every item of its respective Collateral to Agent; and, except for Permitted Encumbrances the Collateral shall be free
and clear of all Liens and encumbrances whatsoever; (ii) each document and agreement executed by Credit Parties or delivered to
Agent or any Lender in connection with this Agreement shall be true and correct in all respects; (iii) all signatures and endorsements
of Credit Parties that appear on such documents and agreements shall be genuine and Credit Parties shall have full capacity to
execute same; and (iv) Credit Parties’ Inventory shall be located as set forth on Schedule 4.5 and shall not be removed from
such location(s) without the prior written consent of Agent except with respect to the sale of Inventory in the Ordinary Course
of Business. Credit Parties may relocate Inventory at any time to any of the locations set forth on Schedule 4.5 without the consent
of Agent.

 

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(b)          (i)
There is no location at which Credit Parties have any Inventory (except for Inventory in transit) other than those locations listed
on Schedule 4.5; (ii) Schedule 4.5 hereto contains a correct and complete list, as of the Closing Date, of the legal names and
addresses of each warehouse at which Inventory of Credit Parties is stored; none of the receipts received by Borrowers from any
warehouse states that the goods covered thereby are to be delivered to bearer or to the order of a named Person or to a named Person
and such named Person’s assigns; (iii) Schedule 4.19 hereto sets forth a correct and complete list as of the Closing Date
of (A) each place of business of Credit Parties and (B) the chief executive offices of Credit Parties; and (iv) Schedule 4.19
hereto sets forth a correct and complete list as of the Closing Date of the location, by state and street address, of all Real
Property owned or leased by Credit Parties, together with the names and addresses of any landlords.

 

4.6          Defense
of Agent’s and Lenders’ Interests. Until (a) payment and performance in full of all of the Obligations and (b)
termination of this Agreement, Agent’s interests in the Collateral shall continue in full force and effect. During such period
Credit Parties shall not, without Agent’s prior written consent, pledge, sell (except Inventory in the Ordinary Course of
Business and Equipment to the extent permitted in Section 4.3 hereof), assign, transfer, create or suffer to exist a Lien upon
or encumber or allow or suffer to be encumbered in any way except for Permitted Encumbrances, any part of the Collateral. Credit
Parties shall defend Agent’s interests in the Collateral against any and all Persons whatsoever. At any time following demand
by Agent for payment of all Obligations, Agent shall have the right to take possession of the indicia of the Collateral and the
Collateral in whatever physical form contained, including: labels, stationery, documents, instruments and advertising materials.
If Agent exercises this right to take possession of the Collateral, Credit Parties shall, upon demand, assemble it in the best
manner possible and make it available to Agent, at such location or locations as shall be mutually acceptable. In addition, with
respect to all Collateral, Agent and Lenders shall be entitled to all of the rights and remedies set forth herein and further provided
by the Uniform Commercial Code or other Applicable Law. If Agent exercises this right to take possession of the Collateral, Credit
Parties shall, and Agent may, at its option, instruct all suppliers, carriers, forwarders, warehousers or others receiving or holding
cash, checks, Inventory, documents or instruments in which Agent holds a security interest to deliver same to Agent and/or subject
to Agent’s order and if they shall come into Credit Parties’ possession, they, and each of them, shall be held by Credit
Parties in trust as Agent’s trustee, and Credit Parties will immediately deliver them to Agent in their original form together
with any necessary endorsement.

 

4.7          Books
and Records. Credit Parties shall (a) keep proper books of record and account in which full, true and correct entries will
be made of all dealings or transactions of or in relation to its business and affairs; (b) set up on its books accruals with respect
to all taxes, assessments, charges, levies and claims; and (c) on a reasonably current basis set up on its books, from its earnings,
allowances against doubtful Receivables, advances and investments and all other proper accruals (including by reason of enumeration,
accruals for premiums, if any, due on required payments and accruals for depreciation, obsolescence, or amortization of properties),
which should be set aside from such earnings in connection with its business. All determinations pursuant to this subsection shall
be made in accordance with, or as required by, GAAP.

 

4.8          Financial
Disclosure. Credit Parties hereby irrevocably authorizes and directs all accountants and auditors that are salaried employees
of the Credit Parties at any time during the Term to exhibit and deliver to Agent and each Lender copies of any of Credit Parties’
financial statements, trial balances or other accounting records of any sort in the accountant’s or auditor’s possession,
and to disclose to Agent and each Lender any information such accountants may have concerning Credit Parties’ financial status
and business operations. Credit Parties hereby authorize all Governmental Bodies to furnish to Agent and each Lender copies of
reports or examinations relating to Credit Parties, whether made by Credit Parties or otherwise; however, Agent and each Lender
will attempt to obtain such information or materials directly from Credit Parties prior to obtaining such information or materials
from such accountants or Governmental Bodies.

 

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4.9          Compliance
with Laws. Credit Parties shall comply with all Applicable Laws with respect to the Collateral or any part thereof or to the
operation of Credit Parties’ business the non-compliance with which could reasonably be expected to have a Material Adverse
Effect. Credit Parties may, however, contest or dispute any Applicable Laws in any reasonable manner, provided that any related
Lien is inchoate or stayed and sufficient reserves are established to the reasonable satisfaction of Agent to protect Agent’s
Lien on or security interest in the Collateral. The assets of Credit Parties at all times shall be maintained in accordance with
the requirements of all insurance carriers which provide insurance with respect to the assets of Credit Parties so that such insurance
shall remain in full force and effect.

 

4.10        Inspection
of Premises and Appraisals; Inventory Monitoring System. 

 

(a)          At
all reasonable times and upon five (5) Business Days written notice, Agent and each Lender shall have full access to and the right
to audit, check, inspect and make abstracts and copies from Credit Parties’ books, records, audits, correspondence and all
other papers relating to the Collateral and the operation of Credit Parties’ business. At all reasonable times and upon three
(3) Business Days written notice, Agent, any Lender and their agents may enter upon any of Credit Parties’ premises for the
purpose of inspecting the Collateral and any and all records pertaining thereto and the operation of Credit Parties’ business.
The Agent shall perform field examinations with regard to the Collateral at any time in its reasonable discretion up to three (3)
times per annum; provided that such limitation shall not apply after the occurrence and continuance of an Event of Default. So
long as no Event of Default has occurred and is continuing, Credit Parties shall not be liable to pay for more than three (3) such
examinations in any fiscal year (excluding any field examinations conducted prior to the Closing Date).

 

(b)          Agent
may, in its sole discretion, exercised in a commercially reasonable manner, at any time after the Closing Date and from time to
time, engage the services of an independent appraisal firm or firms of reputable standing, satisfactory to Agent, for the purpose
of appraising the then current values of Credit Parties’ Inventory. Absent the occurrence and continuance of an Event of
Default at such time, Agent shall consult with Credit Parties as to the identity of any such firm. In the event the value of Credit
Parties’ Inventory, as so determined pursuant to such appraisal, is less than provided in the most recent Borrowing Base
Certificate, such that the Revolving Advances are in excess of such Advances permitted hereunder, then, promptly upon Agent’s
demand for same, Credit Parties shall make mandatory prepayments of the then outstanding Revolving Advances so as to eliminate
the excess Advances. So long as no Event of Default has occurred, such appraisals shall not occur more than two (2) times in any
fiscal year of Borrowers.

 

(c)          Borrowers
shall maintain at all times in full force and effect an Inventory monitoring system for the purpose of tracking, on a periodic
basis reasonably satisfactory to Agent, the valuation of Borrowers’ R-22 Inventory.

 

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4.11        Insurance.
The assets and properties of Credit Parties at all times shall be maintained in accordance with the requirements of all insurance
carriers which provide insurance with respect to the assets and properties of Credit Parties so that such insurance shall remain
in full force and effect. Credit Parties shall bear the full risk of any loss of any nature whatsoever with respect to the Collateral.
At Credit Parties’ own cost and expense in amounts and with carriers acceptable to Agent, Credit Parties shall (a) keep all
its insurable properties and properties in which Credit Parties have an interest insured against the hazards of fire, flood, sprinkler
leakage, those hazards covered by extended coverage insurance and such other hazards, and for such amounts, as is customary in
the case of companies engaged in businesses similar to Credit Parties’ including business interruption insurance; (b) maintain
public and product liability insurance against claims for personal injury, death or property damage suffered by others; (c) maintain
all such worker’s compensation or similar insurance as may be required under the laws of any state or jurisdiction in which
Credit Parties are engaged in business; (d) furnish Agent with (i) copies of all policies and evidence of the maintenance of such
policies by the renewal thereof at least thirty (30) days before any expiration date, and (ii) appropriate loss payable endorsements
in form and substance satisfactory to Agent, naming Agent as an additional-insured and lender loss payee as its interests may appear
with respect to all insurance coverage referred to in clauses (a) and (c) above, and providing (A) that all proceeds thereunder
shall be payable to Agent, (B) no such insurance shall be affected by any act or neglect of the insured or owner of the property
described in such policy, and (C) that such policy and loss payable clauses may not be cancelled, amended or terminated unless
at least thirty (30) days’ prior written notice is given to Agent. In the event of any loss thereunder, the carriers named
therein hereby are directed by Agent and Credit Parties to make payment for such loss to Agent and not to Credit Parties and Agent
jointly. If any insurance losses are paid by check, draft or other instrument payable to Credit Parties and Agent jointly, Agent
may endorse Credit Parties’ names thereon and do such other things as Agent may deem advisable to reduce the same to cash.
Agent is hereby authorized to adjust and compromise claims under insurance coverage referred to in clause (a) above. All loss recoveries
received by Agent upon any such insurance may be applied to the Obligations, in such order as Agent in its sole discretion shall
determine, or, at the written request of Borrowing Agent, may be remitted to Credit Parties for repair or replacement of the applicable
Collateral. Any surplus shall be paid by Agent to Credit Parties or applied as may be otherwise required by law. Any deficiency
thereon shall be paid by Credit Parties to Agent, on demand.

 

Notwithstanding the
foregoing, subject to the terms of the Intercreditor Agreement, if requested by Credit Parties in writing within 15 days after
Agent’s receipt of any insurance proceeds or condemnation awards relating to any loss or destruction of Equipment or Real
Property, Credit Parties may use such proceeds or awards to repair or replace such Equipment or Real Property (and until so used,
the proceeds shall be held by Agent as cash Collateral) as long as (i) no Event of Default exists; (ii) such repair or replacement
is promptly undertaken and concluded within 180 days from the date of receipt of such proceeds, in accordance with plans satisfactory
to Agent determined in good faith; (iii) replacement buildings are constructed on the sites of the original casualties and are
of comparable size, quality and utility to the destroyed buildings; (iv) the repaired or replaced Collateral is free of Liens,
other than Permitted Encumbrances; and (v) Credit Parties comply with disbursement procedures for such repair or replacement as
Agent may reasonably require.

 

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4.12        Failure
to Pay Insurance. If Credit Parties fail to obtain insurance as hereinabove provided, or to keep the same in force, Agent,
if Agent so elects, may obtain such insurance and pay the premium therefor on behalf of Credit Parties, and charge Credit Parties’
Account therefor as a Revolving Advance of a Domestic Rate Loan and such expenses so paid shall be part of the Obligations.

 

4.13        Payment
of Taxes. Credit Parties will pay, when due, all material taxes, assessments and other Charges lawfully levied or assessed
upon Credit Parties or any of the Collateral including real and personal property taxes, assessments and charges and all franchise,
income, employment, social security benefits, withholding, and sales taxes, unless such taxes, assessments and other Charges are
being Properly Contested. If any tax by any Governmental Body is or may be imposed on or as a result of any transaction between
Credit Parties and Agent or any Lender which Agent or any Lender may be required to withhold or pay or if any taxes, assessments,
or other Charges remain unpaid after the date fixed for their payment, or if any claim shall be made which, in Agent’s or
any Lender’s opinion, may possibly create a valid Lien on the Collateral, Agent may without notice to Credit Parties pay
the taxes, assessments or other Charges and Credit Parties hereby indemnifies and holds Agent and each Lender harmless in respect
thereof. Agent will not pay any taxes, assessments or Charges to the extent that Credit Parties have Properly Contested those taxes,
assessments or Charges. The amount of any payment by Agent under this Section 4.13 shall be charged to Credit Parties’ Account
as a Revolving Advance maintained as a Domestic Rate Loan and added to the Obligations and, until Credit Parties shall furnish
Agent with an indemnity therefor (or supply Agent with evidence satisfactory to Agent that due provision for the payment thereof
has been made), Agent may hold without interest any balance standing to Credit Parties’ credit and Agent shall retain its
security interest in and Lien on any and all Collateral held by Agent.

 

4.14        Payment
of Leasehold Obligations. Credit Parties shall at all times pay, when and as due, its rental obligations under all leases under
which it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep them in
full force and effect and, at Agent’s request will provide evidence of having done so.

 

4.15        Receivables.

 

(a)          Nature
of Receivables. Each of the Receivables shall be a bona fide and valid account representing a bona fide indebtedness incurred
by the Customer therein named, for a fixed sum as set forth in the invoice relating thereto (provided immaterial or unintentional
invoice errors shall not be deemed to be a breach hereof) with respect to an absolute sale or lease and delivery of goods upon
stated terms of Credit Parties, or work, labor or services theretofore rendered by Credit Parties as of the date each Receivable
is created. Same shall be due and owing in accordance with Credit Parties’ standard terms of sale without dispute, setoff
or counterclaim except as may be stated on the accounts receivable schedules delivered by Credit Parties to Agent.

 

(b)          Solvency
of Customers. Each Customer, to the best of Credit Parties’ knowledge, as of the date each Receivable is created, is
and will be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such
Customers of Credit Parties who are not solvent Credit Parties have set up on their books and in their financial records bad debt
reserves adequate to cover such Receivables.

 

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(c)          Location
of Credit Parties. Credit Parties’ chief executive office is located at One Blue Hill Plaza, Pearl River, New York 10965.
Until written notice is given to Agent by Credit Parties of any other office at which Credit Parties keeps their records pertaining
to Receivables, all such records shall be kept at such executive office.

 

(d)          Collection
of Receivables. Until Credit Parties’ authority to do so is terminated by Agent (which notice Agent may give at any time
following the occurrence of an Event of Default), Credit Parties will, at Credit Parties’ reasonable cost and expense, but
on Agent’s behalf and for Agent’s account, collect as Agent’s property and in trust for Agent all amounts received
on Receivables, and shall not, at any time on or after the date on which such notice shall have been given by Agent, commingle
such collections with Credit Parties’ funds or use the same except to pay Obligations. Credit Parties shall deposit in the
Blocked Account or, upon request by Agent, deliver to Agent, in original form and on the date of receipt thereof, all checks, drafts,
notes, money orders, acceptances, cash and other evidences of Indebtedness.

 

(e)          Notification
of Assignment of Receivables. At any time following the occurrence and during the continuance of an Event of Default, Agent
shall have the right to send notice of the assignment of, and Agent’s security interest in and Lien on, the Receivables to
any and all Customers or any third party holding or otherwise concerned with any of the Collateral. Thereafter, Agent shall have
the sole right to collect the Receivables, take possession of the Collateral, or both. Agent’s actual collection expenses,
including, but not limited to, stationery and postage, telephone and telegraph, secretarial and clerical expenses and the salaries
of any collection personnel used for collection, may be charged to Borrowers’ Account and added to the Obligations.

 

(f)          Power
of Agent to Act on Credit Parties’ Behalf. Agent shall have the right to receive, endorse, assign and/or deliver in the
name of Agent or Credit Parties any and all checks, drafts and other instruments for the payment of money relating to the Receivables,
and Credit Parties hereby waive notice of presentment, protest and non-payment of any instrument so endorsed. Credit Parties hereby
constitute Agent or Agent’s designee as Credit Parties’ attorney with power (i) to endorse Credit Parties’ name
upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral; (ii) to sign Credit Parties’
name on any invoice or bill of lading relating to any of the Receivables, drafts against Customers, assignments and verifications
of Receivables; (iii) to send verifications of Receivables to any Customer; (iv) to sign Credit Parties’ name on all financing
statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s
interest in the Collateral and to file same; (v) to demand payment of the Receivables; (vi) to enforce payment of the Receivables
by legal proceedings or otherwise; (vii) to exercise all of Credit Parties’ rights and remedies with respect to the collection
of the Receivables and any other Collateral; (viii) to settle, adjust, compromise, extend or renew the Receivables; (ix) to settle,
adjust or compromise any legal proceedings brought to collect Receivables; (x) to prepare, file and sign Credit Parties’
name on a proof of claim in bankruptcy or similar document against any Customer; (xi) to prepare, file and sign Credit Parties’
name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables; and (xii)
to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified
and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment
or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence (as determined by a court of competent
jurisdiction in a final non-appealable judgment); this power being coupled with an interest is irrevocable while any of the Obligations
remain unpaid. Agent shall have the right at any time following the occurrence of an Event of Default, to change the address for
delivery of mail addressed to Credit Parties to such address as Agent may designate and to receive, open and dispose of all mail
addressed to Credit Parties. The Agent shall have the right at any time following the occurrence of an Event of Default to utilize
the Power of Attorney executed by Credit Parties set forth in this Section 4.15(f). For the avoidance of doubt, Agent shall not
be authorized or permitted to act under this Power of Attorney until after the occurrence of an Event of Default hereunder which
has not been cured or waived by Agent.

 

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(g)          No
Liability. Neither Agent nor any Lender shall, under any circumstances or in any event whatsoever, have any liability for any
error or omission or delay of any kind occurring in the settlement, collection or payment of any of the Receivables or any instrument
received in payment thereof, or for any damage resulting therefrom. Following the occurrence of an Event of Default, Agent may,
without notice or consent from Credit Parties, sue upon or otherwise collect, extend the time of payment of, compromise or settle
for cash, credit or upon any terms any of the Receivables or any other securities, instruments or insurance applicable thereto
and/or release any obligor thereof. Agent is authorized and empowered to accept following the occurrence of an Event of Default
the return of the goods represented by any of the Receivables, without notice to or consent by Credit Parties, all without discharging
or in any way affecting Credit Parties’ liability hereunder.

 

(h)          Establishment
of a Lockbox Account, Dominion Account. All proceeds of Receivables shall be deposited by Credit Parties into either (i) a
lockbox account, dominion account or such other “blocked account” (“Blocked Accounts”) established
at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account
Bank as may be selected by Credit Parties and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”)
established at the Agent for the deposit of such proceeds. Credit Parties, Agent and each Blocked Account Bank shall enter into
a deposit account control agreement in form and substance satisfactory to Agent directing such Blocked Account Bank to transfer
such funds so deposited to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to
appropriate account(s) of Agent. All funds deposited in such Blocked Accounts shall immediately become the property of Agent and
Credit Parties shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited.
Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and
satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. Upon the occurrence and during
the continuance of any Springing Dominion Event, and continuing until such Springing Dominion Event shall cease to exist, Agent
shall apply all funds received by it from the Blocked Accounts and/or Depository Accounts to the satisfaction of the Obligations
(including the cash collateralization of Letters of Credit) in such order as Agent shall determine in its sole discretion within
one (1) Business Day following the Business Day in which Agent receives such funds, provided that in the absence of any Event of
Default, Agent shall apply all such funds representing collection of Receivables first to the prepayment of the principal amount
of the Swing Loans, if any, and then to the Revolving Advances. All deposit accounts and investment accounts of Credit Parties
and its Subsidiaries are set forth on Schedule 4.15(h). For the avoidance of doubt, the remittance by customers of ARI to Airgas,
Inc. of payments of Receivables and the transfer of the proceeds thereof from Airgas, Inc. to ARI, in each case pursuant to the
Transition Services Agreement, shall not be deemed a violation of this section so long as such proceeds are promptly following
receipt thereof deposited by the Credit Parties into either the Blocked Accounts or Depository Accounts.

 

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(i)          Adjustments.
Credit Parties will not, without Agent’s consent, compromise or adjust any material amount of the Receivables (or extend
the time for payment thereof) or accept any material returns of merchandise or grant any additional discounts, allowances or credits
thereon except for those compromises, adjustments, returns, discounts, credits and allowances as have been heretofore customary
in the business of Credit Parties.

 

4.16        Inventory.
To the extent Inventory held for sale or lease has been produced by Credit Parties, it has been and will be produced by Credit
Parties in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder.

 

4.17        Maintenance
of Equipment. The Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted)
and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the Equipment
shall be maintained and preserved in all material respects. Credit Parties shall not use or operate the Equipment in violation
of any law, statute, ordinance, code, rule or regulation. Credit Parties shall have the right to sell Equipment to the extent set
forth in Section 4.3 hereof.

 

4.18        Exculpation
of Liability. Nothing herein contained shall be construed to constitute Agent or any Lender as Credit Parties’ agent
for any purpose whatsoever, nor shall Agent or any Lender be responsible or liable for any shortage, discrepancy, damage, loss
or destruction of any part of the Collateral wherever the same may be located and regardless of the cause thereof. Neither Agent
nor any Lender, whether by anything herein or in any assignment or otherwise, assume any of Credit Parties’ obligations under
any contract or agreement assigned to Agent or such Lender, and neither Agent nor any Lender shall be responsible in any way for
the performance by Credit Parties of any of the terms and conditions thereof.

 

4.19        Environmental
Matters. 

 

(a)          Credit
Parties shall ensure that the Real Property and all operations and businesses conducted thereon remains in material compliance
with all Environmental Laws and they shall not place or permit to be placed any Hazardous Substances on any Real Property except
as permitted by Applicable Law or appropriate governmental authorities.

