Document:

EXHIBIT 10.4

 

SECURITY AGREEMENT

 

This SECURITY AGREEMENT,
dated as of June 19, 2014 (as amended, supplemented, amended and restated or otherwise modified from time to time, this “Security
Agreement”), is made by EMPIRE RESOURCES, INC., a Delaware corporation (the “Company”), and each Guarantor
(terms used in the preamble and in the recitals have the definitions set forth in or incorporated by reference in Section 1)
from time to time a party to this Security Agreement (each individually, a “Grantor” and collectively, the “Grantors”),
in favor of COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH (“Rabobank”),
as agent (together with its successor(s) thereto in such capacity, the “Agent”) for each of the Secured Parties.

 

WITNESSETH:

 

WHEREAS, pursuant to
an Uncommitted Credit Agreement, dated as of June 19, 2014 (as amended, supplemented, amended and restated or otherwise modified
from time to time, the “Credit Agreement”), among the Company, the Banks from time to time party thereto and
the Agent, the Banks have agreed to consider requests to make Loans to and issue and participate in Letters of Credit for the account
of the Company; and

 

WHEREAS, as a condition
precedent to the making of the extensions of credit secured hereby, each Grantor is required to execute and deliver this Security
Agreement.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor agrees, for the benefit
of each Secured Party, as follows:

 

Section
1

DEFINITIONS

 

1.01         Certain
Terms. The following terms (whether or not underscored) when used in this Security Agreement, including its preamble and recitals,
shall have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof):

 

“Agent”
is defined in the preamble.

 

“Collateral”
is defined in Section 2.1.

 

“Committed
Facility Agent” means Rabobank as Agent under the Committed Credit Agreement dated as of the date hereof among the Company,
the lenders party thereto and the Committed Facility Agent.

 

“Committed
Facility Security Agreement” means the Amended and Restated Security Agreement dated as of the date hereof among the
Grantors and the Committed Facility Agent (as amended, supplemented or otherwise modified from time to time).

 

“Company”
is defined in the preamble.

 

“Computer
Hardware and Software Collateral” means:

 

    	Security Agreement, Page 1

    	 

    

 

(a)          all
computer and other electronic data processing hardware, integrated computer systems, central processing units, memory units, display
terminals, printers, features, computer elements, card readers, tape drives, hard and soft disk drives, cables, electrical supply
hardware, generators, power equalizers, accessories and all peripheral devices and other related computer hardware, including all
operating system software, utilities and application programs in whatsoever form;

 

(b)          all
software programs (including both source code, object code and all related applications and data files), designed for use on the
computers and electronic data processing hardware described in clause (a) above;

 

(c)          all
firmware associated therewith;

 

(d)          all
documentation (including flow charts, logic diagrams, manuals, guides, specifications, training materials, charts and pseudo codes)
with respect to such hardware, software and firmware described in the preceding clauses (a) through (c); and

 

(e)          all
rights with respect to all of the foregoing, including copyrights, licenses, options, warranties, service contracts, program services,
test rights, maintenance rights, support rights, improvement rights, renewal rights and indemnifications and any substitutions,
replacements, improvements, error corrections, updates, additions or model conversions of any of the foregoing.

 

“Copyright
Collateral” means all copyrights of the Grantors, registered or unregistered and whether published or unpublished, now
or hereafter in force throughout the world including all of the Grantors’ rights, titles and interests in and to all copyrights
registered in the United States Copyright Office or anywhere else in the world and also including the copyrights referred to in
Item A of Schedule V, and registrations and recordings thereof and all applications for registration thereof, whether
pending or in preparation, all copyright licenses, including each copyright license referred to in Item B of Schedule
V, the right to sue for past, present and future infringements of any of the foregoing, all rights corresponding thereto, all
extensions and renewals of any thereof and all Proceeds of the foregoing, including licenses, royalties, income, payments, claims,
damages and Proceeds of suit, which are owned or licensed by the Grantors.

 

“Credit Agreement”
is defined in the first recital.

 

“Distributions”
means all dividends paid on Capital Securities, liquidating dividends paid on Capital Securities, shares (or other designations)
of Capital Securities resulting from (or in connection with the exercise of) stock splits, reclassifications, warrants, options,
non-cash dividends, mergers, consolidations, and all other distributions (whether similar or dissimilar to the foregoing) on or
with respect to any Capital Securities constituting Collateral.

 

“Filing Statement”
is defined in Section 3.7.

 

“General Intangibles”
means all “general intangibles” and all “payment intangibles”, each as defined in the UCC, and shall include
all interest rate or currency protection or hedging arrangements, all tax refunds, all licenses, permits, concessions and authorizations
and all Intellectual Property Collateral (in each case, regardless of whether characterized as general intangibles under the UCC).

 

“Grantor”
and “Grantors” are defined in the preamble.

 

    	Security Agreement, Page 2

    	 

    

 

“Intellectual
Property Collateral” means, collectively, the Computer Hardware and Software Collateral, the Copyright Collateral, the
Patent Collateral, the Trademark Collateral and the Trade Secrets Collateral.

 

“Obligations”
means, with respect to each Grantor: (a) if such Grantor is the Company under the Credit Agreement, all “Obligations”
(as such term is defined in the Credit Agreement); (b) with respect to each Grantor that is not the Company, all present and future
indebtedness, liabilities, and obligations of such Grantor to the Agent and the other Secured Parties arising under the Basic Documents
to which such Grantor is a party and all such Grantor’s Deposit Obligations and Hedging Obligations; and (c) with respect
to each Grantor, and without limiting the generality of the foregoing, all reasonable fees, costs and expenses (including reasonable
attorneys’ fees): (i) of retaking, holding and preparing its Collateral for sale; (ii) arising in connection with the sale
thereof and (iii) arising from the enforcement of any other right or remedy provided hereunder and/or under any other Basic Document;
provided that with respect to each Subsidiary that is a Grantor, the obligations secured by this Security Agreement shall
be limited, with respect to such Grantor, to an aggregate amount equal to the largest amount that would not render such Grantor’s
obligations hereunder and under the other Basic Documents subject to avoidance under Section 544 or 548 of the United States Bankruptcy
Code or under any applicable state law relating to fraudulent transfers or conveyances.

 

“Patent Collateral”
means:

 

(a)          inventions
and discoveries, whether patentable or not, all letters patent and applications for letters patent throughout the world, including
all patent applications in preparation for filing and each patent and patent application referred to in Item A of Schedule
III;

 

(b)          all
reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations of any of the items described
in clause (a);

 

(c)          all
patent licenses, and other agreements providing such Grantor with the right to use any items of the type referred to in clauses
(a) and (b) above, including each patent license referred to in Item B of Schedule III; and

 

(d)          all
Proceeds of, and rights associated with, the foregoing (including licenses, royalties income, payments, claims, damages and Proceeds
of infringement suits), the right to sue third parties for past, present or future infringements of any patent or patent application,
and for breach or enforcement of any patent license.

 

“Permitted
Lien” means a Lien permitted under Section 8.06 of the Credit Agreement.

 

“Security
Agreement” is defined in the preamble.

 

“Securities
Act” is defined in clause (a) of Section 6.02.

 

“Specified
Default” means the occurrence and continuance of an Event of Default under clauses (a), (b), (d), (f), (g), (k) or (l)
of Section 9.01 of the Credit Agreement.

 

“Trademark
Collateral” means:

 

    	Security Agreement, Page 3

    	 

    

 

(a)          (i) all
trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks,
certification marks, collective marks, logos and other source or business identifiers, and all goodwill of the business associated
therewith, now existing or hereafter adopted or acquired including those referred to in Item A of Schedule IV, whether
currently in use or not, all registrations and recordings thereof and all applications in connection therewith, whether pending
or in preparation for filing, including registrations, recordings and applications in the United States Patent and Trademark Office
or in any office or agency of the United States of America or any State thereof or any other country or political subdivision thereof
or otherwise, and all common-law rights relating to the foregoing, and (ii) the right to obtain all reissues, extensions or renewals
of the foregoing (collectively referred to as the “Trademark”);

 

(b)          all
trademark licenses for the grant by or to such Grantor of any right to use any trademark, including each trademark license referred
to in Item B of Schedule IV; and

 

(c)          all
of the goodwill of the business connected with the use of, and symbolized by the items described in, clause (a), and to the extent
applicable clause (b);

 

(d)          the
right to sue third parties for past, present and future infringements of any Trademark Collateral described in clause (a) and,
to the extent applicable, clause (b); and

 

(e)          all
Proceeds of, and rights associated with, the foregoing, including any claim by such Grantor against third parties for past, present
or future infringement or dilution of any Trademark, Trademark registration or Trademark license, or for any injury to the goodwill
associated with the use of any such Trademark or for breach or enforcement of any Trademark license and all rights corresponding
thereto throughout the world.

 

“Trade Secrets
Collateral” means all common law and statutory trade secrets and all other confidential, proprietary or useful information
and all know-how obtained by or used in or contemplated at any time for use in the business of a Grantor (all of the foregoing
being collectively called a “Trade Secret”), whether or not such Trade Secret has been reduced to a writing
or other tangible form, including all Documents and things embodying, incorporating or referring in any way to such Trade Secret,
all Trade Secret licenses, including each Trade Secret license referred to in Schedule VI, and including the right to sue
for and to enjoin and to collect damages for the actual or threatened misappropriation of any Trade Secret and for the breach or
enforcement of any such Trade Secret license.

 

1.02         Credit
Agreement Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Security Agreement,
including its preamble and recitals, have the meanings provided in the Credit Agreement.

 

1.03         UCC
Definitions. When used herein the terms Accessions, Account, Certificated Securities, Chattel Paper, Commercial Tort Claim,
Commodity Account, Commodity Contract, Deposit Account, Document, Electronic Chattel Paper, Equipment, Goods, Instrument, Inventory,
Investment Property, Letter-of-Credit Rights, Payment Intangible, Proceeds, Promissory Notes, Securities Account, Security Entitlement,
Supporting Obligations and Uncertificated Securities have the meaning provided in Article 8 or Article 9, as applicable, of the
Uniform Commercial Code as from time to time in effect in the State of New York (the “UCC”). Letter of Credit
has the meaning provided in Section 5-102 of the UCC.

 

    	Security Agreement, Page 4

    	 

    

 

Section
2

SECURITY INTEREST

 

2.01         Grant
of Security Interest. Each Grantor hereby grants to the Agent, for its benefit and the ratable benefit of each other Secured
Party, a continuing security interest in all of such Grantor’s following property, whether now or hereafter existing, owned
or acquired by such Grantor, and wherever located, (collectively, the “Collateral”):

 

(a)          Accounts;

 

(b)          Chattel
Paper;

 

(c)          Commercial
Tort Claims listed on Item I of Schedule II (as such schedule may be amended or supplemented from time to time);

 

(d)          Deposit
Accounts (including, without limitation, each Collateral Account);

 

(e)          Documents;

 

(f)         
 General Intangibles;

 

(g)          Goods;

 

(h)          Inventory;

 

(i)         
 Equipment;

 

(j)         
 Instruments;

 

(k)          Investment
Property;

 

(l)          Letter-of-Credit
Rights and Letters of Credit;

 

(m)         Supporting
Obligations;

 

(n)          all
books, records, writings, databases, information and other property relating to, used or useful in connection with, evidencing,
embodying, incorporating or referring to, any of the foregoing in this Section;

 

(o)          all
Accessions to and Proceeds of the foregoing and, to the extent not otherwise included, (i) all payments under insurance (whether
or not the Agent is the loss payee thereof) and (ii) all tort claims; and

 

(p)          all
other property and rights of every kind and description and interests therein.

 

Notwithstanding the
foregoing, “Collateral” shall not include:

 

(i)          such
Grantor’s real property interests (including fee real estate, leasehold interests and fixtures);

 

    	Security Agreement, Page 5

    	 

    

 

(ii)         any
General Intangibles or other rights arising under any contracts (other than Accounts or the proceeds thereof), instruments, licenses
or other documents as to which the grant of a security interest would (A) constitute a violation of a valid and enforceable
restriction in favor of a third party on such grant, unless and until any required consents shall have been obtained (other than
to the extent that any such restriction would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of
the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law or principles of equity)
or (B) give any other party to such contract, instrument, license or other document the right to terminate its obligations
thereunder (other than to the extent that any such right would be rendered ineffective pursuant to Sections 9-406, 9-407,
9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law or
principles of equity); provided that such security interest shall attach immediately at such time as the condition causing such
violation or termination shall be remedied and, to the extent severable, shall attach immediately to any portion of such Property
that does not result in any of the consequences specified in clause (A) or (B) of this paragraph, including any Proceeds of
such property;

 

(iii)        Investment
Property consisting of Capital Securities of a foreign Subsidiary of such Grantor in excess of 65% of the total combined voting
power of all Capital Securities of such foreign Subsidiary, provided that, if, such Grantor determines, in its sole discretion,
that as a result of any change in, or the introduction, adoption, effectiveness or interpretation of, tax laws, rules, regulations,
directives or guidelines of the United States of America after the date of this Security Agreement, the grant of security interests
and Liens by such Grantor in respect of any additional Capital Securities of a foreign Subsidiary of such Grantor to the Agent,
for its benefit and the ratable benefit of each other Secured Party, under this Security Agreement would not reasonably be expected
to result in an increase in the tax liabilities of such Grantor over what such liabilities would have been without such security
interests and Liens, then, promptly after the change in, or the introduction, adoption, effectiveness or interpretation of, any
such laws, rules, regulations, directives or guidelines, all such additional Capital Securities shall automatically, without further
action, be deemed to be and shall be subject to the security interests and Liens granted under this Security Agreement;

 

(iv)        any
asset, the granting of a security interest in which would be void or illegal under any Law, or pursuant thereto would result in,
or permit the termination of, such asset (other than to the extent that any such law, rule or regulation would be rendered ineffective
pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction
or any other applicable law or principles of equity); provided that such security interest shall attach immediately at such time
as the condition causing such illegality or unenforceability shall be remedied and, to the extent severable, shall attach immediately
to any portion of such Property that does not result in any of such consequences, including any Proceeds of such property; and

 

(v)         such
Grantor's interests in 6900 Quad Avenue, LLC, a Delaware limited liability company.

 

2.02         Security
for Obligations. This Security Agreement and the Collateral in which the Agent for the benefit of the Secured Parties is granted
a security interest hereunder by the Grantors secure the payment and performance of all of the Obligations (other than Excluded
Swap Obligations).

 

2.03         Grantors
Remains Liable. Anything herein to the contrary notwithstanding:

 

(a)          the
Grantors will remain liable under the contracts and agreements included in the Collateral to the extent set forth therein, and
will perform all of their duties and obligations under such contracts and agreements to the same extent as if this Security Agreement
had not been executed;

 

    	Security Agreement, Page 6

    	 

    

 

(b)          the
exercise by the Agent of any of its rights hereunder will not release any Grantor from any of its duties or obligations under any
such contracts or agreements included in the Collateral; and

 

(c)          no
Secured Party will have any obligation or liability under any contracts or agreements included in the Collateral by reason of this
Security Agreement, nor will any Secured Party be obligated to perform any of the obligations or duties of any Grantor thereunder
or to take any action to collect or enforce any claim for payment assigned hereunder.

 

2.04         Distributions
on Pledged Shares. If any Distribution with respect to any Capital Securities pledged hereunder is paid (unless prohibited
by Section 8.13 of the Credit Agreement), such Distribution or payment may be paid directly to the applicable Grantor. If any Distribution
is made in contravention of Section 8.13 of the Credit Agreement, such Grantor shall hold the same segregated and in trust for
the Agent until paid to the Agent in accordance with Section 4.01(c).

 

2.05         Security
Interest Absolute, etc. This Security Agreement shall in all respects be a continuing, absolute, unconditional and irrevocable
grant of security interest, and shall remain in full force and effect until the later of (x) the Revolving Credit Commitment Termination
Date and (y) the payment in full in cash of the Obligations, the expiration or termination of all Letters of Credit issued under
the Credit Agreement (other than Letters of Credit that have been Cash Collateralized pursuant to Section 2.11(b)(ii) of the Credit
Agreement) and the irrevocable termination of all Revolving Loan Line Portions thereunder. All rights of the Secured Parties and
the security interests granted to the Agent (for its benefit and the ratable benefit of each Secured Party) hereunder, and all
obligations of the Grantors hereunder, shall, in each case, be absolute, unconditional and irrevocable irrespective of:

 

(a)          any
lack of validity, legality or enforceability of any Basic Document;

 

(b)          the
failure of any Secured Party (i) to assert any claim or demand or to enforce any right or remedy against any Obligor or any other
Person (including any other Grantor) under the provisions of any Basic Document or otherwise, or (ii) to exercise any right or
remedy against any other guarantor (including any other Grantor) of, or collateral securing, any Obligations;

 

(c)          any
change in the time, manner or place of payment of, or in any other term of, all or any part of the Obligations, or any other extension,
compromise or renewal of any Obligations;

 

(d)          any
reduction, limitation, impairment or termination of any Obligations for any reason, including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to (and each Grantor hereby waives any right to or claim of) any defense or
setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity,
compromise, unenforceability of, or any other event or occurrence affecting, any Obligations or otherwise;

 

(e)          any
amendment to, rescission, waiver, or other modification of, or any consent to or departure from, any of the terms of any Basic
Document;

 

(f)          any
addition, exchange or release of any Collateral or of any Person that is (or will become) a Grantor (including the Grantors hereunder)
of the Obligations, or any surrender or non-perfection of any collateral, or any amendment to or waiver or release or addition
to, or consent to or departure from, any other guaranty held by any Secured Party securing any of the Obligations; or

 

    	Security Agreement, Page 7

    	 

    

 

(g)          any
other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, any Obligor,
any surety or any guarantor.

 

2.06         Postponement
of Subrogation. Each Grantor agrees that it will not exercise any rights against another Grantor which it may acquire by way
of rights of subrogation under any Basic Document to which it is a party. No Grantor shall seek or be entitled to seek any contribution
or reimbursement from any Obligor, in respect of any payment made under any Basic Document or otherwise, until following the later
of (x) the Revolving Credit Commitment Termination Date and (y) the payment in full in cash of the Obligations, the expiration
or termination of all Letters of Credit issued under the Credit Agreement (other than Letters of Credit that have been Cash Collateralized
pursuant to Section 2.11(b)(ii) of the Credit Agreement) and the irrevocable termination of all Revolving Loan Line Portions thereunder
shall have occurred. Any amount paid to such Grantor on account of any such subrogation rights prior to the later of (x) the Revolving
Credit Commitment Termination Date and (y) the payment in full in cash of the Obligations, the expiration or termination of all
Letters of Credit issued under the Credit Agreement (other than Letters of Credit that have been Cash Collateralized pursuant to
Section 2.11(b)(ii) of the Credit Agreement) and the irrevocable termination of all Revolving Loan Line Portions thereunder, shall
be held in trust for the benefit of the Secured Parties and shall immediately be paid and turned over to the Agent for the benefit
of the Secured Parties in the exact form received by such Grantor (duly endorsed in favor of the Agent, if required), to be credited
and applied against the Obligations, whether matured or unmatured, in accordance with Section 6.01; provided that
if such Grantor has made payment to the Secured Parties of all or any part of the Obligations and the later of (x) the Revolving
Credit Commitment Termination Date and (y) the payment in full in cash of the Obligations, the expiration or termination of all
Letters of Credit issued under the Credit Agreement (other than Letters of Credit that have been Cash Collateralized pursuant to
Section 2.11(b)(ii) of the Credit Agreement) and the irrevocable termination of all Revolving Loan Line Portions thereunder has
occurred, then at such Grantor’s request, the Agent (on behalf of the Secured Parties) will, at the expense of such Grantor,
execute and deliver to such Grantor appropriate documents (without recourse and without representation or warranty) necessary to
evidence the transfer by subrogation to such Grantor of an interest in the Obligations resulting from such payment. In furtherance
of the foregoing, at all times prior to the later of (x) the Revolving Credit Commitment Termination Date and (y) the payment in
full in cash of the Obligations, the expiration or termination of all Letters of Credit issued under the Credit Agreement (other
than Letters of Credit that have been Cash Collateralized pursuant to Section 2.11(b)(ii) of the Credit Agreement) and the irrevocable
termination of all Revolving Loan Line Portions thereunder, such Grantor shall refrain from taking any action or commencing any
proceeding against any Obligor (or its successors or assigns, whether in connection with a bankruptcy proceeding or otherwise)
to recover any amounts in respect of payments made under this Security Agreement to any Secured Party.

 

Section
3

REPRESENTATIONS AND WARRANTIES

 

In order to induce
the Secured Parties to enter into the Credit Agreement and to consider requests to make credit extensions thereunder, and to induce
the Secured Parties to consider requests to make other financial accommodations secured by this Security Agreement, the Grantors
represent and warrant to each Secured Party as set forth below.

 

    	Security Agreement, Page 8

    	 

    

 

3.01         As
to Capital Securities of the Subsidiaries, Investment Property.

 

(a)          With
respect to any direct Subsidiary of any Grantor that is:

 

(i)          a
corporation, business trust, joint stock company or similar Person, all Capital Securities issued by such Subsidiary are duly authorized
and validly issued, fully paid and non-assessable, and represented by a certificate; and

 

(ii)         a
partnership or limited liability company, no Capital Securities issued by such Subsidiary (A) are dealt in or traded on securities
exchanges or in securities markets, (B) expressly provide that such Capital Securities are a security governed by Article 8
of the UCC or (C) are held in a Securities Account, except, with respect to this clause (a)(ii), Capital Securities
(x) for which the Agent is the registered owner or (y) with respect to which the issuer has agreed in an authenticated record with
such Grantor and the Agent to comply with any instructions of the Agent without the consent of such Grantor.

 

(b)          The
percentage of the issued and outstanding Capital Securities of each Subsidiary pledged by each Grantor hereunder is as set forth
on Schedule I.

 

3.02         Grantors’
Names, Locations, etc.

 

(a)          The
jurisdiction in which each Grantor is located for purposes of Sections 9-301 and 9-307 of the UCC is set forth in Item A
of Schedule II.