 

(b)          Credit
Parties shall establish and maintain a system to assure and monitor continued compliance with all applicable Environmental Laws
which system shall include periodic reviews of such compliance.

 

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(c)          Credit
Parties shall (i) employ in connection with the use of the Real Property appropriate technology necessary to maintain material
compliance with any applicable Environmental Laws and (ii) dispose of any and all Hazardous Waste generated at the Real Property
only at facilities and with carriers that maintain valid permits under RCRA and any other applicable Environmental Laws. Credit
Parties shall use its best efforts to obtain certificates of disposal, such as hazardous waste manifest receipts, from all treatment,
transport, storage or disposal facilities or operators employed by Credit Parties in connection with the transport or disposal
of any Hazardous Waste generated at the Real Property.

 

(d)          In
the event Credit Parties obtain, give or receive notice of any Release or threat of Release of a reportable quantity of any Hazardous
Substances at the Real Property (any such event being hereinafter referred to as a “Hazardous Discharge”) or receives
any notice of violation, request for information or notification that it is potentially responsible for investigation or cleanup
of environmental conditions at the Real Property, demand letter or complaint, order, citation, or other written notice with regard
to any Hazardous Discharge or violation of Environmental Laws affecting the Real Property or Credit Parties’ interest therein
(any of the foregoing is referred to herein as an “Environmental Complaint”) from any Person, including any state agency
responsible in whole or in part for environmental matters in the state in which the Real Property is located or the United States
Environmental Protection Agency (any such person or entity hereinafter the “Authority”), then Credit Parties shall,
within five (5) Business Days, give written notice of same to Agent detailing facts and circumstances of which Credit Parties are
aware giving rise to the Hazardous Discharge or Environmental Complaint. Such information is to be provided to allow Agent to protect
its security interest in and Lien on the Real Property and the Collateral and is not intended to create nor shall it create any
obligation upon Agent or any Lender with respect thereto.

 

(e)          Credit
Parties shall promptly forward to Agent copies of any request for information, notification of potential liability, demand letter
relating to potential responsibility with respect to the investigation or cleanup of Hazardous Substances at any other site owned,
operated or used by Credit Parties to dispose of Hazardous Substances and shall continue to forward copies of correspondence between
Credit Parties and the Authority regarding such claims to Agent until the claim is settled. Credit Parties shall promptly forward
to Agent copies of all documents and reports concerning a Hazardous Discharge at the Real Property that Credit Parties are required
to file under any Environmental Laws. Such information is to be provided solely to allow Agent to protect Agent’s security
interest in and Lien on the Real Property and the Collateral.

 

(f)    
      Credit Parties shall respond promptly to any Hazardous Discharge or Environmental
Complaint and take all necessary action in order to safeguard the health of any Person and to avoid subjecting the Collateral
or Real Property to any Lien. If Credit Parties shall fail to respond promptly to any Hazardous Discharge or Environmental
Complaint or Credit Parties shall fail to comply with any of the requirements of any Environmental Laws, Agent on behalf of
Lenders may, but without the obligation to do so, for the sole purpose of protecting Agent’s interest in the
Collateral: (A) give such notices or (B) enter onto the Real Property (or authorize third parties to enter onto the Real
Property) and take such actions as Agent (or such third parties as directed by Agent) deem reasonably necessary or advisable,
to clean up, remove, mitigate or otherwise deal with any such Hazardous Discharge or Environmental Complaint. All reasonable
costs and expenses incurred by Agent and Lenders (or such third parties) in the exercise of any such rights, including any
sums paid in connection with any judicial or administrative investigation or proceedings, fines and penalties, together with
interest thereon from the date expended at the Default Rate for Domestic Rate Loans constituting Revolving Advances shall be
paid upon demand by Credit Parties, and until paid shall be added to and become a part of the Obligations secured by
the Liens created by the terms of this Agreement or any other agreement between Agent, any Lender and Credit Parties.

 

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(g)          Promptly
upon the written request of Agent subsequent to a Hazardous Discharge, Credit Parties shall provide Agent, at Credit Parties’
expense, with an environmental site assessment or environmental audit report prepared by an environmental engineering firm acceptable
in the reasonable opinion of Agent, to assess with a reasonable degree of certainty the existence of a Hazardous Discharge and
the potential costs in connection with abatement, cleanup and removal of any Hazardous Substances found on, under, at or within
the Real Property. Any report or investigation of such Hazardous Discharge proposed and acceptable to an appropriate Authority
that is charged to oversee the clean-up of such Hazardous Discharge shall be acceptable to Agent. If such estimates, individually
or in the aggregate, exceed $100,000, Agent shall have the right to require Credit Parties to post a bond, letter of credit or
other security reasonably satisfactory to Agent to secure payment of these costs and expenses.

 

(h)          Credit
Parties shall defend and indemnify Agent and Lenders and hold Agent, Lenders and their respective employees, agents, directors
and officers harmless from and against all loss, liability, damage and expense, claims, costs, fines and penalties, including attorney’s
fees, suffered or incurred by Agent or Lenders under or on account of any Environmental Laws, including the assertion of any Lien
thereunder, with respect to any Hazardous Discharge, the presence of any Hazardous Substances affecting the Real Property, whether
or not the same originates or emerges from the Real Property or any contiguous real estate, including any loss of value of the
Real Property as a result of the foregoing except to the extent such loss, liability, damage and expense is attributable to any
Hazardous Discharge resulting from actions on the part of Agent or any Lender. Credit Parties’ obligations under this Section
4.19 shall arise upon the discovery of the presence of any Hazardous Substances at the Real Property, whether or not any federal,
state, or local environmental agency has taken or threatened any action in connection with the presence of any Hazardous Substances.
Credit Parties’ obligation and the indemnifications hereunder shall survive the termination of this Agreement.

 

(i)          For
purposes of Section 4.19 and 5.7, all references to Real Property shall be deemed to include all of Credit Parties’ right,
title and interest in and to its owned and leased premises.

 

4.20        Financing
Statements. Except as respects the financing statements filed by Agent and the financing statements described on Schedule 1.2,
no financing statement covering any of the Collateral or any proceeds thereof is on file in any public office.

 

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		V.	REPRESENTATIONS AND WARRANTIES.

 

Each Credit Party represents
and warrants as follows:

 

5.1          Authority.
Each Credit Party has full power, authority and legal right to enter into this Agreement and the Other Documents and to perform
all its respective Obligations hereunder and thereunder. This Agreement and the Other Documents have been duly executed and delivered
by Credit Parties, and this Agreement and the Other Documents constitute the legal, valid and binding obligation of Credit Parties
enforceable in accordance with their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency,
moratorium or similar laws affecting creditors’ rights generally. The execution, delivery and performance of this Agreement
and of the Other Documents (a) are within Credit Parties’ corporate powers, have been duly authorized by all necessary corporate
action, are not in contravention of applicable law or the terms of Credit Parties’ by-laws, certificate of incorporation
or other applicable documents relating to Credit Parties’ formation or to the conduct of Credit Parties’ business or
of any material agreement or undertaking to which Credit Parties are a party or by which Credit Parties are bound, (b) will not
conflict with or violate any applicable law or regulation, or any judgment, order or decree of any Governmental Body, (c) will
not require the Consent of any Governmental Body or any other Person, except those Consents set forth on Schedule 5.1 hereto, all
of which will have been duly obtained, made or compiled prior to the Closing Date and which are in full force and effect and (d)
will not conflict with, nor result in any breach in any of the provisions of or constitute a default under or result in the creation
of any Lien except Permitted Encumbrances upon any asset of Credit Parties under the provisions of any agreement, charter document,
instrument, by-law or other instrument to which Credit Parties are a party or by which they or their property is a party or by
which they may be bound, including without limitation, the Term Loan Documents and Acquisition Agreement.

 

5.2          Formation
and Qualification.

 

(a)          Credit
Parties are duly incorporated and in good standing under the laws of the state listed on Schedule 5.2(a) and is qualified to do
business and is in good standing in the states listed on Schedule 5.2(a) which constitute all states in which qualification and
good standing are necessary for Credit Parties to conduct their respective business and own their respective property and where
the failure to so qualify could reasonably be expected to have a Material Adverse Effect. Credit Parties have delivered to Agent
true and complete copies of their respective certificates of incorporation and by-laws and will promptly notify Agent of any amendment
or changes thereto.

 

(b)          The
only Subsidiaries of Credit Parties are listed on Schedule 5.2(b).

 

5.3          Survival
of Representations and Warranties. All representations and warranties of Credit Parties contained in this Agreement and the
Other Documents shall be true at the time of Credit Parties’ execution of this Agreement and the Other Documents, and shall
survive the execution, delivery and acceptance thereof by the parties thereto and the closing of the transactions described therein
or related thereto.

 

5.4          Tax
Returns. Credit Parties’ federal tax identification numbers are set forth on Schedule 5.4. Credit Parties have filed
all federal, state and local tax returns and other reports they are required by law to file and have paid all taxes, assessments,
fees and other governmental charges that are due and payable. The provision for taxes on the books of Credit Parties is adequate
in all material respects for all years not closed by applicable statutes, and for its current fiscal year, and Credit Parties have
no knowledge of any deficiency or additional assessment in connection therewith not provided for on their books.

 

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5.5          Financial
Statements. The consolidated and consolidating balance sheets of HT and its Subsidiaries and such other Persons described
therein (including the accounts of all Subsidiaries for the respective periods during which a subsidiary relationship
existed) as of December 31, 2016, and the related statements of income, changes in stockholder’s equity, and changes in
cash flow for the period ended on such date, all accompanied by reports thereon containing opinions without qualification by
independent certified public accountants, copies of which have been delivered to Agent, have been prepared in accordance with
GAAP, (except for changes in application in which such accountants concur) and present fairly the financial position of any
Borrower and its Subsidiaries at such date and the results of their operations for such period. Since December 31, 2016 there
has been no change in the condition, financial or otherwise, of HT and its Subsidiaries as shown on the consolidated balance
sheet as of such date and no change in the aggregate value of machinery, equipment and Real Property owned by HT and its
Subsidiaries, except changes in the Ordinary Course of Business or as otherwise permitted pursuant to this Agreement, none of
which individually or in the aggregate has been materially adverse.

 

5.6          Entity
Name. Credit Parties have not been known by any other corporate name in the past five years and do not sell Inventory under
any other name except as set forth on Schedule 5.6, nor have Credit Parties been the surviving corporation of a merger or consolidation
or acquired all or substantially all of the assets of any Person during the preceding five (5) years, other than pursuant to the
Acquisition.

 

5.7          O.S.H.A.
and Environmental Compliance.

 

(a)          Credit
Parties have duly complied with, and their facilities, business, assets, property, leaseholds, Real Property and Equipment are
in compliance in all material respects with, the provisions of the Federal Occupational Safety and Health Act, the Environmental
Protection Act, RCRA and all other Environmental Laws; there have been no outstanding material citations, notices or orders of
non-compliance issued to Credit Parties or relating to their business, assets, property, leaseholds or Equipment under any such
laws, rules or regulations.

 

(b)          Credit
Parties have been issued all required federal, state and local licenses, certificates or permits relating to all applicable Environmental
Laws.

 

(c)          (i)
There are no visible signs of releases, spills, discharges, leaks or disposal (collectively referred to as “Releases”)
of Hazardous Substances at, upon, under or within any Real Property or any premises leased by Credit Parties; (ii) there are no
underground storage tanks or polychlorinated biphenyls on the Real Property or any premises leased by Credit Parties; (iii) neither
the Real Property nor any premises leased by Credit Parties have ever been used as a treatment, storage or disposal facility of
Hazardous Waste; and (iv) no Hazardous Substances are present on the Real Property or any premises leased by Credit Parties, excepting
such quantities as are handled in accordance with all applicable manufacturer’s instructions and governmental regulations
and in proper storage containers and as are necessary for the operation of the commercial business of Credit Parties or of their
tenants.

 

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5.8          Solvency;
No Litigation, Violation, Indebtedness or Default; ERISA Compliance.

 

(a)          Each
Credit Party is solvent, able to pay its debts as they mature, has capital sufficient to carry on its business and all businesses
in which it is about to engage, and (i) as of the Closing Date, the fair present saleable value of its assets, calculated on a
going concern basis, is in excess of the amount of its liabilities and (ii) subsequent to the Closing Date, the fair saleable value
of its assets (calculated on a going concern basis) will be in excess of the amount of its liabilities.

 

(b)          Except
as disclosed in Schedule 5.8(b), Credit Parties have no (i) pending or threatened litigation, arbitration, actions or proceedings
which involve the possibility of having a Material Adverse Effect, and (ii) liabilities or indebtedness for borrowed money other
than the Obligations and the Term Loan.

 

(c)          Credit
Parties are not in violation of any applicable statute, law, rule, regulation or ordinance in any respect which could reasonably
be expected to have a Material Adverse Effect, nor are Credit Parties in violation of any order of any court, Governmental Body
or arbitration board or tribunal.

 

(d)          No
Credit Party nor any member of the Controlled Group maintains nor is required to contribute to any Plan other than those listed
on Schedule 5.8(d) hereto. Each Plan is in compliance with the applicable provisions of ERISA, the Code and other Applicable Laws
except to the extent that non-compliance therewith could reasonably be expected to have a Material Adverse Effect. (i) Each Credit
Party and each member of the Controlled Group has met all applicable minimum funding requirements under Section 302 of ERISA and
Section 412 of the Code in respect of each Pension Benefit Plan and Multi-Employer Plan, and each Pension Benefit Plan is in compliance
with Sections 412, 430 and 436 of the Code and Sections 206(g), 302 and 303 of ERISA, without regard to waivers and variances;
(ii) each Plan which is intended to be a qualified plan under Section 401(a) of the Code as currently in effect has been determined
by the Internal Revenue Service to be qualified under Section 401(a) of the Code and the trust related thereto is exempt from federal
income tax under Section 501(a) of the Code, or an application for such a determination is currently being processed by the Internal
Revenue Service or the Plan is a prototype or volume submitter plan with respect to which the Internal Revenue Service has issued
an opinion letter; (iii) neither any Credit Party nor any member of the Controlled Group has incurred any liability to the PBGC
other than for the payment of premiums, and there are no premium payments which have become due which are unpaid; (iv) no Pension
Benefit Plan or Multiemployer Plan has been terminated by the plan administrator thereof nor by the PBGC, and there is no occurrence
which would cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Benefit Plan or Multiemployer
Plan; (v) the current value of the assets of each Pension Benefit Plan exceeds the present value of the accrued benefits and other
liabilities of such Plan and neither any Credit Party nor any member of the Controlled Group knows of any facts or circumstances
which would materially change the value of such assets and accrued benefits and other liabilities; (vi) neither any Credit Party
nor any member of the Controlled Group has breached any of the responsibilities, obligations or duties imposed on it by ERISA with
respect to any Plan; (vii) neither any Credit Party nor any member of the Controlled Group has incurred any liability for any excise
tax arising under Section 4971, 4972 or 4980B of the Code, and, to Credit Parties’ knowledge, no fact exists which could
give rise to any such liability; (viii) to Credit Parties’ knowledge, neither any Credit Party nor any member of the Controlled
Group nor any fiduciary of, nor any trustee to, any Plan, has engaged in a “prohibited transaction” described in Section
406 of ERISA or Section 4975 of the Code nor taken any action which would constitute or result in a Termination Event with respect
to any such Plan which is subject to ERISA; (ix) no Termination Event has occurred or is reasonably expected to occur; (x) there
exists no Reportable ERISA Event; (xi) neither any Credit Party nor any member of the Controlled Group has engaged in a transaction
that could be subject to Section 4069 or 4212(c) of ERISA; (xii) neither any Credit Party nor any member of the Controlled Group
maintains or is required to contribute to any Plan which provides health, accident or life insurance benefits to former employees,
their spouses or dependents, other than in accordance with Section 4980B of the Code; (xiii) neither any Credit Party nor any member
of the Controlled Group has withdrawn, completely or partially, within the meaning of Section 4203 or 4205 of ERISA, from any Multiemployer
Plan so as to incur liability under the Multiemployer Pension Plan Amendments Act of 1980 and there exists no fact which would
reasonably be expected to result in any such liability; (xiv) no Plan fiduciary (as defined in Section 3(21) of ERISA) has any
liability for breach of fiduciary duty or for any failure in connection with the administration or investment of the assets of
a Plan; and (xv) no Pension Benefit Plan is in “at risk” status under Section 430(i)(4) of the Code or Section 303(i)(4)
of ERISA.

 

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5.9          Patents,
Trademarks, Copyrights and Licenses. All patents, patent applications, trademarks, trademark applications, service marks, service
mark applications, copyrights, copyright applications, design rights, tradenames, assumed names, trade secrets and licenses owned
or utilized by Credit Parties are set forth on Schedule 5.9, are valid and have been duly registered or filed with all appropriate
Governmental Bodies and constitute all of the material intellectual property rights which are necessary for the operation of its
business; to Credit Parties’ knowledge, there is no objection to, or pending challenge to, the validity of any such patent,
trademark, copyright, design rights, tradename, trade secret or license and Credit Parties are not aware of any grounds for any
challenge, except as set forth in Schedule 5.9 hereto. Each patent, patent application, patent license, trademark, trademark application,
trademark license, service mark, service mark application, service mark license, design rights, copyright, copyright application
and copyright license owned or held by Credit Parties and all trade secrets used by Credit Parties consist of original material
or property developed by Credit Parties or was lawfully acquired by Credit Parties from the proper and lawful owner thereof. Each
of such items has been maintained so as to preserve the value thereof from the date of creation or acquisition thereof.

 

5.10        Licenses
and Permits. Except as set forth in Schedule 5.10, Credit Parties (a) are in compliance with and (b) have procured and is now
in possession of, all material licenses or permits required by any applicable federal, state, provincial or local law, rule or
regulation for the operation of its business in each jurisdiction wherein it is now conducting or proposes to conduct business
and where the failure to procure such licenses or permits could have a Material Adverse Effect.

 

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5.11        Default
of Indebtedness. Credit Parties are not in default in the payment of the principal of or interest on any Indebtedness or under
any instrument or agreement under or subject to which any Indebtedness has been issued and no event has occurred under the provisions
of any such instrument or agreement which with or without the lapse of time or the giving of notice, or both, constitutes or would
constitute an event of default thereunder.

 

5.12        No
Default. Credit Parties are not in default in the payment or performance of any of its material contractual obligations and
no Default has occurred.

 

5.13        No
Burdensome Restrictions. Credit Parties are not party to any contract or agreement the performance of which could have a Material
Adverse Effect. Credit Parties have heretofore delivered to Agent true and complete copies of all material contracts to which they
are a party or to which they or any of its properties are subject. Credit Parties have not agreed or consented to cause or permit
in the future (upon the happening of a contingency or otherwise) any of their property, whether now owned or hereafter acquired,
to be subject to a Lien which is not a Permitted Encumbrance.

 

5.14        No
Labor Disputes. Credit Parties are not involved in any labor dispute; there are no strikes or walkouts or union organization
of Credit Party’s employees threatened or in existence and no labor contract is scheduled to expire during the Term other
than as set forth on Schedule 5.14 hereto.

 

5.15        Margin
Regulations. Credit Parties are not engaged, nor will they engage, principally or as one of their important activities, in
the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock”
within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve
System as now and from time to time hereafter in effect. No part of the proceeds of any Advance will be used for “purchasing”
or “carrying” “margin stock” as defined in Regulation U of such Board of Governors.

 

5.16        Investment
Company Act. Credit Parties are not an “investment company” registered or required to be registered under the Investment
Company Act of 1940, as amended, nor are they controlled by such a company.

 

5.17        Disclosure.
No representation or warranty made by Credit Parties in this Agreement, the Term Loan Documents, the Acquisition Agreement, or
in any financial statement, report, certificate or any other document furnished in connection herewith contains any untrue statement
of fact or omits to state any fact necessary to make the statements herein or therein not misleading. There is no fact known to
Credit Parties or which reasonably should be known to Credit Parties which Credit Parties have not disclosed to Agent in writing
with respect to the transactions contemplated by this Agreement which could reasonably be expected to have a Material Adverse Effect.

 

5.18        Swaps.
Credit Parties are not a party to, nor will they be a party to, any swap agreement whereby Credit Parties have agreed or will agree
to swap interest rates or currencies unless same provides that damages upon termination following an event of default thereunder
are payable on an unlimited “two-way basis” without regard to fault on the part of either party.

 

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5.19        Conflicting
Agreements. No provision of any mortgage, indenture, contract, agreement, judgment, decree or order binding on Credit Parties
or affecting the Collateral conflicts with, or requires any Consent which has not already been obtained to, or would in any way
prevent the execution, delivery or performance of, the terms of this Agreement or the Other Documents.

 

5.20        Application
of Certain Laws and Regulations. Neither Credit Parties nor any Affiliate of Credit Parties is subject to any law, statute,
rule or regulation which regulates the incurrence of any Indebtedness, including laws, statutes, rules or regulations relative
to common or interstate carriers or to the sale of electricity, gas, steam, water, telephone, telegraph or other public utility
services.

 

5.21        Business
and Property of Credit Parties. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than
the Business. On the Closing Date, Borrowers will own all the property and possess all of the rights and Consents necessary for
the conduct of the business of Borrowers.

 

5.22        Section
20 Subsidiaries. Borrowers do not intend to use and shall not use any portion of the proceeds of the Advances, directly or
indirectly, to purchase during the underwriting period, or for 30 days thereafter, Ineligible Securities being underwritten by
a Section 20 Subsidiary.

 

5.23        Federal
Securities Laws. Neither Credit Parties nor any of their Subsidiaries, in each case other than HT, (i) are required to file
periodic reports under the Exchange Act, (ii) have any securities registered under the Exchange Act nor (iii) have filed a registration
statement that has not yet become effective under the Securities Act.

 

5.24        Delivery
of Term Loan Documents and Acquisition Agreement. Agent has received complete copies of the Acquisition Agreement and Term
Loan Documents, and related documents (including all exhibits, schedules and disclosure letters referred to therein or delivered
pursuant thereto, if any) and all amendments thereto, and waivers relating thereto. None of such documents and agreements has been
amended or supplemented, nor have any of the provisions thereof been waived, except pursuant to a written agreement or instrument
which has heretofore been delivered to Agent.

 

VI.          AFFIRMATIVE
COVENANTS.

 

Each Credit Party shall,
until payment in full of the Obligations and termination of this Agreement:

 

6.1          Payment
of Fees. Pay to Agent on demand all usual and customary fees and expenses which Agent incurs in connection with (a) the forwarding
of Advance proceeds and (b) the establishment and maintenance of any Blocked Accounts or Depository Accounts as provided for in
Section 4.15(h). Agent may, without making demand, charge Borrowers’ Account for all such fees and expenses.

 

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6.2      
    Conduct of Business and Maintenance of Existence and Assets. (a) Conduct continuously
and operate actively its business according to good business practices and maintain all of its properties useful or necessary
in its business in good working order and condition (reasonable wear and tear excepted and except as may be disposed of in
accordance with the terms of this Agreement), including all licenses, patents, copyrights, design rights, tradenames, trade
secrets and trademarks and take all actions necessary to enforce and protect the validity of any intellectual property right
or other right included in the Collateral; (b) keep in full force and effect its existence and comply in all material
respects with the laws and regulations governing the conduct of its business where the failure to do so could reasonably be
expected to have a Material Adverse Effect; and (c) make all such reports and pay all such franchise and other taxes and
license fees and do all such other acts and things as may be lawfully required to maintain its rights, licenses, leases,
powers and franchises under the laws of the United States or any political subdivision thereof where the failure to do so
could reasonably be expected to have a Material Adverse Effect.

 

6.3           Violations.
Promptly notify Agent in writing of any violation of any law, statute, regulation or ordinance of any Governmental Body, or of
any agency thereof, applicable to Borrowers which could reasonably be expected to have a Material Adverse Effect.

 

6.4           Government
Receivables. After the occurrence and continuance of an Event of Default (subject to applicable cure and grace periods) which
has not been waived by Agent, take all steps necessary to protect Agent’s interest in the Collateral under the Federal Assignment
of Claims Act, the Uniform Commercial Code and all other applicable state or local statutes or ordinances and deliver to Agent
appropriately endorsed, any instrument or chattel paper connected with any Receivable arising out of contracts between Borrowers
and the United States, any state or any department, agency or instrumentality of any of them.

 

6.5           Fixed
Charge Coverage Ratio. Cause to be maintained at all times a Fixed Charge Coverage Ratio of not less than 1.00 to 1.00, as
of the end of each trailing period of four consecutive fiscal quarters, commencing with fiscal quarter ending on December 31, 2017,
provided, however, that solely for purposes of determining the calculations evidencing compliance with this covenant
(i) EBITDA for the fiscal quarters ended on March 31, 2017 and June 30, 2017 shall be deemed to equal the combined sum of the amounts
set forth in Schedule 6.5 opposite each such fiscal quarter attributable to HT, Hudson Technologies and Holdings, on the one
hand, and allocable to ARI, on the other hand, (ii) EBITDA for the fiscal quarter ended on September 30, 2017 shall be deemed to
equal the combined sum of (x) actual EBITDA of HT, Hudson Technologies and Holdings, on the one hand, and (y) actual EBITDA allocable
to ARI, on the other hand, in each case for such fiscal quarter, in each case as calculated and determined in good faith by the
Borrowers (in accordance with sound accounting principles, consistently applied) to the reasonable satisfaction of the Agent, (iii)
EBITDA for the fiscal quarter ending on December 31, 2017 shall be deemed to equal the sum of (x) for the period commencing on
the Closing Date and ending on December 31, 2017 actual EBITDA for such period plus (y) for the period commencing on October 1,
2017 and ending on the date preceding the Closing Date, the sum of EBITDA for such period attributable to HT, Hudson Technologies
and Holdings, on the one hand, and allocable to ARI, on the other hand, in each case under this clause (iii) as calculated and
determined in good faith by the Borrowers (in accordance with sound accounting principles, consistently applied) to the reasonable
satisfaction of the Agent, (iv) with respect to each component of the Fixed Charge Coverage Ratio other than EBITDA and Unfinanced
Capital Expenditures (collectively, the “FCC Components”), the aggregate amount of the FCC Components for (A)
the four fiscal quarters ending on December 31, 2017 shall be deemed to equal the product of the actual aggregate amount of the
FCC Components for the fiscal quarter then ended, multiplied by a factor of 4, (B) the four fiscal quarters ending on March 31,
2018 shall be deemed to equal the product of the actual aggregate amount of the FCC Components for the two fiscal quarter then
ended, multiplied by a factor of 2 and (C) the four fiscal quarters ending on June 30, 2018 shall be deemed to equal the product
of the actual aggregate amount of the FCC Components for the three fiscal quarter then ended, multiplied by a factor of 1 and 1/3,
and (v) with respect to Unfinanced Capital Expenditures, for each trailing period of four consecutive fiscal quarters that includes
any fiscal quarter ended on March 31, June 30 or September 30, 2017, or ending on December 31, 2017, Unfinanced Capital Expenditures
(x) for each of the fiscal quarters ended on March 31, June 30 and September 30, 2017 shall be deemed to equal the combined sum
of the actual Unfinanced Capital Expenditures of HT, Hudson Technologies and Holdings, on the one hand, and the actual Unfinanced
Capital Expenditures allocable to ARI on the other hand (as calculated and determined in good faith by the Borrowers, in accordance
with sound accounting principles, consistently applied, to the reasonable satisfaction of the Agent), in each case for such fiscal
quarter and (y) for the fiscal quarter ending on December 31, 2017 shall equal the actual Unfinanced Capital Expenditures of the
Borrowers, on a combined basis, for such fiscal quarter.

 

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6.6           Execution
of Supplemental Instruments. Execute and deliver to Agent from time to time, upon demand, such supplemental agreements, statements,
assignments and transfers, or instructions or documents relating to the Collateral, and such other instruments as Agent may request,
in order that the full intent of this Agreement may be carried into effect.

 

6.7           Payment
of Indebtedness. Pay, discharge or otherwise satisfy at or before maturity (subject, where applicable, to specified grace periods
and, in the case of the trade payables, to normal payment practices) all its obligations and liabilities of whatever nature, except
when the failure to do so could not reasonably be expected to have a Material Adverse Effect or when the amount or validity thereof
is currently being contested in good faith by appropriate proceedings and Borrowers shall have provided for such reserves as Agent
may reasonably deem proper and necessary, subject at all times to any applicable subordination arrangement in favor of Lenders.

 

6.8           Standards
of Financial Statements. Cause all financial statements referred to in Sections 9.7, 9.8, 9.9, 9.10, 9.11, 9.12 and 9.13 as
to which GAAP is applicable to be complete and correct in all material respects (subject, in the case of interim financial statements,
to normal year-end audit adjustments) and to be prepared in reasonable detail and in accordance with GAAP applied consistently
throughout the periods reflected therein (except as concurred in by such reporting accountants or officer, as the case may be,
and disclosed therein).

 

6.9           Federal
Securities Laws. Promptly notify Agent in writing if Borrowers or any of their Subsidiaries (i) are required to file periodic
reports under the Exchange Act, (ii) registers any securities under the Exchange Act or (iii) files a registration statement under
the Securities Act.

 

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6.10        Employment
Agreement with Kevin Zugibe. In the event that Kevin Zugibe does not renew the Employment Agreement as Chairman and Chief Executive
Officer of Borrowers, the Agent will retain the right to perform a background check on his replacement.

 

6.11        Exercise
of Rights. In accordance with Borrowers’ reasonable business judgment, enforce all of their rights under the Acquisition
Agreement and any indemnification agreement executed in connection therewith including, but not limited to, all indemnification
rights and pursue all remedies available to it with diligence and in good faith in connection with the enforcement of any such
rights.

 

6.12        Keepwell.
If it is a Qualified ECP Loan Party, then jointly and severally, together with each other Qualified ECP Loan Party, hereby absolutely
unconditionally and irrevocably (a) guarantees the prompt payment and performance of all Swap Obligations owing by each Non-Qualifying
Party (it being understood and agreed that this guarantee is a guaranty of payment and not of collection), and (b) undertakes to
provide such funds or other support as may be needed from time to time by any Non-Qualifying Party to honor all of such Non-Qualifying
Party’s obligations under this Agreement or any Other Document in respect of Swap Obligations (provided, however, that each
Qualified ECP Loan Party shall only be liable under this Section 6.12 for the maximum amount of such liability that can be hereby
incurred without rendering its obligations under this Section 6.12, or otherwise under this Agreement or any Other Document, voidable
under applicable law, including applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater
amount). The obligations of each Qualified ECP Loan Party under this Section 6.12 shall remain in full force and effect until payment
in full of the Obligations and termination of this Agreement and the Other Documents. Each Qualified ECP Loan Party intends that
this Section 6.12 constitute, and this Section 6.12 shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell,
support, or other agreement” for the benefit of each other Borrower and Guarantor for all purposes of Section 1a(18)(A)(v)(II)
of the CEA.

 

6.13        Real
Property. To the extent mortgages on any Real Property are required by Term Loan Agent following the Closing Date, Borrowers
shall deliver to Agent the following items with respect to each parcel of such Real Property, in each case in form and substance
satisfactory to Agent:

 

(a)          executed
mortgages and surveys,

 

(b)          fully
paid mortgagee title insurance policies (or binding commitments to issue title insurance policies, marked to Agent’s satisfaction
to evidence the form of such policies to be delivered with respect to the applicable mortgage), in standard ALTA form, issued by
a title insurance company satisfactory to Agent, each in an amount equal to not less than the fair market value of the Real Property
subject to the mortgage, insuring the mortgage to create a valid Lien on the Real Property with no exceptions which Agent shall
not have approved in writing and no survey exceptions,

 

(c)          all
environmental studies and reports prepared by independent environmental engineering firms, and

 

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(d)          evidence
that adequate flood insurance required to be maintained under this Agreement is in full force and effect, with additional insured,
mortgagee and lender loss payable special endorsements attached thereto in form and substance satisfactory to Agent and its counsel
naming Agent as additional insured, mortgagee and lender loss payee, as applicable, and evidence that Borrowers have taken all
actions required under the flood laws and/or requested by Agent to assist in ensuring that each Lender is in compliance with the
flood laws applicable to the Collateral, including, but not limited to, providing Agent with the address and/or GPS coordinates
of each structure on any Real Property that will be subject to a mortgage in favor of Agent, for the benefit of Lenders, and, to
the extent required, obtaining flood insurance for such property, structures and contents prior to such property, structures and
contents becoming Collateral.

 

6.14        Post-Closing
Items.

 

(a)          Within
thirty (30) days following the Closing Date (or such extended period of time as agreed to by Agent), Agent shall have received
in form and substance satisfactory to Agent, (i) loss payable endorsements naming Agent as lender loss payee under Credit Parties’
casualty insurance policies, and (ii) endorsements naming Agent as an additional insured under the Credit Parties’ liability
insurance policies.

 

(b)          Within
thirty (30) days following the Closing Date (or such extended period of time as agreed to by Agent) Agent shall have received judgment
and litigation searches and federal and state tax lien searches in each location of Credit Parties for which Collateral having
a value in excess of $1,000,000 is located, showing no existing security interests in or Liens on the Collateral other than Permitted
Encumbrances and other Liens permitted by the Agent.

 

		VII.	NEGATIVE COVENANTS.

 

The Credit Parties
shall not, until satisfaction in full of the Obligations and termination of this Agreement:

 

7.1          Merger,
Consolidation, Acquisition and Sale of Assets.

 

(a)          Enter
into any merger, consolidation or other reorganization with or into any other Person or acquire all or a substantial portion of
the assets or Equity Interests of any Person or permit any other Person to consolidate with or merge with it, except (i) any Borrower
may merge, consolidate or reorganize with or into another Borrower or a Guarantor, or acquire the assets or Equity Interest of
another Borrower or a Guarantor, so long as (x) no Event of Default exists, (y) such Borrower shall be the surviving entity of
any such merger, consolidation or reorganization, and (z) such Borrower provides Agent with ten (10) days prior written notice
of such merger, consolidation or reorganization and delivers to Agent all of the relevant documents evidencing such merger, consolidation
or reorganization and (ii) pursuant to a Permitted Acquisition, and in each case any such other Person shall be organized under
the laws of the United States or any State thereof.

 

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(b)          Sell,
lease, transfer or otherwise dispose of any Collateral except (i) dispositions of Inventory and (ii) any other sales or dispositions
expressly permitted by this Agreement.

 

7.2          Creation
of Liens. Create or suffer to exist any Lien or transfer upon or against any of the Collateral now owned or hereafter acquired,
except Permitted Encumbrances.

 

7.3          Guarantees.
Become liable upon the obligations or liabilities of any Person by assumption, endorsement or guaranty thereof or otherwise (other
than to Lenders) except (a) as disclosed on Schedule 7.3, (b) guarantees made in the Ordinary Course of Business up to an aggregate
amount of $500,000, and (c) the endorsement of checks in the Ordinary Course of Business.

 

7.4          Investments.
Except with respect to Permitted Acquisitions, purchase or acquire obligations or Equity Interests of, or any other interest in,
any Person, except (a) obligations issued or guaranteed by the United States of America or any agency thereof, (b) commercial paper
with maturities of not more than 180 days and a published rating of not less than A-1 or P-1 (or the equivalent rating), (c) certificates
of time deposit and bankers’ acceptances having maturities of not more than 180 days and repurchase agreements backed by
United States government securities of a commercial bank if (i) such bank has a combined capital and surplus of at least $500,000,000,
or (ii) its debt obligations, or those of a holding company of which it is a Subsidiary, are rated not less than A (or the equivalent
rating) by a nationally recognized investment rating agency, (d) U.S. money market funds that invest solely in obligations issued
or guaranteed by the United States of America or an agency thereof, (e) investments in Affiliates permitted pursuant to Section
7.10 hereof, and (f) investments in Subsidiaries permitted pursuant to Section 7.12 hereof; provided, however, the
aggregate amount of all such investments made pursuant to this clause (f) shall not exceed (i) $20,000,000 in the aggregate during
the Term or (ii) $10,000,000 in the aggregate in any fiscal year; provided further, however, that in any fiscal year,
with respect to any such investments, so long as after giving pro forma effect to the making of any such investments, Borrowers
are in compliance with the financial covenant set forth in Section 6.5 hereof, (I) Borrowers may make the first $5,000,000 worth
of such investments for such year so long as Borrowers have Undrawn Availability and Average Undrawn Availability in an amount
which is not less than $15,000,000 after giving pro forma effect to the making of any such investments and (II) Borrowers may make
the second $5,000,000 worth of such investments for such fiscal year so long as Borrowers have Undrawn Availability and Average
Undrawn Availability in an amount which is not less than $17,500,000 after giving pro forma effect to the making of any such investments.

 

7.5          Loans.
Make advances, loans or extensions of credit to any Person, including any Parent, Subsidiary or Affiliate except with respect to
(a) the extension of commercial trade credit in connection with the sale of Inventory in the Ordinary Course of Business, (b) loans
to its employees in the Ordinary Course of Business not to exceed the aggregate amount of $100,000 at any time outstanding, and
(c) loans permitted under Section 7.10 hereof.

 

7.6          Capital
Expenditures. Without duplication, contract for, purchase or make any expenditure or commitments for Capital Expenditures in
any fiscal year in an aggregate amount in excess of $12,000,000.

 

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7.7          Dividends.
Declare, pay or make any dividend or distribution on any shares of the common stock or preferred stock of any Credit Party (other
than dividends or distributions payable in its stock, or split-ups or reclassifications of its stock) or apply any of its funds,
property or assets to the purchase, redemption or other retirement of any common or preferred stock, or of any options to purchase
or acquire any such shares of common or preferred stock of Borrowers other than Permitted Distributions.

 

7.8          Indebtedness.
Create, incur, assume or suffer to exist any Indebtedness (exclusive of trade debt) except in respect of (i) Indebtedness to Lenders;
(ii) Indebtedness incurred for Capital Expenditures permitted under Section 7.6 hereof; (iii) Indebtedness secured by Permitted
Encumbrances (including, without limitation, Indebtedness evidenced by the Term Loan Documents); and (iv) Interest Rate Hedges
that are entered into by Borrowers to hedge their risks with respect to outstanding Indebtedness of Borrowers and not for speculative
or investment purposes so long as (x) the counterparty thereto and terms thereof (including, without limitation the term) are reasonably
acceptable to Agent, (y) the obligations of Borrowers thereunder are unsecured if such counterparty is not Agent or a Lender, and
(z) the amount of Indebtedness with respect to which such agreement is entered into does not exceed 50% of the Maximum Loan Amount.

 

7.9          Nature
of Business. Substantially change the nature of the business in which it is presently engaged, nor except as specifically permitted
hereby purchase or invest, directly or indirectly, in any assets or property, other than assets or property which are useful in,
and are to be used in, the Business.

 

7.10        Transactions
with Affiliates. Directly or indirectly, purchase, acquire or lease any property from, or sell, transfer or lease any property
to, or otherwise enter into any transaction or deal with, any Affiliate, except transactions disclosed to the Agent, which are
in the Ordinary Course of Business, on an arm’s-length basis on terms and conditions no less favorable than terms and conditions
which would have been obtainable from a Person other than an Affiliate, provided, however, any Borrower shall be
permitted to make loans (i) to Affiliates (specifically excluding Guarantors), so long as the aggregate principal amount of all
such loans made by all Borrowers shall not exceed $250,000 outstanding at any one time and (ii) to Guarantors.

 

7.11        Reserved.

 

7.12        Subsidiaries.
Form any Subsidiary unless (i) such Subsidiary expressly joins in this Agreement as a borrower and becomes jointly and severally
liable for the Obligations, and grants to Agent a lien on substantially all of its assets as security for the Obligations, and
(ii) Agent shall have received all documents, including legal opinions, it may reasonably require to establish compliance with
each of the foregoing conditions; provided, however, that any investment in a Subsidiary by a Borrower shall be subject
to Section 7.4 hereof.

 

7.13        Fiscal
Year and Accounting Changes. Change its fiscal year from December 31st or make any change (i) in accounting treatment
and reporting practices except as required by GAAP or (ii) in tax reporting treatment except as required by law.

 

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7.14        Pledge
of Credit. Now or hereafter pledge Agent’s or any Lender’s credit on any purchases or for any purpose whatsoever
or use any portion of any Advance other than as permitted pursuant to Section 2.22 hereof.

 

7.15        Amendment
of Articles of Incorporation, By-Law. Amend, modify or waive any term or material provision of its Articles of Incorporation
or By-Laws in a manner adverse to the Agent in any material respect unless required by law, or approved by the Agent in its reasonable
discretion. Notwithstanding the foregoing, ARI may amend its articles of incorporation to change its corporate name within twenty
(20) days of the Closing Date with prompt notice thereof provided to Agent.

 

7.16        Compliance
with ERISA. (i) (x) Maintain, or permit any member of the Controlled Group to maintain, or (y) become obligated to contribute,
or permit any member of the Controlled Group to become obligated to contribute, to any Plan, other than those Plans disclosed on
Schedule 5.8(d), (ii) engage, or permit any member of the Controlled Group to engage, in any non-exempt “prohibited transaction”,
as that term is defined in Section 406 of ERISA or Section 4975 of the Code, (iii) terminate, or permit any member of the Controlled
Group to terminate, any Plan where such event could result in any liability of any Borrower or any member of the Controlled Group
or the imposition of a lien on the property of any Borrower or any member of the Controlled Group pursuant to Section 4068 of ERISA,
(iv) incur, or permit any member of the Controlled Group to incur, any withdrawal liability to any Multiemployer Plan; (v) fail
promptly to notify Agent of the occurrence of any Termination Event, (vi) fail to comply, or permit any member of the Controlled
Group to fail to comply in any material respect, with the requirements of ERISA or the Code or other Applicable Laws in respect
of any Plan, (vii) fail to meet, permit any member of the Controlled Group to fail to meet, or permit any Plan to fail to meet
all minimum funding requirements under ERISA and the Code, without regard to any waivers or variances, or postpone or delay or
allow any member of the Controlled Group to postpone or delay any funding requirement with respect to any Plan, or (viii) cause,
or permit any member of the Controlled Group to cause, a representation or warranty in Section 5.8(d) to cease to be true and correct.