 

(b)          Each
location a secured party would have filed a UCC financing statement since June 19, 2009 to perfect a security interest in
Equipment, Inventory and General Intangibles owned by each Grantor is set forth in Item B of Schedule II.

 

(c)          As
of the Closing Date, the Grantors do not have any trade names other than those set forth in Item C of Schedule II
hereto.

 

(d)          As
of the Closing Date, during the four months preceding the date hereof, no Grantors have been known by any legal name different
from the one set forth on the signature page hereto, nor has such Grantor been the subject of any merger or other corporate reorganization,
except as set forth in Item D of Schedule II hereto.

 

(e)          Each
Grantor’s federal taxpayer identification number is (and, during the four months preceding the date hereof, such Grantor
has not had a federal taxpayer identification number different from that) set forth in Item E of Schedule II hereto.

 

(f)          As
of the Closing Date, no Grantor is a party to any federal, state or local government contract except as set forth in Item F
of Schedule II hereto.

 

(g)          As
of the Closing Date, no Grantor maintains any Deposit Accounts, Securities Accounts or Commodity Accounts with any Person, in each
case, except as set forth on Item G of Schedule II.

 

(h)          As
of the Closing Date, no Grantor is the beneficiary of any Letters of Credit, except as set forth on Item H of Schedule
II.

 

(i)          As
of the Closing Date, no Grantor has Commercial Tort Claims, except as set forth on Item I of Schedule II.

 

(j)          The
name set forth on the signature page attached hereto is the true and correct legal name (as defined in the UCC) of each Grantor.

 

    	Security Agreement, Page 9

    	 

    

 

(k)          As
of the Closing Date, no third party has possession of any Inventory or Equipment except for Inventory in transit and Inventory
held by the Persons designated on Item J of Schedule II.

 

3.03         Ownership,
No Liens, etc. Each Grantor owns its Collateral free and clear of any Lien, except for any security interest (a) created by
this Security Agreement and (b) that is a Permitted Lien. No effective UCC financing statement or other filing similar in effect
covering all or any part of the Collateral is on file in any recording office, except those filed in favor of the Agent relating
to this Security Agreement, Permitted Liens or as to which a duly authorized termination statement relating to such UCC financing
statement or other instrument has been delivered to the Agent on or after the Closing Date.

 

3.04         Possession
of Inventory, Control; etc.

 

(a)          Each
Grantor has, and agrees that it will maintain, exclusive possession of its Documents, Instruments, Promissory Notes, Goods, Equipment
and Inventory, other than (i) Equipment and Inventory in transit in the ordinary course of business, (ii) Equipment and Inventory
that is in the possession or control of a warehouseman, bailee, agent or other Person in the Grantor’s ordinary course of
business and (iii) Documents, Instruments or Promissory Notes that have been delivered to the Agent pursuant to Section 3.05.
In the case of Equipment or Inventory described in clause (ii) above, no lessor or warehouseman of any premises or warehouse upon
or in which such Equipment or Inventory is located has: (i) issued any warehouse receipt, other receipt in the nature of a warehouse
receipt or other Document in respect of any such Equipment or Inventory except (x) non-negotiable Documents (which Documents, if
the Inventory covered thereby is included in the Borrowing Base, have been issued in the name of and delivered to the Grantor or
the Agent) and (y) negotiable Documents (which Documents, if the Inventory covered thereby is included in the Borrowing Base, have
been issued and duly negotiated to the Grantor or the Agent or to order, blank endorsed, and in the possession of the Grantor or
the Agent), (ii) received notification of any secured party’s interest (other than the security interest granted hereunder
or any Lien permitted under Section 8.06(j) of the Credit Agreement) in any such Equipment or Inventory or (iii) any Lien on any
such Equipment or Inventory except, Permitted Borrowing Base Liens.

 

(b)          Each
Grantor is the sole entitlement holder of its Deposit, Commodity and Security Accounts and no other Person (other than the Agent
pursuant to this Security Agreement or an Account Control Agreement or any other Person with respect to Permitted Liens) has control
or possession of, or any other interest in, any of its Deposit, Commodity and Security Accounts or any other securities or property
credited thereto.

 

(c)          As
of the Closing Date, except for the Persons designated on Schedule II who hold Collateral in the capacity designated thereon and
any other Person hereafter identified pursuant to Section 4.07, no Person other than Agent has possession or control of any of
its Collateral, except as permitted under the Credit Agreement or by Sections 4.07 or 7.11.

 

3.05         Negotiable
Documents, Instruments and Chattel Paper. Except as permitted under the Credit Agreement or by Sections 2.01, 4.03, 4.07 or
7.11, each Grantor has delivered to the Agent possession of all originals of all Documents, Instruments, Promissory Notes, and
tangible Chattel Paper owned or held by such Grantor on the Closing Date.

 

3.06         Intellectual
Property Collateral. Except as disclosed on Schedules III through V, with respect to any Intellectual Property
Collateral:

 

    	Security Agreement, Page 10

    	 

    

 

(a)          such
Intellectual Property Collateral is valid, subsisting, unexpired and enforceable and has not been abandoned or adjudged invalid
or unenforceable, in whole or in part except as could not be expected to have a Material Adverse Effect;

 

(b)          such
Grantor is the sole and exclusive owner of the entire and unencumbered right, title and interest in and to such Intellectual Property
Collateral and no claim has been made that the use of such Intellectual Property Collateral does or may, conflict with, infringe,
misappropriate, dilute, misuse or otherwise violate any of the rights of any third party;

 

(c)          such
Grantor has made all necessary filings and recordations to protect its interest in such Intellectual Property Collateral material
to its business, including recordations of all of its interests in the Patent Collateral and Trademark Collateral material to its
business in the United States Patent and Trademark Office and in corresponding offices throughout the world, and its claims to
the Copyright Collateral in the United States Copyright Office and in corresponding offices throughout the world;

 

(d)          such
Grantor has taken all reasonable steps to safeguard its Trade Secrets and to its knowledge (A) none of the Trade Secrets of such
Grantor has been used, divulged, disclosed or appropriated for the benefit of any other Person other than such Grantor; (B) no
employee, independent contractor or agent of such Grantor has misappropriated any Trade Secrets of any other Person in the course
of the performance of his or her duties as an employee, independent contractor or agent of such Grantor; and (C) no employee, independent
contractor or agent of such Grantor is in default or breach of any term of any employment agreement, non-disclosure agreement,
assignment of inventions agreement or similar agreement or contract relating in any way to the protection, ownership, development,
use or transfer of such Grantor’s Intellectual Property Collateral;

 

(e)          to
such Grantor’s knowledge, no third party is infringing upon any Intellectual Property owned or used by such Grantor in any
material respect, or any of its respective licensees;

 

(f)       
   no settlement or consents, covenants not to sue, nonassertion assurances, or releases have been
entered into by such Grantor or to which such Grantor is bound that adversely affects its rights to own or use any
Intellectual Property except as would not have a Material Adverse Effect;

 

(g)          such
Grantor has not made a previous assignment, sale, transfer or agreement constituting a present or future assignment, sale or transfer
of any Intellectual Property for purposes of granting a security interest or as Collateral that has not been terminated or released;

 

(h)          such
Grantor uses adequate standards of quality in the manufacture, distribution, and sale of all products sold and in the provision
of all services rendered under or in connection with all Trademarks and has taken all commercially reasonable action necessary
to insure that all licensees of the Trademarks owned by such Grantor use such adequate standards of quality;

 

(i)          the
consummation of the transactions contemplated by the Credit Agreement and this Security Agreement will not result in the termination
or material impairment of any of the Intellectual Property Collateral;

 

(j)          such
Grantor owns directly or is entitled to use by license or otherwise, all Patents, Trademarks, Trade Secrets, Copyrights, mask works,
licenses, technology, know-how, processes and rights with respect to any of the foregoing used in, necessary for or of importance
to the conduct of such Grantor’s business; and

 

    	Security Agreement, Page 11

    	 

    

 

(k)          the
Intellectual Property Collateral disclosed on Schedules III through V is not material to the operations or business
of any Grantor, is of negligible economic value to the Grantors and its value is otherwise not material.

 

3.07         Validity,
etc.

 

(a)          This
Security Agreement creates a valid security interest in the Collateral securing the payment of the Obligations.

 

(b)          Except
as otherwise provided in Section 4.07, each Grantor has taken all actions necessary or required under the Basic Documents to perfect
the Agent’s security interest with respect to the Collateral.

 

(c)          Except
as otherwise provided in Section 4.07, each Grantor has taken all actions necessary to obtain control of the Collateral as provided
in Sections 9-104, 9-105, 9-106 and 9-107 of the UCC.

 

(d)          Upon
the filing of the UCC-1 financing statements in the filing office of such Grantor’s jurisdiction of organization listed in
Item A of Schedule II (collectively, the “Filing Statements”) with the appropriate agencies therefor
the security interests created under this Security Agreement shall constitute a perfected security interest in the Collateral described
on such Filing Statements in favor of the Agent on behalf of the Secured Parties to the extent that a security interest therein
may be perfected by filing pursuant to the relevant UCC, prior to all other Liens, except for (i) in the case of Collateral included
in the Borrowing Base (as defined in the Credit Agreement), Permitted Borrowing Base Liens and (ii) in the case of all other assets
of each Grantor, Permitted Liens (in each case (under clauses (i) and (ii)) such security interest shall be second in priority
of right only to the Permitted Liens until the obligations secured by such Permitted Liens have been satisfied).

 

3.08         Authorization,
Approval, etc. Except as have been obtained or made and are in full force and effect, no authorization, approval or other action
by, and no notice to or filing with, any Governmental Authority or any other third party is required either:

 

(a)          for
the grant by the Grantors of the security interest granted hereby or for the execution, delivery and performance of this Security
Agreement by the Grantors;

 

(b)          for
the perfection or maintenance of the security interests hereunder including the first priority (subject to Permitted Liens) nature
of such security interest (except with respect to the Filing Statements or, with respect to Intellectual Property Collateral material
to any Grantor’s business, the recordation of any agreements with the U.S. Patent and Trademark Office or the U.S. Copyright
Office) or the exercise by the Agent of its rights and remedies hereunder; or

 

(c)          for
the exercise by the Agent of the voting or other rights provided for in this Security Agreement, or, except (i) with respect to
any securities issued by a Subsidiary of a Grantor, as may be required in connection with a disposition of such securities by laws
affecting the offering and sale of securities generally, the remedies in respect of the Collateral pursuant to this Security Agreement
and (ii) any “change of control” or similar filings required by state licensing agencies.

 

    	Security Agreement, Page 12

    	 

    

 

3.09         Best
Interests. It is in the best interests of each Grantor (other than the Company) to execute this Security Agreement inasmuch
as such Grantor will, as a result of being a Subsidiary of the Company, derive substantial direct and indirect benefits from the
Loans and other extensions of credit secured hereby and each Grantor agrees that the Secured Parties are relying on this representation
in agreeing to make such Loans and other extensions of credit.

 

3.10         Titled
Equipment, etc. No Grantor owns any: (i) Equipment for which a certificate of title has been issued, (ii) vessels documented
under Chapter 121, Title 46, United States Code (the Ship Mortgage Act) or for which an application for documentation is pending;
(iii) rail cars nor (iv) aircraft.

 

3.11         Value
of Excluded Property. The aggregate book value of the assets excluded from the Collateral under the provisions of clauses (ii)
and (iv) of Section 2.01 does not exceed $500,000 as of the Closing Date.

 

Section
4

COVENANTS

 

Each Grantor covenants
and agrees that, at all times prior to the later of (x) the Revolving Credit Commitment Termination Date and (y) the payment in
full in cash of the Obligations (other than any contingent obligations for which no claim has been made or asserted), the expiration
or termination of all Letters of Credit issued under the Credit Agreement (other than Letters of Credit that have been Cash Collateralized
pursuant to Section 2.11(b)(ii) of the Credit Agreement) and the irrevocable termination of all Revolving Loan Line Portions thereunder,
such Grantor will perform, comply with and be bound by the obligations set forth below.

 

4.01         As
to Investment Property, etc.

 

(a)          Capital
Securities of Subsidiaries. No Grantor will allow any of its Subsidiaries

 

(i)          that
is a corporation, business trust, joint stock company or similar Person, to issue Uncertificated Securities;

 

(ii)         that
is a partnership or limited liability company, to (A) issue Capital Securities that are to be dealt in or traded on securities
exchanges or in securities markets, (B) expressly provide in its Governing Documents that its Capital Securities are securities
governed by Article 8 of the UCC, or (C) place such Subsidiary’s Capital Securities in a Securities Account; and

 

(iii)        to
issue Capital Securities in addition to or in substitution for the Capital Securities pledged hereunder, except to such Grantor
(and such Capital Securities are immediately pledged and delivered to the Agent pursuant to the terms of this Security Agreement).

 

(b)          Continuous
Pledge. Each Grantor will (subject to the terms of the Credit Agreement and Sections 3.04(a), 4.07 and 7.11) deliver to the
Agent and at all times keep pledged to the Agent pursuant hereto, on a first-priority, perfected basis (subject to the terms of
the Intercreditor Agreement and Section 2.01) all Payment Intangibles to the extent they are evidenced by a Document, Instrument,
Promissory Note or Chattel Paper, and all interest and principal with respect to such Payment Intangibles, and all Proceeds and
rights from time to time received by or distributable to such Grantor in respect of any of the foregoing Collateral. Each Grantor
agrees that, subject to the terms of the Credit Agreement and subject to Sections 2.01, 3.04(a), 4.07 and 7.11, it will, promptly
following receipt thereof, deliver to the Agent possession of all originals of negotiable Documents, Instruments, Promissory Notes
and Chattel Paper that it acquires following the Closing Date.

 

    	Security Agreement, Page 13

    	 

    

 

(c)          Voting
Rights; Dividends, etc. All dividends, Distributions, interest, principal, cash payments, Payment Intangibles and Proceeds
that may at any time and from time to time be held by such Grantor, but which such Grantor is then obligated to deliver to the
Agent, shall, until delivery to the Agent, be held by such Grantor separate and apart from its other property in trust for the
Agent. The Agent agrees that unless a Specified Default shall exist and the Agent shall have given the notice referred to in clause
(b), such Grantor will have the exclusive voting power with respect to any Investment Property constituting Collateral and
the Agent will, upon the written request of such Grantor, promptly deliver such proxies and other documents, if any, as shall be
reasonably requested by such Grantor which are necessary to allow such Grantor to exercise that voting power; provided that
no vote shall be cast, or consent, waiver, or ratification given, or action taken by such Grantor that would impair any such Collateral
or be inconsistent with or violate any provision of any Basic Document.

 

4.02         Change
of Name, etc. No Grantor will change its name or place of incorporation or organization or federal taxpayer identification
number except upon 30 days’ prior written notice to the Agent.

 

4.03         As
to Accounts.

 

(a)          Each
Grantor shall have the right to collect all Accounts so long as no Specified Default exists.

 

(b)          Each
Grantor agrees, promptly upon receipt of notice of the existence of a Specified Default from the Agent and without any request
therefor by the Agent, so long as such Specified Default shall continue, to deliver (properly endorsed where required hereby or
requested by the Agent) to the Agent interest, principal, and all Proceeds of the Collateral, in each case thereafter received
by such Grantor, all of which shall be held by the Agent as additional Collateral.

 

(c)          Following
(i) the occurrence and continuance of a Specified Default and (ii) the delivery of notice pursuant to clause (b), the Agent
shall have the right to apply any amount in the Collateral Account to the payment of any Obligations which are due and payable.

 

(d)          With
respect to each of the Collateral Account, it is hereby confirmed and agreed that (i) deposits in such Collateral Account are subject
to a security interest as contemplated hereby, (ii) such Collateral Account shall be under the control of the Agent and (iii) during
the continuance of a Specified Default, the Agent shall have the right to withdraw funds from such Collateral Account and solely
apply such funds to repay the Obligations in accordance with the Credit Agreement. For the avoidance of doubt, following the waiver
or cure of any Specified Default and so long as after giving effect thereto no other Event of Default shall be continuing and the
Required Banks shall not have demanded payment of and Cash Collateral (if applicable) for the Obligations, to the extent that the
Agent shall not have previously applied any such funds to repay the Obligations, the Agent shall, at the request of the Company,
transfer, or shall be caused to be transferred, to the Grantor all funds in the Collateral Account.

 

    	Security Agreement, Page 14

    	 

    

 

4.04         As
to Grantors’ Use of Collateral.

 

(a)          Subject
to clause (b), each Grantor (i) may in the ordinary course of its business, at its own expense, sell, lease or furnish under
the contracts of service any of the Inventory normally held by such Grantor for such purpose, and use and consume, in the ordinary
course of its business, any raw materials, work in process or materials normally held by such Grantor for such purpose, (ii) will,
at its own expense, endeavor to collect, as and when due, all amounts due with respect to any of the Collateral, including the
taking of such action with respect to such collection as the Agent may request following the occurrence of a Specified Default
or, in the absence of such request, as such Grantor may deem advisable, and (iii) may grant, in the ordinary course of business,
to any party obligated on any of the Collateral, any rebate, refund or allowance to which such party may be lawfully entitled,
and may accept, in connection therewith, the return of Goods, the sale or lease of which shall have given rise to such Collateral.

 

(b)          At
any time following the occurrence and during the continuance of a Specified Default, whether before or after the maturity of any
of the Obligations, the Agent may (i) revoke any or all of the rights of each Grantor set forth in clause (a), (ii) notify
any parties obligated on any of the Collateral to make payment to the Agent of any amounts due or to become due thereunder and
(iii) enforce collection of any of the Collateral by suit or otherwise and surrender, release, or exchange all or any part thereof,
or compromise or extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder or
evidenced thereby.

 

(c)          Upon
request of the Agent following the occurrence and during the continuance of a Specified Default, each Grantor will, at its own
expense, notify any parties obligated on any of the Collateral to make payment to the Agent of any amounts due or to become due
thereunder.

 

(d)          At
any time following the occurrence and during the continuation of a Specified Default, the Agent may endorse, in the name of such
Grantor, any item, howsoever received by the Agent, representing any payment on or other Proceeds of any of the Collateral.

 

4.05         As
to Intellectual Property Collateral. Each Grantor covenants and agrees to comply with the following provisions as such provisions
relate to any Intellectual Property Collateral material to the operations or business of such Grantor:

 

(a)          such
Grantor will not (i) do or fail to perform any act whereby any of the Patent Collateral may lapse or become abandoned or dedicated
to the public or unenforceable, (ii) permit any of its licensees to (A) fail to continue to use any of the Trademark Collateral
in order to maintain all of the Trademark Collateral in full force free from any claim of abandonment for non-use, (B) fail to
maintain as in the past the quality of products and services offered under all of the Trademark Collateral, (C) fail to employ
all of the Trademark Collateral registered with any federal or state or foreign authority with an appropriate notice of such registration,
(D) adopt or use any other Trademark which is confusingly similar or a colorable imitation of any of the Trademark Collateral,
(E) use any of the Trademark Collateral registered with any federal, state or foreign authority except for the uses for which registration
or application for registration of all of the Trademark Collateral has been made or (F) do or permit any act or knowingly omit
to do any act whereby any of the Trademark Collateral may lapse or become invalid or unenforceable, or (iii) do or permit any act
or knowingly omit to do any act whereby any of the Copyright Collateral or any of the Trade Secrets Collateral may lapse or become
invalid or unenforceable or placed in the public domain except upon expiration of the end of an unrenewable term of a registration
thereof, unless, in the case of any of the foregoing requirements in clauses (i), (ii) and (iii), such Grantor
shall either (x) reasonably and in good faith determine that any of such Intellectual Property Collateral is of negligible economic
value to such Grantor, or (y) the loss of the Intellectual Property Collateral would not have a Material Adverse Effect on the
business;

 

    	Security Agreement, Page 15

    	 

    

 

(b)          such
Grantor shall promptly notify the Agent if it knows, or has reason to know, that any application or registration relating to any
material item of the Intellectual Property Collateral may become abandoned or dedicated to the public or placed in the public domain
or invalid or unenforceable, or of any adverse determination or development (including the institution of, or any such determination
or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any foreign
counterpart thereof or any court) regarding such Grantor’s ownership of any of the Intellectual Property Collateral, its
right to register the same or to keep and maintain and enforce the same;

 

(c)          in
no event will such Grantor or any of its agents, employees, designees or licensees file an application for the registration of
any Intellectual Property Collateral with the United States Patent and Trademark Office, the United States Copyright Office or
any similar office or agency in any other country or any political subdivision thereof, unless it promptly informs the Agent, and
upon request of the Agent (subject to the terms of the Credit Agreement), executes and delivers all agreements, instruments and
documents as the Agent may request to evidence the Agent’s security interest in such Intellectual Property Collateral;

 

(d)          such
Grantor will take all necessary steps, including in any proceeding before the United States Patent and Trademark Office, the United
States Copyright Office or (subject to the terms of the Credit Agreement) any similar office or agency in any other country or
any political subdivision thereof, to maintain and pursue any application (and to obtain the relevant registration) filed with
respect to, and to maintain any registration of, the Intellectual Property Collateral, including the filing of applications for
renewal, affidavits of use, affidavits of incontestability and opposition, interference and cancellation proceedings and the payment
of fees and taxes (except to the extent that dedication, abandonment or invalidation is permitted under the foregoing clause
(a) or (b)); and

 

(e)          such
Grantor will promptly execute and deliver to the Agent (as applicable) a Patent Security Agreement, Trademark Security Agreement
and/or Copyright Security Agreement, as the case may be, in the forms of Exhibit A, Exhibit B and Exhibit C
hereto following its obtaining an interest in any such Intellectual Property, and shall execute and deliver to the Agent any other
document required to acknowledge or register or perfect the Agent’s interest in any part of such item of Intellectual Property
Collateral unless such Grantor shall determine in good faith (with the consent of the Agent) that any Intellectual Property Collateral
is of negligible economic value to such Grantor.