 

7.17        Prepayment
of Indebtedness. At any time, directly or indirectly, prepay any Indebtedness (other than to Lenders), or repurchase, redeem,
retire or otherwise acquire any Indebtedness of Borrowers, except (i) voluntary prepayments of the Term Loan, provided,
(x) no Event of Default shall have occurred and is then continuing and (y) after giving effect to any such voluntary prepayment,
including the borrowing of any Revolving Advance, the proceeds of which shall have been utilized to fund such voluntary prepayment
(I) Borrowers shall be in pro forma compliance with the Fixed Charge Coverage Ratio for the preceding period of four consecutive
fiscal quarters ended closest to the date of such voluntary prepayment for which the financial statements required to be delivered
pursuant to Section 9.8 hereof shall have been received by Agent, as if such voluntary prepayment had been made at the beginning
of such period and (II) Borrowers shall have on the date of such voluntary prepayment, and for the period of 30 consecutive days
then ended, both Undrawn Availability and Average Undrawn Availability of $15,000,000, and (ii) mandatory prepayments of the Term
Loan, in all cases other than on account of “Excess Cash Flow” (as defined in the Term Loan Documents as in effect
on the Closing Date), to the extent and on the terms set forth in the Intercreditor Agreement, and in cases on account of such
Excess Cash Flow, provided, that in such latter cases, (x) no Event of Default shall have occurred and is then continuing
and (y) after giving effect to any such mandatory prepayment, including the borrowing of any Revolving Advance, the proceeds of
which shall have been utilized to fund such mandatory prepayment, Borrowers shall have on the date of such mandatory prepayment,
and for the period of 30 consecutive days then ended, both Undrawn Availability and Average Undrawn Availability of $15,000,000.

 

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7.18        Membership/Partnership
Interests. Elect to treat or permit any of its Subsidiaries to (x) treat its limited liability company membership interests
or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section
8-102(15) and by Section 8-103 of Article 8 of Uniform Commercial Code or (y) certificate its limited liability company membership
interests or partnership interests, as the case may be.

 

7.19        Other
Agreements.

 

(a)          Enter
into any material amendment, waiver or modification of the Acquisition Agreement, the Term Loan Documents, or any related agreements.

 

(b)          Enter
into any amendment, waiver, or modification of any provision of the Transition Services Agreement in respect of the remittance
of payments of Receivables to ARI, or any other such provision to the extent that any amendment, waiver or modification of any
such other provision would be adverse to the Agent or the Lenders in any material respect.

 

7.20        Holding
Company Status. HT shall not incur or permit to exist any Indebtedness nor grant or permit to exist any Liens upon any of its
properties or assets nor engage in any operations, business or activity other than (a) owning, directly or indirectly, 100% of
the Equity Interests of the Borrowers and, all operations incidental thereto, (b) pledging its applicable interests therein to
Agent, (c) executing this Agreement, the Other Documents and the Term Loan Documents to which is a party, (d) fulfilling its
obligations under this Agreement, the Other Documents and the Term Loan Documents, and (e) performing administrative functions
in connection with the operation of the business of each of its respective Subsidiaries.

 

		VIII.	CONDITIONS PRECEDENT.

 

8.1          Conditions
to Initial Advances. The agreement of Lenders to make the initial Advances requested to be made on the Closing Date is subject
to the satisfaction, or waiver by Agent, immediately prior to or concurrently with the making of such Advances, of the following
conditions precedent:

 

(a)          Note.
Agent shall have received the Note duly executed and delivered by an authorized officer of Borrowers;

 

(b)          Other
Documents. Agent shall have received each of the Other Documents, as applicable;

 

(c)          Filings,
Registrations and Recordings. Each document (including any Uniform Commercial Code financing statement) required by this Agreement,
any related agreement or under law or reasonably requested by the Agent to be filed, registered or recorded in order to create,
in favor of Agent, a perfected security interest in or lien upon the Collateral shall have been properly filed, registered or recorded
in each jurisdiction in which the filing, registration or recordation thereof is so required or requested, and Agent shall have
received an acknowledgment copy, or other evidence satisfactory to it, of each such filing, registration or recordation and satisfactory
evidence of the payment of any necessary fee, tax or expense relating thereto;

 

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(d)          Corporate
Proceedings of Borrowers. Agent shall have received a copy of the resolutions in form and substance reasonably satisfactory
to Agent, of the Board of Directors of each Credit Party authorizing (i) the execution, delivery and performance of this Agreement,
the Notes and the Other Documents (collectively the “Documents”) and (ii) the granting by Borrowers of the security
interests in and liens upon the Collateral in each case certified by the Secretary or an Assistant Secretary of each Credit Party
as of the Closing Date; and, such certificate shall state that the resolutions thereby certified have not been amended, modified,
revoked or rescinded as of the date of such certificate;

 

(e)          Incumbency
Certificates of each Credit Party. Agent shall have received a certificate of the Secretary or an Assistant Secretary of each
Credit Party, dated the Closing Date, as to the incumbency and signature of the officers of each Credit Party executing this Agreement,
the Other Documents, any certificate or other documents to be delivered by it pursuant hereto, together with evidence of the incumbency
of such Secretary or Assistant Secretary;

 

(f)        
  Certificates. Agent shall have received a copy of the Articles or Certificate of Incorporation of
Borrowers and each Guarantor, and all amendments thereto, certified by the Secretary of State or other appropriate official
of its jurisdiction of incorporation together with copies of the By-Laws of Borrowers and each Guarantor and all agreements
of Borrowers’ and each Guarantor’s shareholders certified as accurate and complete by the Secretary of Borrowers
and such Guarantor;

 

(g)          Good
Standing Certificates. Agent shall have received good standing certificates for Borrowers and each Guarantor dated not more
than 30 days prior to the Closing Date, issued by the Secretary of State or other appropriate official of (i) each Credit Party’s
jurisdiction of incorporation, (ii) the jurisdictions of each Credit Party’s chief executive office and (iii) the jurisdictions
in which owned real property of a Credit Party is located;

 

(h)          Legal
Opinion. Agent shall have received the executed legal opinion of Wiggin and Dana in form and substance satisfactory to Agent
which shall cover such matters incident to the transactions contemplated by this Agreement, the Notes, the Other Documents, the
Guaranty and related agreements as Agent may reasonably require and Borrowers hereby authorizes and directs such counsel to deliver
such opinions to Agent and Lenders;

 

(i)          No
Litigation. (i) No litigation, investigation or proceeding before or by any arbitrator or Governmental Body shall be continuing
or threatened against a Credit Party or against the officers or directors of a Credit Party (A) in connection with this Agreement,
the Other Documents or any of the transactions contemplated thereby and which, in the reasonable opinion of Agent, is deemed material
or (B) which could, in the reasonable opinion of Agent, have a Material Adverse Effect; and (ii) no injunction, writ, restraining
order or other order of any nature materially adverse to a Credit Party or the conduct of its business or inconsistent with the
due consummation of the Transactions shall have been issued by any Governmental Body. Agent shall have received a summary of all
existing litigation regarding the Credit Parties;

 

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(j)          Term
Loan Documents and Acquisition Agreement. Agent shall have received final executed copies of the Term Loan Documents and the
Acquisition Agreement, and all related agreements, documents and instruments as in effect on the Closing Date, all of which shall
be satisfactory in form and substance to Agent, and the transactions contemplated by such documentation shall be consummated prior
to or simultaneously with the making of the initial Advance including, without limitation, the receipt by Borrowers of the proceeds
of the Term Loan in the sum of not less than $95,000,000;

 

(k)          Intercreditor
Agreement. Agent shall have received a fully executed version of the Intercreditor Agreement;

 

(l)      
    Financial Condition Certificates. Agent shall have received an executed Financial
Condition Certificate in the form of Exhibit 8.1(l).

 

(m)         Collateral
Examination. Agent shall have completed Collateral examinations and received appraisals, the results of which shall be satisfactory
in form and substance to Lenders, of the Receivables, Inventory, General Intangibles, Real Property, Leasehold Interest and Equipment
of Borrowers and all books and records in connection therewith, and shall have completed review of cylinders in Borrowers’
possession;

 

(n)          Fees.
Agent shall have received all fees payable to Agent and Lenders on or prior to the Closing Date hereunder, including pursuant to
Article III hereof;

 

(o)          Fictitious,
Assumed or Alternate Names. Agent shall have received certified copies of any fictitious, assumed or alternate names of the
Borrowers;

 

(p)          Insurance.
Agent shall have received in form and substance satisfactory to Agent, certified copies of Borrowers’ and Guarantors’
casualty insurance policies, together with loss payable endorsements on Agent’s standard form of loss payee endorsement naming
Agent as lender loss payee, and certified copies of Borrowers’ and Guarantors’ liability insurance policies, together
with endorsements naming Agent as an additional insured;

 

(q)         
Financial Statements. Agent shall have received a copy of the Borrowers’ and Guarantors’ most recent internally
prepared interim financial statements, the most recent federal and state tax returns of the Borrowers and Guarantors and the Borrowers’
and Guarantors’ fiscal year end consolidated audited financial statements for the past three (3) years;

 

(r)          
Intellectual Property. Agent shall have received a list of intellectual property of the Borrowers including trademarks and
trademark applications, patents and patent applications, copyrights and copyright applications, together with a search/abstract
relating to the same;

 

(s)          Payment
Instructions. Agent shall have received written instructions from Borrowers directing the application of proceeds of the initial
Advances made pursuant to this Agreement;

 

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(t)          Blocked
Accounts. Agent shall have received duly executed agreements establishing the Blocked Accounts or Depository Accounts with
financial institutions acceptable to Agent for the collection or servicing of the Receivables and proceeds of the Collateral;

 

(u)          Consents.
Agent shall have received any and all Consents necessary to permit the effectuation of the transactions contemplated by this Agreement
and the Other Documents; and, Agent shall have received such Consents and waivers of such third parties as might assert claims
with respect to the Collateral, as Agent and its counsel shall deem necessary;

 

(v)   
      No Adverse Material Change. (i) since December 31, 2016, there shall not
have occurred any event, condition or state of facts which could reasonably be expected to have a Material Adverse Effect and
(ii) no representations or warranties made or information supplied to Agent or Lenders shall have been proven to be
inaccurate or misleading in any material respect;

 

(w)         Contract
Review. Agent shall have received copies of all material contracts of Borrowers including, without limitation, leases, union
contracts, labor contracts, vendor supply contracts, management agreements, option agreements, warrant agreements, royalty agreements,
member agreements, purchase agreements, warranty agreements, employment agreements, license agreements, distributorship agreements,
and agreements relating to use of cylinders and containers, and such contracts and agreements shall be satisfactory in all reasonable
respects to Agent;

 

(x)          Transition
Services Agreement. Agent shall have received and reviewed to its reasonable satisfaction the Transition Services Agreement;

 

(y)          Operating
Accounts. Agent shall have received evidence that the Borrowers have established and are maintaining operating accounts and
demand depository accounts with the Agent;

 

(z)         
Searches. Agent shall have received UCC searches, Federal and State Litigation searches, Upper Court and Local Judgment
searches, franchise tax searches, bankruptcy searches, Federal and State Tax Lien searches and any other Lien searches run against
the names of the Borrowers and Guarantors and any previous, alternate and fictitious names, and against the names of all entities
which were acquired by or merged into the Borrowers of any Guarantor, or orders of applicable bankruptcy courts reflecting lien
releases (as applicable), showing no existing security interests in or Liens on the Collateral other than Permitted Encumbrances
and other Liens permitted by the Agent;

 

(aa)        Borrowing
Base. Agent shall have received a Borrowing Base Certificate from Borrowers evidencing that the Borrowers will have a minimum
aggregate Undrawn Availability of at least $20,000,000 at closing (after all fees and expenses and subtraction of trade payables
60 days or more past due);

 

(bb)       Review
of Records. Agent shall have reviewed to its satisfaction all of Borrowers’ books and records;

 

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(cc)        Field
Audit. Agent shall complete an asset based field audit as well as a pre-fund examination (including, without limitation, with
respect to in-transit Inventory stored in railcars), both to the satisfaction of the Agent;

 

(dd)        Capital
and Legal Structure. Agent shall have reviewed to its satisfaction the capital and legal structure of the Borrowers;

 

(ee)        Intellectual
Property Security Agreement. The Agent shall have received fully completed and executed Patents, Trademarks and Copyrights
Security Agreement from the Borrowers and HT;

 

(ff)          Compliance
with Laws. Agent shall be reasonably satisfied that Credit Parties are in compliance with all pertinent federal, state, local
or territorial regulations, including those with respect to the Federal Occupational Safety and Health Act, the Environmental Protection
Act, ERISA and the Anti-Terrorism Laws; and

 

(gg)       Other.
All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the Transactions
shall be satisfactory in form and substance to Agent and its counsel.

 

8.2          Conditions
to Each Advance. The agreement of Lenders to make any Advance requested to be made on any date (including the initial Advance),
is subject to the satisfaction of the following conditions precedent as of the date such Advance is made:

 

(a)          Representations
and Warranties. Each of the representations and warranties made by Credit Parties in or pursuant to this Agreement, the Other
Documents and any related agreements to which it is a party, and each of the representations and warranties contained in any certificate,
document or financial or other statement furnished at any time under or in connection with this Agreement, the Other Documents
or any related agreement shall be true and correct in all material respects on and as of such date as if made on and as of such
date;

 

(b)          No
Default. No Event of Default or Default shall have occurred and be continuing on such date, or would exist after giving effect
to the Advances requested to be made, on such date; provided, however that Agent, in its sole discretion, may continue to make
Advances notwithstanding the existence of an Event of Default or Default and that any Advances so made shall not be deemed a waiver
of any such Event of Default or Default; and

 

(c)          Maximum
Advances. In the case of any type of Advance requested to be made, after giving effect thereto, the aggregate amount of such
type of Advance shall not exceed the maximum amount of such type of Advance permitted under this Agreement.

 

Each request for an
Advance by Borrowers hereunder shall constitute a representation and warranty by Borrowers as of the date of such Advance that
the conditions contained in this subsection shall have been satisfied.

 

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		IX.	INFORMATION AS TO BORROWERS.

 

Borrowers shall, until
satisfaction in full of the Obligations and the termination of this Agreement:

 

9.1           Disclosure
of Material Matters. Immediately upon learning thereof, report to Agent (a) all matters materially affecting the value, enforceability
or collectibility of any portion of the Collateral, including Borrowers’ reclamation or repossession of, or the return to
Borrowers of, a material amount of goods or claims or disputes asserted by any Customer or other obligor and (b) any investigation,
hearing, proceeding or other inquest into any Borrower, any Guarantor, or any Affiliate of any Borrowers or any Guarantor by any
Governmental Body with respect to Anti-Terrorism Laws.

 

9.2           Schedules.
Deliver to Agent on or before the twentieth (20th) day of each month as and for the prior month (a) accounts receivable ageings
inclusive of reconciliations to the general ledger, (b) accounts payable schedules inclusive of reconciliations to the general
ledger, (c) Inventory reports which (x) segregate and separately identify Inventory consisting of gasses, cylinders, and Slow Moving
Inventory, (y) separate Inventory by location, and (z) include a management-prepared report setting forth the market value of Borrowers’
R-22 Inventory based upon the average selling price per pound during such month, and (d) a Borrowing Base Certificate in form and
substance satisfactory to Agent (which shall be calculated as of the last day of the prior month and which shall not be binding
upon Agent or restrictive of Agent’s rights under this Agreement and shall include weekly sales, credit and collection reports).
In addition, Borrowers will deliver to Agent (A) within five (5) days after the end of each week, a sales report which shall include
sales journals, credit listings, and cash receipt journals for such week, and (B) at such intervals as Agent may require: (i) confirmatory
assignment schedules, (ii) copies of Customer’s invoices, (iii) evidence of shipment or delivery, and (iv) such further schedules,
documents and/or information regarding the Collateral as Agent may require including trial balances and test verifications. Agent
shall have the right to confirm and verify all Receivables by any manner and through any medium it considers advisable and do whatever
it may deem reasonably necessary to protect its interests hereunder. The items to be provided under this Section are to be in form
satisfactory to Agent and executed by Borrowers and delivered to Agent from time to time solely for Agent’s convenience in
maintaining records of the Collateral, and Borrowers’ failure to deliver any of such items to Agent shall not affect, terminate,
modify or otherwise limit Agent’s Lien with respect to the Collateral. Unless otherwise agreed to by Agent, the items to
be provided under this Section 9.2 shall be delivered to Agent by the specific method of Approved Electronic Communication designated
by Agent.

 

9.3           Environmental
Reports. Furnish Agent, concurrently with the delivery of the financial statements referred to in Sections 9.7 and 9.8, with
a Compliance Certificate signed by the President of Borrowers stating, to the best of his knowledge, that Borrowers are in compliance
in all material respects with all federal, state and local Environmental Laws. To the extent Borrowers are not in compliance with
the foregoing laws, the certificate shall set forth with specificity all areas of non-compliance and the proposed action Borrowers
will implement in order to achieve full compliance.

 

9.4           Litigation.
Promptly notify Agent in writing of any claim, litigation, suit or administrative proceeding affecting Borrowers or any Guarantor,
whether or not the claim is covered by insurance, and of any litigation, suit or administrative proceeding, which in any such case
affects the Collateral or which could reasonably be expected to have a Material Adverse Effect.

 

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9.5           Material
Occurrences. Promptly notify Agent in writing upon the occurrence of (a) any Event of Default or Default; (b) any event, development
or circumstance whereby any financial statements or other reports furnished to Agent fail in any material respect to present fairly,
in accordance with GAAP, the financial condition or operating results of Borrowers as of the date of such statements; (c) any funding
deficiency which, if not corrected as provided in Section 4971 of the Code, could subject any Borrower or any member of the Controlled
Group to a tax imposed by Section 4971 of the Code; (d) each and every default by Borrowers which might result in the acceleration
of the maturity of any Indebtedness, including the names and addresses of the holders of such Indebtedness with respect to which
there is a default existing or with respect to which the maturity has been or could be accelerated, and the amount of such Indebtedness;
and (e) any other development in the business or affairs of Borrowers or any Guarantor, which could reasonably be expected to have
a Material Adverse Effect; in each case describing the nature thereof and the action Borrowers propose to take with respect thereto.

 

9.6           Government
Receivables. Notify Agent immediately if any of its Receivables arise out of contracts between Borrowers and the United States,
any state, or any department, agency or instrumentality of any of them.

 

9.7           Annual
Financial Statements. Furnish Agent within ninety (90) days after the end of each fiscal year, the 10-K report of HT for such
year, together with audited financial statements of HT on a consolidating and consolidated basis including, but not limited to,
statements of income and stockholders’ equity and cash flow from the beginning of the current fiscal year to the end of such
fiscal year and the balance sheet as at the end of such fiscal year, all prepared in accordance with GAAP and reported upon without
qualification by an independent certified public accounting firm selected by HT (the “Accountants”). If HT should change
Accountants, then such Accountants must be reasonably satisfactory to Agent. In addition, the reports shall be accompanied by a
Compliance Certificate.

 

9.8           Quarterly
Financial Statements. Furnish Agent within forty five (45) days after the end of each fiscal quarter, (i) the 10-Q report of
HT filed for such quarter, (ii) a statement of retained earnings and cash flow of HT on a consolidated and consolidating basis
reflecting results of operations from the beginning of the fiscal year to the end of such quarter and for such quarter, prepared
in accordance with GAAP, subject to normal and recurring year-end adjustments that individually and in the aggregate are not material
to HT’s business, and (iii) upon Agent’s reasonable request, a written analysis of performance during such quarter
relative to HT’s budgets or forecasts. The reports shall be accompanied by a Compliance Certificate.

 

9.9           Monthly
Financial Statements. Furnish Agent within thirty (30) days after the end of each month (other than the months of March, June,
September and December, provided that notwithstanding the foregoing, an unaudited balance sheet of HT, prepared on the basis
hereafter described, calculated as of the end of each such month, shall be required to be delivered within such time period), an
unaudited balance sheet of HT on a consolidated and consolidating basis and unaudited statements of income of HT on a consolidated
and consolidating basis reflecting results of operations from the beginning of the fiscal year to the end of such month and for
such month, prepared on a basis consistent with prior practices and complete and correct in all material respects, subject to normal
and recurring year-end adjustments that individually and in the aggregate are not material to HT’s business operations and
setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal
year.

 

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9.10         Other
Reports. Furnish Agent as soon as available, but in any event within ten (10) days after the issuance thereof, with copies
of such reports and returns as Borrowers shall send to the Term Loan Agent.

 

9.11         Additional
Information. Furnish Agent with such additional information as Agent shall reasonably request in order to enable Agent to determine
whether the terms, covenants, provisions and conditions of this Agreement and the Notes have been complied with by Borrowers including,
without the necessity of any request by Agent, (a) copies of all environmental audits and reviews, (b) at least thirty (30) days
prior thereto, notice of Borrowers’ opening of any new office or place of business or Borrowers’ closing of any existing
office or place of business, and (c) promptly upon Borrowers’ learning thereof, notice of any labor dispute to which Borrowers
may become a party, any strikes or walkouts relating to any of its plants or other facilities, and the expiration of any labor
contract to which Borrowers are a party or by which Borrowers are bound.

 

9.12         Projected
Operating Budget. Furnish Agent, no earlier than sixty (60) days before the start of and no later than sixty (60) days after
the beginning of Borrowers’ fiscal years, a quarter to quarter projected operating budget and cash flow of Borrowers on a
consolidated and consolidating basis for such fiscal year (including an income statement for each month and a balance sheet as
at the end of the last month in each fiscal quarter).

 

9.13         INTENTIONALLY
OMITTED.

 

9.14         Notice
of Suits, Adverse Events. Furnish Agent with prompt written notice of (i) any lapse or other termination of any Consent issued
to Borrowers by any Governmental Body or any other Person that is material to the operation of Borrowers’ business, (ii)
any refusal by any Governmental Body or any other Person to renew or extend any such Consent; and (iii) copies of any periodic
or special reports filed by Borrowers or any Guarantor with any Governmental Body or Person, if such reports indicate any material
change in the business, operations, affairs or condition of Borrowers or any Guarantor, or if copies thereof are requested by Lender,
and (iv) copies of any material notices and other communications from any Governmental Body or Person which specifically relate
to Borrowers or any Guarantor.