 

4.06         As
to Commercial Tort Claims. Each Grantor covenants and agrees that, until the later of (x) the Revolving Credit Commitment Termination
Date and (y) the payment in full in cash of the Obligations, the expiration or termination of all Letters of Credit issued under
the Credit Agreement (other than Letters of Credit that have been Cash Collateralized pursuant to Section 2.11(b)(ii) of the Credit
Agreement) and the irrevocable termination of all Commitments thereunder, with respect to any Commercial Tort Claim in excess of
$1,000,000 individually or in the aggregate hereafter arising, it shall deliver to the Agent a supplement in form and substance
reasonably satisfactory to the Agent, together with all supplements to schedules thereto identifying such new Commercial Tort Claims.

 

4.07         Further
Assurances; Exceptions to Perfection. Each Grantor agrees that, from time to time at its own expense, it will promptly execute
and deliver all further instruments and documents, and take all further action, that may be necessary or that the Agent may reasonably
request, in order to perfect, preserve and protect any security interest granted or purported to be granted hereby or to enable
the Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality
of the foregoing, such Grantor will:

 

    	Security Agreement, Page 16

    	 

    

 

(a)          from
time to time upon the reasonable request of the Agent, promptly deliver to the Agent such stock powers, instruments and similar
documents, satisfactory in form and substance to the Agent, with respect to such Collateral as the Agent may request and will,
from time to time upon the request of the Agent, after the occurrence and during the continuance of any Specified Default, promptly
transfer any securities constituting Collateral into the name of any nominee designated by the Agent; subject to Sections 2.01,
3.04(a), 4.07 and 7.11, if any Collateral shall be evidenced by an Instrument, negotiable Document, Promissory Note or tangible
Chattel Paper, deliver and pledge to the Agent hereunder such Instrument, negotiable Document, Promissory Note or tangible Chattel
Paper duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory
to the Agent;

 

(b)          take
such actions as may be necessary or that the Agent may request in order to perfect and preserve the security interests and other
rights granted or purported to be granted to the Agent hereby;

 

(c)          deliver
to the Agent and at all times keep pledged to the Agent pursuant hereto, on a first-priority, perfected basis (subject to the terms
of the Intercreditor Agreement), at the request of the Agent, all Investment Property constituting Collateral and all interest
and principal with respect to Promissory Notes, and all Proceeds and rights from time to time received by or distributable to such
Grantor in respect of any of the foregoing Collateral;

 

(d)          not
take or omit to take any action the taking or the omission of which would result in any impairment or alteration of any obligation
of the maker of any Payment Intangible or other Instrument constituting Collateral;

 

(e)          not
create any tangible Chattel Paper without placing a legend on such tangible Chattel Paper reasonably acceptable to the Agent indicating
that the Agent has a security interest in such Chattel Paper;

 

(f)    
      furnish to the Agent, from time to time at the Agent’s reasonable request,
statements and schedules identifying the location of all Equipment and Inventory;

 

(g)          without
limitation of Section 8.03(f) of the Credit Agreement, furnish to the Agent, from time to time at the Agent’s reasonable
request, statements and schedules further identifying and describing the Collateral and such other reports in connection with the
Collateral as the Agent may request, all in reasonable detail;

 

(h)          use
commercially reasonable efforts to obtain a lien subordination or waiver agreement in a form reasonably approved by the Agent from
the landlord of each location that it or any of its Subsidiaries leases and at which any Inventory is located and a mortgagee lien
subordination or waiver in a form reasonably approved by the Agent from each location it or any of its Subsidiaries owns that is
mortgaged to a third party;

 

(i)        
  use commercially reasonable efforts to obtain a lien acknowledgement in a form reasonably acceptable to
the Agent from each third party warehouse at which any Inventory is customarily stored; and

 

(j)     
     do all things reasonably requested by the Agent in order to enable the Agent to have and
maintain control over the Collateral consisting of Investment Property, Deposit Accounts, Letter-of-Credit-Rights and
Electronic Chattel Paper.

 

    	Security Agreement, Page 17

    	 

    

 

With respect to the foregoing and the grant
of the security interest hereunder, each Grantor hereby authorizes the Agent to file one or more financing or continuation statements,
and amendments thereto, relative to all or any part of the Collateral. Each Grantor agrees that a carbon, photographic or other
reproduction of this Security Agreement or any UCC financing statement covering the Collateral or any part thereof shall be sufficient
as a UCC financing statement where permitted by law. Each Grantor hereby authorizes the Agent to file financing statements describing
as the collateral covered thereby “all of the debtor’s personal property or assets” or words to that effect,
notwithstanding that such wording may be broader in scope than the Collateral described in this Security Agreement.

 

Notwithstanding the foregoing or any other
terms in any Basic Document, if no Specified Default exists:

 

(i)          a
Grantor may retain for collection in the ordinary course of business checks representing proceeds of Accounts received in the ordinary
course of business;

 

(ii)         a
Grantor may retain any letters of credit and money received or held in the ordinary course of business;

 

(iii)        a
Grantor may retain and utilize in the ordinary course of business all dividends and interest paid in respect to any of the Capital
Securities or any other Investment Property;

 

(iv)        a
Grantor may retain any Documents received and further negotiated in the ordinary course of business (except for Documents required
to be delivered to the Agent with respect to Inventory included in the Borrowing Base); and

 

(v)         a
Grantor shall not be required to:

 

(A)         cause
the Agent’s security interest to be noted on any certificate of title evidencing any Equipment;

 

(B)         grant
the Agent control over any Chattel Paper or Letter of Credit Right;

 

(C)         grant
the Agent control over any Security Account or Commodity Account unless such Collateral is included in the Borrowing Base; or

 

(D)         take
any action under the laws of any jurisdiction other than the United States of America or any jurisdiction located therein to create,
perfect or protect the security interest of the Agent in any Intellectual Property registered outside the United States of America.

 

If a Specific Default occurs and the Agent
requests, then the Grantors shall take such action as the Agent may reasonably request to perfect and protect the security interests
of the Agent in all of the Collateral including any of the Collateral described in clauses (A) through (D) above.

 

4.08         Deposit
Accounts, Securities Accounts and Commodities Accounts. Following the occurrence and during the continuance of a Specified
Default, at the request of the Agent or the Required Banks, each Grantor will maintain all of its operating deposit accounts only
with the Agent, J.P. Morgan Chase Bank, N.A., or with any depositary institution that has entered into an Account Control Agreement
in favor of the Agent. No Grantor will open any new operating deposit accounts located in the United States (other than payroll
accounts) not in existence on the date hereof without the prior written consent (not to be unreasonably withheld) of all Banks
(other than, for the avoidance of doubt, any Affiliate of an Issuing Bank which has issued a Letter of Credit pursuant to the last
sentence of the definition of Issuing Bank), and no Grantor will open any new Commodity Accounts or Security Accounts located in
the United States not in existence on the date hereof unless such Grantor shall have given the Agent thirty (30) days prior written
notice thereof. When no Specified Default exists, each Grantor may make purchases and sales of Investment Property in accordance
with the restrictions on investment set out in the Credit Agreement and, for the avoidance of doubt, may make any and all withdrawals
from its Deposit Accounts. When a Specified Default exists and the Agent provides the Company notice, no Grantor shall be authorized
to make purchases and sales of the Investment Property, be authorized to make any withdrawals from any Deposit Account and it shall
take such steps as Agent may reasonably request to give Agent control over all Investment Property and Deposit Accounts. No Grantor
will give any party control over any Investment Property or Deposit Account.

 

    	Security Agreement, Page 18

    	 

    

 

4.09         Equipment
and Inventory. Each Grantor shall keep its Equipment and Inventory in (or in transit to) the United States of America, Canada
or Australia, or in transit to Latin America or, upon thirty (30) days prior written notice to the Agent, at such other places
where all action required to perfect and protect the Agent’s security interest in such Collateral with the priority required
by the Credit Agreement shall have been taken. Each Grantor shall notify the Agent if it acquires after the Closing Date any vessel
subject to the Ship Mortgage Act of 1920 or any aircraft and, subject to Section 4.07, shall take all action reasonably deemed
necessary or desirable by the Agent to create, perfect and protect its interest in such Collateral with the priority required by
the Credit Agreement.

 

4.10         Warehouse
Receipts Non Negotiable. Each Grantor agrees that if any warehouse receipt or receipt in the nature of a warehouse receipt
is issued in respect of any portion of the Collateral, such warehouse receipt or receipt in the nature thereof shall not be negotiable
unless such warehouse receipt or receipt in the nature thereof is issued and duly negotiated to the Grantor or the Agent or to
order, blank endorsed, and in the possession of the Grantor or the Agent.

 

4.11         Chattel
Paper and Letters of Credit. Subject to the terms of the Basic Documents and the Intercreditor Agreement, no Grantor will give
any party control over any Letter of Credit Right or electronic Chattel Paper.

 

Section
5

THE AGENT

 

5.01         Agent
Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints the Agent its attorney-in-fact, with full authority in
the place and stead of such Grantor and in the name of such Grantor or otherwise, from time to time in the Agent’s discretion,
following the occurrence and during the continuance of a Specified Default, to take any action and to execute any instrument which
the Agent may deem necessary or advisable to accomplish the purposes of this Security Agreement, including:

 

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

 

(b)          to
receive, endorse, and collect any drafts or other Instruments, Documents and Chattel Paper, in connection with clause (a)
above;

 

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

 

(d)          to
perform the affirmative obligations of such Grantor hereunder.

 

    	Security Agreement, Page 19

    	 

    

 

Each Grantor hereby acknowledges, consents
and agrees that the power of attorney granted pursuant to this Section is irrevocable and coupled with an interest.

 

5.02         Agent
May Perform. If any Grantor fails to perform any agreement contained herein or in any other Basic Document, the Agent may itself
perform, or cause performance of, such agreement, and the expenses of the Agent incurred in connection therewith shall be payable
by such Grantor pursuant to Section 11.03 of the Credit Agreement.

 

5.03         Agent
Has No Duty. The powers conferred on the Agent hereunder are solely to protect its interest (on behalf of the Secured Parties)
in the Collateral and shall not impose any duty on it to exercise any such powers. Except for reasonable care of any Collateral
in its possession and the accounting for moneys actually received by it hereunder, the Agent shall have no duty as to any Collateral
or responsibility for:

 

(a)          ascertaining
or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Investment
Property, whether or not the Agent has or is deemed to have knowledge of such matters, or

 

(b)          taking
any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.

 

5.04         Reasonable
Care. The Agent is required to exercise reasonable care in the custody and preservation of any of the Collateral in its possession;
provided that the Agent shall be deemed to have exercised reasonable care in the custody and preservation of any of the
Collateral, if it takes such action for that purpose as each Grantor reasonably requests in writing at times other than upon the
occurrence and during the continuance of any Specified Default, but failure of the Agent to comply with any such request at any
time shall not in itself be deemed a failure to exercise reasonable care.

 

Section
6

REMEDIES

 

6.01         Certain
Remedies. If any Event of Default shall have occurred and be continuing or if the Required Banks shall have demanded payment
of and Cash Collateral (if applicable) for the Obligations:

 

(a)          The
Agent may, with the consent of the Required Banks, and, upon request of the Required Banks, shall exercise in respect of the Collateral,
in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a Secured
Party on default under the UCC (whether or not the UCC applies to the affected Collateral) and also may, with the consent of the
Required Banks, and, upon request of the Required Banks, shall:

 

(i)          take
possession of any Collateral not already in its possession without demand and without legal process;

 

(ii)         require
each Grantor to, and each Grantor hereby agrees that it will, at its expense and upon request of the Agent forthwith, assemble
all or part of the Collateral as directed by the Agent and make it available to the Agent at a place to be designated by the Agent
that is reasonably convenient to both parties;

 

(iii)        enter
onto the property where any Collateral is located and take possession thereof without demand and without legal process;

 

    	Security Agreement, Page 20

    	 

    

 

(iv)        without
notice except as specified below, lease, license, sell or otherwise dispose of the Collateral or any part thereof in one or more
parcels at public or private sale, at any of the Agent’s offices or elsewhere, for cash, on credit or for future delivery,
and upon such other terms as the Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notice of sale
shall be required by law, at least ten days’ prior notice to such Grantor of the time and place of any public sale or the
time after which any private sale is to be made shall constitute reasonable notification. The Agent shall not be obligated to make
any sale of Collateral regardless of notice of sale having been given. The Agent may adjourn any public or private sale from time
to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned.

 

(b)          All
cash Proceeds received by the Agent in respect of any sale of, collection from, or other realization upon, all or any part of the
Collateral shall be applied by the Agent as provided in the Credit Agreement (but subject to the Intercreditor Agreement).

 

(c)          The
Agent may, with the consent of the Required Banks, and, upon request of the Required Banks, shall:

 

(i)          transfer
all or any part of the Collateral into the name of the Agent or its nominee, with or without disclosing that such Collateral is
subject to the Lien hereunder;

 

(ii)         notify
the parties obligated on any of the Collateral to make payment to the Agent of any amount due or to become due thereunder;

 

(iii)        withdraw,
or cause or direct the withdrawal, of all funds with respect to the Collateral Account;

 

(iv)        enforce
collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise
or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with
respect thereto;

 

(v)         endorse
any checks, drafts, or other writings in any Grantor’s name to allow collection of the Collateral;

 

(vi)        take
control of any Proceeds of the Collateral; and

 

(vii)       execute
(in the name, place and stead of any Grantor) endorsements, assignments, stock powers and other instruments of conveyance or transfer
with respect to all or any of the Collateral.

 

6.02         Securities
Laws.

 

(a)          If
the Agent shall determine to exercise its right to sell all or any portion of the Collateral pursuant to Section 6.01, each
Grantor agrees that, upon request of the Agent, each Grantor will, at its own expense:

 

(i)          execute
and deliver, and cause (or, with respect to any issuer which is not a Subsidiary of such Grantor, use its best efforts to cause)
each issuer of the Collateral contemplated to be sold and the directors and officers thereof to execute and deliver, all such instruments
and documents, and do or cause to be done all such other acts and things, as may be necessary or, in the opinion of the Agent,
advisable to register such Collateral under the provisions of the Securities Act of 1933, as from time to time amended (the “Securities
Act”), and cause the registration statement relating thereto to become effective and to remain effective for such period
as prospectuses are required by law to be furnished, and to make all amendments and supplements thereto and to the related prospectus
which, in the opinion of the Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and
the rules and regulations of the SEC applicable thereto;

 

    	Security Agreement, Page 21

    	 

    

 

(ii)         use
its best efforts to exempt the Collateral under the state securities or “Blue Sky” laws and to obtain all necessary
governmental approvals for the sale of the Collateral, as requested by the Agent;

 

(iii)        cause
(or, with respect to any issuer that is not a Subsidiary of a Grantor, use its best efforts to cause) each such issuer to make
available to its security holders, as soon as practicable, an earnings statement that will satisfy the provisions of Section 11(a)
of the Securities Act; and

 

(iv)        do
or cause to be done all such other acts and things as may be necessary to make such sale of the Collateral or any part thereof
valid and binding and in compliance with applicable law.

 

(b)          Each
Grantor acknowledges the impossibility of ascertaining the amount of damages that would be suffered by the Agent or the Secured
Parties by reason of the failure by such Grantor to perform any of the covenants contained in this Section and consequently agrees
that, if such Grantor shall fail to perform any of such covenants, it shall pay, as liquidated damages and not as a penalty, an
amount equal to the value (as determined by the Agent) of such Collateral on the date the Agent shall demand compliance with this
Section.

 

6.03         Compliance
with Restrictions. Each Grantor agrees that in any sale of any of the Collateral whenever an Event of Default exists or at
any time after a demand for payment of and Cash Collateral (if applicable) for the Obligations
by the Required Banks shall have been made, the Agent is hereby authorized to comply with any limitation or restriction in connection
with such sale as it may be advised by counsel is necessary in order to avoid any violation of applicable law (including compliance
with such procedures as may restrict the number of prospective bidders and purchasers, require that such prospective bidders and
purchasers have certain qualifications, and restrict such prospective bidders and purchasers to Persons who will represent and
agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of such Collateral),
or in order to obtain any required approval of the sale or of the purchaser by any Governmental Authority or official, and such
Grantor further agrees that such compliance shall not result in such sale being considered or deemed not to have been made in a
commercially reasonable manner, nor shall the Agent be liable nor accountable to such Grantor for any discount allowed by the reason
of the fact that such Collateral is sold in compliance with any such limitation or restriction.

 

6.04         Protection
of Collateral. The Agent may from time to time, at its option, perform any act which any Grantor fails to perform with respect
to the maintenance, preservation and protection of the Collateral after being requested in writing so to perform (it being understood
that no such request need be given after the occurrence and during the continuance of an Event of Default or at any time after
a demand for payment of and Cash Collateral (if applicable) for the Obligations by the Required
Banks shall have been made) and the Agent may from time to time take any other action which the Agent deems necessary for the maintenance,
preservation or protection of any of the Collateral or of its security interest therein.

 

    	Security Agreement, Page 22

    	 

    

 

6.05         Standards
for Exercising Remedies. To the extent that applicable law imposes duties on Agent to exercise remedies in a commercially reasonable
manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for Agent: (a) to fail to incur expenses
reasonably deemed significant by Agent to prepare any Collateral for disposition or otherwise to complete raw material for work-in-process
into finished goods or other finished products for disposition; (b) 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 the Collateral to be collected or disposed of; (c) to fail to exercise collection remedies against
account debtors or other persons obligated on Collateral or to remove Liens on or any adverse claims against the Collateral; (d)
to exercise collection remedies against account debtors and other persons obligated on Collateral directly or through the use of
collection agencies and other collection specialists; (e) to advertise dispositions of Collateral through publications or media
of general circulation, whether or not the Collateral is of a specialized nature; (f) to contact other persons, whether or not
in the same business as Grantor, for expressions of interest in acquiring all or any portion of the Collateral; (g) to hire one
or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized
nature; (h) 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 capability of doing so, or that match buyers and sellers of assets; (i) to dispose of
assets in wholesale rather than retail markets; (j) to disclaim disposition warranties; (k) to purchase insurance or credit enhancements
to insure Agent against risks of loss, collection or disposition of Collateral or to provide Agent a guaranteed return from the
collection or disposition of Collateral; (l) to the extent deemed appropriate by Agent in its commercially reasonable discretion,
to obtain the services of brokers, investment bankers, consultants and other professionals (including Agent and its affiliates)
to assist Agent in the collection or disposition of any of the Collateral; or (m) to comply with any applicable state or federal
law requirement in connection with the disposition or collection of the Collateral. Each Grantor acknowledges that this Section
is intended to provide non-exhaustive indications of what actions or omissions by Agent would not be commercially unreasonable
in Agent’s exercise of remedies against the Collateral and that other actions or omissions by Agent shall not be deemed commercially
unreasonable solely by not being included in this Section. Without limitation upon the foregoing, nothing contained in this Section
shall be construed to grant any rights to any Grantor or to impose any duties upon Agent that would not have been granted or imposed
by this Agreement or by applicable law in the absence of this Section.

 

Section
7

MISCELLANEOUS PROVISIONS

 

7.01         Basic
Document. This Security Agreement is a Basic Document executed pursuant to the Credit Agreement and shall (unless otherwise
expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof, including
Article XI thereof.

 

7.02         Binding
on Successors, Transferees and Assigns; Assignment. This Security Agreement shall remain in full force and effect until the
later of (x) the Revolving Credit Commitment Termination Date and (y) the payment in full in cash of the Obligations, the expiration
or termination of all Letters of Credit issued under the Credit Agreement (other than Letters of Credit that have been Cash Collateralized
pursuant to Section 2.11(b)(ii) of the Credit Agreement) and the irrevocable termination of all Revolving Loan Line Portions thereunder,
shall be binding upon the Grantors and their successors, transferees and assigns and shall inure to the benefit of and be enforceable
by each Secured Party and its successors, transferees and assigns; provided that no Grantor may (unless otherwise permitted
under the terms of the Credit Agreement or this Security Agreement) assign any of its obligations hereunder without the prior written
consent of all Banks.

 

7.03         Amendments,
etc. Except as provided in Section 7.05, no amendment to or waiver of any provision of this Security Agreement, nor consent
to any departure by any Grantor from its obligations under this Security Agreement, shall in any event be effective unless the
same shall be in writing and signed by the Agent (on behalf of the Banks or the Required Banks, as the case may be, pursuant to
Section 11.04 of the Credit Agreement) and the Grantors and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

 

7.04         Notices.
All notices and other communications provided for in this Security Agreement shall be given or made in accordance with the Credit
Agreement and if to any Grantor, at the address for notices of the Company set forth therein.

 

    	Security Agreement, Page 23

    	 

    

 

7.05         Additional
Grantors. Upon the execution and delivery by any other Person of a supplement in the form of Annex I hereto, such Person shall
become a “Grantor” hereunder with the same force and effect as if it were originally a party to this Security agreement
and named as a “Grantor” hereunder. The execution and delivery of such supplement shall not require the consent of
any other Grantor hereunder, and the rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding
the addition of any new Grantor as a party to this Security Agreement.

 

7.06         No
Waiver; Remedies. In addition to, and not in limitation of Section 2.05, no failure on the part of any Secured
Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any remedies provided by law.

 

7.07         Headings.
The various headings of this Security Agreement are inserted for convenience only and shall not affect the meaning or interpretation
of this Security Agreement or any provisions thereof.

 

7.08         Severability.
Any provision of this Security Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
of this Security Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

7.09         Governing
Law, Entire Agreement, etc. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF
THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK), EXCEPT TO THE EXTENT THAT THE PERFECTION, EFFECT OF PERFECTION OR NONPERFECTION, AND PRIORITY OF THE SECURITY INTEREST HEREUNDER,
OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE
OF NEW YORK. This Security Agreement and the other Basic Documents constitute the entire understanding among the parties hereto
with respect to the subject matter hereof and thereof and supersede any prior agreements, written or oral, with respect thereto.

 

7.10         Counterparts.
This Security Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart of a signature page
to this Security Agreement by facsimile or other electronic communication shall be effective as delivery of a manually executed
counterpart of this Security Agreement.