 

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9.15         ERISA
Notices and Requests. Furnish Agent with immediate written notice in the event that (i) any Borrowers or any member of the
Controlled Group knows or has reason to know that a Termination Event has occurred, together with a written statement describing
such Termination Event and the action, if any, which such Borrowers or any member of the Controlled Group has taken, is taking,
or proposes to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, Department
of Labor or PBGC with respect thereto, (ii) any Borrower or any member of the Controlled Group knows or has reason to know that
a prohibited transaction (as defined in Section 406 of ERISA or 4975 of the Code) has occurred together with a written statement
describing such transaction and the action which such Borrower or any member of the Controlled Group has taken, is taking or proposes
to take with respect thereto, (iii) a funding waiver request has been filed with respect to any Plan together with all communications
received by any Borrower or any member of the Controlled Group with respect to such request, (iv) any increase in the benefits
of any existing Plan or the establishment of any new Plan or the commencement of contributions to any Plan to which any Borrower
or any member of the Controlled Group was not previously contributing shall occur, (v) any Borrower or any member of the Controlled
Group shall receive from the PBGC a notice of intention to terminate a Plan or to have a trustee appointed to administer a Plan,
together with copies of each such notice, (vi) any Borrower or any member of the Controlled Group shall receive any unfavorable
determination letter from the Internal Revenue Service regarding the qualification of a Plan under Section 401(a) of the Code,
together with copies of each such letter; (vii) any Borrower or any member of the Controlled Group shall receive a notice regarding
the imposition of withdrawal liability, together with copies of each such notice; (viii) any Borrower or any member of the Controlled
Group shall fail to make a required installment or any other required payment to a Plan under the Code or ERISA on or before the
due date for such installment or payment; or (ix) any Borrower or any member of the Controlled Group knows that (a) a Multiemployer
Plan has been terminated, (b) the administrator or plan sponsor of a Multiemployer Plan intends to terminate a Multiemployer Plan,
(c) the PBGC has instituted or will institute proceedings under Section 4042 of ERISA to terminate a Multiemployer Plan or (d)
a Multiemployer Plan is subject to Section 432 of the Code or Section 305 of ERISA.

 

9.16         Additional
Documents. Execute and deliver to Agent, upon request, such documents and agreements as Agent may, from time to time, reasonably
request to carry out the purposes, terms or conditions of this Agreement.

 

9.17         Updates
to Certain Schedules. Deliver to Agent promptly as shall be required to maintain the related representations and warranties
as true and correct, updates to Schedules 4.5 (Locations of equipment and Inventory), 5.9 (Intellectual Property, Source Code Escrow
Agreements), and 5.2(b) (Equity Interests); provided, that absent the occurrence and continuance of any Event of Default, Borrower
shall only be required to provide such updates on a monthly basis in connection with delivery of a Compliance Certificate with
respect to the applicable month. Any such updated Schedules delivered by Borrowers to Agent in accordance with this Section 9.17
shall automatically and immediately be deemed to amend and restate the prior version of such Schedule previously delivered to Agent
and attached to and made part of this Agreement.

 

X.           EVENTS
OF DEFAULT.

 

The occurrence of any
one or more of the following events shall constitute an “Event of Default”:

 

10.1         Nonpayment.
Failure by Borrowers to pay (i) any principal or interest on the Obligations when due, whether at maturity or by reason of acceleration
pursuant to the terms of this Agreement or by notice of intention to prepay, or by required prepayment or (ii) any other Obligations
when due or make any other payment, fee or charge provided for herein when due or in any Other Document;

 

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10.2         Breach
of Representation. Any representation or warranty made or deemed made by Borrowers or any Guarantor in this Agreement, any
Other Document or any related agreement or in any certificate, document or financial or other statement furnished at any time in
connection herewith or therewith shall prove to have been misleading in any material respect on the date when made or deemed to
have been made;

 

10.3         Financial
Information. Failure by any Credit Party to (i)(x) furnish financial information when due, or (y) when requested which is unremedied
for a period of fifteen (15) days of such request, or (ii) permit the inspection of its books or records in accordance with this
Agreement;

 

10.4         Judicial
Actions. Issuance of a notice of Lien, levy, assessment, injunction or attachment against Credit Parties’ Inventory or
Receivables or against a material portion of Borrowers’ other property which is not stayed or lifted within forty-five (45)
days;

 

10.5         Noncompliance.
Except as otherwise provided for in Sections 10.1, 10.3 and 10.5(ii), (i) failure or neglect of Borrowers or any Guarantor to perform,
keep or observe any term, provision, condition, covenant herein contained, or contained in any Other Document or any other agreement
or arrangement, now or hereafter entered into between Borrowers or any Guarantor, and Agent or any Lender, or (ii) failure or neglect
of Borrowers or any Guarantor to perform, keep or observe any term, provision, condition or covenant, contained in Sections 4.6,
4.7, 4.9, 6.1, 6.3, 6.4, 9.4 or 9.6 hereof which is not cured within ten (10) days from the occurrence of such failure or neglect;

 

10.6         Judgments.
Any judgment or judgments are rendered against Borrowers or any Guarantor for an aggregate amount in excess of $500,000 which (i)
is not contested in good faith by the Borrowers or any Guarantor, (ii) the Borrowers or any Guarantor do not establish reserves
satisfactory to the Agent with regard thereto, and (iii) is not within forty (40) days of such rendering or filing either satisfied,
stayed or discharged of record;

 

10.7         Bankruptcy.
Borrowers or any Guarantor shall (i) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver,
custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (ii) make a general
assignment for the benefit of creditors, (iii) commence a voluntary case under any state or federal bankruptcy laws (as now or
hereafter in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a petition seeking to take advantage of any other law
providing for the relief of debtors, (vi) acquiesce to, or fail to have dismissed, within sixty (60) days, any petition filed against
it in any involuntary case under such bankruptcy laws, or (vii) take any action for the purpose of effecting any of the foregoing;

 

10.8         Inability
to Pay. Borrowers or any Guarantor shall admit in writing its inability, or be generally unable, to pay its debts as they become
due or cease operations of its present business;

 

10.9         Subsidiary
Bankruptcy. Any Subsidiary of Borrowers, or any Guarantor, shall (i) apply for, consent to or suffer the appointment of, or
the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial
part of its property, (ii) admit in writing its inability, or be generally unable, to pay its debts as they become due or cease
operations of its present business, (iii) make a general assignment for the benefit of creditors, (iv) commence a voluntary case
under any state or federal bankruptcy laws (as now or hereafter in effect), (v) be adjudicated a bankrupt or insolvent, (vi) file
a petition seeking to take advantage of any other law providing for the relief of debtors, (vii) acquiesce to, or fail to have
dismissed, within sixty (60) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (viii)
take any action for the purpose of effecting any of the foregoing;

 

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10.10         Material
Adverse Effect. Any change in Borrowers’ or any Guarantor’s results of operations or condition (financial or otherwise)
which in Agent’s opinion has a Material Adverse Effect;

 

10.11         Lien
Priority. Any Lien created hereunder or provided for hereby or under any related agreement for any reason (x) ceases to be
or is not a valid and perfected Lien or (y) except for (i) Permitted Encumbrances having priority by operation of law or (ii) as
provided in the Intercreditor Agreement, ceases to have a first priority ranking;

 

10.12         Cross
Default. A default of the obligations of Credit Parties under any other agreement to which it is a party (other than the Term
Loan Documents) shall occur which may have a Material Adverse Effect which default is not cured within any applicable grace period;

 

10.13         Term
Loan Default. An event of default shall have occurred and be continuing under the Term Loan Documents, which default shall
not have been cured or waived within the applicable grace period;

 

10.14         Breach
of Guaranty. Termination or breach of any Guaranty or similar agreement executed and delivered to Agent in connection with
the Obligations of Borrowers, or if any Guarantor attempts to terminate, challenges the validity of, or its liability under, any
such Guaranty or Guaranty Security Agreement or similar agreement;

 

10.15         Change
of Ownership. Any Change of Ownership or Change of Control shall occur;

 

10.16         Invalidity.
Any material provision of this Agreement or any Other Document shall, for any reason, cease to be valid and binding on Borrowers
or any Guarantor, or Borrowers or any Guarantor shall so claim in writing to Agent or any Lender;

 

10.17         Licenses.
(i) Any Governmental Body shall (A) revoke, terminate, suspend or adversely modify any license, permit, patent trademark or tradename
of Borrowers or any Guarantor, the continuation of which is material to the continuation of Borrowers’ or such Guarantor’s
business, or (B) commence proceedings to suspend, revoke, terminate or adversely modify any such license, permit, trademark, tradename
or patent and such proceedings shall not be dismissed or discharged within sixty (60) days, or (c) schedule or conduct a hearing
on the renewal of any license, permit, trademark, tradename or patent necessary for the continuation of Borrowers’ or any
Guarantor’s business and the staff of such Governmental Body issues a report recommending the termination, revocation, suspension
or material, adverse modification of such license, permit, trademark, tradename or patent; (ii) any agreement which is necessary
or material to the operation of Borrowers’ or any Guarantor’s business shall be revoked or terminated and not replaced
by a substitute acceptable to Agent within thirty (30) days after the date of such revocation or termination, and such revocation
or termination and non-replacement would reasonably be expected to have a Material Adverse Effect;

 

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10.18         Seizures.
Any portion of the Collateral shall be seized or taken by a Governmental Body, or Borrowers or any Guarantor or the title and rights
of Borrowers, any Guarantor or any Original Owner which is the owner of any material portion of the Collateral shall have become
the subject matter of claim, litigation, suit or other proceeding which might, in the opinion of Agent, upon final determination,
result in impairment or loss of the security provided by this Agreement or the Other Documents;

 

10.19         Pension
Plans. An event or condition specified in Section 7.16 or 9.15 hereof shall occur or exist with respect to any Plan and, as
a result of such event or condition, together with all other such events or conditions, any Borrower or any member of the Controlled
Group shall incur, or in the opinion of Agent be reasonably likely to incur, a liability to a Plan or the PBGC (or both) which,
in the reasonable judgment of Agent, would have a Material Adverse Effect.

 

10.20         Anti-Terrorism
Laws. If (i) any representation or warranty contained in (x) Section 14.18 hereof or (y) any corresponding section of any Guaranty
is or becomes false or misleading at any time, (ii) any Borrower shall fail to comply with its obligations under Section 14.18
hereof, or (iii) any Guarantor shall fail to comply with its obligations under any section of any Guaranty containing provisions
comparable to those set forth in Section 14.18 hereof.

 

XI.          LENDERS’
RIGHTS AND REMEDIES AFTER DEFAULT.

 

11.1        Rights
and Remedies. 

 

(a)          Upon
the occurrence of (i) an Event of Default pursuant to Section 10.7 all Obligations shall be immediately due and payable and this
Agreement and the obligation of Lenders to make Advances shall be deemed terminated; and, (ii) any of the other Events of Default
and at any time thereafter (such default not having previously been cured), at the option of Required Lenders all Obligations shall
be immediately due and payable and Lenders shall have the right to terminate this Agreement and to terminate the obligation of
Lenders to make Advances and (iii) a filing of a petition against Borrowers in any involuntary case under any state or federal
bankruptcy laws which is not dismissed within sixty (60) days of filing, all Obligations shall be immediately due and payable and
the obligation of Lenders to make Advances hereunder shall be terminated other than as may be required by an appropriate order
of the bankruptcy court having jurisdiction over Borrowers. Upon the occurrence of any Event of Default, Agent shall have the right
to exercise any and all rights and remedies provided for herein, under the Other Documents, under the Uniform Commercial Code and
at law or equity generally, including the right to foreclose the security interests granted herein and to realize upon any Collateral
by any available judicial procedure and/or to take possession of and sell any or all of the Collateral with or without judicial
process. Agent may enter any of Credit Parties’ premises or other premises without legal process and without incurring liability
to Credit Parties therefor, and Agent may thereupon, or at any time thereafter, in its discretion without notice or demand, take
the Collateral and remove the same to such place as Agent may deem advisable and Agent may require Credit Parties to make the Collateral
available to Agent at a convenient place. With or without having the Collateral at the time or place of sale, Agent may sell the
Collateral, or any part thereof, at public or private sale, at any time or place, in one or more sales, at such price or prices,
and upon such terms, either for cash, credit or future delivery, as Agent may elect. Except as to that part of the Collateral which
is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Agent shall give
Credit Parties reasonable notification of such sale or sales, it being agreed that in all events written notice mailed to Credit
Parties at least ten (10) days prior to such sale or sales is reasonable notification. At any public sale Agent or any Lender may
bid for and become the purchaser, and Agent, any Lender or any other purchaser at any such sale thereafter shall hold the Collateral
sold absolutely free from any claim or right of whatsoever kind, including any equity of redemption and all such claims, rights
and equities are hereby expressly waived and released by Credit Parties. In connection with the exercise of the foregoing remedies,
including the sale of Inventory, Agent is granted a perpetual nonrevocable, royalty free, nonexclusive license and Agent is granted
permission to use all of Credit Parties’ (a) trademarks, trade styles, trade names, patents, patent applications, copyrights,
service marks, licenses, franchises and other proprietary rights which are used or useful in connection with Inventory for the
purpose of marketing, advertising for sale and selling or otherwise disposing of such Inventory and (b) Equipment for the purpose
of completing the manufacture of unfinished goods. The cash proceeds realized from the sale of any Collateral shall be applied
to the Obligations in the order set forth in Section 11.5 hereof. Noncash proceeds will only be applied to the Obligations as they
are converted into cash. If any deficiency shall arise, Credit Parties shall remain liable to Agent and Lenders therefor.

 

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(b)          To
the extent that Applicable Law imposes duties on the Agent to exercise remedies in a commercially reasonable manner, Credit Parties
acknowledge and agree that it is not commercially unreasonable for the Agent (i) to fail to incur expenses reasonably deemed significant
by the Agent to prepare Collateral for disposition or otherwise to complete raw material or work in process into finished goods
or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed
of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or
disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Customers or other
Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies
against Customers and other Persons obligated on Collateral directly or through the use of collection agencies and other collection
specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the
Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as the Credit Parties,
for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers
to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral
by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable
capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of Collateral in wholesale rather than retail
markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit
enhancements to insure the Agent against risks of loss, collection or disposition of Collateral or to provide to the Agent a guaranteed
return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Agent, to obtain the
services of other brokers, investment bankers, consultants and other professionals to assist the Agent in the collection or disposition
of any of the Collateral. Credit Parties acknowledge that the purpose of this Section 11.1(b) is to provide non-exhaustive indications
of what actions or omissions by the Agent would not be commercially unreasonable in the Agent’s exercise of remedies against
the Collateral and that other actions or omissions by the Agent shall not be deemed commercially unreasonable solely on account
of not being indicated in this Section 11.1(b). Without limitation upon the foregoing, nothing contained in this Section 11.1(b)
shall be construed to grant any rights to Credit Parties or to impose any duties on Agent that would not have been granted or imposed
by this Agreement or by Applicable Law in the absence of this Section 11.1(b).

 

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11.2         Agent’s
Discretion. Agent shall have the right in its sole discretion to determine which rights, Liens, security interests or remedies
Agent may at any time pursue, relinquish, subordinate, or modify or to take any other action with respect thereto and such determination
will not in any way modify or affect any of Agent’s or Lenders’ rights hereunder.

 

11.3         Setoff.
Subject to Section 14.12, in addition to any other rights which Agent or any Lender may have under Applicable Law, upon the occurrence
of an Event of Default hereunder, Agent and such Lender shall have a right, immediately and without notice of any kind, to apply
Credit Parties’ property held by Agent and such Lender to reduce the Obligations.

 

11.4         Rights
and Remedies not Exclusive. The enumeration of the foregoing rights and remedies is not intended to be exhaustive and the exercise
of any rights or remedy shall not preclude the exercise of any other right or remedies provided for herein or otherwise provided
by law, all of which shall be cumulative and not alternative.

 

11.5         Allocation
of Payments After Event of Default. Notwithstanding any other provisions of this Agreement to the contrary, after the occurrence
and during the continuance of an Event of Default, all amounts collected or received by the Agent on account of the Obligations
(including without limitation any amounts on account of any of Cash Management Liabilities or Hedge Liabilities) or any other amounts
outstanding under any of the Other Documents or in respect of the Collateral may, at Agent’s discretion, be paid over or
delivered as follows:

 

FIRST, to the payment
of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of the Agent in connection with
enforcing its rights and the rights of the Lenders under this Agreement and the Other Documents and any Protective Advances made
by the Agent with respect to the Collateral under or pursuant to the terms of this Agreement;

 

SECOND, to payment
of any fees owed to the Agent;

 

THIRD, to the payment
of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of each of the Lenders to the extent
owing to such Lender pursuant to the terms of this Agreement;

 

FOURTH, to the payment
of all of the Obligations consisting of accrued interest on account of the Swing Loans;

 

FIFTH, to the payment
of the outstanding principal amount of the Obligations consisting of Swing Loans;

 

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SIXTH, to the payment
of all Obligations arising under this Agreement and the Other Documents consisting of accrued fees and interest (other than interest
in respect of Swing Loans paid pursuant to clause FOURTH above);

 

SEVENTH, to the payment
of the outstanding principal amount of the Obligations (other than principal in respect of Swing Loans paid pursuant to clause
FIFTH above) arising under this Agreement (including Cash Management Liabilities and Hedge Liabilities) (including the payment
or cash collateralization of any outstanding Letters of Credit);

 

EIGHTH, to all other
Obligations arising under this Agreement which shall have become due and payable (hereunder, under the Other Documents or otherwise)
and not repaid pursuant to clauses “FIRST” through “SEVENTH” above; and

 

NINTH, to the payment
of the surplus, if any, to whoever may be lawfully entitled to receive such surplus.

 

In carrying out the
foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next
succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal to its pro
rata share (based on the proportion that the then outstanding Advances, Cash Management Liabilities and Hedge Liabilities held
by such Lender bears to the aggregate then outstanding Advances, Cash Management Liabilities and Hedge Liabilities) of amounts
available to be applied pursuant to clauses “SIXTH”, “SEVENTH”, “EIGHTH” and “NINTH”
above; and (iii) notwithstanding anything to the contrary in this Section 11.5, no Swap Obligations of any Non-Qualifying Party
shall be paid with amounts received from such Non-Qualifying Party under its Guaranty (including sums received as a result of the
exercise of remedies with respect to such Guaranty) or from the proceeds of such Non-Qualifying Party’s Collateral if such
Swap Obligations would constitute Excluded Hedge Liabilities, provided, however, that to the extent possible appropriate adjustments
shall be made with respect to payments and/or the proceeds of Collateral from other Borrowers and/or Guarantors that are Eligible
Contract Participants with respect to such Swap Obligations to preserve the allocation to Obligations otherwise set forth above
in this Section 11.5; and (iv) to the extent that any amounts available for distribution pursuant to clause “SEVENTH”
above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent as
cash collateral for the Letters of Credit pursuant to Section 3.2(b) hereof and applied (A) first, to reimburse issuers from time
to time for any drawings under such Letters of Credit and (B) then, following the expiration of all Letters of Credit, to all other
obligations of the types described in clauses “SEVENTH,” “EIGHTH”, “NINTH”, and “TENTH”
above in the manner provided in this Section 11.5.

 

11.6         Waiver
of Notice. Credit Parties hereby waive notice of non-payment of any of the Receivables, demand, presentment, protest and notice
thereof with respect to any and all instruments, notice of acceptance hereof, notice of loans or advances made, credit extended,
Collateral received or delivered, or any other action taken in reliance hereon, and all other demands and notices of any description,
except such as are expressly provided for herein.

 

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11.7         Delay.
No delay or omission on Agent’s or any Lender’s part in exercising any right, remedy or option shall operate as a waiver
of such or any other right, remedy or option or of any Default or Event of Default.

 

11.8         Jury
Waiver. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH,
OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS
RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE
AND EACH PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A
JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

		XII.	EFFECTIVE DATE AND TERMINATION.

 

12.1         Term.
This Agreement, which shall inure to the benefit of and shall be binding upon the respective successors and permitted assigns of
Borrowers, Agent and each Lender, shall become effective on the date hereof and shall continue in full force and effect until October
10, 2022 (the “Term”) unless sooner terminated as herein provided. Borrowers may terminate this Agreement at any time
upon ninety (90) days’ prior written notice upon payment in full of the Obligations.

 

12.2         Termination.
The termination of the Agreement shall not affect Borrowers’, Agent’s or any Lender’s rights, or any of the Obligations
having their inception prior to the effective date of such termination, and the provisions hereof shall continue to be fully operative
until all transactions entered into, rights or interests created or Obligations have been fully and indefeasibly paid, disposed
of, concluded or liquidated. The security interests, Liens and rights granted to Agent and Lenders hereunder and the financing
statements filed hereunder shall continue in full force and effect, notwithstanding the termination of this Agreement or the fact
that Borrowers’ Account may from time to time be temporarily in a zero or credit position, until all of the Obligations of
Borrowers have been indefeasibly paid and performed in full after the termination of this Agreement or Borrowers have furnished
Agent and Lenders with an indemnification satisfactory to Agent and Lenders with respect thereto. Accordingly, Borrowers waive
any rights which they may have under the Uniform Commercial Code to demand the filing of termination statements with respect to
the Collateral, and Agent shall not be required to send such termination statements to Borrowers, or to file them with any filing
office, unless and until this Agreement shall have been terminated in accordance with its terms and all Obligations have been indefeasibly
paid in full in immediately available funds. All representations, warranties, covenants, waivers and agreements contained herein
shall survive termination hereof until all Obligations are indefeasibly paid and performed in full.

 

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		XIII.	REGARDING AGENT.

 

13.1         Appointment.
Each Lender hereby designates PNC to act as Agent for such Lender under this Agreement and the Other Documents. Each Lender hereby
irrevocably authorizes Agent to take such action on its behalf under the provisions of this Agreement and the Other Documents and
to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of Agent
by the terms hereof and thereof and such other powers as are reasonably incidental thereto and Agent shall hold all Collateral,
payments of principal and interest, fees (except for such fees, the applicable terms in respect of which provide that the payment
thereof is solely for the benefit of the Agent or another Person), charges and collections (without giving effect to any collection
days) received pursuant to this Agreement, for the ratable benefit of Lenders. Agent may perform any of its duties hereunder by
or through its agents or employees. As to any matters not expressly provided for by this Agreement (including collection of the
Note) Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from
acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and
such instructions shall be binding; provided, however, that Agent shall not be required to take any action which exposes Agent
to liability or which is contrary to this Agreement or the Other Documents or Applicable Law unless Agent is furnished with an
indemnification reasonably satisfactory to Agent with respect thereto.

 

13.2         Nature
of Duties. Agent shall have no duties or responsibilities except those expressly set forth in this Agreement and the Other
Documents. Neither Agent nor any of its officers, directors, employees or agents shall be (i) liable for any action taken or omitted
by them as such hereunder or in connection herewith, unless caused by their gross (not mere) negligence or willful misconduct (as
determined by a court of competent jurisdiction in a final non-appealable judgment), or (ii) responsible in any manner for any
recitals, statements, representations or warranties made by Borrowers or any officer thereof contained in this Agreement, or in
any of the Other Documents or in any certificate, report, statement or other document referred to or provided for in, or received
by Agent under or in connection with, this Agreement or any of the Other Documents or for the value, validity, effectiveness, genuineness,
due execution, enforceability or sufficiency of this Agreement, or any of the Other Documents or for any failure of Borrowers to
perform its obligations hereunder. Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, this Agreement or any of the Other Documents, or to inspect
the properties, books or records of Borrowers. The duties of Agent as respects the Advances to Borrowers shall be mechanical and
administrative in nature; Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and
nothing in this Agreement, expressed or implied, is intended to or shall be so construed as to impose upon Agent any obligations
in respect of this Agreement except as expressly set forth herein.

 

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13.3         Lack
of Reliance on Agent and Resignation. Independently and without reliance upon Agent or any other Lender, each Lender has made
and shall continue to make (i) its own independent investigation of the financial condition and affairs of Borrowers and each Guarantor
in connection with the making and the continuance of the Advances hereunder and the taking or not taking of any action in connection
herewith, and (ii) its own appraisal of the creditworthiness of Borrowers and each Guarantor. Agent shall have no duty or responsibility,
either initially or on a continuing basis, to provide any Lender with any credit or other information with respect thereto, whether
coming into its possession before making of the Advances or at any time or times thereafter except as shall be provided by Borrowers
pursuant to the terms hereof. Agent shall not be responsible to any Lender for any recitals, statements, information, representations
or warranties herein or in any agreement, document, certificate or a statement delivered in connection with or for the execution,
effectiveness, genuineness, validity, enforceability, collectibility or sufficiency of this Agreement or any Other Document, or
of the financial condition of Borrowers or any Guarantor, or be required to make any inquiry concerning either the performance
or observance of any of the terms, provisions or conditions of this Agreement, the Note, the Other Documents or the financial condition
of Borrowers, or the existence of any Event of Default or any Default.

 

Agent may resign on
sixty (60) days’ written notice to each of Lenders and Borrowers and upon such resignation, the Required Lenders will promptly
designate a successor Agent reasonably satisfactory to Borrowers.

 

Any such successor
Agent shall succeed to the rights, powers and duties of Agent, and the term “Agent” shall mean such successor agent
effective upon its appointment, and the former Agent’s rights, powers and duties as Agent shall be terminated, without any
other or further act or deed on the part of such former Agent. After any Agent’s resignation as Agent, the provisions of
this Article XIV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this
Agreement.

 

13.4         Certain
Rights of Agent. If Agent shall request instructions from Lenders with respect to any act or action (including failure to act)
in connection with this Agreement or any Other Document, Agent shall be entitled to refrain from such act or taking such action
unless and until Agent shall have received instructions from the Required Lenders; and Agent shall not incur liability to any Person
by reason of so refraining. Without limiting the foregoing, Lenders shall not have any right of action whatsoever against Agent
as a result of its acting or refraining from acting hereunder in accordance with the instructions of the Required Lenders.

 

13.5         Reliance.
Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, statement,
certificate, telex, teletype or telecopier message, cablegram, order or other document or telephone message believed by it to be
genuine and correct and to have been signed, sent or made by the proper person or entity, and, with respect to all legal matters
pertaining to this Agreement and the Other Documents and its duties hereunder, upon advice of counsel selected by it. Agent may
employ agents and attorneys-in-fact and shall not be liable for the default or misconduct of any such agents or attorneys-in-fact
selected by Agent with reasonable care.

 

13.6         Notice
of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder
or under the Other Documents, unless Agent has received notice from a Lender or Borrowers referring to this Agreement or the Other
Documents, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the
event that Agent receives such a notice, Agent shall give notice thereof to Lenders. Agent shall take such action with respect
to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided, that, unless and until Agent
shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Default or Event of Default as it shall deem advisable in the best interests of Lenders.

 

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13.7         Indemnification.
To the extent Agent is not reimbursed and indemnified by Borrowers, each Lender will reimburse and indemnify Agent in proportion
to its respective portion of the Advances (or, if no Advances are outstanding, according to its Commitment Percentage), from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by or asserted against Agent in performing its duties hereunder,
or in any way relating to or arising out of this Agreement or any Other Document; provided that, Lenders shall not be liable for
any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from Agent’s gross (not mere) negligence or willful misconduct (as determined by a court of competent jurisdiction
in a final non-appealable judgment).

 

13.8         Agent
in its Individual Capacity. With respect to the obligation of Agent to lend under this Agreement, the Advances made by it shall
have the same rights and powers hereunder as any other Lender and as if it were not performing the duties as Agent specified herein;
and the term “Lender” or any similar term shall, unless the context clearly otherwise indicates, include Agent in its
individual capacity as a Lender. Agent may engage in business with Borrowers as if it were not performing the duties specified
herein, and may accept fees and other consideration from Borrowers for services in connection with this Agreement or otherwise
without having to account for the same to Lenders.

 

13.9         Delivery
of Documents. To the extent Agent receives financial statements required under Sections 9.7, 9.8, 9.9, and 9.12 or Borrowing
Base Certificates from Borrowers pursuant to the terms of this Agreement which Borrowers are not obligated to deliver to each Lender,
Agent will promptly furnish such documents and information to Lenders.

 

13.10         Borrowers’
Undertaking to Agent. Without prejudice to its obligations to Lenders under the other provisions of this Agreement, Borrowers
hereby undertake with Agent to pay to Agent from time to time on demand all amounts from time to time due and payable by it for
the account of Agent or Lenders or any of them pursuant to this Agreement to the extent not already paid. Any payment made pursuant
to any such demand shall pro tanto satisfy the relevant Borrowers’ obligations to make payments for the account of Lenders
or the relevant one or more of them pursuant to this Agreement.

 

13.11         No
Reliance on Agent’s Customer Identification Program. To the extent the Advances or this Agreement is, or becomes, syndicated
in cooperation with other Lenders, each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants
or assignees, may rely on Agent to carry out such Lender's, Affiliate's, participant's or assignee's customer identification program,
or other obligations required or imposed under or pursuant to the USA PATRIOT Act or the regulations thereunder, including the
regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other
Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with any of Borrowers,
their Affiliates or their agents, the Other Documents or the transactions hereunder or contemplated hereby: (i) any identity verification
procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices or (v) other procedures required
under the CIP Regulations or such Anti-Terrorism Laws.

 

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13.12         Other
Agreements. Each of the Lenders agrees that it shall not, without the express consent of Agent, and that it shall, to the extent
it is lawfully entitled to do so, upon the request of Agent, set off against the Obligations, any amounts owing by such Lender
to Borrowers or any deposit accounts of Borrowers now or hereafter maintained with such Lender. Anything in this Agreement to the
contrary notwithstanding, each of the Lenders further agrees that it shall not, unless specifically requested to do so by Agent,
take any action to protect or enforce its rights arising out of this Agreement or the Other Documents, it being the intent of Lenders
that any such action to protect or enforce rights under this Agreement and the Other Documents shall be taken in concert and at
the direction or with the consent of Agent or Required Lenders.

 

		XIV.	MISCELLANEOUS.

 

14.1         Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applied to contracts
to be performed wholly within the State of New York. Any judicial proceeding brought by or against Credit Parties with respect
to any of the Obligations, this Agreement, the Other Documents or any related agreement may be brought in any court of competent
jurisdiction in the State of New York, United States of America, and, by execution and delivery of this Agreement, Credit Parties
accept for themselves and in connection with their properties, generally and unconditionally, the non-exclusive jurisdiction of
the aforesaid courts, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. Credit
Parties hereby waive personal service of any and all process upon them and consent that all such service of process may be made
by registered mail (return receipt requested) directed to Credit Parties at their address set forth in Section 14.6 and service
so made shall be deemed completed five (5) days after the same shall have been so deposited in the mails of the United States of
America. Nothing herein shall affect the right to serve process in any manner permitted by law or shall limit the right of Agent
or any Lender to bring proceedings against Credit Parties in the courts of any other jurisdiction. Credit Parties waive any objection
to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or
venue or based upon forum non conveniens. Credit Parties waive the right to remove any judicial proceeding brought against Credit
Parties in any state court to any federal court. Any judicial proceeding by Credit Parties against Agent or any Lender involving,
directly or indirectly, any matter or claim in any way arising out of, related to or connected with this Agreement or any related
agreement, shall be brought only in a federal or state court located in the County of New York, State of New York.

 

    - 103 -

     

    

 

14.2        Entire
Understanding. 

 

(a)          This
Agreement and the documents executed concurrently herewith contain the entire understanding between Credit Parties, Agent and each
Lender and supersedes all prior agreements and understandings, if any, relating to the subject matter hereof. Any promises, representations,
warranties or guarantees not herein contained and hereinafter made shall have no force and effect unless in writing, signed by
Credit Parties’, Agent’s and each Lender’s respective officers. Neither this Agreement nor any portion or provisions
hereof may be changed, modified, amended, waived, supplemented, discharged, cancelled or terminated orally or by any course of
dealing, or in any manner other than by an agreement in writing, signed by the party to be charged. Credit Parties acknowledge
that they have been advised by counsel in connection with the execution of this Agreement and Other Documents and is not relying
upon oral representations or statements inconsistent with the terms and provisions of this Agreement.

 

(b)          The
Required Lenders, Agent with the consent in writing of the Required Lenders, and Credit Parties may, subject to the provisions
of this Section 14.2 (b), from time to time enter into written supplemental agreements to this Agreement or the Other Documents
executed by Credit Parties, for the purpose of adding or deleting any provisions or otherwise changing, varying or waiving in any
manner the rights of Lenders, Agent or Credit Parties thereunder or the conditions, provisions or terms thereof or waiving any
Event of Default thereunder, but only to the extent specified in such written agreements; provided, however, that no such supplemental
agreement shall, without the consent of all Lenders:

 

(i)          increase
the Commitment Percentage, the maximum dollar commitment of any Lender or the Maximum Loan Amount.

 

(ii)         extend
the maturity of any Note or the due date for any amount payable hereunder, or decrease the rate of interest or reduce any fee payable
by Borrowers to Lenders pursuant to this Agreement.

 

(iii)        alter
the definition of the term Required Lenders or alter, amend or modify this Section 14.2(b).

 

(iv)        release
any Collateral during any calendar year (other than in accordance with the provisions of this Agreement) having an aggregate value
in excess of $2,000,000.

 

(v)         change
the rights and duties of Agent.

 

(vi)        permit
any Revolving Advance to be made if after giving effect thereto the total of Revolving Advances outstanding hereunder would exceed
the Formula Amount for more than sixty (60) consecutive Business Days or exceed one hundred and ten percent (110%) of the Formula
Amount.

 

(vii)       increase
the Advance Rates above the Advance Rates in effect on the Closing Date.

 

(viii)      release
any Guarantor.

 

    - 104 -

     

    

 

(c)          Any
such supplemental agreement shall apply equally to each Lender and shall be binding upon Credit Parties, Lenders and Agent and
all future holders of the Obligations. In the case of any waiver, Credit Parties, Agent and Lenders shall be restored to their
former positions and rights, and any Event of Default waived shall be deemed to be cured and not continuing, but no waiver of a
specific Event of Default shall extend to any subsequent Event of Default (whether or not the subsequent Event of Default is the
same as the Event of Default which was waived), or impair any right consequent thereon.

 

(d)          In
the event that Agent requests the consent of a Lender pursuant to this Section 14.2 and such consent is denied, then PNC may, at
its option, require such Lender to assign its interest in the Advances to PNC or to another Lender or to any other Person designated
by the Agent (the “Designated Lender”), for a price equal to (i) the then outstanding principal amount thereof
plus (ii) accrued and unpaid interest and fees due such Lender, which interest and fees shall be paid when collected from Borrowers.
In the event PNC elects to require any Lender to assign its interest to PNC or to the Designated Lender, PNC will so notify such
Lender in writing within forty five (45) days following such Lender’s denial, and such Lender will assign its interest to
PNC or the Designated Lender no later than five (5) days following receipt of such notice pursuant to a Commitment Transfer Supplement
executed by such Lender, PNC or the Designated Lender, as appropriate, and Agent.

 

(e)          Notwithstanding
(a) the existence of a Default or an Event of Default, (b) that any of the other applicable conditions precedent set forth in Section
8.2 hereof have not been satisfied or (c) any other provision of this Agreement, Agent may at its discretion and without the consent
of the Required Lenders, voluntarily permit the outstanding Revolving Advances at any time to exceed the Formula Amount by up to
ten percent (10%) of the Formula Amount for up to sixty (60) consecutive Business Days (the “Out-of-Formula Loans”);
provided, that, such outstanding Advances do not exceed the Maximum Revolving Advance Amount. If Agent is willing
in its sole and absolute discretion to make such Out-of-Formula Loans, such Out-of-Formula Loans shall be payable on demand and
shall bear interest at the Default Rate for Revolving Advances consisting of Domestic Rate Loans; provided that, if Lenders do
make Out-of-Formula Loans, neither Agent nor Lenders shall be deemed thereby to have changed the limits of Section 2.1(a). For
purposes of this paragraph, the discretion granted to Agent hereunder shall not preclude involuntary overadvances that may result
from time to time due to the fact that the Formula Amount was unintentionally exceeded for any reason, including, but not limited
to, Collateral previously deemed to be either “Eligible Receivables”, “Eligible Inventory”, or “Eligible
In-Transit Inventory”, as applicable, becomes ineligible, collections of Receivables applied to reduce outstanding Revolving
Advances are thereafter returned for insufficient funds or overadvances are made to protect or preserve the Collateral. In the
event Agent involuntarily permits the outstanding Revolving Advances to exceed the Formula Amount by more than ten percent (10%),
Agent shall use its efforts to have Borrowers decrease such excess in as expeditious a manner as is practicable under the circumstances
and not inconsistent with the reason for such excess. Revolving Advances made after Agent has determined the existence of involuntary
overadvances shall be deemed to be involuntary overadvances and shall be decreased in accordance with the preceding sentence. To
the extent any Out-of-Formula Loans are not actually funded by the other Lenders as provided for in this Section 14.2(e), Agent
may elect in its discretion to fund such Out-of-Formula Loans and any such Out-of-Formula Loans so funded by Agent shall be deemed
to be Revolving Advances made by and owing to Agent, and Agent shall be entitled to all rights (including accrual of interest)
and remedies of a Lender holding a Revolving Commitment under this Agreement and the Other Documents with respect to such Revolving
Advances.

 

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(f)          In
addition to (and not in substitution of) the discretionary Revolving Advances permitted above in this Section 14.2, the Agent is
hereby authorized by Borrowers and the Lenders, from time to time in the Agent’s sole discretion, (A) after the occurrence
and during the continuation of a Default or an Event of Default, or (B) at any time that any of the other applicable conditions
precedent set forth in Section 8.2 hereof have not been satisfied, to make Revolving Advances to Borrowers on behalf of the Lenders
which the Agent, in its reasonable business judgment, deems necessary or desirable (a) to preserve or protect the Collateral, or
any portion thereof, (b) to enhance the likelihood of, or maximize the amount of, repayment of the Advances and other Obligations,
or (c) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement (the “Protective Advances”);
provided, that at any time after giving effect to any such Revolving Advances the outstanding Revolving Advances do not exceed
one hundred and ten percent (110%) of the Formula Amount. Lenders holding the Revolving Commitments shall be obligated to fund
such Protective Advances and effect a settlement with Agent therefor upon demand of Agent in accordance with their respective Revolving
Commitment Percentages. To the extent any Protective Advances are not actually funded by the other Lenders as provided for in this
Section 14.2(f), any such Protective Advances funded by Agent shall be deemed to be Revolving Advances made by and owing to Agent,
and Agent shall be entitled to all rights (including accrual of interest) and remedies of a Lender holding a Revolving Commitment
under this Agreement and the Other Documents with respect to such Revolving Advances.

 

14.3        Successors
and Assigns; Participations; New Lenders.

 

(a)          This
Agreement shall be binding upon and inure to the benefit of Credit Parties, Agent, each Lender, all future holders of the Obligations
and their respective successors and permitted assigns, except that Credit Parties may not assign or transfer any of their rights
or obligations under this Agreement without the prior written consent of Agent and each Lender.

 

(b)          Credit
Parties acknowledge that in the regular course of commercial banking business one or more Lenders may at any time and from time
to time sell participating interests in the Advances to other financial institutions (each such transferee or purchaser of a participating
interest, a “Participant”). Each Participant may exercise all rights of payment (including rights of set-off)
with respect to the portion of such Advances held by it or other Obligations payable hereunder as fully as if such Participant
were the direct holder thereof provided that Credit Parties shall not be required to pay to any Participant more than the amount
which it would have been required to pay to Lender which granted an interest in its Advances or other Obligations payable hereunder
to such Participant had such Lender retained such interest in the Advances hereunder or other Obligations payable hereunder and
in no event shall Credit Parties be required to pay any such amount arising from the same circumstances and with respect to the
same Advances or other Obligations payable hereunder to both such Lender and such Participant, and provided further that Participants
shall have no voting rights hereunder except to the extent such action requires the unanimous participation of the Lenders. Credit
Parties hereby grant to any Participant a continuing security interest in any deposits, moneys or other property actually or constructively
held by such Participant as security for the Participant’s interest in the Advances.

 

    - 106 -

     

    

 

(c)          Any
Lender, with the consent of Agent which shall not be unreasonably withheld or delayed, may sell, assign or transfer all or any
part of its rights and obligations under or relating to Revolving Advances and/or Swing Loans under this Agreement and the Other
Documents to one or more additional banks or financial institutions and one or more additional banks or financial institutions
may commit to make Advances hereunder (each a “Purchasing Lender”) in minimum amounts of not less than $5,000,000,
pursuant to a Commitment Transfer Supplement, executed by a Purchasing Lender, the transferor Lender, and Agent and delivered to
Agent for recording. Upon such execution, delivery, acceptance and recording, from and after the transfer effective date determined
pursuant to such Commitment Transfer Supplement, (i) Purchasing Lender thereunder shall be a party hereto and, to the extent provided
in such Commitment Transfer Supplement, have the rights and obligations of a Lender thereunder with a Commitment Percentage as
set forth therein, and (ii) the transferor Lender thereunder shall, to the extent provided in such Commitment Transfer Supplement,
be released from its obligations under this Agreement, the Commitment Transfer Supplement creating a novation for that purpose.
Such Commitment Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to
reflect the addition of such Purchasing Lender and the resulting adjustment of the Commitment Percentages arising from the purchase
by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this Agreement and
the Other Documents. Credit Parties hereby consent to the addition of such Purchasing Lender and the resulting adjustment of the
Commitment Percentages arising from the purchase by such Purchasing Lender of all or a portion of the rights and obligations of
such transferor Lender under this Agreement and the Other Documents. Credit Parties shall execute and deliver such further documents
and do such further acts and things in order to effectuate the foregoing.

 

(d)          Any
Lender, with the consent of Agent which shall not be unreasonably withheld or delayed, may directly or indirectly sell, assign
or transfer all or any portion of its rights and obligations under or relating to Revolving Advances and/or Swing Loans under this
Agreement and the Other Documents to an entity, whether a corporation, partnership, trust, limited liability company or other entity
that (i) is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the
ordinary course of its business and (ii) is administered, serviced or managed by the assigning Lender or an Affiliate of such Lender
(a “Purchasing CLO” and together with each Participant and Purchasing Lender, each a “Transferee”
and collectively the “Transferees”), pursuant to a Commitment Transfer Supplement modified as appropriate to
reflect the interest being assigned (“Modified Commitment Transfer Supplement”), executed by any intermediate
purchaser, the Purchasing CLO, the transferor Lender, and Agent as appropriate and delivered to Agent for recording. Upon such
execution and delivery, from and after the transfer effective date determined pursuant to such Modified Commitment Transfer Supplement,
(i) Purchasing CLO thereunder shall be a party hereto and, to the extent provided in such Modified Commitment Transfer Supplement,
have the rights and obligations of a Lender thereunder and (ii) the transferor Lender thereunder shall, to the extent provided
in such Modified Commitment Transfer Supplement, be released from its obligations under this Agreement, the Modified Commitment
Transfer Supplement creating a novation for that purpose. Such Modified Commitment Transfer Supplement shall be deemed to amend
this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing CLO. Credit Parties
hereby consent to the addition of such Purchasing CLO. Credit Parties shall execute and deliver such further documents and do such
further acts and things in order to effectuate the foregoing.