 

7.11         Committed
Facility. Notwithstanding anything to the contrary contained herein, (i) to the extent that any delivery requirement of the
Grantors hereunder in respect of Collateral not included in the Borrowing Base conflict, as determined by such Grantor in its reasonable
discretion, with delivery requirements under the Committed Facility Security Agreement, the applicable Grantor may choose whether
to satisfy such delivery requirement by delivering such Collateral to the Agent or the Uncommitted Facility Agent and (ii) to the
extent that any delivery requirement hereunder in respect of Collateral included in the Borrowing Base (and Proceeds thereof) conflict,
as determined by such Grantor in its reasonable discretion, with delivery requirements under the Committed Facility Security Agreement,
the applicable Grantor shall comply with the provisions hereunder.

 

[Remainder of Page Intentionally Left
Blank; Signature Page Follows]

 

    	Security Agreement, Page 24

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Security Agreement to be duly executed and delivered by its Authorized Officer as of
the date first above written.

 

	 	EMPIRE RESOURCES, INC.
	 	 	 
	 	By:	  /s/ Sandra Kahn 
	 	 	  Name:  Sandra R. Kahn
	 	 	  Title:  Vice President
	 	 	 
	 	EMPIRE RESOURCES PACIFIC, LTD.
	 	 	 
	 	By: 	  /s/ Sandra Kahn
	 	 	  Name:  Sandra R. Kahn
	 	 	  Title:  Vice President
	 	 	 
	 	COÖPERATIEVE CENTRALE  RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Agent
	 	 	 
	 	By: 	  /s/ Chan K. Park
	 	 	  Name: Chan K. Park
	 	 	  Title:   Managing Director
	 	 	 
	 	By: 	  /s/ Xander Willemsen
	 	 	  Name: Xander Willemsen
	 	 	  Title:   Executive Director

 

    	Security Agreement, Page 25

    	 

    

 

Schedules

to

Security Agreement

 

Schedule I

 

	 	 	 	 	 	 	 	 	Common Stock	 
	Issuer (corporate)	 	Cert. #	 	 	# of
 Shares	 	 	Authorized
 Shares	 	 	Outstanding
 Shares	 	 	% of Shares
 Pledged	 
	EMPIRE RESOURCES PACIFIC, LTD. 
	 	 	4	 	 	 	100	 	 	 	1,000	 	 	 	100	 	 	 	100	%
	Imbali Metals BVBA 
(limited to 65%)	 	 	n/a	 	 	 	650	 	 	 	1,000	 	 	 	1,000	 	 	 	65	%

 

Schedule II

 

Item A. Location of each Grantor.

 

Location for purposes of UCC:

 

	1.	EMPIRE RESOURCES, INC.:	Delaware
	 	 	 
	2.	EMPIRE RESOURCES PACIFIC, LTD. :	Delaware

 

Item B.           Filing
locations last five years.

 

Filing Locations last five years:

 

 

	1.	EMPIRE RESOURCES, INC.:	Delaware Secretary of State
	 	 	 
	2.	EMPIRE RESOURCES PACIFIC, LTD. :	Delaware Secretary of State

 

Item C. Trade names.

 

	1.	EMPIRE RESOURCES, INC.:	PAM Metals, 4Metals.com
	 	 	 
	2.	EMPIRE RESOURCES PACIFIC, LTD. :	None

 

    	Schedules to Security Agreement, Page 1

    	 

    

 

Item D. Merger or other corporate
reorganization.

 

	1.	EMPIRE RESOURCES, INC.:	None
	 	 	 
	2.	EMPIRE RESOURCES PACIFIC, LTD. :	None

 

Item E. Taxpayer ID numbers.

 

	1.	EMPIRE RESOURCES, INC.:	22-3136782
	 	 	 
	2.	EMPIRE RESOURCES PACIFIC, LTD. :	22-3458576

 

Item F. Government Contracts.

 

	1.	EMPIRE RESOURCES, INC.:	None
	 	 	 
	2.	EMPIRE RESOURCES PACIFIC, LTD. :	None

 

Item G. Deposit Accounts, Securities Accounts and/or Commodities
Accounts.

 

Description of Deposit Account:

 

	1.	EMPIRE RESOURCES, INC.: JPMorgan Chase Bank deposit account number 9102535458 

 

	2.	EMPIRE RESOURCES PACIFIC, LTD. :	None

 

Description of Securities Account:

 

None

Description of Commodities Account:

 

		1.	Natixis Commodity Markets Ltd. – EMPRESS

 

		2.	J. P. Morgan Chase Bank – 70432

 

		3.	Marex Financial – 04216

 

		4.	Man Financial – 37510

 

    	Schedules to Security Agreement, Page 2

    	 

    

 

Item H. Letter of Credit Rights.

 

	1.	EMPIRE RESOURCES, INC.:	None
	 	 	 
	2.	EMPIRE RESOURCES PACIFIC, LTD. :	None

 

Item I. Commercial Tort Claims.

 

	1.	EMPIRE RESOURCES, INC.:	None
	 	 	 
	2.	EMPIRE RESOURCES PACIFIC, LTD. :	None

 

Item J. Third Parties in Possession

 

	1.	EMPIRE RESOURCES, INC.:	As set forth in the table below:

 

	2.	EMPIRE RESOURCES PACIFIC, LTD. :	None

 

To be updated.

 

Schedule III

 

Item A. Patents

 

	Patent Title	 	Owner	 	Patent No.
	Data Network/ Telephone Adaptor Device	 	Empire Resources, Inc.	 	5,838,665

 

Pending Patent Applications

 

NONE

 

Patent Applications In Preparation

 

NONE

 

Item B. Patent Licenses

 

NONE

 

    	Schedules to Security Agreement, Page 3

    	 

    

 

Schedule IV

 

Item A. Trademarks

 

	Mark	 	Owner	 	Serial or Reg. No.
	 	 	Empire Resources, Inc.	 	3,265,785

 

Item B. Trademark Licenses

 

NONE

 

Schedule V

 

Item A. Copyrights/Mask Works

 

NONE

 

Item B. Copyright/Mask Work Licenses

 

NONE

 

Schedule VI

 

Trade Secret or Know-How Licenses

 

NONE

 

    	Schedules to Security Agreement, Page 4

    	 

    

 

EXHIBIT A

to Security Agreement

 

PATENT SECURITY
AGREEMENT

 

This PATENT SECURITY
AGREEMENT, dated as of [_________], 20__ (this “Agreement”), is made by [NAME OF GRANTOR], a [_______________]
(the “Grantor”), in favor of COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”,
NEW YORK BRANCH (“Rabobank”), as agent (together with its successor(s) thereto in such capacity, the “Agent”)
for each of the Secured Parties.

 

WITNESSETH:

 

WHEREAS, pursuant to
an Uncommitted Credit Agreement, dated as of June 19, 2014 (as amended, supplemented, amended and restated or otherwise modified
from time to time, the “Credit Agreement”), among Empire Resources, Inc., a Delaware corporation (the “Company”),
the Banks (as defined therein) from time to time party thereto and the Agent, the Banks have extended Commitments to make Loans
to and issue and participate in Letters of Credit for the account of the Company;

 

WHEREAS, in connection
with the Credit Agreement, the Grantor has executed and delivered a Security Agreement, dated as of June 19, 2014 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the “Security Agreement”);

 

WHEREAS, pursuant to
the Credit Agreement and pursuant to clause (e) of Section 4.05 of the Security Agreement, the Grantor is required to execute and
deliver this Agreement and to grant to the Agent a continuing security interest in all of the Patent Collateral (as defined below)
to secure all Obligations;

 

WHEREAS, the Grantor
has duly authorized the execution, delivery and performance of this Agreement; and

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor agrees, for the benefit
of each Secured Party, as follows:

 

SECTION
1. Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement,
including its preamble and recitals, have the meanings provided in the Security Agreement.

 

SECTION
2. Grant of Security Interest. The Grantor hereby assigns, pledges, hypothecates, charges, mortgages, delivers, and
transfers to the Agent, for its benefit and the ratable benefit of each other Secured Party, and hereby grants to the Agent, for
its benefit and the ratable benefit of each other Secured Party, a continuing security interest in all of the following property,
whether now or hereafter existing or acquired by the Grantor (the “Patent Collateral”):

 

(a)          all
of its letters patent and applications for letters patent throughout the world, including all patent applications in preparation
for filing and each patent and patent application referred to in Item A of Schedule I attached hereto;

 

    	A-1

    	 

    

 

(b)          all
reissues, divisions, continuations, continuations in part, extensions, renewals and reexaminations of any of the items described
in clause (a);

 

(c)          all
of its patent licenses, and other agreements providing the Grantor with the right to use any items of the type referred to in clauses
(a) and (b) above, including each patent license referred to in Item B of Schedule I attached hereto; and

 

(d)          all
Proceeds of, and rights associated with, the foregoing (including license royalties and Proceeds of infringement suits), the right
to sue third parties for past, present or future infringements of any patent or patent application, and for breach or enforcement
of any patent license.

 

SECTION
3. Security Agreement. This Agreement has been executed and delivered by the Grantor for the purpose of registering
the security interest of the Agent in the Patent Collateral with the United States Patent and Trademark Office and corresponding
offices in other countries of the world. The security interest granted hereby has been granted as a supplement to, and not in limitation
of, the security interest granted to the Agent for its benefit and the ratable benefit of each other Secured Party under the Security
Agreement. The Security Agreement (and all rights and remedies of the Agent and each Secured Party thereunder) shall remain in
full force and effect in accordance with its terms.

 

SECTION
4. Acknowledgment. The Grantor does hereby further acknowledge and affirm that the rights and remedies of the Agent
with respect to the security interest in the Patent Collateral granted hereby are more fully set forth in the Security Agreement,
the terms and provisions of which (including the remedies provided for therein) are incorporated by reference herein as if fully
set forth herein.

 

SECTION
5. Basic Document. This Agreement is a Basic Document executed pursuant to the Credit Agreement and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof,
including Article XI thereof.

 

SECTION
6. Counterparts. This Agreement may be executed by the parties hereto in several counterparts, each of which shall
be deemed to be an original and all of which shall constitute together but one and the same agreement.

 

    	A-2

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be duly executed and delivered by its Authorized Officer as of the date
first above written.

 

	 	[NAME OF GRANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	A-3

    	 

    

 

SCHEDULE I

to Patent Security Agreement

 

Item A. Patents

 

Issued Patents

 

	Country	Patent No.	Issue Date	Inventor(s)	Title
	 	 	 	 	 

 

Pending Patent Applications

 

	Country	Patent No.	Issue Date	Inventor(s)	Title
	 	 	 	 	 

 

Patent Applications in Preparation

 

	Country	Docket No.	
        Expected

        Filing Date
	Inventor(s)	Title
	 	 	 	 	 

 

Item B. Patent Licenses

 

	Country	Licensor	Licensee	
        Effective

        Date
	Expiration Date	
        Subject

        Matter

	 	 	 	 	 	 

 

    	A-4

    	 

    

 

EXHIBIT B

to Security Agreement

 

TRADEMARK SECURITY
AGREEMENT

 

This TRADEMARK SECURITY
AGREEMENT, dated as of [______________], 20__ (this “Agreement”), is made by [NAME OF GRANTOR], a [__________________]
(the “Grantor”), in favor of COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”,
NEW YORK BRANCH (“Rabobank”), as agent (together with its successor(s) thereto in such capacity, the “Agent”)
for each of the Secured Parties.

 

WITNESSETH:

 

WHEREAS, pursuant to
an Uncommitted Credit Agreement, dated as of June 19, 2014 (as amended, supplemented, amended and restated or otherwise modified
from time to time, the “Credit Agreement”), among Empire Resources, Inc., a Delaware corporation (the “Company”),
the Banks (as defined therein) from time to time party thereto and the Agent, the Banks have agreed to consider requests to make
Loans to and issue and participate in Letters of Credit for the account of the Company;

 

WHEREAS, in connection
with the Credit Agreement, the Grantor has executed and delivered a Security Agreement, dated as of June 19, 2014 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the “Security Agreement”);

 

WHEREAS, pursuant to
the Credit Agreement and pursuant to clause (e) of Section 4.05 of the Security Agreement, the Grantor is required to execute and
deliver this Agreement and to grant to the Agent a continuing security interest in all of the Trademark Collateral (as defined
below) to secure all Obligations;

 

WHEREAS, the Grantor
has duly authorized the execution, delivery and performance of this Agreement; and

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor agrees, for the benefit
of each Secured Party, as follows:

 

SECTION
1. Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement,
including its preamble and recitals, have the meanings provided in the Security Agreement.

 

SECTION
2. Grant of Security Interest. The Grantor hereby assigns, pledges, hypothecates, charges, mortgages, delivers, and
transfers to the Agent, for its benefit and the ratable benefit of each other Secured Party, and hereby grants to the Agent, for
its benefit and the ratable benefit of each other Secured Party, a continuing security interest in all of the following property,
whether now or hereafter existing or acquired by the Grantor (the “Trademark Collateral”):

 

(a) (i) all
of its Trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service
marks, certification marks, collective marks, logos and other source or business identifiers, and all goodwill of the business
associated therewith, now existing or hereafter adopted or acquired including those referred to in Item A of Schedule I hereto,
whether currently in use or not, all registrations and recordings thereof and all applications in connection therewith, whether
pending or in preparation for filing, including registrations, recordings and applications in the United States Patent and Trademark
Office or in any office or agency of the United States of America or any State thereof or any other country or political subdivision
thereof or otherwise, and all common law rights relating to the foregoing, and (ii) the right to obtain all reissues, extensions
or renewals of the foregoing (collectively referred to as the “Trademark”);

 

    	B-1

    	 

    

 

(b) all Trademark
licenses for the grant by or to the Grantor of any right to use any Trademark, including each Trademark license referred to in
Item B of Schedule I hereto;

 

(c) all of
the goodwill of the business connected with the use of, and symbolized by the items described in, clause (a), and to the extent
applicable clause (b);

 

(d) the right
to sue third parties for past, present and future infringements of any Trademark Collateral described in clause (a) and, to the
extent applicable, clause (b); and

 

(e) all Proceeds
of, and rights associated with, the foregoing, including any claim by the Grantor against third parties for past, present or future
infringement or dilution of any Trademark, Trademark registration or Trademark license, or for any injury to the goodwill associated
with the use of any such Trademark or for breach or enforcement of any Trademark license and all rights corresponding thereto throughout
the world.

 

SECTION
3. Security Agreement. This Agreement has been executed and delivered by the Grantor for the purpose of registering
the security interest of the Agent in the Trademark Collateral with the United States Patent and Trademark Office and corresponding
offices in other countries of the world. The security interest granted hereby has been granted as a supplement to, and not in limitation
of, the security interest granted to the Agent for its benefit and the ratable benefit of each other Secured Party under the Security
Agreement. The Security Agreement (and all rights and remedies of the Agent and each Secured Party thereunder) shall remain in
full force and effect in accordance with its terms.

 

SECTION
4. Acknowledgment. The Grantor does hereby further acknowledge and affirm that the rights and remedies of the Agent
with respect to the security interest in the Trademark Collateral granted hereby are more fully set forth in the Security Agreement,
the terms and provisions of which (including the remedies provided for therein) are incorporated by reference herein as if fully
set forth herein.

 

SECTION
5. Basic Document. This Agreement is a Basic Document executed pursuant to the Credit Agreement and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof,
including Article XI thereof.

 

    	B-2

    	 

    

 

SECTION
6. Counterparts. This Agreement may be executed by the parties hereto in several counterparts, each of which shall
be deemed to be an original and all of which shall constitute together but one and the same agreement.

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be duly executed and delivered by Authorized Officer as of the date first
above written.

 

	 	[NAME OF GRANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	B-3

    	 

    

 

SCHEDULE I

to Trademark Security Agreement

 

Item A. Trademarks

 

Registered Trademarks

 

	Country	Trademark	Registration No.	Registration Date
	 	 	 	 

 

Pending Trademark Applications

 

	Country	Trademark	Serial No.	Filing Date
	 	 	 	 

 

Trademark Applications in Preparation

 

	Country	Trademark	Docket No.	
        Expected

        Filing Date
	
        Products/

        Services

	 	 	 	 	 

 

Item B. Trademark Licenses

 

	
        Country or

        Territory
	Trademark	Licensor	Licensee	Effective Date	
        Expiration

        Date

	 	 	 	 	 	 

 

    	B-4

    	 

    

 

EXHIBIT C

to Security Agreement

 

COPYRIGHT SECURITY
AGREEMENT

 

This COPYRIGHT SECURITY
AGREEMENT, dated as of [______________], 20__ (this “Agreement”), is made by [NAME OF GRANTOR], a [__________________]
(the “Grantor”), in favor COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”,
NEW YORK BRANCH (“Rabobank”), as agent (together with its successor(s) thereto in such capacity, the “Agent”)
for each of the Secured Parties.

 

WITNESSETH:

 

WHEREAS, pursuant to
an Uncommitted Credit Agreement, dated as of June 19, 2014 (as amended, supplemented, amended and restated or otherwise modified
from time to time, the “Credit Agreement”), among Empire Resources, Inc., a Delaware corporation (the “Company”),
the Banks (as defined therein) from time to time party thereto and the Agent, the Banks have agreed to consider requests to make
Loans to and issue and participate in Letters of Credit for the account of the Company;

 

WHEREAS, in connection
with the Credit Agreement, the Grantor has executed and delivered a Security Agreement, dated as of June 19, 2014 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the “Security Agreement”);

 

WHEREAS, pursuant to
the Credit Agreement and pursuant to clause (e) of Section 4.05 of the Security Agreement, the Grantor is required to execute and
deliver this Agreement and to grant to the Agent a continuing security interest in all of the Copyright Collateral (as defined
below) to secure all Obligations; and

 

WHEREAS, the Grantor
has duly authorized the execution, delivery and performance of this Agreement; and

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor agrees, for the benefit
of each Secured Party, as follows:

 

SECTION
1. Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Agreement,
including its preamble and recitals, have the meanings provided in the Security Agreement.

 

SECTION
2. Grant of Security Interest. The Grantor hereby assigns, pledges, hypothecates, charges, mortgages, delivers, and
transfers to the Agent, for its benefit and the ratable benefit of each other Secured Party, and hereby grants to the Agent, for
its benefit and the ratable benefit of each other Secured Party, a continuing security interest in all of the following (the “Copyright
Collateral”), whether now or hereafter existing or acquired by the Grantor: all copyrights of the Grantor, whether statutory
or common law, registered or unregistered and whether published or unpublished, now or hereafter in force throughout the world
including all of the Grantor’s right, title and interest in and to all copyrights registered in the United States Copyright
Office or anywhere else in the world and also including the copyrights referred to in Item A of Schedule I hereto, and registrations
and recordings thereof and all applications for registration thereof, whether pending or in preparation, all copyright licenses,
including each copyright license referred to in Item B of Schedule I hereto, the right to sue for past, present and future infringements
of any of the foregoing, all rights corresponding thereto, all extensions and renewals of any thereof and all Proceeds of the foregoing,
including licenses, royalties, income, payments, claims, damages and Proceeds of suit.

 

    	C-1

    	 

    

 

SECTION
3. Security Agreement. This Agreement has been executed and delivered by the Grantor for the purpose of registering
the security interest of the Agent in the Copyright Collateral with the United States Copyright Office and corresponding offices
in other countries of the world. The security interest granted hereby has been granted as a supplement to, and not in limitation
of, the security interest granted to the Agent for its benefit and the ratable benefit of each other Secured Party under the Security
Agreement. The Security Agreement (and all rights and remedies of the Agent and each Secured Party thereunder) shall remain in
full force and effect in accordance with its terms.

 

SECTION
4. Acknowledgment. The Grantor does hereby further acknowledge and affirm that the rights and remedies of the Agent
with respect to the security interest in the Copyright Collateral granted hereby are more fully set forth in the Security Agreement,
the terms and provisions of which (including the remedies provided for therein) are incorporated by reference herein as if fully
set forth herein.

 

SECTION
5. Basic Document. This Agreement is a Basic Document executed pursuant to the Credit Agreement and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof,
including Article XI thereof.

 

SECTION
6. Counterparts. This Agreement may be executed by the parties hereto in several counterparts, each of which shall
be deemed to be an original and all of which shall constitute together but one and the same agreement.

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be duly executed and delivered by its Authorized Officer as of the date
first above written.

 

	 	[NAME OF GRANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-2

    	 

    

 

SCHEDULE I

to Copyright Security Agreement

 

Item A. Copyrights/Mask Works

 

Registered Copyright/Mask Works

 

	Country	Registration No.	Registration Date	Authors	Title
	 	 	 	 	 

 

Copyright/Mask Work Pending Registration
Applications

 

	Country	Serial No.	Filing Date	Authors	Title
	 	 	 	 	 

 

Copyright/Mask Work Registration Applications
in Preparation

 

	Country	Docket No.	
        Expected

        Filing Date
	Authors	Title
	 	 	 	 	 

 

Item B. Copyright/Mask Work Licenses

 

	
        Country or

        Territory
	Licensor	Licensee	Effective Date	Expiration Date
	 	 	 	 	 

 

    	C-3

    	 

    

 

ANNEX I

to Security Agreement

 

SUPPLEMENT TO

SECURITY
AGREEMENT

 

This SUPPLEMENT, dated
as of ____________ ___, _____ (this “Supplement”), is to the Security Agreement, dated as of June 19, 2014 (as
amended, supplemented, amended and restated or otherwise modified from time to time, the “Security Agreement”),
among the Grantors (such term, and other terms used in this Supplement, to have the meanings set forth in Section I of the Security
Agreement) from time to time party thereto, in favor of COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK
NEDERLAND”, NEW YORK BRANCH (“Rabobank”), as agent (together with its successor(s) thereto in such capacity,
the “Agent”) for each of the Secured Parties.

 

WITNESSETH:

 

WHEREAS, pursuant to
an Uncommitted Credit Agreement, dated as of June 19, 2014 (as amended, supplemented, amended and restated or otherwise modified
from time to time, the “Credit Agreement”), among Empire Resources, Inc., a Delaware corporation (the “Company”),
the Banks (as defined therein) from time to time party thereto and the Agent, the Banks have agreed to consider requests to make
Loans to and issue and participate in Letters of Credit for the account of the Company;

 

WHEREAS, pursuant to
the provisions of Section 7.05 of the Security Agreement, each of the undersigned is becoming a Grantor under the Security Agreement;
and

 

WHEREAS, each of the
undersigned desires to become a “Grantor” under the Security Agreement in order to induce the Secured Parties to continue
to make extensions of credit secured pursuant to the Security Agreement under the Credit Agreement;

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the undersigned agrees, for
the benefit of each Secured Party, as follows.