 

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(e)          Agent
shall maintain at its address a copy of each Commitment Transfer Supplement and Modified Commitment Transfer Supplement delivered
to it and a register (the “Register”) for the recordation of the names and addresses of each Lender and the
outstanding principal, accrued and unpaid interest and other fees due hereunder. The entries in the Register shall be conclusive,
in the absence of manifest error, and Credit Parties, Agent and Lenders may treat each Person whose name is recorded in the Register
as the owner of the Advance recorded therein for the purposes of this Agreement. The Register shall be available for inspection
by Credit Parties or any Lender at any reasonable time and from time to time upon reasonable prior notice. Agent shall receive
a fee in the amount of $3,500 payable by the applicable Purchasing Lender and/or Purchasing CLO upon the effective date of each
transfer or assignment (other than to an intermediate purchaser) to such Purchasing Lender and/or Purchasing CLO.

 

(f)          Credit
Parties authorize each Lender to disclose to any Transferee and any prospective Transferee any and all financial information in
such Lender’s possession concerning Credit Parties which has been delivered to such Lender by or on behalf of Credit Parties
pursuant to this Agreement or in connection with such Lender’s credit evaluation of Credit Parties.

 

14.4        Application
of Payments. Agent shall have the continuing and exclusive right to apply or reverse and re-apply any payment and any and all
proceeds of Collateral to any portion of the Obligations. To the extent that Borrowers make a payment or Agent or any Lender receives
any payment or proceeds of the Collateral for Borrowers’ benefit, which are subsequently invalidated, declared to be fraudulent
or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party
under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations or part thereof intended to be satisfied
shall be revived and continue as if such payment or proceeds had not been received by Agent or such Lender.

 

14.5        Indemnity.
Each Credit Party shall indemnify Agent, each Lender and each of their respective officers, directors, Affiliates, attorneys, employees
and agents from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses and disbursements of any kind or nature whatsoever (including fees and disbursements of counsel) which may be imposed
on, incurred by, or asserted against Agent or any Lender in any claim, litigation, proceeding or investigation instituted or conducted
by any Governmental Body or instrumentality or any other Person with respect to any aspect of, or any transaction contemplated
by, or referred to in, or any matter related to, this Agreement or the Other Documents, whether or not Agent or any Lender is a
party thereto, except to the extent that any of the foregoing arises out of the gross negligence or willful misconduct of the party
being indemnified (as determined by a court of competent jurisdiction in a final and non-appealable judgment). Without limiting
the generality of the foregoing, this indemnity shall extend to any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including fees and disbursements of counsel)
asserted against or incurred by any of the indemnitees described above in this Section 14.5 by any Person under any Environmental
Laws or similar laws by reason of Credit Parties’ or any other Person’s failure to comply with laws applicable to solid
or hazardous waste materials, including Hazardous Substances and Hazardous Waste, or other Toxic Substances, and arising out of
or in any way relating to or as a consequence, direct or indirect, of any threatened or actual imposition of fines or penalties,
or disgorgement of benefits, for violation of any Anti-Terrorism Law by any Credit Party, any Affiliate or Subsidiary of any Borrowers,
or any Guarantor.

 

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14.6         Notice.
Any notice or request hereunder may be given to Credit Parties or to Agent or any Lender at their respective addresses set forth
below or at such other address as may hereafter be specified in a notice designated as a notice of change of address under this
Section. Any notice, request, demand, direction or other communication (for purposes of this Section 14.6 only, a “Notice”)
to be given to or made upon any party hereto under any provision of this Loan Agreement shall be given or made by telephone or
in writing (which includes by means of electronic transmission (i.e., “e-mail”) or facsimile transmission or by setting
forth such Notice on a site on the World Wide Web (a “Website Posting”) if Notice of such Website Posting (including
the information necessary to access such site) has previously been delivered to the applicable parties hereto by another means
set forth in this Section 14.6) in accordance with this Section 14.6. Any such Notice must be delivered to the applicable parties
hereto at the addresses and numbers set forth under their respective names on Section 14.6 hereof or in accordance with any subsequent
unrevoked Notice from any such party that is given in accordance with this Section 14.6. Any Notice shall be effective:

 

(a)          In
the case of hand-delivery, when delivered;

 

(b)          If
given by mail, four days after such Notice is deposited with the United States Postal Service, with first-class postage prepaid,
return receipt requested;

 

(c)          In
the case of a telephonic Notice, when a party is contacted by telephone, if delivery of such telephonic Notice is confirmed no
later than the next Business Day by hand delivery, a facsimile or electronic transmission, a Website Posting or an overnight courier
delivery of a confirmatory Notice (received at or before noon on such next Business Day);

 

(d)          In
the case of a facsimile transmission, when sent to the applicable party’s facsimile machine’s telephone number, if
the party sending such Notice receives confirmation of the delivery thereof from its own facsimile machine;

 

(e)          In
the case of electronic transmission, when actually received;

 

(f)          In
the case of a Website Posting, upon delivery of a Notice of such posting (including the information necessary to access such site)
by another means set forth in this Section 14.6; and

 

(g)          If
given by any other means (including by overnight courier), when actually received.

 

Any Lender giving a
Notice to Credit Parties shall concurrently send a copy thereof to the Agent, and the Agent shall promptly notify the other Lenders
of its receipt of such Notice.

 

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	 	(A)	If to Agent or PNC at:
	 	 	 
	 	 	PNC Bank, National Association
	 	 	340 Madison Avenue, 11th Floor
	 	 	New York, New York 10173
	 	 	Attention:	Glenn D. Kreutzer
	 	 	Telephone:	(212) 752-6093
	 	 	Facsimile:	(212) 303-0060
	 	 	 	 
	 	 	with a copy to:	 
	 	 	 	 
	 	 	PNC Bank, National Association
	 	 	PNC Agency Services
	 	 	PNC Firstside Center
	 	 	500 First Avenue, 4th Floor
	 	 	Pittsburgh, Pennsylvania 15219
	 	 	Attention:	J. Brian Hays
	 	 	Telephone:	(412) 762-0915
	 	 	Facsimile:	(412) 762-8672
	 	 	 	 
	 	 	with an additional copy to:
	 	 	 
	 	 	Blank Rome LLP
	 	 	The Chrysler Building
	 	 	405 Lexington Avenue
	 	 	New York, NY 10174-0208
	 	 	Attn: Robert B. Stein Esq.
	 	 	Telephone:  (212) 885-5206
	 	 	Facsimile:  (917) 332-3750
	 	 	 	 
	 	(B)	If to a Lender other than Agent, as specified on the signature pages hereof
	 	 	 	 
	 	(C)	If to a Credit Party:
	 	 	 	 
	 	 	Hudson Technologies Company
	 	 	14th Floor
	 	 	One Blue Hill Plaza
	 	 	P.O. Box 1541
	 	 	Pearl River, New York 10965
	 	 	Attention:	Brian F. Coleman, President, COO
	 	 	Telephone:	(845) 735-6000 x 6007
	 	 	Facsimile:	(845) 512-6070

 

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	 	with an additional copy to:
	 	 
	 	Wiggin and Dana LLP
	 	Two Stamford Plaza
	 	281 Tresser Boulevard
	 	Stamford, Connecticut 06901
	 	Attention: Michael Grundei, Esq.
	 	Telephone: (203) 363-7630
	 	Facsimile: (203) 363-7676

 

14.7        Survival.
The obligations of Credit Parties under Sections 2.2(f), 3.7, 3.8, 3.9, 4.19(h), and 14.5 and the obligations of Lenders under
Section 13.7, shall survive termination of this Agreement and the Other Documents and payment in full of the Obligations.

 

14.8        Severability.
If any part of this Agreement is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable
and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby
and shall be given effect so far as possible.

 

14.9        Expenses.
All costs and expenses including reasonable attorneys’ fees (including the allocated costs of in house counsel) and disbursements
incurred by Agent on its behalf or on behalf of Lenders (a) in all efforts made to enforce payment of any Obligation or effect
collection of any Collateral, or (b) in connection with the entering into, modification, amendment, administration and enforcement
of this Agreement or any consents or waivers hereunder and all related agreements, documents and instruments, or (c) in instituting,
maintaining, preserving, enforcing and foreclosing on Agent’s security interest in or Lien on any of the Collateral, or maintaining,
preserving or enforcing any of Agent’s or any Lender’s rights hereunder and under all related agreements, documents
and instruments, whether through judicial proceedings or otherwise, or (d) in defending or prosecuting any actions or proceedings
arising out of or relating to Agent’s or any Lender’s transactions with Credit Parties or any Guarantor or (e) in connection
with any advice given to Agent or any Lender with respect to its rights and obligations under this Agreement and all related agreements,
documents and instruments, may be charged to Borrowers’ Account and shall be part of the Obligations.

 

14.10      Injunctive
Relief. Each Credit Party recognizes that, in the event Credit Parties fail to perform, observe or discharge any of its obligations
or liabilities under this Agreement, or threatens to fail to perform, observe or discharge such obligations or liabilities, any
remedy at law may prove to be inadequate relief to Lenders; therefore, Agent, if Agent so requests, shall be entitled to temporary
and permanent injunctive relief in any such case without the necessity of proving that actual damages are not an adequate remedy.

 

14.11      Consequential
Damages. Neither Agent nor any Lender, nor any agent or attorney for any of them, shall be liable to Borrowers or any Guarantor
(or any Affiliate of any such Person) for indirect, punitive, exemplary or consequential damages arising from any breach of contract,
tort or other wrong relating to the establishment, administration or collection of the Obligations or as a result of any transaction
contemplated under this Agreement or any Other Document.

 

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14.12      Captions.
The captions at various places in this Agreement are intended for convenience only and do not constitute and shall not be interpreted
as part of this Agreement.

 

14.13      Counterparts;
Facsimile Signatures. This Agreement may be executed in any number of and by different parties hereto on separate counterparts,
all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.
Any signature delivered by a party by facsimile or other form of electronic transmission shall be deemed to be an original signature
hereto.

 

14.14      Construction.
The parties acknowledge that each party and its counsel have reviewed this Agreement and that the normal rule of construction to
the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this
Agreement or any amendments, schedules or exhibits thereto.

 

14.15      Confidentiality;
Sharing Information. Agent, each Lender and each Transferee shall hold all non-public information obtained by Agent, such Lender
or such Transferee pursuant to the requirements of this Agreement in accordance with Agent’s, such Lender’s and such
Transferee’s customary procedures for handling confidential information of this nature; provided, however, Agent, each Lender
and each Transferee may disclose such confidential information (a) to its examiners, Affiliates, outside auditors, counsel and
other professional advisors, (b) to Agent, any Lender or to any prospective Transferees, and (c) as required or requested by any
Governmental Body or representative thereof or pursuant to legal process; provided, further that (i) unless specifically prohibited
by Applicable Law, Agent, each Lender and each Transferee shall use its reasonable best efforts prior to disclosure thereof, to
notify Borrowers of the applicable request for disclosure of such non-public information (A) by a Governmental Body or representative
thereof (other than any such request in connection with an examination of the financial condition of a Lender or a Transferee by
such Governmental Body) or (B) pursuant to legal process and (ii) in no event shall Agent, any Lender or any Transferee be obligated
to return any materials furnished by Credit Parties other than those documents and instruments in possession of Agent or any Lender
in order to perfect its Lien on the Collateral once the Obligations have been paid in full and this Agreement has been terminated.
Credit Parties acknowledge that from time to time financial advisory, investment banking and other services may be offered or provided
to Credit Parties or one or more of its Affiliates (in connection with this Agreement or otherwise) by any Lender or by one or
more Subsidiaries or Affiliates of such Lender and Credit Parties hereby authorize each Lender to share any information delivered
to such Lender by Credit Parties and their Subsidiaries pursuant to this Agreement, or in connection with the decision of such
Lender to enter into this Agreement, to any such Subsidiary or Affiliate of such Lender, it being understood that any such Subsidiary
or Affiliate of any Lender receiving such information shall be bound by the provisions of this Section 14.15 as if it were a Lender
hereunder. Such authorization shall survive the repayment of the other Obligations and the termination of this Agreement.

 

14.16      Publicity.
Credit Parties and each Lender hereby authorize Agent to make appropriate announcements of the financial arrangement entered into
among Credit Parties, Agent and Lenders, including announcements which are commonly known as tombstones, in such publications and
to such selected parties as Agent shall in its sole and absolute discretion deem appropriate.

 

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14.17      Certifications
From Banks and Participants; US PATRIOT Act.

 

(e)          Each
Lender or assignee or participant of a Lender that is not incorporated under the Laws of the United States of America or a state
thereof (and is not excepted from the certification requirement contained in Section 313 of the USA PATRIOT Act and the applicable
regulations because it is both (i) an affiliate of a depository institution or foreign bank that maintains a physical presence
in the United States or foreign country, and (ii) subject to supervision by a banking authority regulating such affiliated depository
institution or foreign bank) shall deliver to the Agent the certification, or, if applicable, recertification, certifying that
such Lender is not a “shell” and certifying to other matters as required by Section 313 of the USA PATRIOT Act and
the applicable regulations: (1) within ten (10) days after the Closing Date, and (2) as such other times as are required under
the USA PATRIOT Act.

 

(f)          The
USA PATRIOT Act requires all financial institutions to obtain, verify and record certain information that identifies individuals
or business entities which open an "account" with such financial institution. Consequently, Lender may from time to time
request, and each Credit Party shall provide to Lender, such Credit Party’s name, address, tax identification number and/or
such other identifying information as shall be necessary for Lender to comply with the USA PATRIOT Act and any other Anti-Terrorism
Law.

 

14.18      Anti-Terrorism
Laws.

 

(a)          Each
Credit Party represents and warrants that (i) no Covered Entity is a Sanctioned Person and (ii) no Covered Entity, either in its
own right or through any third party, (A) has any of its assets in a Sanctioned Country or in the possession, custody or control
of a Sanctioned Person in violation of any Anti-Terrorism Law; (B) does business in or with, or derives any of its income from
investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (C)
engages in any dealings or transactions prohibited by any Anti-Terrorism Law.

 

(b)          Each
Credit Party covenants and agrees that (i) no Covered Entity will become a Sanctioned Person, (ii) no Covered Entity, either in
its own right or through any third party, will (A) have any of its assets in a Sanctioned Country or in the possession, custody
or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (B) do business in or with, or derive any of its income
from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (C)
engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (D) use the Advances to fund any operations in,
finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any
Anti-Terrorism Law, (iii) the funds used to repay the Obligations will not be derived from any unlawful activity, (iv) each Covered
Entity shall comply with all Anti-Terrorism Laws and (v) the Credit Parties shall promptly notify the Agent in writing upon the
occurrence of a Reportable Compliance Event.

 

    - 113 -

     

    

 

14.19      Intercreditor
Agreement. Notwithstanding anything herein to the contrary, the priority of the Liens granted to Agent in the Collateral and
Real Property pursuant to this Agreement and the Other Documents and the exercise, after the occurrence and during the continuance
of an Event of Default, of any right or remedy by Agent or any Lender with respect to certain of the Collateral hereunder or under
any Other Document are subject to the provisions of the Intercreditor Agreement. In the event of any direct and irreconcilable
conflict between the terms of the Intercreditor Agreement and this Agreement with respect to (a) the priority of Liens granted
to Agent in the Collateral and Real Property pursuant to this Agreement and the Other Documents or (b) the rights of Agent or
any Lender under this Agreement with respect to certain Collateral and Real Property after the occurrence and during the continuance
of an Event of Default, the terms of the Intercreditor Agreement shall govern and control. Any reference in this Agreement or
any Other Document to “first priority lien” or words of similar effect in describing the Liens created hereunder or
under any Other Document shall be understood to refer to such priority as set forth in the Intercreditor Agreement. Nothing in
this Section 14.19 shall be construed to provide that any Credit Party is a third party beneficiary of the provisions of
the Intercreditor Agreement and each Credit Party (x) agrees that, except as expressly otherwise provided in the Intercreditor
Agreement, nothing in the Intercreditor Agreement is intended to or shall impair the obligation of any Credit Party to pay the
obligations under this Agreement or any Other Document as and when the same become due and payable in accordance with their respective
terms, or to affect the relative rights of the creditors of any Credit Party, other than Agent and the Lenders as between themselves
and (y) if Agent shall enforce its rights or remedies in violation of the terms of the Intercreditor Agreement, agrees that it
shall not use such violation as a defense to any enforcement of remedies otherwise made in accordance with the terms of this Agreement
and the Other Documents by Agent or any Lender or assert such violation as a counterclaim or basis for set-off or recoupment against
Agent or any Lender and agrees to abide by the terms of this Agreement and to keep, observe and perform the several matters and
things herein intended to be kept, observed and performed by it. In furtherance of the foregoing, notwithstanding anything to
the contrary set forth herein, prior to the Payment in Full of the Term Loan Obligations (each term as defined in the Intercreditor
Agreement) to the extent that any Credit Party is required to (i) give physical possession over any Term Loan Priority Collateral
to Agent under this Agreement or the Other Documents, such requirement to give possession shall be satisfied if such Collateral
is delivered to and held by the Term Loan Agent pursuant to the Intercreditor Agreement or (ii) take any other action with respect
to the Term Loan Priority Collateral or any proceeds thereof, including delivery of such Collateral or proceeds thereof to Agent,
such action shall be deemed satisfied to the extent undertaken with respect to the Term Loan Agent.

 

		XV.	BORROWING AGENCY.

 

15.1        Borrowing
Agency Provisions.

 

(a)          Each
Borrower hereby irrevocably designates Borrowing Agent to be its attorney and agent and in such capacity to (i) borrow, (ii) request
advances, (iii) request the issuance of Letters of Credit, (iv) sign and endorse notes, (v) execute and deliver all instruments,
documents, applications, security agreements, reimbursement agreements and letter of credit agreements for Letters of Credit and
all other certificates, notice, writings and further assurances now or hereafter required hereunder, (vi) make elections regarding
interest rates, (vii) give instructions regarding Letters of Credit and agree with Issuer upon any amendment, extension or renewal
of any Letter of Credit and (viii) otherwise take action under and in connection with this Agreement and the Other Documents, all
on behalf of and in the name such Borrower or Borrowers, and hereby authorizes Agent to pay over or credit all loan proceeds hereunder
in accordance with the request of Borrowing Agent.

 

    - 114 -

     

    

 

(b)          The
handling of this credit facility as a co-borrowing facility with a borrowing agent in the manner set forth in this Agreement is
solely as an accommodation to Borrowers and at their request. Neither Agent nor any Lender shall incur liability to Borrowers as
a result thereof. To induce Agent and Lenders to do so and in consideration thereof, each Borrower hereby indemnifies Agent and
each Lender and holds Agent and each Lender harmless from and against any and all liabilities, expenses, losses, damages and claims
of damage or injury asserted against Agent or any Lender by any Person arising from or incurred by reason of the handling of the
financing arrangements of Borrowers as provided herein, reliance by Agent or any Lender on any request or instruction from Borrowing
Agent or any other action taken by Agent or any Lender with respect to this Section 15.1 except due to willful misconduct or gross
(not mere) negligence by the indemnified party (as determined by a court of competent jurisdiction in a final and non-appealable
judgment).

 

(c)          All
Obligations shall be joint and several, and each Borrower shall make payment upon the maturity of the Obligations by acceleration
or otherwise, and such obligation and liability on the part of each Borrower shall in no way be affected by any extensions, renewals
and forbearance granted by Agent or any Lender to any Borrower, failure of Agent or any Lender to give any Borrower notice of borrowing
or any other notice, any failure of Agent or any Lender to pursue or preserve its rights against any Borrower, the release by Agent
or any Lender of any Collateral now or thereafter acquired from any Borrower, and such agreement by each Borrower to pay upon any
notice issued pursuant thereto is unconditional and unaffected by prior recourse by Agent or any Lender to the other Borrowers
or any Collateral for such Borrower’s Obligations or the lack thereof. Each Borrower waives all suretyship defenses.

 

(d)          Waiver
of Subrogation. Each Borrower expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution
of any other claim which such Borrower may now or hereafter have against the other Borrowers or any other Person directly or contingently
liable for the Obligations hereunder, or against or with respect to any other Borrowers’ property (including, without limitation,
any property which is Collateral for the Obligations), arising from the existence or performance of this Agreement, until termination
of this Agreement and repayment in full of the Obligations.

 

[SIGNATURE PAGES
TO FOLLOW]

 

    - 115 -

     

    

 

Each of the parties
has signed this Agreement as of the day and year first above written.

 

	 	BORROWERS:
	 	 
	 	HUDSON TECHNOLOGIES COMPANY
	 	 
	 	By:	/s/ Kevin J. Zugibe
	 	Name: Kevin J. Zugibe
	 	Title: Chief Executive Officer
	 	 
	 	HUDSON HOLDINGS, INC.
	 	 
	 	By:	/s/ Kevin J. Zugibe
	 	Name: Kevin J. Zugibe
	 	Title: Chief Executive Officer
	 	 
	 	AIRGAS-REFRIGERANTS, INC.
	 	 
	 	By:	/s/ Kevin J. Zugibe
	 	Name: Kevin J. Zugibe
	 	Title: Chief Executive Officer
	 	 
	 	GUARANTOR:
	 	 
	 	HUDSON TECHNOLOGIES, INC.
	 	 