 

SECTION
1. Party to Security Agreement, etc. In accordance with the terms of the Security Agreement, by its signature below
each of the undersigned hereby irrevocably agrees to become a Grantor under the Security Agreement with the same force and effect
as if it were an original signatory thereto and each of the undersigned hereby (a) agrees to be bound by and comply with all of
the terms and provisions of the Security Agreement applicable to it as a Grantor and (b) represents and warrants that the representations
and warranties made by it as a Grantor thereunder are true and correct as of the date hereof, unless stated to relate solely to
an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date. In furtherance
of the foregoing, each of the undersigned hereby grants to the Agent, for its benefit and the ratable benefit of each other Secured
Party, a continuing security interest in all of such undersigned’s Collateral, whether now or hereafter existing, owned or
acquired, and wherever located and agrees that each reference to a “Grantor” and/or “Grantors” in the Security
Agreement shall be deemed to include each of the undersigned.

 

SECTION
2. Representations. Each of the undersigned Grantor hereby represents and warrants that this Supplement has been
duly authorized, executed and delivered by it and that this Supplement and the Security Agreement constitute the legal, valid and
binding obligation of each of the undersigned, enforceable against it in accordance with its terms.

 

    	C-4

    	 

    

 

SECTION
3. Full Force of Security Agreement. Except as expressly supplemented hereby, the Security Agreement shall remain
in full force and effect in accordance with its terms.

 

SECTION
4. Severability. Wherever possible each provision of this Supplement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Supplement shall be prohibited by or invalid under such
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Supplement or the Security Agreement.

 

SECTION
5. Governing Law, Entire Agreement, etc. THIS SUPPLEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED
BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK). This Supplement and the other Basic Documents constitute the entire understanding among the parties
hereto with respect to the subject matter thereof and supersede any prior agreements, written or oral, with respect thereto.

 

SECTION
6. Counterparts. This Supplement may be executed by the parties hereto in several counterparts, each of which shall
be deemed to be an original and all of which shall constitute together but one and the same agreement.

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be duly executed and delivered by its Authorized Officer as of the date
first above written.

 

	 	[NAME OF ADDITIONAL SUBSIDIARY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[NAME OF ADDITIONAL SUBSIDIARY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	C-5

    	 

    

 

ACCEPTED AND AGREED FOR ITSELF AND ON BEHALF OF THE SECURED
PARTIES:

 

	 	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Agent
	 	 	 
	 	By: 	 
	 	 	 
	 	By: 	 

 

    	C-6Exhibit
10.5

  

 

INTERCREDITOR AGREEMENT

 

This INTERCREDITOR
AGREEMENT is dated as of June 19, 2014 and entered into by COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK
NEDERLAND”, NEW YORK BRANCH (“Rabobank”), in its capacity as collateral agent for the Committed Lenders
(as defined below), including its successors and assigns from time to time (in such capacity, the “Committed Collateral
Agent”), and Rabobank, in its capacity as collateral agent for the Uncommitted Lenders (as defined below), including
its successors and assigns from time to time (in such capacity, the “Uncommitted Collateral Agent”).

 

RECITALS

 

A.           Empire
Resources, Inc., a Delaware corporation (the “Company”), the several Lenders from time to time parties thereto
and Rabobank, as Agent (in such capacity, the “Committed Agent”), have entered into an Amended and Restated
Credit Agreement dated as of the date hereof providing for a revolving credit facility (as amended, restated, supplemented, modified,
replaced or refinanced from time to time, the “Committed Credit Agreement”);

 

B.           The
obligations of the Company under the Committed Credit Agreement will be secured by liens on substantially all the assets of the
Company in favor of the Committed Collateral Agent, pursuant to the terms of the Committed Credit Agreement Collateral Documents
(as hereinafter defined);

 

C.           The
Company, the several Lenders from time to time parties thereto and Rabobank, as Agent (in such capacity, the “Uncommitted
Agent”), have entered into a Credit Agreement dated as of the date hereof providing for an uncommitted revolving credit
facility (as amended, restated, supplemented, modified, replaced or refinanced from time to time, the “Uncommitted Credit
Agreement”);

 

D.           The
obligations of the Company under the Uncommitted Credit Agreement will be secured by liens on substantially all the assets of the
Company in favor of the Uncommitted Collateral Agent, pursuant to the terms of the Uncommitted Credit Agreement Collateral Documents
(as hereinafter defined);

 

E.           The
Committed Collateral Agent and the Uncommitted Collateral Agent are entering into this Agreement in order to (1) subordinate
the liens of the Uncommitted Collateral Agent granted pursuant to the Uncommitted Credit Agreement Collateral Documents to the
liens of the Committed Collateral Agent over the Committed Credit Agreement Priority Collateral (as defined below) pursuant to
the Committed Credit Agreement Collateral Documents, upon the terms and subject to the conditions set forth in this Agreement;
and (2) subordinate the liens of the Committed Collateral Agent granted pursuant to the Committed Credit Agreement Collateral
Documents to the liens of the Uncommitted Collateral Agent over the Uncommitted Credit Agreement Priority Collateral (as defined
below) pursuant to the Uncommitted Credit Agreement Collateral Documents;

 

    	 

    	 

    

 

F.           Each
of the Committed Collateral Agent and the Uncommitted Collateral Agent is entering into this Agreement to set forth the respective
rights and remedies of the Committed Credit Agreement Claimholders (as hereinafter defined), on the one hand, and the Uncommitted
Credit Agreement Claimholders (as hereinafter defined), on the other hand, with respect to the Committed Credit Agreement Priority
Collateral and Uncommitted Credit Agreement Priority Collateral; and

 

It is a condition to
the obligation of the Committed Lenders to make revolving loans under the Committed Credit Agreement and a requirement under the
Uncommitted Credit Agreement that the Committed Collateral Agent and the Uncommitted Collateral Agent shall have executed and delivered
this Agreement.

 

AGREEMENT

 

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

 

SECTION 1. Definitions.

 

1.1           Defined
Terms.

 

As used in this Agreement,
the following terms shall have the meanings set forth in this Section:

 

“Advance Letter
of Credit” means any commercial letter of credit the issuance of which has been irrevocably requested by the Company
for the purpose of securing the purchase price of inventory which, upon issuance of such letter of credit, will qualify as Eligible
Inventory Ordered Under L/C (as defined in the Committed Credit Agreement or Uncommitted Credit Agreement, as applicable).

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, controls
or is controlled by or is under common control with the Person specified. For purposes of this definition, a Person shall be deemed
to “control” or be “controlled by” a Person if such Person possesses, directly or indirectly, power to
direct or cause the direction of the management or policies of such Person whether through ownership of equity interests, by contract
or otherwise.

 

“Agreement”
means this Intercreditor Agreement, as amended, restated, renewed, extended, supplemented or otherwise modified from time to time.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or
any successor statute.

 

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

 

    	2

    	 

    

 

“Borrowing
Base Certificate” has the respective meaning assigned to that term in the Committed Credit Agreement or the Uncommitted
Credit Agreement, as applicable.

 

“Borrowing
Base Deficiency” means, with respect to the Committed Credit Agreement or the Uncommitted Credit Agreement, at any time
that the aggregate Credit Exposure (as defined in the Committed Credit Agreement or the Uncommitted Credit Agreement, as the case
may be) exceeds the applicable Borrowing Base (as defined in the Committed Credit Agreement or the Uncommitted Credit Agreement,
as the case may be) as set forth on a Borrowing Base Certificate (or an Interim Borrowing Base Certificate) delivered by the Company
to the Committed Agent or the Uncommitted Agent, as the case may be.

 

“Borrowing
Base Deficiency Amount” means, with respect to the Committed Credit Agreement or the Uncommitted Credit Agreement, at
any time there exists a Borrowing Base Deficiency, the excess of the applicable Credit Exposure (as defined in the Committed Credit
Agreement or the Uncommitted Credit Agreement, as the case may be) at such time over the applicable Borrowing Base (as defined
in the Committed Credit Agreement or the Uncommitted Credit Agreement, as the case may be) as set forth in the Borrowing Base Certificate
(or Interim Borrowing Base Certificate) delivered by the Company to the Committed Agent or the Uncommitted Agent, as the case may
be, used in determining the existence of such Borrowing Base Deficiency.

 

“Borrowing
Base Discrepancy Notice” has the meaning assigned to such term in Section 2.3(a)(i).

 

“Borrowing
Base Excess” means, with respect to the Committed Credit Agreement or the Uncommitted Credit Agreement, at any time that
the applicable Borrowing Base (as defined in the Committed Credit Agreement or the Uncommitted Credit Agreement, as the case may
be) exceeds the aggregate Credit Exposure (as defined in the Committed Credit Agreement or the Uncommitted Credit Agreement, as
the case may be) as set forth on a Borrowing Base Certificate (or an Interim Borrowing Base Certificate) delivered by the Company
to the Committed Agent or the Uncommitted Agent, as the case may be.

 

“Borrowing
Base Excess Amount” means, with respect to the Committed Credit Agreement or the Uncommitted Credit Agreement, at any
time there exists a Borrowing Base Excess, the excess of the applicable Borrowing Base (as defined in the Committed Credit Agreement
or the Uncommitted Credit Agreement, as the case may be) at such time over the aggregate Credit Exposure (as defined in
the Committed Credit Agreement or the Uncommitted Credit Agreement, as the case may be) as set forth in the Borrowing Base Certificate
(or Interim Borrowing Base Certificate) delivered by the Company to the Committed Agent or the Uncommitted Agent, as the case may
be, used in determining the existence of such Borrowing Base Excess.

 

“Business
Day” means any day on which commercial banks are not authorized or required to close in New York City.

 

“Collateral”
means, collectively, the Committed Collateral and the Uncommitted Collateral.

 

    	3

    	 

    

 

“Committed
Collateral” means “Collateral” as such term is defined in the Security Agreement (as
defined in the Committed Credit Agreement).

 

“Committed
Collateral Agent” has the meaning assigned to that term in the Recitals to this Agreement.

 

“Committed
Credit Agreement” has the meaning assigned to that term in the Recitals to this Agreement.

 

“Committed
Credit Agreement Claimholders” means, at any relevant time, the holders of Committed Credit Agreement Obligations at
that time, including the Committed Lenders and the agents under the Committed Loan Documents.

 

“Committed
Credit Agreement Collateral Account” means the “Collateral Account”, as defined in the Committed Credit Agreement.

 

“Committed
Credit Agreement Collateral Documents” means the Security Documents (as defined in the Committed Credit Agreement) and
any other agreement, document or instrument pursuant to which a Lien is granted securing any Committed Credit Agreement Obligations
or under which rights or remedies with respect to such Liens are governed and any Guaranty of any Committed Credit Agreement Obligations.

 

“Committed
Credit Agreement Priority Collateral” means, as of any day of determination, (a) all of the assets and property
of the Company set forth on the Borrowing Base Certificate (or Interim Borrowing Base Certificate) delivered pursuant to Section 8.01(d)
of the Committed Credit Agreement as of such day (or, if such day is not a day on which a Borrowing Base Certificate is to be delivered
pursuant to Section 8.01(d) of the Committed Credit Agreement (or not a day on which an Interim Borrowing Base Certificate
is delivered pursuant to Section 8.01(d) of the Committed Credit Agreement), the Borrowing Base Certificate (or Interim Borrowing
Base Certificate) most recently delivered pursuant to Section 8.01(d) of the Committed Credit Agreement), as such assets and
property may be adjusted pursuant to Section 2.3, (b) the Committed Credit Agreement Collateral Account and all funds
therein and all amounts credited thereto, (c) the JPM Account and all funds therein and all amounts credited thereto, (d) the
Advance Letters of Credit issued under the Committed Credit Agreement and (e) all proceeds of the foregoing. If any new Borrowing
Base Certificate (or Interim Borrowing Base Certificate) delivered pursuant to the Committed Credit Agreement shows a deficiency
and if the reason for such deficiency is in whole or in part that the Company has violated Section 8.27 of the Committed Credit
Agreement or because assets set forth on the Borrowing Base Certificate (or Interim Borrowing Base Certificate) previously delivered
became ineligible, then the improperly removed assets or the ineligible assets shall continue to be Committed Credit Agreement
Priority Collateral until the next Borrowing Base Certificate is delivered pursuant to the Committed Credit Agreement showing an
excess.

 

“Committed
Credit Agreement Obligations” means, all Obligations outstanding under the Committed Credit Agreement and the other Committed
Loan Documents, including, without limitation, all interest accrued or accruing (or which would, absent commencement of an Insolvency
or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified
in the relevant Committed Loan Document whether or not the claim for such interest is allowed as a claim in such Insolvency or
Liquidation Proceeding.

 

    	4

    	 

    

 

“Committed
Lenders” means the “Banks” under and as defined in the Committed Loan Documents.

 

“Committed
Loan Documents” means the Committed Credit Agreement and the Basic Documents (as defined in the Committed Credit Agreement),
and each of the other agreements, documents and instruments providing for or evidencing any other Committed Credit Agreement Obligation,
and any other document or instrument executed or delivered at any time in connection with any Committed Credit Agreement Obligations,
including any intercreditor or joinder agreement among holders of Committed Credit Agreement Obligations, to the extent such are
effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended from time to time
in accordance with the provisions of this Agreement.

 

“Common Collateral”
means all Collateral that is not Committed Credit Agreement Priority Collateral or Uncommitted Credit Agreement Priority Collateral.

 

“Company”
has the meaning assigned to that term in the Recitals to this Agreement.

 

“DIP Financing”
has the meaning assigned to that term in Section 6.1.

 

“Discharge
of Committed Credit Agreement Obligations” means, except to the extent otherwise expressly provided in Section 5.3:

 

(a)          payment
in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or
Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all Obligations
outstanding under the Committed Loan Documents and constituting Committed Credit Agreement Obligations;

 

(b)          payment
in full in cash of all other Committed Credit Agreement Obligations (other than contingent indemnification obligations to the extent
no claim giving rise thereto has been asserted) that are due and payable or otherwise accrued and owing at or prior to the time
such principal and interest are paid;

 

(c)          termination
or expiration of all commitments, if any, to extend credit that would constitute Committed Credit Agreement Obligations; and

 

(d)          termination
or cash collateralization (in an amount and manner set forth in the Committed Credit Agreement) of all letters of credit issued
under the Committed Loan Documents and constituting Committed Credit Agreement Obligations.

 

“Discharge
of Uncommitted Credit Agreement Obligations” means, except to the extent otherwise expressly provided in Section 5.3:

 

    	5

    	 

    

 

(a)          payment
in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or
Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all Obligations
outstanding under the Uncommitted Loan Documents and constituting Uncommitted Credit Agreement Obligations;

 

(b)          payment
in full in cash of all other Uncommitted Credit Agreement Obligations (other than contingent indemnification obligations to the
extent no claim giving rise thereto has been asserted) that are due and payable or otherwise accrued and owing at or prior to the
time such principal and interest are paid;

 

(c)          termination
or expiration of all obligations, if any, to extend credit that would constitute Uncommitted Credit Agreement Obligations; and

 

(d)          termination
or cash collateralization (in an amount and manner set forth in the Uncommitted Credit Agreement) of all letters of credit issued
under the Uncommitted Loan Documents and constituting Uncommitted Credit Agreement Obligations.

 

“Excess
Committed Assets” has the meaning assigned to such term in Section 2.3(b)(ii).

 

“Excess
Uncommitted Assets” has the meaning assigned to such term in Section 2.3(a)(ii).

 

“Exercise
Date” has the meaning assigned to such term in Section 4.1(b).

 

“Governmental
Authority” means any federal, state, municipal, national or other government, governmental department, commission, board,
bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated
with a state of the United States, the United States, or a foreign entity or government.

 

“Indebtedness”
means and includes all Obligations that constitute “Indebtedness” within the meaning of the Committed Credit Agreement
or the Uncommitted Credit Agreement, as applicable.

 

“Insolvency
or Liquidation Proceeding” means:

 

(a)          any
voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to the Company;

 

(b)          any
other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding with respect to the Company or with respect to a material portion of its assets;

 

    	6

    	 

    

 

(c)          any
liquidation, dissolution, reorganization or winding up of the Company whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy; or

 

(d)          any
assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Company.

 

“Interim
Borrowing Base Certificate” has the respective meaning assigned to that term in the Committed Credit Agreement or the
Uncommitted Credit Agreement, as applicable.

 

“JPM Account”
means account number 9102535458 maintained by the Company with JPMorgan Chase Bank, N.A.

 

“Lenders”
means the Committed Lenders and the Uncommitted Lenders.

 

“Lien”
means any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to
give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any
option, trust, UCC financing statement or other preferential arrangement having the practical effect of any of the foregoing.

 

“New Committed
Credit Agreement Agent” has the meaning assigned to that term in Section 5.3(a).

 

“New Committed
Credit Agreement Debt Notice” has the meaning assigned to that term in Section 5.3(a).

 

“New Uncommitted
Credit Agreement Agent” has the meaning assigned to that term in Section 5.3(b).

 

“New Uncommitted
Credit Agreement Debt Notice” has the meaning assigned to that term in Section 5.3(b).

 

“Obligations”
means all Obligations (as defined in the Committed Credit Agreement or the Uncommitted Credit Agreement, as applicable) of the
Company from time to time owed to any agent or trustee, the Committed Credit Agreement Claimholders, the Uncommitted Credit Agreement
Claimholders or any of them or their respective Affiliates, in each case under the Committed Loan Documents, the Uncommitted Loan
Documents, whether for principal, interest, fees, expenses, indemnification or otherwise and all guarantees of any of the foregoing.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental
authority or other entity.

 

“Priority
Collateral” means, the Committed Credit Agreement Priority Collateral or the Uncommitted Priority Collateral, as applicable.

 

“Recovery”
has the meaning set forth in Section 6.5.

 

    	7

    	 

    

 

“Refinance”
means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, replace, refund
or repay, or to issue other indebtedness, in exchange or replacement for, such Indebtedness in whole or in part. “Refinanced”
and “Refinancing” shall have correlative meanings.

 

“Required
Committed Lenders” means Committed Lenders having 51% of the aggregate amount of the Revolving Loan Commitments (as defined
in the Committed Credit Agreement) or, if the Revolving Loan Commitments have terminated, Committed Lenders holding at least 51%
of the aggregate amount of the Credit Exposure (as defined in the Committed Credit Agreement). If at the time of the calculation
of the Required Committed Lenders, (i) one or more Committed Lenders are also Uncommitted Lenders or (ii) one or more
Defaulting Banks (as defined in the Committed Credit Agreement) exists, the Credit Exposure and unused Revolving Loan Commitments
of each Committed Lender that is also an Uncommitted Lenders and each Defaulting Bank shall be excluded from both the numerator
and denominator of the calculation.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other
business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees
or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies
thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of
that Person or a combination thereof.

 

“UCC”
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

 

“Uncommitted
Collateral Agent” has the meaning assigned to that term in the Recitals to this Agreement.

 

“Uncommitted
Credit Agreement” has the meaning assigned to that term in the Recitals to this Agreement.

 

“Uncommitted
Credit Agreement Claimholders” means, at any relevant time, the holders of Uncommitted Credit Agreement Obligations at
that time, including the Uncommitted Lenders and the agents under the Uncommitted Loan Documents.

 

“Uncommitted
Credit Agreement Collateral Account” means the “Collateral Account” as defined in the Uncommitted Credit
Agreement.

 

    	8

    	 

    

 

“Uncommitted
Credit Agreement Priority Collateral” means, as of any day of determination, (a) all of the assets and property
of the Company set forth on the Borrowing Base Certificate (or Interim Borrowing Base Certificate) delivered pursuant to Section 8.01(d)
of the Uncommitted Credit Agreement as of such day (or, if such day is not a day on which a Borrowing Base Certificate is to be
delivered pursuant to Section 8.01(d) of the Uncommitted Credit Agreement (or not a day on which an Interim Borrowing Base
Certificate is delivered pursuant to Section 8.01(d) of the Uncommitted Credit Agreement), the Borrowing Base Certificate
(or Interim Borrowing Base Certificate) most recently delivered pursuant to Section 8.01(d) of the Uncommitted Credit Agreement),
as such assets and property may be adjusted pursuant to Section 2.3, provided that unless each of the Committed Lenders
shall have approved in writing of the opening by the Company of a deposit account (which may contain Uncommitted Credit Agreement
Priority Collateral) to service only accounts receivable which are Uncommitted Credit Agreement Priority Collateral, Uncommitted
Credit Agreement Priority Collateral shall not include deposit accounts or cash (other than the Uncommitted Credit Agreement Collateral
Account and cash in the Uncommitted Credit Agreement Collateral Account), (b) the Uncommitted Credit Agreement Collateral
Account and all funds therein and amounts credited thereto, (c) the Advance Letters of Credit issued under the Uncommitted
Credit Agreement and (d) all proceeds of the foregoing (except to the extent such proceeds are deposited in the JPM Account
or the Committed Credit Agreement Collateral Account) . If any new Borrowing Base Certificate (or Interim Borrowing Base Certificate)
delivered pursuant to the Uncommitted Credit Agreement shows a deficiency and if the reason for such deficiency is in whole or
in part that the Company has violated Section 8.27 of the Uncommitted Credit Agreement or because assets set forth on the
Borrowing Base Certificate (or Interim Borrowing Base Certificate) previously delivered became ineligible, then the improperly
removed assets or the ineligible assets shall continue to be Uncommitted Credit Agreement Priority Collateral until the next Borrowing
Base Certificate is delivered pursuant to the Uncommitted Credit Agreement showing an excess.

 

“Uncommitted
Credit Agreement Collateral Documents” means the Security Documents (as defined in the Uncommitted Credit Agreement)
and any other agreement, document or instrument pursuant to which a Lien is granted securing any Uncommitted Credit Agreement Obligations
or under which rights or remedies with respect to such Liens are governed and any Guaranty of any Uncommitted Credit Agreement
Obligations.

 

“Uncommitted
Credit Agreement Obligations” means, all Obligations outstanding under the Uncommitted Credit Agreement and the other
Uncommitted Loan Documents, including, without limitation, all interest accrued or accruing (or which would, absent commencement
of an Insolvency or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance
with the rate specified in the relevant Uncommitted Loan Document whether or not the claim for such interest is allowed as a claim
in such Insolvency or Liquidation Proceeding.

 

“Uncommitted
Collateral” means “Collateral” as such term is defined in the Security Agreement (as
defined in the Uncommitted Credit Agreement).

 

“Uncommitted
Lenders” means the “Banks” under and as defined in the Uncommitted Loan Documents.

 

“Uncommitted
Loan Documents” means the Uncommitted Credit Agreement and the Basic Documents (as defined in the Uncommitted Credit
Agreement), and each of the other agreements, documents and instruments providing for or evidencing any other Uncommitted Credit
Agreement Obligation, and any other document or instrument executed or delivered at any time in connection with any Uncommitted
Credit Agreement Obligations, including any intercreditor or joinder agreement among holders of Uncommitted Credit Agreement Obligations,
to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended
from time to time in accordance with the provisions of this Agreement.

 

    	9

    	 

    

 

1.2           Terms
Generally.

 

The definitions of
terms in this Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise:

 

(a)          any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended;

 

(b)          any
reference herein to any Person shall be construed to include such Person’s permitted successors and assigns;

 

(c)          the
words “herein,” “hereof’ and “hereunder,” and words of similar import, shall be construed to
refer to this Agreement in its entirety and not to any particular provision hereof;

 

(d)          all
references herein to Sections shall be construed to refer to Sections of this Agreement; and

 

(e)          the
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any
and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

SECTION 2. Lien Priorities.

 

2.1           Relative
Priorities.

 

Notwithstanding the
date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Committed Credit Agreement Obligations
or the Uncommitted Credit Agreement Obligations granted on the Collateral and notwithstanding any provision of the UCC, or any
other applicable law or the Committed Loan Documents or the Uncommitted Loan Documents, or any other circumstance whatsoever, each
of the Committed Collateral Agent, on behalf of itself and the Committed Credit Agreement Claimholders, and the Uncommitted Collateral
Agent on behalf of the Uncommitted Credit Agreement Claimholders, hereby agrees that:

 

(a)          any
Lien on the Committed Credit Agreement Priority Collateral securing any Committed Credit Agreement Obligations now or hereafter
held by or on behalf of the Committed Collateral Agent or any Committed Credit Agreement Claimholders or any agent or trustee therefor,
regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior
in all respects and prior to any Lien on the Committed Credit Agreement Priority Collateral securing any Uncommitted Credit Agreement
Obligations;

 

    	10

    	 

    

 

(b)          any
Lien on the Committed Credit Agreement Priority Collateral securing any Uncommitted Credit Agreement Obligations now or hereafter
held by or on behalf of the Uncommitted Collateral Agent, any Uncommitted Credit Agreement Claimholders or any agent or trustee
therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be
junior and subordinate in all respects to all Liens on the Committed Credit Agreement Priority Collateral securing any Committed
Credit Agreement Obligations. All Liens on the Committed Credit Agreement Priority Collateral securing any Committed Credit Agreement
Obligations shall be and remain senior in all respects and prior to all Liens on the Committed Credit Agreement Priority Collateral
securing any Uncommitted Credit Agreement Obligations for all purposes, whether or not such Liens securing any Committed Credit
Agreement Obligations are subordinated to any Lien securing any other obligation of the Company or any other Person;

 

(c)          any
Lien on the Uncommitted Credit Agreement Priority Collateral securing any Uncommitted Credit Agreement Obligations now or hereafter
held by or on behalf of the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholders or any agent or trustee
therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall
be senior in all respects and prior to any Lien on the Uncommitted Credit Agreement Priority Collateral securing any Committed
Credit Agreement Obligations;

 

(d)          any
Lien on the Uncommitted Credit Agreement Priority Collateral securing any Committed Credit Agreement Obligations now or hereafter
held by or on behalf of the Committed Collateral Agent, any Committed Credit Agreement Claimholders or any agent or trustee therefor,
regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior
and subordinate in all respects to all Liens on the Uncommitted Credit Agreement Priority Collateral securing any Uncommitted Credit
Agreement Obligations. All Liens on the Uncommitted Credit Agreement Priority Collateral securing any Uncommitted Credit Agreement
Obligations shall be and remain senior in all respects and prior to all Liens on the Uncommitted Credit Agreement Priority Collateral
securing any Committed Credit Agreement Obligations for all purposes, whether or not such Liens securing any Uncommitted Credit
Agreement Obligations are subordinated to any Lien securing any other obligation of the Company or any other Person; and

 

(e)          any
Lien on the Common Collateral securing any Committed Credit Agreement Obligations now or hereafter held by or on behalf of the
Committed Collateral Agent or any Committed Credit Agreement Claimholders or any agent or trustee therefor, shall be pari passu
in all respects with any Lien on the Common Collateral securing any Uncommitted Credit Agreement Obligations now or hereafter held
by or on behalf of the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholders or any agent or trustee therefor,
in each case regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise.

 

    	11

    	 

    

 

2.2           Prohibition
on Contesting Liens.

 

Each of the Uncommitted
Collateral Agent, for itself and on behalf of each Uncommitted Credit Agreement Claimholder, and the Committed Collateral Agent,
for itself and on behalf of each Committed Credit Agreement Claimholder, agrees that it will not (and hereby waives any right to)
contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the
perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the Committed Credit Agreement Claimholders
in the Committed Credit Agreement Priority Collateral and the Common Collateral or by or on behalf of any of the Uncommitted Credit
Agreement Claimholders or on its own behalf in the Uncommitted Credit Agreement Priority Collateral and the Common Collateral,
as the case may be, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent
or impair the rights of the Committed Collateral Agent or any Committed Credit Agreement Claimholder or the Uncommitted Collateral
Agent or any Uncommitted Credit Agreement Claimholder to enforce this Agreement, including the provisions of this Agreement relating
to the priority of the Liens securing the Committed Credit Agreement Obligations and the priority of the Liens securing the Uncommitted
Credit Agreement Obligations as provided in Sections 2.1 and 3.1.

 

2.3           Reallocation
of Priority Collateral.

 

(a)          (i)
In the event that (A) the Company shall have delivered to the Committed Agent and the Committed Lenders pursuant to the Committed
Credit Agreement a Borrowing Base Certificate (or an Interim Borrowing Base Certificate) that shows there exists a Borrowing Base
Deficiency under the Committed Credit Agreement and (B)(I) the corresponding Borrowing Base Certificate (or Interim Borrowing
Base Certificate) delivered by the Company to the Uncommitted Agent and the Uncommitted Lenders pursuant to the Uncommitted Credit
Agreement shows that there is a Borrowing Base Excess under the Uncommitted Credit Agreement and (II) no Event of Default
(as defined under either the Committed Credit Agreement or the Uncommitted Credit Agreement) (other than as a result of non-compliance
with Section 2.11(a) of the Committed Credit Agreement or the Uncommitted Credit Agreement, or Section 2.3(a)(ii), 2.3(a)(iv),
2.3(a)(v), 2.3(b)(ii) or 2.3(b)(iv) hereof) exists, the Committed Agent shall promptly (and in any event by 5:00 p.m. on the day
of receipt of such Borrowing Base Certificate (or Interim Borrowing Base Certificate), or, if the Committed Agent shall have received
such Borrowing Base Certificate (or Interim Borrowing Base Certificate) after 5:00 p.m. on such day or a day other than a
Business Day, by 12:00 p.m. on the next succeeding Business Day) provide the Committed Lenders, the Uncommitted Agent and
the Uncommitted Lenders with written notice (each a “Borrowing Base Discrepancy Notice”) of such Borrowing Base
Deficiency.

 

(ii)         Concurrently
with the delivery of the Borrowing Base Certificates (or Interim Borrowing Base Certificates) described in clause (a)(i) above,
in the event that a Borrowing Base Deficiency shall exist under the Committed Credit Agreement, the Company shall prepay the Committed
Credit Agreement Obligations in accordance with Section 2.11(a) of the Committed Credit Agreement (including, without limitation,
from proceeds of borrowings under the Uncommitted Credit Agreement); provided that the Company shall not prepay the Committed
Credit Agreement Obligations from funds constituting Uncommitted Credit Agreement Priority Collateral in an amount in excess of
the Borrowing Base Excess under the Uncommitted Credit Agreement.

 

    	12

    	 

    

 

(iii)        In
the event that the Company shall not have sufficient funds to eliminate such Borrowing Base Deficiency in accordance with clause (a)(ii)
above, not later than 5:00 p.m. New York City time on the Business Day immediately succeeding the day on which such Borrowing Base
Discrepancy Notice shall have been delivered, all of the Uncommitted Lenders shall identify assets (the “Excess Uncommitted
Assets”) included in the Uncommitted Credit Agreement Borrowing Base (as set forth the Borrowing Base Certificate (or
Interim Borrowing Base Certificate) delivered pursuant to the Uncommitted Credit Agreement) that satisfy the eligibility requirements
under the Committed Credit Agreement for inclusion in the Committed Credit Agreement Borrowing Base in an amount equal to the lesser
of (x) the Borrowing Base Deficiency under the Committed Credit Agreement and (y) the Borrowing Base Excess under the
Uncommitted Credit Agreement. Promptly upon the determination of the Excess Uncommitted Assets by all of the Uncommitted Lenders,
the Uncommitted Agent shall deliver to the Committed Agent, the Committed Lenders and the Uncommitted Lenders a list of the Excess
Uncommitted Assets.

 

(iv)        In
the event that all of the Uncommitted Lenders shall fail to determine such Excess Uncommitted Assets by 5:00 p.m. New York City
time on the Business Day immediately succeeding the day on which such Borrowing Base Discrepancy Notice shall have been delivered,
the Uncommitted Agent shall provide notice thereof to the Company and the Company shall determine such Excess Uncommitted Assets
by no later than 12:00 p.m. New York City time on the Business Day immediately following the date of receipt of such notice from
the Uncommitted Agent, and shall deliver to the Committed Agent, the Uncommitted Agent, the Committed Lenders and the Uncommitted
Lenders a list of such Excess Uncommitted Assets.

 

(v)         In
the event that the Company shall fail to determine such Excess Uncommitted Assets by 12:00 p.m. New York City time on the Business
Day immediately following the date of receipt of the notice delivered by the Uncommitted Agent pursuant to Section 2.3(a)(iv),
the Committed Agent shall provide notice thereof to the Committed Lenders and the Required Committed Lenders shall determine such
Excess Uncommitted Assets by no later than 5:00 p.m. New York City time on the Business Day that is three (3) Business Days after
the date of receipt of the notice delivered by the Uncommitted Agent pursuant to Section 2.3(a)(iv), and shall deliver to the Committed
Agent, the Committed Lenders, the Uncommitted Agent and the Uncommitted Lenders a list of such Excess Uncommitted Assets.

 

(vi)        Provided
that no Event of Default (as defined under either the Committed Credit Agreement or the Uncommitted Credit Agreement) (other than
as a result of non-compliance with Section 2.11(a) of the Committed Credit Agreement or the Uncommitted Credit Agreement,
or Section 2.3(a)(ii), 2.3(a)(iv), 2.3(a)(v), 2.3(b)(ii) or 2.3(b)(iv) hereof) shall have occurred and be continuing, upon
determination of such Excess Uncommitted Assets under Section 2(a)(iii), 2(a)(iv) or 2(a)(v) hereof, without any action by
the Committed Agent, the Uncommitted Agent, the Committed Collateral Agent, the Uncommitted Collateral Agent, the Committed Lenders
or the Uncommitted Lenders, such Excess Uncommitted Assets automatically shall (A) be removed from the Uncommitted Credit
Agreement Borrowing Base, (B) no longer be deemed Uncommitted Credit Agreement Priority Collateral, (C) be included in
the Committed Credit Agreement Borrowing Base and (D) be deemed Committed Credit Agreement Priority Collateral.

 

    	13

    	 

    

 

(b)          (i)
In the event that (A) the Company shall have delivered to the Uncommitted Agent and the Uncommitted Lenders pursuant to the Uncommitted
Credit Agreement a Borrowing Base Certificate (or an Interim Borrowing Base Certificate) that shows there exists a Borrowing Base
Deficiency under the Uncommitted Credit Agreement and (B)(I) the corresponding Borrowing Base Certificate (or Interim Borrowing
Base Certificate) delivered by the Company to the Committed Agent and the Committed Lenders pursuant to the Committed Credit Agreement
shows that there is a Borrowing Base Excess under the Committed Credit Agreement and (II) no Event of Default (as defined
under either the Committed Credit Agreement or the Uncommitted Credit Agreement) (other than as a result of non-compliance with
Section 2.11(a) of the Committed Credit Agreement or the Uncommitted Credit Agreement, or Section 2.3(a)(ii), 2.3(a)(iv),
2.3(a)(v), 2.3(b)(ii) or 2.3(b)(iv) hereof) exists, the Uncommitted Agent shall promptly (and in any event by 5:00 p.m. on the
day of receipt of such Borrowing Base Certificate (or Interim Borrowing Base Certificate), or, if the Uncommitted Agent shall have
received such Borrowing Base Certificate (or Interim Borrowing Base Certificate) after 5:00 p.m. on such day or a day other than
a Business Day, by 12:00 p.m. on the next succeeding Business Day) provide the Uncommitted Lenders, the Committed Agent and the
Committed Lenders with a Borrowing Base Discrepancy Notice of such Borrowing Base Deficiency.

 

(ii)         Concurrently
with the delivery of the Borrowing Base Certificates (or Interim Borrowing Base Certificates) described in clause (b)(i) above,
in the event that a Borrowing Base Deficiency shall exist under the Uncommitted Credit Agreement, the Company shall prepay the
Uncommitted Credit Agreement Obligations in accordance with Section 2.11(a) of the Uncommitted Credit Agreement (including,
without limitation, from proceeds of borrowings under the Committed Credit Agreement); provided that the Company shall not
prepay the Uncommitted Credit Agreement Obligations from funds constituting Committed Credit Agreement Priority Collateral in an
amount in excess of the Borrowing Base Excess under the Committed Credit Agreement.

 

(iii)        In
the event that the Company shall not have sufficient funds to eliminate such Borrowing Base Deficiency in accordance with clause (b)(ii)
above, not later than 5:00 p.m. New York City time on the Business Day immediately succeeding the day on which such Borrowing Base
Discrepancy Notice shall have been delivered, all of the Committed Lenders shall identify assets (the “Excess Committed
Assets”) included in the Committed Credit Agreement Borrowing Base (as set forth the Borrowing Base Certificate (or Interim
Borrowing Base Certificate) delivered pursuant to the Committed Credit Agreement) that satisfy the eligibility requirements under
the Uncommitted Credit Agreement for inclusion in the Uncommitted Credit Agreement Borrowing Base in an amount equal to the lesser
of (x) the Borrowing Base Deficiency under the Uncommitted Credit Agreement (after giving effect to the prepayment of the
Uncommitted Credit Agreement Obligations pursuant to clause (ii) above) and (y) the Borrowing Base Excess under the Committed
Credit Agreement, provided that such Excess Committed Assets shall not at any time include cash. Promptly upon the determination
of the Excess Committed Assets by all of the Committed Lenders, the Committed Agent shall deliver to the Uncommitted Agent, the
Uncommitted Lenders and the Committed Lenders a list of such Excess Committed Assets.

 

    	14

    	 

    

 

(iv)        In
the event that all of the Committed Lenders shall fail to determine such Excess Committed Assets by 5:00 p.m. New York City time
on the Business Day immediately succeeding the day on which such Borrowing Base Discrepancy Notice shall have been delivered, the
Committed Agent shall provide notice thereof to the Company and the Company shall determine such Excess Committed Assets by no
later than 12:00 p.m. New York City time on the Business Day immediately following the date of receipt of such notice from the
Committed Agent, and shall deliver to the Committed Agent, the Uncommitted Agent, the Committed Lenders and the Uncommitted Lenders
a list of such Excess Committed Assets.

 

(v)         Provided
that no Event of Default (as defined under either the Committed Credit Agreement or the Uncommitted Credit Agreement) (other than
as a result of non-compliance with Section 2.11(a) of the Committed Credit Agreement or the Uncommitted Credit Agreement,
or Section 2.3(a)(ii), 2.3(a)(iv), 2.3(a)(v), 2.3(b)(ii) or 2.3(b)(iv) hereof) shall have occurred and be continuing, upon
determination of such Excess Committed Assets, without any action by the Committed Agent, the Uncommitted Agent, the Committed
Collateral Agent, the Uncommitted Collateral Agent, the Committed Lenders or the Uncommitted Lenders, such Excess Committed Assets
automatically shall (A) be removed from the Committed Credit Agreement Borrowing Base, (B) no longer be deemed Committed
Credit Agreement Priority Collateral, (C) be included in the Uncommitted Credit Agreement Borrowing Base and (D) be deemed
Uncommitted Credit Agreement Priority Collateral.

 

(c)          Each
of the Committed Agent and the Uncommitted Agent shall cause the Company to promptly deliver each Borrowing Base Certificate and
Interim Borrowing Base Certificate delivered pursuant to the Committed Credit Agreement or the Uncommitted Credit Agreement to
each Committed Lender and Uncommitted Lender.

 

SECTION 3. Enforcement.

 

3.1           Exercise
of Remedies - Uncommitted Collateral Agent.

 

(a)          Until
the Discharge of Committed Credit Agreement Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has
been commenced by or against the Company, the Uncommitted Collateral Agent agrees on its own behalf and on behalf of the Uncommitted
Credit Agreement Claimholders that the Uncommitted Collateral Agent and the Uncommitted Credit Agreement Claimholders:

 

(1)         are
prohibited from exercising, and will not exercise or seek to exercise, any rights or remedies with respect to any Committed Credit
Agreement Priority Collateral (including, in respect of the Committed Credit Agreement Priority Collateral, the exercise of any
right of setoff or any right under any lockbox agreement, account control agreement, landlord waiver or bailee’s letter or
similar agreement or arrangement to which the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder is a
party) or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), notwithstanding
that the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder shall have declared the existence of any
Event of Default under and as defined in any Uncommitted Loan Document and/or demanded the repayment of all the principal amount
of any Uncommitted Credit Agreement Obligations;

 

    	15

    	 

    

 

(2)         are
prohibited from contesting, protesting or objecting, and will not contest, protest or object, to any foreclosure proceeding or
action brought by the Committed Collateral Agent or any Committed Credit Agreement Claimholder in respect of the Committed Credit
Agreement Priority Collateral or any other exercise by the Committed Collateral Agent or any Committed Credit Agreement Claimholder
of any rights and remedies relating to the Committed Credit Agreement Priority Collateral under the Committed Loan Documents or
otherwise; and

 

(3)         except
as may be permitted in Section 3.1(c), will not object to the forbearance by the Committed Collateral Agent or the Committed Credit
Agreement Claimholders from bringing or pursuing any foreclosure proceeding in respect of the Committed Credit Agreement Priority
Collateral or action or any other exercise of any rights or remedies relating to the Committed Credit Agreement Priority Collateral;

 

provided, that, the Liens granted
in Committed Credit Agreement Priority Collateral to secure the Uncommitted Credit Agreement Obligations shall attach to any proceeds
resulting from actions taken by the Committed Collateral Agent or any Committed Credit Agreement Claimholder in accordance with
this Agreement after application of such proceeds to the extent necessary to meet the requirements of a Discharge of Committed
Credit Agreement Obligations.

 

(b)          Until
the Discharge of Committed Credit Agreement Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has
been commenced by or against the Company, the Committed Collateral Agent and the Committed Credit Agreement Claimholders shall
have the right to enforce rights, exercise remedies (including set-off and the right to credit bid their debt) and make determinations
regarding the release, disposition, or restrictions with respect to the Committed Credit Agreement Priority Collateral without
any consultation with or the consent of the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder; provided
that the Lien securing the Uncommitted Credit Agreement Obligations shall remain on the proceeds of such Committed Credit Agreement
Priority Collateral released or disposed of subject to the relative priorities described in Section 2. In exercising rights and
remedies with respect to the Committed Credit Agreement Priority Collateral, the Committed Collateral Agent and the Committed Credit
Agreement Claimholders may enforce the provisions of the Committed Loan Documents and exercise remedies thereunder, all in such
order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include
the rights of an agent appointed by them to sell or otherwise dispose of Committed Credit Agreement Priority Collateral upon foreclosure,
to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor
under the UCC and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction.

 

(c)          Notwithstanding
the foregoing, the Uncommitted Collateral Agent or to the extent permitted under the Uncommitted Loan Documents, the Uncommitted
Credit Agreement Claimholders may:

 

    	16

    	 

    

 

(1)         file
a claim or statement of interest with respect to the Uncommitted Credit Agreement Obligations; provided that an Insolvency
or Liquidation Proceeding has been commenced by or against the Company;

 

(2)         take
any action (not adverse to the priority status of the Liens on the Committed Credit Agreement Priority Collateral securing the
Committed Credit Agreement Obligations, or the rights of the Committed Collateral Agent or the Committed Credit Agreement Claimholders
to exercise remedies in respect thereof) in order to create, perfect, preserve or protect its Lien on the Collateral;

 

(3)         file
any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made
by any person objecting to or otherwise seeking the disallowance of the claims of the Uncommitted Credit Agreement Claimholders,
including any claims secured by the Collateral, if any, in each case in accordance with the terms of this Agreement;

 

(4)         file
any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Company
arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each case not inconsistent with
the terms of this Agreement; and

 

(5)         vote
on any plan of reorganization, file any proof of claim, make other filings and make any arguments and motions that are, in each
case, in accordance with the terms of this Agreement, with respect to the Uncommitted Credit Agreement Obligations and the Collateral.