	 	By:	/s/ Kevin J. Zugibe
	 	Name: Kevin J. Zugibe
	 	Title: Chief Executive Officer

 

    - 116 -

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as Lender and as Agent
	 	 	 
	 	By:	/s/ Thomas J. Lorenz
	 	Name:  Thomas J. Lorenz
	 	Title: Senior Vice President
	 	 	 
	 	340 Madison Avenue
	 	New York, New York 10173
	 	 
	 	Commitment Percentage:  100%

 

    - 117 -Exhibit 10.2

 

AMENDED AND RESTATED GUARANTY AND SURETYSHIP
AGREEMENT

 

THIS AMENDED AND
RESTATED GUARANTY AND SURETYSHIP AGREEMENT (this “Guaranty”) is made and entered into as of this 10th day
of October, 2017, by HUDSON TECHNOLOGIES, INC. (the “Guarantor”), with an address at One Blue Hill Plaza,
Pearl River, NY 10965, in consideration of the extension of credit by the below-defined lenders under and pursuant to that certain
Amended and Restated Revolving Credit and Security Agreement (the “Loan Agreement”), dated as of the date hereof,
by and among Guarantor, Hudson Technologies Company, a corporation organized
under the laws of the State of Tennessee (“Hudson Technologies”), Hudson
Holdings, Inc., a corporation organized under the laws of the State of Nevada (“Holdings”), and Airgas-Refrigerants,
Inc., a corporation organized under the laws of the State of Delaware (“ARI” and together with Hudson
Technologies, Holdings, and each other Person joined thereto as a borrower from time to time, the “Borrowers”
and each individually a “Borrower”), the financial institutions which are now or which hereafter become a party
thereto (collectively, the “Lenders” and individually a “Lender”), PNC CAPITAL MARKETS
LLC, as lead arranger and sole bookrunner (“PNCCM”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”),
as collateral agent and administrative agent for the Lenders (PNC, in such capacities, the “Agent”). Capitalized
terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement.

 

1.          Guaranty
of Obligations. The Guarantor hereby unconditionally guarantees, and becomes surety for, the prompt payment and performance
of all Obligations (including without limitation all Hedge Liabilities and Cash Management Liabilities), and all costs and expenses
of the Agent or Lenders incurred in the documentation, negotiation, modification, enforcement, collection and otherwise in connection
with this Guaranty and each Other Document to which the Guarantor is party, including reasonable attorneys’ fees and expenses
(hereinafter referred to collectively as the “Guaranteed Obligations”). If the Borrowers default under any such
Obligations, the Guarantor will pay the amount due to the Agent for the benefit of the Lenders.

 

2.          Nature
of Guaranty; Waivers. This is a guaranty of payment and not of collection and the Agent shall not be required or obligated,
as a condition of the Guarantor's liability, to make any demand upon or to pursue any of its rights against the Borrowers, or to
pursue any rights which may be available to it with respect to any other person who may be liable for the payment of the Guaranteed
Obligations.

 

This is an absolute,
unconditional, irrevocable and continuing guaranty and will remain in full force and effect until all of the Guaranteed Obligations
have been indefeasibly paid in full, and the Agent has terminated this Guaranty. This Guaranty will remain in full force and effect
even if there is no principal balance outstanding under the Guaranteed Obligations at a particular time or from time to time. This
Guaranty will not be affected by any surrender, exchange, acceptance, compromise or release by the Agent or any Lender of any other
party, or any other guaranty or any security held by it for any of the Guaranteed Obligations, by any failure of the Agent or any
Lender to take any steps to perfect or maintain its lien or security interest in or to preserve its rights to any security or other
collateral for any of the Guaranteed Obligations or any guaranty, or by any irregularity, unenforceability or invalidity of any
of the Guaranteed Obligations or any part thereof or any security or other guaranty thereof. The Guarantor's obligations hereunder
shall not be affected, modified or impaired by any counterclaim, set-off recoupment, deduction or defense based upon any claim
the Guarantor may have (directly or indirectly) against the Borrowers or the Agent or any Lender, except payment or performance
of the Guaranteed Obligations.

 

    - 1 - 

     

    

 

Notice of acceptance
of this Guaranty, notice of extensions of credit to the Borrowers from time to time, notice of default, diligence, presentment,
notice of dishonor, protest, demand for payment, and any defense based upon the Agent's or any Lender’s failure to comply
with the notice requirements under Sections 9-611 and 9-612 of the Uniform Commercial Code as in effect from time to time are hereby
waived. The Guarantor waives all defenses based on suretyship or impairment of collateral.

 

The Agent or the Lenders
at any time and from time to time, without notice to or the consent of the Guarantor, and without impairing or releasing, discharging
or modifying the Guarantor's liabilities hereunder, may (a) change the manner, place, time or terms of payment or performance
of or interest rates on, or other terms relating to, any of the Guaranteed Obligations; (b) renew, substitute, modify, amend
or alter, or grant consents or waivers relating to any of the Guaranteed Obligations, any other guaranties, or any security for
any Guaranteed Obligations or guaranties; (c) apply any and all payments by whomever paid or however realized including any
proceeds of any collateral, to any Guaranteed Obligations of the Borrowers in such order, manner and amount as the Agent or the
Lenders may determine in its sole discretion; (d) settle, compromise or deal with any other person, including the Borrowers
or the Guarantor, with respect to any Guaranteed Obligations in such manner as the Agent or any Lender deems appropriate in its
sole discretion; (e) substitute, exchange or release any security or guaranty; or (f) take such actions and exercise such
remedies hereunder as provided herein.

 

Without limiting any
of the foregoing, Guarantor waives, to the maximum extent permitted by law, (a) all rights and defenses arising out of an election
of remedies by the Agent, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for
a Guaranteed Obligation, has destroyed Guarantor’s rights of subrogation and reimbursement against any Borrower, any other
Borrower or any other Person under any Applicable Law and (b) all rights and defenses that Guarantor may have because the Guaranteed
Obligations are or become secured by real property, which means, among other things: (i) the Agent may collect from such Guarantor
without first foreclosing on any real property collateral or personal property collateral pledged by any Borrower or any other
Person and (ii) if Agent forecloses on any real property pledged by any Borrower or any other Person: (A) the amount of the Guaranteed
Obligations may be reduced only by the price for which such real property is sold at the foreclosure sale, even if such real property
is worth more than the sale price; and (B) the Agent may collect from Guarantor even if the Agent, by foreclosing on such real
property, have destroyed any right Guarantor may have to collect from any Borrower or any other Person. The foregoing is an unconditional
and irrevocable waiver of any rights and defenses Guarantor may have in the event that the Guaranteed Obligations are secured by
real property.

 

3.          Repayments
or Recovery. If any demand is made at any time upon the Agent or the Lenders for the repayment or recovery of any amount
received by it in payment or on account of any of the Guaranteed Obligations and if the Agent or the Lenders repays all or any
part of such amount by reason of any judgment, decree or order of any court or administrative body or by reason of any settlement
or compromise of any such demand, the Guarantor will be and remain liable hereunder for the amount so repaid or recovered to the
same extent as if such amount had never been received originally by the Agent or such Lenders. The provisions of this section will
be and remain effective notwithstanding any contrary action which may have been taken by the Guarantor in reliance upon such payment,
and any such contrary action so taken will be without prejudice to the Agent's rights hereunder and will be deemed to have been
conditioned upon such payment having become final and irrevocable.

 

    - 2 - 

     

    

 

4.          Financial
Statements. Unless compliance is waived in writing by the Agent or until all of the Guaranteed Obligations have been paid
in full, the Guarantor will promptly submit such information relating to the Guarantor’s affairs as requested by the Agent
from time to time in it reasonable discretion

 

5.          Keepwell.
If the Guarantor is a Qualified ECP Loan Party Guarantor hereby absolutely unconditionally and irrevocably, together with each
other Qualified ECP Loan Party, (a) guarantees the prompt payment and performance of all Swap Obligations owing by each Non-Qualifying
Party (it being understood and agreed that this guarantee is a guaranty of payment and not of collection), and (b) undertakes to
provide such funds or other support as may be needed from time to time by any Non-Qualifying Party to honor all of such Non-Qualifying
Party’s obligations under the Loan Agreement or any Other Document in respect of Swap Obligations (provided, however, that
each Guarantor that is a Qualified ECP Loan Party shall only be liable under this Section 5 for the maximum amount of such
liability that can be hereby incurred without rendering its obligations under this Section5, or otherwise under this Guaranty,
the Loan Agreement or any Other Document, voidable under Applicable Law, including Applicable Law relating to fraudulent conveyance
or fraudulent transfer, and not for any greater amount). The obligations of each Guarantor that is a Qualified ECP Loan Party under
this Section 5 shall remain in full force and effect until the indefeasible payment in full of the Obligations and termination
of the Loan Agreement and the Other Documents. Each Guarantor that is a Qualified ECP Loan Party intends that this Section 5
constitute, and this Section 5 shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell,
support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the
CEA.

 

6.          Enforceability
of Guaranteed Obligations.  No modification, limitation or discharge of the Guaranteed Obligations arising out
of or by virtue of any bankruptcy, reorganization or similar proceeding for relief of debtors under federal or state law will affect,
modify, limit or discharge the Guarantor's liability in any manner whatsoever and this Guaranty will remain and continue in full
force and effect and will be enforceable against the Guarantor to the same extent and with the same force and effect as if any
such proceeding had not been instituted. The Guarantor waives all rights and benefits which might accrue to it by reason of any
such proceeding and will be liable to the full extent hereunder, irrespective of any modification, limitation or discharge of the
liability of the Borrowers that may result from any such proceeding.

 

The Guarantor expressly
waives any statute of limitations or other limitations on any actions under this Guaranty.

 

7.          Events
of Default. Any Event of Default (as defined in the Loan Agreement) shall constitute an “Event of Default”
hereunder. Upon the occurrence of any Event of Default, (a) the Guarantor shall pay to the Agent the amount of the Guaranteed
Obligations; or (b) on demand of the Agent, the Guarantor shall immediately deposit with the Agent, in U.S. dollars, all amounts
due or to become due under the Guaranteed Obligations, and the Agent may at any time use such funds to repay the Guaranteed Obligations;
or (c) the Agent in its discretion may exercise with respect to any collateral any one or more of the rights and remedies provided
a secured party under the applicable version of the Uniform Commercial Code; or (d) the Agent in its discretion may exercise from
time to time any other rights and remedies available to it at law, in equity or otherwise.

 

    - 3 - 

     

    

 

8.          Right
of Setoff. In addition to all liens upon and rights of setoff against the Guarantor’s money, securities or other
property given to the Agent or to any Lenders by law, the Agent shall have, with respect to the Guarantor's obligations to the
Agent under this Guaranty and to the extent permitted by law, a contractual possessory security interest in and a contractual right
of setoff against, and the Guarantor hereby grants Agent a security interest in, and hereby assigns, conveys, delivers, pledges
and transfers to the Agent or to any Lenders all of the Guarantor's right, title and interest in and to, all of the Guarantor’s
deposits, moneys, securities and other property now or hereafter in the possession of or on deposit with, or in transit to, the
Agent, any Lenders or any other direct or indirect subsidiary of any parent of any Lender, whether held in a general or special
account or deposit, whether held jointly with someone else, or whether held for safekeeping or otherwise, excluding, however, all
IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be exercised without demand upon or notice
to the Guarantor. Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence of an Event
of Default hereunder without any action of the Agent, although the Agent may enter such setoff on its books and records at a later
time.

 

9.          Collateral.
This Guaranty is secured by the property described in that certain Collateral Pledge Agreement dated as of the date hereof, as
may be amended from time to time, executed by the Guarantor in favor of Agent for the benefit of the Lenders, and any other security
documents which the Guarantor executes and delivers to the Agent and by such other collateral as previously may have been or may
in the future be granted to the Agent to secure any Guaranteed Obligations of the Guarantor to the Agent.

 

10.         Costs.
To the extent that the Agent (either directly or on behalf of the Lenders) incurs any costs or expenses in protecting or enforcing
its rights under the Guaranty or in respect of the Guaranteed Obligations, including reasonable attorneys' fees and the costs and
expenses of litigation, such costs and expenses will be due on demand, will be included in the Guaranteed Obligations and will
bear interest from the incurring or payment thereof at the Default Rate.

 

11.         Postponement
of Subrogation. Until the Obligations are indefeasibly paid in full and the Loan Agreement has been terminated, Guarantor
postpones and subordinates in favor of the Agent or its designee (and any assignee or potential assignee) any and all rights which
the Guarantor may have to (a) assert any claim whatsoever against any Borrower based on subrogation, restitution, reimbursement,
indemnity or contribution rights with respect to payments made hereunder, and (b) any realization on any property of any Borrower,
including participation in any marshalling of any such Borrower's assets. Any payments received by Guarantor in violation of this
Section shall be held in trust for and immediately remitted to Agent and Lenders.

 

12.         Notices.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”)
shall be given in accordance with Section 14.6 of the Loan Agreement to the addresses listed below.

 

    - 4 - 

     

    

 

	If to Agent at:
	 
	PNC Bank, National Association
	340 Madison Avenue, 11th Floor
	New York, New York  10173
	Attention:	Glenn D. Kreutzer
	Telephone:	(212) 752-6093
	Facsimile:	(212) 303-0060
	 
	with a copy to:
	 
	PNC Bank, National Association
	PNC Agency Services
	PNC Firstside Center
	500 First Avenue, 4th Floor
	Pittsburgh, Pennsylvania 15219
	Attention:	J. Brian Hays
	Telephone:	(412) 762-0915
	Facsimile:	(412) 762-8672
	 
	with an additional copy to:
	 
	Blank Rome LLP
	The Chrysler Building
	405 Lexington Avenue
	New York, NY 10174-0208
	Attention:	Robert B. Stein Esq.
	Telephone:	(212) 885-5206
	Facsimile:	(917) 332-3750
	 
	If to Guarantor at:
	 
	Hudson Technologies, Inc.
	14th Floor
	One Blue Hill Plaza
	P.O. Box 1541
	Pearl River, New York 10965
	Attention:	Brian F. Coleman, President, COO
	Telephone:	(845) 735-6000 x 6007
	Facsimile:	(845) 512-6070

 

    - 5 - 

     

    

 

	with a copy to:
	 
	Wiggin and Dana LLP
	Two Stamford Plaza
	281 Tresser Boulevard
	Stamford, Connecticut 06901
	Attention:	Michael Grundei, Esq.
	Telephone:	(203) 363-7630
	Facsimile:	(203) 363-7676

 

13.         Preservation
of Rights.  No delay or omission on the part of Agent (either directly or on behalf of any Lender) to exercise
any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power,
nor will the Agent's action or inaction impair any such right or power. Any partial exercise of any right under this Guaranty shall
not preclude further exercise thereof. Agent’s rights and remedies hereunder are cumulative and not exclusive of any other
rights or remedies which the Agent may have under other agreements, at law or in equity. Agent may proceed in any order against
the Borrowers, the Guarantor or any other obligor of, or collateral securing, the Obligations.

 

14.         Illegality.
If any provision contained in this Guaranty should be invalid, illegal or unenforceable in any respect, it shall not affect or
impair the validity, legality and enforceability of the remaining provisions of this Guaranty.

 

15.         Changes
in Writing. No modification, amendment or waiver of, or consent to any departure by the Guarantor from, any provision of
this Guaranty will be effective unless made in a writing signed by the Lenders, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice to or demand on the Guarantor will entitle the Guarantor
to any other or further notice or demand in the same, similar or other circumstance.

 

16.         Successors
and Assigns. This Guaranty will be binding upon and inure to the benefit of the Guarantor and Agent on its own behalf and
for the benefit of the Lenders and their respective heirs, executors, administrators, successors and assigns as permitted by the
Loan Agreement; provided, however, that the Guarantor may not assign this Guaranty in whole or in part without the
Agent's prior written consent and the Agent at any time may assign this Guaranty in whole or in part.

 

17.         No
Third Party Beneficiary. This Guaranty is solely for the benefit of Agent on its own behalf and for the benefit of Lenders
and each of their respective successors, heirs, executors, administrators and assigns and may not be relied on by any other Person

 

18.         Interpretation.
This Guaranty is subject to the terms of Section 1.4 of the Loan Agreement, the provisions of which are incorporated herein by
reference.

 

    - 6 - 

     

    

 

19.         Indemnity.
The Guarantor shall indemnify Agent, each Lender and each of their respective officers, directors, Affiliates, attorneys, employees
and agents from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses and disbursements of any kind or nature whatsoever (including fees and disbursements of counsel) which may be imposed
on, incurred by, or asserted against Agent or any Lender in any claim, litigation, proceeding or investigation instituted or conducted
by any Governmental Body or instrumentality or any other Person with respect to any aspect of, or any transaction contemplated
by, or referred to in, or any matter related to, this Guaranty, the Loan Agreement or the Other Documents, whether or not Agent
or any Lender is a party thereto, except to the extent that any of the foregoing arises out of the gross negligence or willful
misconduct of the party being indemnified (as determined by a court of competent jurisdiction in a final and non-appealable judgment).
Without limiting the generality of the foregoing, this indemnity shall extend to any liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including fees and disbursements
of counsel) asserted against or incurred by any of the indemnitees described above in this Section 19 by any Person under any Environmental
Laws or similar laws by reason of any Borrower, any Affiliate or Subsidiary of any Borrowers, Guarantor’s or any other Person’s
failure to comply with laws applicable to solid or hazardous waste materials, including Hazardous Substances and Hazardous Waste,
or other Toxic Substances, and arising out of or in any way relating to or as a consequence, direct or indirect, of any threatened
or actual imposition of fines or penalties, or disgorgement of benefits, for violation of any Anti-Terrorism Law by any Borrower,
any Affiliate or Subsidiary of any Borrowers, or Guarantor.

 

20.         Governing
Law and Jurisdiction. This Guaranty shall be governed by and construed in accordance with the laws of the State of New
York applied to contracts to be performed wholly within the State of New York. Any judicial proceeding brought by or against Guarantor
with respect to any of the Guaranteed Obligations, this Guaranty, the Loan Agreement, the Other Documents or any related agreement
may be brought in any court of competent jurisdiction in the State of New York, United States of America, and, by execution and
delivery of this Guaranty, Guarantor accepts for itself and in connection with its properties, generally and unconditionally, the
non-exclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any judgment rendered thereby in connection
with this Guaranty. Guarantor hereby waives personal service of any and all process upon it and consents that all such service
of process may be made by registered mail (return receipt requested) directed to Guarantor at its address set forth in Section
12 hereto and service so made shall be deemed completed five (5) days after the same shall have been so deposited in the mails
of the United States of America. Nothing herein shall affect the right to serve process in any manner permitted by law or shall
limit the right of Agent or any Lender to bring proceedings against Guarantor in the courts of any other jurisdiction. Guarantor
waives any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack
of jurisdiction or venue or based upon forum non conveniens. Guarantor waives the right to remove any judicial proceeding brought
against Guarantor in any state court to any federal court. Any judicial proceeding by Guarantor against Agent or any Lender involving,
directly or indirectly, any matter or claim in any way arising out of, related to or connected with this the Guaranteed Obligations,
this Guaranty, the Loan Agreement, the Other Documents or any related agreement, shall be brought only in a federal or state court
located in the County of New York, State of New York.

 

21.         Injunctive
Relief. Guarantor recognizes that, in the event Guarantor fails to perform, observe or discharge any of its obligations
or liabilities under this Guaranty or any Other Document, or threatens to fail to perform, observe or discharge such obligations
or liabilities, any remedy at law may prove to be inadequate relief to Agent and the Lenders; therefore, the Agent and the Lenders,
if any of the Agent of Lenders so requests, shall be, to the extent permitted by Applicable Law, entitled to temporary and permanent
injunctive relief in any such case without the necessity of proving that actual damages are not an adequate remedy.

 

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22.         Counterparts;
Facsimile Signatures. This Guaranty may be executed in any number of and by different parties hereto on separate counterparts,
all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.
Any signature delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto

 

23.         Amendment
and Restatement/Entire Agreement. This Amended and Restated Guaranty and Suretyship Agreement amends and restates, but
does not extinguish the obligations evidenced by, that certain Guaranty and Suretyship Agreement, dated June 22, 2012, executed
by Guarantor in favor of PNC.  Except as otherwise specifically provided in the preceding sentence, this Agreement, the Loan
Agreement and the Other Documents embody the entire agreement and understanding between the Guarantor and Lenders relating to the
subject matter hereof and thereof.

 

24.         Waiver
of Jury Trial. EACH PARTY
HERETO EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS GUARANTY
OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF GUARANTOR, AGENT AND/OR ANY LENDER OR ANY OF THEM WITH RESPECT TO THIS GUARANTY OR ANY
OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO
IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HERETO
HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT
GUARANTOR, AGENT AND/OR ANY LENDER MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

[SIGNATURES
CONTAINED ON FOLLOWING PAGE]

 

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The Guarantor acknowledges
that it has read and understood all the provisions of this Guaranty, including the waiver of jury trial, and has been advised by
counsel as necessary or appropriate.

 

The due execution hereof
as of the date first written above, with the intent to be legally bound hereby.

 

	 	HUDSON TECHNOLOGIES, INC.
	 	 
	 	By:	/s/ Kevin J. Zugibe
	 	Name: Kevin J. Zugibe
	 	Title: Chief Executive Officer

 

[SIGNATURE PAGE TO AMENDED AND RESTATED
GUARANTY – HUDSON TECHNOLOGIES, INC.]

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