 

The Uncommitted Collateral Agent, on behalf
of itself and the Uncommitted Credit Agreement Claimholders, agrees that it will not take or receive any Committed Credit Agreement
Priority Collateral or any proceeds of Committed Credit Agreement Priority Collateral in connection with the exercise of any right
or remedy (including set-off) with respect to any Collateral in its capacity as a creditor in violation of this Agreement. Without
limiting the generality of the foregoing, unless and until the Discharge of Committed Credit Agreement Obligations has occurred,
except as expressly provided in Section 6.3(c) and this Section 3.1(c), the sole right of the Uncommitted Collateral Agent and
the Uncommitted Credit Agreement Claimholders with respect to the Committed Credit Agreement Priority Collateral is to hold a Lien
on the Committed Credit Agreement Priority Collateral pursuant to the Uncommitted Credit Agreement Collateral Documents for the
period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of Committed
Credit Agreement Obligations has occurred.

 

(d)          Subject
to Section 6.3(c):

 

(1)         the
Uncommitted Collateral Agent, for itself and on behalf of the Uncommitted Credit Agreement Claimholders, agrees that the Uncommitted
Collateral Agent and the Uncommitted Credit Agreement Claimholders will not take any action that would hinder any exercise of remedies
in respect of the Committed Credit Agreement Priority Collateral or the Common Collateral under the Committed Loan Documents
or is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other disposition of the Committed Credit
Agreement Priority Collateral or the Common Collateral, whether by foreclosure or otherwise;

 

    	17

    	 

    

 

(2)         the
Uncommitted Collateral Agent, for itself and on behalf of the Uncommitted Credit Agreement Claimholders, hereby waives any and
all rights it or the Uncommitted Credit Agreement Claimholders may have as a junior lien creditor in respect of the Committed Credit
Agreement Priority Collateral or otherwise to object to the manner in which the Committed Collateral Agent or the Committed Credit
Agreement Claimholders seek to enforce or collect the Committed Credit Agreement Obligations or the Liens securing the Committed
Credit Agreement Obligations granted in any of the Committed Credit Agreement Priority Collateral undertaken in accordance with
this Agreement, regardless of whether any action or failure to act by or on behalf of the Committed Collateral Agent or Committed
Credit Agreement Claimholders is adverse to the interest of the Uncommitted Credit Agreement Claimholders; and

 

(3)         the
Uncommitted Collateral Agent, for itself and on behalf of the Uncommitted Credit Agreement Claimholders, hereby acknowledges and
agrees that no covenant, agreement or restriction contained in the Uncommitted Credit Agreement Collateral Documents or any other
Uncommitted Loan Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the Committed
Collateral Agent or the Committed Credit Agreement Claimholders with respect to the Committed Credit Agreement Priority Collateral
or the Common Collateral as set forth in this Agreement and the Committed Loan Documents.

 

(e)          Except
as otherwise specifically set forth in Sections 3.1(a) and 3.1(d), the Uncommitted Collateral Agent and the Uncommitted Credit
Agreement Claimholders may exercise rights and remedies as unsecured creditors against the Company in accordance with the terms
of the Uncommitted Loan Documents and applicable law; provided that in the event that the Uncommitted Collateral Agent or
any Uncommitted Credit Agreement Claimholder becomes a judgment Lien creditor in respect of Committed Credit Agreement Priority
Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Uncommitted Credit Agreement
Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the
Committed Credit Agreement Obligations) as the other Liens securing the Uncommitted Credit Agreement Obligations are subject to
this Agreement.

 

(f)          Nothing
in this Agreement shall prohibit the receipt by the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder
of the required payments of interest, principal and other amounts owed in respect of the Uncommitted Credit Agreement Obligations
so long as such receipt is not the direct or indirect result of the exercise by the Uncommitted Collateral Agent or any Uncommitted
Credit Agreement Claimholder of rights or remedies as a secured creditor in respect of Committed Credit Agreement Priority Collateral
(including set-off) or enforcement in contravention of this Agreement of any Lien held by any of them in the Committed Credit Agreement
Priority Collateral; provided that if any Committed Credit Agreement Claimholder shall notify the Uncommitted Collateral
Agent that such funds are identifiable cash proceeds of Committed Credit Agreement Priority Collateral within 60 days of the receipt
of such funds by the Uncommitted Collateral Agent or such Uncommitted Credit Agreement Claimholder, as the case may be, the Uncommitted
Collateral Agent or such Uncommitted Credit Agreement Claimholder, as the case may be, shall promptly pay over such funds to the
Committed Collateral Agent. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Committed
Collateral Agent or the Committed Credit Agreement Claimholders may have with respect to the Committed Credit Agreement Priority
Collateral and the Common Collateral.

 

    	18

    	 

    

 

3.2           Exercise
of Remedies – Committed Collateral Agent

 

(a)          Until
the Discharge of Uncommitted Credit Agreement Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding
has been commenced by or against the Company, the Committed Collateral Agent agrees on its own behalf and on behalf of the Committed
Credit Agreement Claimholders that the Committed Collateral Agent and the Committed Credit Agreement Claimholders:

 

(1)         are
prohibited from exercising, and will not exercise or seek to exercise, any rights or remedies with respect to any Uncommitted Credit
Agreement Priority Collateral (including, in respect of the Uncommitted Credit Agreement Priority Collateral, the exercise of any
right of setoff or any right under any lockbox agreement, account control agreement, landlord waiver or bailee’s letter or
similar agreement or arrangement to which the Committed Collateral Agent or any Committed Lender is a party) or institute any action
or proceeding with respect to such rights or remedies (including any action of foreclosure), notwithstanding that the Committed
Collateral Agent or any Committed Credit Agreement Claimholder shall have declared the existence of any Event of Default under
any Committed Loan Documents and demanded the repayment of all the principal amount of any Committed Credit Agreement Obligations;

 

(2)         are
prohibited from contesting, protesting or objecting, and will not contest, protest or object, to any foreclosure proceeding or
action brought by the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder in respect of the Uncommitted
Credit Agreement Priority Collateral or any other exercise by the Uncommitted Collateral Agent or any Uncommitted Credit Agreement
Claimholder of any rights and remedies relating to the Uncommitted Credit Agreement Priority Collateral under the Uncommitted Loan
Documents or otherwise; and

 

(3)         except
as may be permitted in Section 3.2(c), will not object to the forbearance by the Uncommitted Collateral Agent or the Uncommitted
Credit Agreement Claimholders from bringing or pursuing any foreclosure proceeding or action in respect of the Uncommitted Credit
Agreement Priority Collateral or any other exercise of any rights or remedies relating to the Uncommitted Credit Agreement Priority
Collateral;

 

provided that the Liens granted
in Uncommitted Credit Agreement Priority Collateral to secure the Committed Credit Agreement Obligations shall attach to any proceeds
resulting from actions taken by the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder in accordance
with this Agreement after application of such proceeds to the extent necessary to meet the requirements of a Discharge of Uncommitted
Credit Agreement Obligations.

 

    	19

    	 

    

 

(b)          Until
the Discharge of Uncommitted Credit Agreement Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding
has been commenced by or against the Company, the Uncommitted Collateral Agent and the Uncommitted Credit Agreement Claimholders
shall have the right to enforce rights, exercise remedies (including set-off and the right to credit bid their debt) and make determinations
regarding the release, disposition, or restrictions with respect to the Uncommitted Credit Agreement Priority Collateral without
any consultation with or the consent of the Committed Collateral Agent or any Committed Credit Agreement Claimholder; provided
that the Lien securing the Committed Credit Agreement Obligations shall remain on the proceeds of such Uncommitted Credit Agreement
Priority Collateral released or disposed of subject to the relative priorities described in Section 2. In exercising rights and
remedies with respect to the Uncommitted Credit Agreement Priority Collateral, the Uncommitted Collateral Agent and the Uncommitted
Credit Agreement Claimholders may enforce the provisions of the Uncommitted Loan Documents and exercise remedies thereunder, all
in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement
shall include the rights of an agent appointed by them to sell or otherwise dispose of Uncommitted Credit Agreement Priority Collateral
upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of
a secured creditor under the UCC and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction.

 

(c)          Notwithstanding
the foregoing, the Committed Collateral Agent for itself and on behalf of the Committed Credit Agreement Claimholders may:

 

(1)         file
a claim or statement of interest with respect to the Committed Credit Agreement Obligations; provided that an Insolvency
or Liquidation Proceeding has been commenced by or against the Company;

 

(2)         take
any action (not adverse to the priority status of the Liens on the Uncommitted Credit Agreement Priority Collateral securing the
Uncommitted Credit Agreement Obligations, or the rights of the Uncommitted Collateral Agent or the Uncommitted Credit Agreement
Claimholders to exercise remedies in respect thereof) in order to create, perfect, preserve or protect its Lien on the Collateral;

 

(3)         file
any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made
by any person objecting to or otherwise seeking the disallowance of the claims of the Committed Credit Agreement Claimholders,
including any claims secured by the Collateral, if any, in each case in accordance with the terms of this Agreement;

 

(4)         file
any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Company
arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each case not inconsistent with
the terms of this Agreement; and

 

(5)         vote
on any plan of reorganization, file any proof of claim, make other filings and make any arguments and motions that are, in each
case, in accordance with the terms of this Agreement, with respect to the Committed Credit Agreement Obligations and the Collateral.

 

    	20

    	 

    

 

The Committed Collateral Agent agrees that
it will not take or receive any Uncommitted Credit Agreement Priority Collateral or any proceeds of Uncommitted Credit Agreement
Priority Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any Collateral in
its capacity as a creditor in violation of this Agreement. Without limiting the generality of the foregoing, unless and until the
Discharge of Uncommitted Credit Agreement Obligations has occurred, except as expressly provided in Section 6.3(c) and this
Section 3.2(c), the sole right of the Committed Collateral Agent and the Committed Credit Agreement Claimholders with respect
to the Uncommitted Credit Agreement Priority Collateral is to hold a Lien on the Uncommitted Credit Agreement Priority Collateral
pursuant to the Committed Credit Agreement Collateral Documents for the period and to the extent granted therein and to receive
a share of the proceeds thereof, if any, after the Discharge of Uncommitted Credit Agreement Obligations has occurred.

 

(d)          Subject
to Section 6.3(c):

 

(1)         the
Committed Collateral Agent agrees on its own behalf and on behalf of the Committed Credit Agreement Claimholders, that the Committed
Collateral Agent and the Committed Credit Agreement Claimholders will not take any action that would hinder any exercise of remedies
in respect of the Uncommitted Credit Agreement Priority Collateral or the Common Collateral under the Uncommitted Loan Documents
or is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other disposition of the Uncommitted Credit
Agreement Priority Collateral or the Common Collateral, whether by foreclosure or otherwise;

 

(2)         the
Committed Collateral Agent on its own behalf and on behalf of the Committed Credit Agreement Claimholders, hereby waives any and
all rights it may have as a junior lien creditor in respect of the Uncommitted Credit Agreement Priority Collateral or otherwise
to object to the manner in which the Uncommitted Collateral Agent or the Uncommitted Credit Agreement Claimholders seek to enforce
or collect the Uncommitted Credit Agreement Obligations or the Liens securing the Uncommitted Credit Agreement Obligations granted
in any of the Uncommitted Credit Agreement Priority Collateral undertaken in accordance with this Agreement, regardless of whether
any action or failure to act by or on behalf of the Uncommitted Collateral Agent or Uncommitted Credit Agreement Claimholders is
adverse to the interest of the Uncommitted Credit Agreement Claimholders; and

 

(3)         the
Committed Collateral Agent on its own behalf and on behalf of the Committed Credit Agreement Claimholders, hereby acknowledges
and agrees that no covenant, agreement or restriction contained in the Committed Credit Agreement Collateral Documents or any other
Committed Loan Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the Uncommitted
Collateral Agent or the Uncommitted Credit Agreement Claimholders with respect to the Uncommitted Credit Agreement Priority Collateral
or the Common Collateral as set forth in this Agreement and the Committed Loan Documents.

 

    	21

    	 

    

 

(e)          Except
as otherwise specifically set forth in Sections 3.2(a) and 3.2(d), the Committed Collateral Agent and the Committed Credit
Agreement Claimholders may exercise rights and remedies as unsecured creditors against the Company in accordance with the terms
of the Committed Loan Documents and applicable law; provided that in the event that the Committed Collateral Agent or any
Committed Lender becomes a judgment Lien creditor in respect of Uncommitted Credit Agreement Priority Collateral as a result of
its enforcement of its rights as an unsecured creditor with respect to the Committed Credit Agreement Obligations, such judgment
Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Uncommitted Credit Agreement
Obligations) as the other Liens securing the Committed Credit Agreement Obligations are subject to this Agreement.

 

(f)          Nothing
in this Agreement shall prohibit the receipt by the Committed Collateral Agent or any Committed Credit Agreement Claimholder of
the required payments of interest, principal and other amounts owed in respect of the Committed Credit Agreement Obligations so
long as such receipt is not the direct or indirect result of the exercise by the Committed Collateral Agent or any Committed Credit
Agreement Claimholders of rights or remedies as a secured creditor in respect of Uncommitted Credit Agreement Priority Collateral
(including set-off) or enforcement in contravention of this Agreement of any Lien held by any of them in the Uncommitted Credit
Agreement Priority Collateral; provided that if any Uncommitted Credit Agreement Claimholder shall notify the Committed
Collateral Agent that such funds are identifiable cash proceeds of Uncommitted Credit Agreement Priority Collateral within 60 days
of the receipt of such funds by the Committed Collateral Agent or such Committed Credit Agreement Claimholder, as the case may
be, the Committed Collateral Agent or such Committed Credit Agreement Claimholder, as the case may be, shall promptly pay over
such funds to the Uncommitted Collateral Agent. Nothing in this Agreement impairs or otherwise adversely affects any rights or
remedies the Uncommitted Collateral Agent or the Uncommitted Credit Agreement Claimholders may have with respect to the Uncommitted
Credit Agreement Priority Collateral and the Common Collateral

 

3.3           Exercise
of Remedies – Common Collateral.

 

(a)          Until
(i) the Discharge of Committed Credit Agreement Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding
has been commenced by or against the Company, the Committed Collateral Agent, for itself and on behalf of the Committed Credit
Agreement Claimholders may, and (ii) the Discharge of Uncommitted Credit Agreement Obligations has occurred, whether or not any
Insolvency or Liquidation Proceeding has been commenced by or against the Company, the Uncommitted Collateral Agent, for itself
and on behalf of the Uncommitted Credit Agreement Claimholders, may, exercise or seek to exercise, any rights or remedies with
respect to any Common Collateral (including, in respect of exercise of any right under any landlord waiver or bailee’s letter
or similar agreement or arrangement to which it is a party) and institute any action or proceeding with respect to such rights
or remedies (including any action of foreclosure), provided that (A) without limiting Section 5.2 in any way,
the Committed Collateral Agent and the Committed Credit Agreement Claimholders may not take any action adverse to the rights of
the Uncommitted Collateral Agent or the Uncommitted Credit Agreement Claimholders, (B) without limiting Section 5.2 in
any way, the Uncommitted Collateral Agent and the Uncommitted Credit Agreement Claimholders may not take any action adverse to
the rights of the Committed Collateral Agent or the Committed Credit Agreement Claimholders, (C) the Liens granted in Common
Collateral to secure the Committed Credit Agreement Obligations shall attach to any proceeds resulting from actions taken by the
Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder in respect of the Common Collateral in accordance
with this Agreement, (D) the Liens granted in Common Collateral to secure the Uncommitted Credit Agreement Obligations shall
attach to any proceeds resulting from actions taken by the Committed Collateral Agent or any Committed Credit Agreement Claimholder
in respect of the Common Collateral in accordance with this Agreement and (E) the proceeds of any such exercise of rights
or remedies with respect to the Common Collateral shall be applied in accordance with Section 4.

 

    	22

    	 

    

 

(b)          In
exercising rights and remedies with respect to the Common Collateral, the Committed Collateral Agent and the Committed Credit Agreement
Claimholders may enforce the provisions of the Committed Loan Documents and exercise remedies thereunder, all in such order and
in such manner as they may determine in the exercise of their sole discretion and the Uncommitted Collateral Agent and the Uncommitted
Credit Agreement Claimholders may enforce the provisions of the Uncommitted Loan Documents and exercise remedies thereunder, all
in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement
shall include the rights of an agent appointed by them to sell or otherwise dispose of Common Collateral upon foreclosure, to incur
expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the
UCC and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction.

 

(c)          The
Committed Collateral Agent and the Committed Credit Agreement Claimholders shall not contest, protest or object to any foreclosure
proceeding or action brought by the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder in respect of
the Common Collateral or any other exercise by the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder
of any rights and remedies relating to the Common Collateral under the Uncommitted Loan Documents or otherwise.

 

(d)          The
Uncommitted Collateral Agent and the Uncommitted Credit Agreement Claimholders shall not contest, protest or object to any foreclosure
proceeding or action brought by the Committed Collateral Agent or any Committed Credit Agreement Claimholder in respect of the
Common Collateral or any other exercise by the Committed Collateral Agent or any Committed Credit Agreement Claimholder of any
rights and remedies relating to the Common Collateral under the Committed Loan Documents or otherwise.

 

(e)          Each
of the Committed Collateral Agent and the Committed Credit Agreement Claimholders and the Uncommitted Collateral Agent and the
Uncommitted Credit Agreement Claimholders shall cooperate in the exercise of its remedies in respect of the Common Collateral.

 

    	23

    	 

    

 

SECTION 4. Payments.

 

4.1           Application
of Proceeds.

 

(a)          So
long as the Discharge of Committed Credit Agreement Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against the Company, Committed Credit Agreement Priority Collateral (including, without limitation,
the amounts held in the JPM Account, but subject to Section 4.1(b)) and proceeds thereof received in connection with the sale or
other disposition of, or collection on, such Committed Credit Agreement Priority Collateral upon the exercise of remedies by the
Committed Collateral Agent or Committed Credit Agreement Claimholders or otherwise after the occurrence of an Event of Default
(as defined in the Committed Credit Agreement), shall be applied by the Committed Collateral Agent to the Committed Credit Agreement
Obligations in such order as specified in the relevant Committed Loan Documents and any portion of such proceeds received by the
Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder shall be promptly paid over to the Committed Collateral
Agent. Upon the Discharge of Committed Credit Agreement Obligations, the Committed Collateral Agent shall deliver to the Uncommitted
Collateral Agent any Committed Credit Agreement Priority Collateral and any proceeds of Committed Credit Agreement Priority Collateral
held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise
direct to be applied by the Uncommitted Collateral Agent to the Uncommitted Credit Agreement Obligations in such order as specified
in the relevant Uncommitted Loan Documents.

 

(b)          Notwithstanding
anything to the contrary set forth in Section 4.1(a), from and after the date on which the Committed Collateral Agent or the Committed
Credit Agreement Claimholders shall have commenced the exercise of remedies under the Committed Loan Documents (such date, the
“Exercise Date”), any proceeds of Uncommitted Credit Agreement Priority Collateral that are specifically identifiable
as proceeds of Uncommitted Credit Agreement Priority Collateral and are deposited on or after the Exercise Date in the JPM Account
shall, upon the request of the Uncommitted Collateral Agent delivered within 60 days after such deposit, be promptly paid over
to the Uncommitted Collateral Agent for itself and for the benefit of the Uncommitted Credit Agreement Claimholders in the same
form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct, for application
by the Uncommitted Collateral Agent to the Uncommitted Credit Agreement Obligations in such order as specified in the relevant
Uncommitted Loan Documents.

 

(c)          So
long as the Discharge of Uncommitted Credit Agreement Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against the Company, Uncommitted Credit Agreement Priority Collateral and proceeds thereof
received in connection with the sale or other disposition of, or collection on, such Uncommitted Credit Agreement Priority Collateral
upon the exercise of remedies by the Uncommitted Collateral Agent or Uncommitted Credit Agreement Claimholders or otherwise after
the occurrence of an Event of Default (as defined in the Uncommitted Credit Agreement), shall be applied by the Uncommitted Collateral
Agent to the Uncommitted Credit Agreement Obligations in such order as specified in the relevant Uncommitted Loan Documents and
any portion of such proceeds received by the Committed Collateral Agent or any Committed Credit Agreement Claimholder shall be
promptly paid over to the Uncommitted Collateral Agent. Upon the Discharge of Uncommitted Credit Agreement Obligations, the Uncommitted
Collateral Agent shall deliver to the Committed Collateral Agent any Uncommitted Credit Agreement Priority Collateral and any proceeds
of Uncommitted Credit Agreement Priority Collateral held by it in the same form as received, with any necessary endorsements or
as a court of competent jurisdiction may otherwise direct to be applied by the Committed Collateral Agent to the Committed Credit
Agreement Obligations in such order as specified in the Committed Loan Documents.

 

    	24

    	 

    

 

(d)          Common
Collateral and proceeds thereof received in connection with the sale or other disposition of, or collection on, such Common Collateral
upon the exercise of remedies by the Committed Collateral Agent, Committed Credit Agreement Claimholders, the Uncommitted Collateral
Agent or Uncommitted Credit Agreement Claimholders, and payments received by the Committed Collateral Agent, Committed Credit Agreement
Claimholders, the Uncommitted Collateral Agent or Uncommitted Credit Agreement Claimholders under any Guarantee (as defined in
the Committed Credit Agreement) of the Obligations and payment after an Event of Default under the Committed Agreement or the Uncommitted
Credit Agreement shall be applied (i) by the Committed Collateral Agent to the Committed Credit Agreement Obligations in such
order as specified in the relevant Committed Loan Documents and (ii) by the Uncommitted Collateral Agent to the Uncommitted
Credit Agreement Obligations in such order as specified in the relevant Uncommitted Loan Documents, pro rata based on the outstanding
principal amount of Committed Credit Agreement Obligations and Uncommitted Credit Agreement Obligations as of the time of receipt
of such payments or proceeds.

 

4.2           Payments
Over in Violation of Agreement.

 

(a)          So
long as the Discharge of Committed Credit Agreement Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against the Company, any Committed Credit Agreement Priority Collateral or Common Collateral
or proceeds thereof received by the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholders in connection
with the exercise of any right or remedy (including set-off) relating to the Committed Credit Agreement Priority Collateral or
the Common Collateral in contravention of this Agreement shall, upon the request of the Committed Collateral Agent delivered within
60 days after such receipt, be segregated and held in trust and forthwith paid over to the Committed Collateral Agent for the benefit
of the Committed Credit Agreement Claimholders in the same form as received, with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct. The Committed Collateral Agent is hereby authorized to make any such endorsements as agent for
the Uncommitted Collateral Agent or any such Uncommitted Credit Agreement Claimholders. This authorization is coupled with an interest
and is irrevocable until the Discharge of Committed Credit Agreement Obligations.

 

    	25

    	 

    

 

(b)          So
long as the Discharge of Uncommitted Credit Agreement Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against the Company, any Uncommitted Credit Agreement Priority Collateral or Common Collateral
or proceeds thereof received by the Committed Collateral Agent or any Committed Credit Agreement Claimholders in connection with
the exercise of any right or remedy (including set-off) relating to the Uncommitted Credit Agreement Priority Collateral or the
Common Collateral in contravention of this Agreement shall, upon the request of the Uncommitted Collateral Agent delivered within
60 days after such receipt, be segregated and held in trust and forthwith paid over to the Uncommitted Collateral Agent for itself
and for the benefit of the Uncommitted Credit Agreement Claimholders in the same form as received, with any necessary endorsements
or as a court of competent jurisdiction may otherwise direct. The Uncommitted Collateral Agent is hereby authorized to make any
such endorsements as agent for the Committed Collateral Agent or any such Committed Credit Agreement Claimholders. This authorization
is coupled with an interest and is irrevocable until the Discharge of Uncommitted Credit Agreement Obligations.

 

SECTION 5. Other Agreements.

 

5.1           Insurance.

 

Unless and until the
Discharge of Committed Credit Agreement Obligations has occurred, subject to the terms of the Committed Loan Documents and the
Uncommitted Loan Documents and the rights of the Company thereunder, as between the Committed Collateral Agent (for itself and
the Committed Credit Agreement Claimholders) and the Uncommitted Collateral Agent (for itself and the Uncommitted Credit Agreement
Claimholders), the Committed Collateral Agent shall have the sole and exclusive right to adjust settlement for any insurance policy
to the extent covering the Collateral in the event of any loss thereunder and to approve any award granted in any condemnation
or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of Committed
Credit Agreement Obligations has occurred, all proceeds of any such policy and any such award (or any payments with respect to
a deed in lieu of condemnation), if in respect to the Collateral and to the extent required by the Committed Loan Documents or
the Uncommitted Loan Documents to be paid to the Committed Collateral Agent or the Uncommitted Collateral Agent, shall be paid
to the Committed Collateral Agent to be applied pro rata based on the outstanding principal amount of Committed Credit Agreement
Obligations and Uncommitted Credit Agreement Obligations as of the time of receipt of such proceeds to the Committed Collateral
Agent for the benefit of the Committed Credit Agreement Claimholders and to the Uncommitted Collateral Agent for the benefit of
the Uncommitted Credit Agreement Claimholders and thereafter, to the extent no Committed Credit Agreement Obligations and no Uncommitted
Credit Agreement Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto
or as a court of competent jurisdiction may otherwise direct. Until the Discharge of Committed Credit Agreement Obligations and
the Discharge of Uncommitted Credit Agreement Obligations have occurred, if the Committed Collateral Agent or the Uncommitted Collateral
Agent shall, at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of this
Section 5.1, it shall segregate and hold in trust and forthwith pay such proceeds over with the terms of Section 4.2.

 

    	26

    	 

    

 

5.2           Amendments
to Committed Loan Documents and Uncommitted Loan Documents.

 

(a)          The
Committed Loan Documents may be amended, supplemented or otherwise modified in accordance with their terms and the Committed Credit
Agreement may be Refinanced, in each case, without the consent of the Uncommitted Collateral Agent or the Uncommitted Credit Agreement
Claimholders, all without affecting the lien subordination or other provisions of this Agreement, provided that without
the prior written consent of the Uncommitted Collateral Agent, no Committed Loan Document may be amended, supplemented or otherwise
modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Committed Loan Document,
would (i) contravene the provisions of this Agreement or (ii) amend Section 8.01(d) or 8.01(h) of the Committed
Credit Agreement. The Committed Agent shall provide to the Uncommitted Agent (i) not less than five (5) Business Days
prior written notice of any such amendment, supplement or other modification and (ii) promptly after the execution and delivery
of any such amendment, supplement or other modification, a true, correct and complete copy of such amendment, supplement or other
modification.

 

(b)          Subject
to Section 5.2(b), the Uncommitted Loan Documents may be amended, supplemented or otherwise modified in accordance with their
terms and the Uncommitted Credit Agreement may be Refinanced, in each case, without the consent of the Committed Collateral Agent
or the Committed Credit Agreement Claimholders, all without affecting the lien subordination or other provisions of this Agreement,
provided that without the prior written consent of the Committed Collateral Agent, no Uncommitted Loan Document may be amended,
supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any
new Uncommitted Loan Document, would (i) contravene the provisions of this Agreement or (ii) amend Section 8.01(d)
or 8.01(h) of the Uncommitted Credit Agreement. The Uncommitted Agent shall provide to the Committed Agent (i) not less than
five (5) Business Days prior written notice of any such amendment, supplement or other modification and (ii) promptly
after the execution and delivery of any such amendment, supplement or other modification, a true, correct and complete copy of
such amendment, supplement or other modification.

 

5.3           When
Discharge of Committed Credit Agreement Obligations or Discharge of Uncommitted Credit Agreement Obligations Deemed to Not Have
Occurred.

 

(a)          If
concurrently with the Discharge of Committed Credit Agreement Obligations, the Company thereafter enters into any Refinancing of
any Committed Loan Document evidencing a Committed Credit Agreement Obligation, then such Discharge of Committed Credit Agreement
Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any
actions taken as a result of the occurrence of such first Discharge of Committed Credit Agreement Obligations), and, from and after
the date on which the New Committed Credit Agreement Debt Notice is delivered to the Uncommitted Collateral Agent in accordance
with the next sentence, the obligations under such Refinancing of the Committed Loan Document shall automatically be treated as
Committed Credit Agreement Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights
in respect of Collateral set forth herein, and the Committed Collateral Agent under such Committed Loan Documents shall be the
Committed Collateral Agent for all purposes of this Agreement. Upon receipt of a notice (the “New Committed Credit Agreement
Debt Notice”) stating that the Company has entered into a new Committed Loan Document (which notice shall include the
identity of the new Committed Collateral Agent, such agent, the “New Committed Credit Agreement Agent”), the
Uncommitted Collateral Agent agrees that the New Committed Credit Agreement Agent shall be a party hereto with all rights of the
Committed Collateral Agent hereunder. The New Committed Credit Agreement Agent shall agree in a writing addressed to the Uncommitted
Collateral Agent to be bound by the terms of this Agreement.

 

    	27

    	 

    

 

(b)          If
concurrently with the Discharge of Uncommitted Credit Agreement Obligations, the Company thereafter enters into any Refinancing
of any Uncommitted Loan Document evidencing an Uncommitted Credit Agreement Obligation, then such Discharge of Uncommitted Credit
Agreement Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect
to any actions taken as a result of the occurrence of such first Discharge of Uncommitted Credit Agreement Obligations), and, from
and after the date on which the New Uncommitted Credit Agreement Debt Notice is delivered to the Committed Collateral Agent in
accordance with the next sentence, the obligations under such Refinancing of the Uncommitted Loan Document shall automatically
be treated as Uncommitted Credit Agreement Obligations for all purposes of this Agreement, including for purposes of the Lien priorities
and rights in respect of Collateral set forth herein, and the Uncommitted Collateral Agent under such Uncommitted Loan Documents
shall be the Uncommitted Collateral Agent for all purposes of this Agreement. Upon receipt of a notice (the “New Uncommitted
Credit Agreement Debt Notice”) stating that the Company has entered into a new Uncommitted Loan Document (which notice
shall include the identity of the new Uncommitted Collateral Agent, such agent, the “New Uncommitted Credit Agreement
Agent”), the Committed Collateral Agent agrees that the New Uncommitted Credit Agreement Agent shall be a party hereto
with all rights of the Uncommitted Collateral Agent hereunder. The New Uncommitted Credit Agreement Agent shall agree in a writing
addressed to the Committed Collateral Agent to be bound by the terms of this Agreement.

 

5.4           Notice
of Default.

 

(a)          The
Committed Collateral Agent hereby agrees that it shall deliver to the Uncommitted Collateral Agent prompt written notice of the
occurrence and continuance of any Event of Default under and as defined in the Committed Loan Documents of which it has actual
knowledge.

 

(b)          The
Uncommitted Collateral Agent hereby agrees that it shall deliver prompt written notice to the Committed Collateral Agent of the
occurrence and continuance of any Event of Default under and as defined in the Uncommitted Loan Documents or any demand for payment
or cash collateral thereunder of which it has actual knowledge.

 

    	28

    	 

    

 

SECTION 6. Insolvency or Liquidation
Proceedings.

 

6.1           Finance
and Sale Issues.

 

Until the termination
of this Agreement in accordance with Section 8.2, if the Company shall be subject to any Insolvency or Liquidation Proceeding and
the Committed Collateral Agent or Uncommitted Collateral Agent shall desire to permit the use of “Cash Collateral”
(as such term is defined in Section 363(a) of the Bankruptcy Code) in respect of such Person’s Priority Collateral, or to
permit the Company to obtain financing, whether from the Committed Collateral Agent and the Committed Credit Agreement Claimholders,
or the Uncommitted Collateral Agent and the Uncommitted Credit Agreement Claimholders, under Section 364 of the Bankruptcy Code
or any similar Bankruptcy Law (the “DIP Financing”); then each of the Committed Collateral Agent (on behalf
of itself and the Committed Credit Agreement Claimholders) and the Uncommitted Collateral Agent (on behalf of itself and the Uncommitted
Credit Agreement Claimholders) agrees that it will raise no objection to such Cash Collateral use or DIP Financing so long as in
respect of such Cash Collateral use or DIP Financing: (a) each of the Committed Collateral Agent and the Uncommitted Collateral
Agent (as applicable) retains the right to object to any ancillary agreements or arrangements regarding the Cash Collateral use
or the DIP Financing that are materially prejudicial to its interests, (b) each of the Uncommitted Collateral Agent and the Committed
Collateral Agent retains a Lien on the Collateral (including proceeds thereof arising after the commencement of such Insolvency
or Liquidation Proceeding) which was subject to its prior or equal Lien hereunder with the same priority as existed prior to the
commencement of such Insolvency or Liquidation Proceeding in accordance with the terms of this Agreement, (c) to the extent that
the Committed Collateral Agent and the Committed Credit Agreement Claimholders on the one hand or the Uncommitted Collateral Agent
and the Uncommitted Credit Agreement Claimholders on the other hand, do not provide DIP Financing, the Committed Collateral Agent
or the Uncommitted Collateral Agent, as applicable, receives a replacement Lien on post-petition assets to the same extent granted
in connection with such DIP Financing with the same priority as existed prior to the commencement of such Insolvency or Liquidation
Proceeding in accordance with the terms of this Agreement, and (d) the DIP Financing (i) does not compel the Company to seek confirmation
of a specific plan of reorganization for which all or substantially all of the material terms are set forth in the DIP Financing
documentation or a related document or (ii) the DIP Financing documentation or Cash Collateral order does not expressly require
the liquidation of the Collateral prior to a default under the DIP Financing documentation or Cash Collateral order.

 

6.2           Relief
from the Automatic Stay.

 

(a)          Until
the Discharge of Committed Credit Agreement Obligations has occurred, the Uncommitted Collateral Agent, on behalf of itself and
the Uncommitted Credit Agreement Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief
from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Committed Credit Agreement
Priority Collateral, without the prior written consent of the Committed Collateral Agent.

 

(b)          Until
the Discharge of Uncommitted Credit Agreement Obligations has occurred, the Committed Collateral Agent on behalf of itself and
the Committed Credit Agreement Claimholders agrees that it shall not seek (or support any other Person seeking) relief from the
automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Uncommitted Credit Agreement Priority
Collateral, without the prior written consent of the Uncommitted Collateral Agent.

 

6.3           Adequate
Protection.

 

(a)          The
Uncommitted Collateral Agent, on behalf of itself and the Uncommitted Credit Agreement Claimholders, agrees that none of them shall
contest (or support any other Person contesting):

 

    	29

    	 

    

 

(1)         any
request by the Committed Collateral Agent or the Committed Credit Agreement Claimholders for adequate protection; or

 

(2)         any
objection by the Committed Collateral Agent or the Committed Credit Agreement Claimholders to any motion, relief, action or proceeding
based on the Committed Collateral Agent or the Committed Credit Agreement Claimholders claiming a lack of adequate protection.

 

(b)          The
Committed Collateral Agent agrees that it shall not contest (or support any other Person contesting):

 

(1)         any
request by the Uncommitted Collateral Agent or the Uncommitted Credit Agreement Claimholders for adequate protection; or

 

(2)         any
objection by the Uncommitted Collateral Agent or the Uncommitted Credit Agreement Claimholders to any motion, relief, action or
proceeding based on the Uncommitted Collateral Agent or the Uncommitted Credit Agreement Claimholders claiming a lack of adequate
protection.

 

(c)          Notwithstanding
the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation Proceeding:

 

(1)         if
the Committed Collateral Agent or the Committed Credit Agreement Claimholders (or any subset thereof) are granted adequate protection
in the form of additional collateral (acquired by the Company post-petition) in connection with any Cash Collateral use in respect
of the Committed Credit Agreement Priority Collateral or DIP Financing, then the Uncommitted Collateral Agent, on behalf of itself
or any of the Uncommitted Credit Agreement Claimholders, may seek or request adequate protection in the form of a Lien on such
additional collateral, which Lien will be subordinated to the Liens securing the Committed Credit Agreement Obligations and such
Cash Collateral use or DIP Financing (and all Committed Credit Agreement Obligations relating thereto) on the same basis as the
other Liens on Committed Credit Agreement Priority Collateral that secure the Uncommitted Credit Agreement Obligations are so subordinated
to the Liens on Committed Credit Agreement Priority Collateral that secure Committed Credit Agreement Obligations under this Agreement;
and

 

(2)         if
the Uncommitted Collateral Agent or the Uncommitted Credit Agreement Claimholders (or any subset thereof) are granted adequate
protection in the form of additional collateral (acquired by the Company post-petition) in connection with any Cash Collateral
use in respect of the Uncommitted Credit Agreement Priority Collateral or DIP Financing, then the Committed Collateral Agent, on
behalf of itself or any of the Committed Credit Agreement Claimholders, may seek or request adequate protection in the form of
a Lien on such additional collateral, which Lien will be subordinated to the Liens securing the Uncommitted Credit Agreement Obligations
and such Cash Collateral use or DIP Financing (and all Uncommitted Credit Agreement Obligations relating thereto) on the same basis
as the other Liens on Uncommitted Credit Agreement Priority Collateral that secure the Committed Credit Agreement Obligations are
so subordinated to the Liens on Uncommitted Credit Agreement Priority Collateral that secure Uncommitted Credit Agreement Obligations
under this Agreement.

 

    	30

    	 

    

 

6.4           No
Waiver.

 

Subject to Sections 3.1(a),
3.1(d), 3.2(a) and 3.2(d), nothing contained herein shall prohibit or in any way limit the Committed Collateral Agent, any Committed
Credit Agreement Claimholder, the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder from objecting in
any Insolvency or Liquidation Proceeding or otherwise to any action taken by the Committed Collateral Agent, any Committed Credit
Agreement Claimholder, the Uncommitted Collateral Agent or any of the Uncommitted Credit Agreement Claimholders, including the
seeking by the Committed Collateral Agent, any Committed Credit Agreement Claimholder, Uncommitted Collateral Agent or any Uncommitted
Credit Agreement Claimholders of adequate protection or the asserting by the Committed Collateral Agent, any Committed Credit Agreement
Claimholder, Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholders of any of its rights and remedies under
the Committed Loan Document, Uncommitted Loan Documents or otherwise.

 

6.5           Avoidance
Issues.

 

If any Committed Credit
Agreement Claimholder or any Uncommitted Credit Agreement Claimholder is required in any Insolvency or Liquidation Proceeding or
otherwise to turn over or otherwise pay to the estate of the Company any amount paid in respect of Committed Credit Agreement Obligations
or Uncommitted Credit Agreement Obligations, as applicable (a “Recovery”), then such Committed Credit Agreement
Claimholders or Uncommitted Credit Agreement Claimholders, as applicable, shall be entitled to a reinstatement of Committed Credit
Agreement Obligations or Uncommitted Credit Agreement Obligations, as applicable, to the extent of all such recovered amounts.
If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect,
and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto
from such date of reinstatement.

 

6.6           Reorganization
Securities.

 

If, in any Insolvency
or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor
are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of Committed Credit
Agreement Obligations and on account of Uncommitted Credit Agreement Obligations, then, to the extent the debt obligations distributed
on account of the Committed Credit Agreement Obligations and on account of the Uncommitted Credit Agreement Obligations are secured
by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant
to such plan and will apply with like effect to the Liens securing such debt obligations.

 

    	31

    	 

    

 

6.7           Post-Petition
Interest.

 

None of the Uncommitted
Collateral Agent, any Uncommitted Credit Agreement Claimholder, the Committed Collateral Agent or any Lender shall oppose or seek
to challenge any claim by the Committed Collateral Agent, any Committed Credit Agreement Claimholder, the Uncommitted Collateral
Agent or any Uncommitted Credit Agreement Claimholder for allowance in any Insolvency or Liquidation Proceeding of Committed Credit
Agreement Obligations or Uncommitted Credit Agreement Obligations consisting of post-petition interest, fees or expenses, without
regard to the existence of the Lien of the Uncommitted Collateral Agent on behalf of the Uncommitted Credit Agreement Claimholders
or the Lien of the Committed Collateral Agent on behalf of the Lenders, as applicable, on the applicable Priority Collateral.

 

6.8           Waiver.

 

The Uncommitted Collateral
Agent, for itself and on behalf of the Uncommitted Credit Agreement Claimholders, and the Committed Collateral Agent, for itself
and on behalf of the Committed Credit Agreement Claimholders, waives any claim it may hereafter have against any Committed Credit
Agreement Claimholder or Uncommitted Credit Agreement Claimholder arising out of the election of any Committed Credit Agreement
Claimholder or Uncommitted Credit Agreement Claimholder, as applicable, of the application of Section 1111(b)(2) of the Bankruptcy
Code, and/or out of any cash collateral or financing arrangement or out of any grant of a security interest in connection with
the Priority Collateral in any Insolvency or Liquidation Proceeding.

 

6.9           Separate
Grants of Security and Separate Classification.

 

The Uncommitted Collateral
Agent, for itself and on behalf of the Uncommitted Credit Agreement Claimholders, and the Committed Collateral Agent for itself
and on behalf of the Committed Credit Agreement Claimholders, acknowledges and agrees that:

 

(a)          the
grants of Liens in the Collateral pursuant to the Committed Credit Agreement Collateral Documents and the Uncommitted Credit Agreement
Collateral Documents constitute two separate and distinct grants of Liens; and

 

(b)          because
of, among other things, their differing rights in the Collateral, the Uncommitted Credit Agreement Obligations are fundamentally
different from the Committed Credit Agreement Obligations and must be separately classified in any plan of reorganization proposed
or adopted in an Insolvency or Liquidation Proceeding.

 

To further effectuate the intent of the
parties as provided in the immediately preceding sentence, if it is held that the claims of the Committed Credit Agreement Claimholders
and the Uncommitted Credit Agreement Claimholders in respect of the Committed Credit Agreement Priority Collateral or the Uncommitted
Credit Agreement Priority Collateral constitute only one secured claim (rather than separate classes of senior and junior secured
claims), then each of the parties hereto hereby acknowledges and agrees that, subject to Sections 2.1 and 4.1, all distributions
shall be made as if there were separate classes of senior and junior secured claims against the Company in respect of such Collateral
with the effect being that:

 

    	32

    	 

    

 

(i) to the extent that
the aggregate value of the Committed Credit Agreement Priority Collateral is sufficient (for this purpose ignoring all claims held
by the Uncommitted Credit Agreement Claimholders), the Committed Credit Agreement Claimholders shall be entitled to receive (and
the Uncommitted Collateral Agent and the Uncommitted Credit Agreement Claimholders shall not object to such entitlement), in addition
to amounts otherwise distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in
respect of post-petition interest, including any additional interest payable pursuant to the Committed Credit Agreement, arising
from or related to a default, which is disallowed as a claim in any Insolvency or Liquidation Proceeding before any distribution
is made in respect of the claims held by the Uncommitted Credit Agreement Claimholders with respect to the Committed Credit Agreement
Priority Collateral, with the Uncommitted Collateral Agent, for itself and on behalf of the Uncommitted Credit Agreement Claimholders,
hereby acknowledging and agreeing to turn over to the Committed Collateral Agent, for itself and on behalf of the Committed Credit
Agreement Claimholders, amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this
sentence (with respect to the payment of post-petition interest), even if such turnover has the effect of reducing the claim or
recovery of the Uncommitted Credit Agreement Claimholders; and

 

(ii) to the extent
that the aggregate value of the Uncommitted Credit Agreement Priority Collateral is sufficient (for this purpose ignoring all claims
held by the Committed Credit Agreement Claimholders), the Uncommitted Credit Agreement Claimholders shall be entitled to receive
(and the Committed Collateral Agent and the Committed Credit Agreement Claimholders shall not object to such entitlement), in addition
to amounts otherwise distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in
respect of post-petition interest, including any additional interest payable pursuant to the Uncommitted Credit Agreement, arising
from or related to a default, which is disallowed as a claim in any Insolvency or Liquidation Proceeding before any distribution
is made in respect of the claims held by the Committed Credit Agreement Claimholders with respect to the Uncommitted Credit Agreement
Priority Collateral, with the Committed Collateral Agent, for itself and on behalf of the Committed Credit Agreement Claimholders,
hereby acknowledging and agreeing to turn over to the Uncommitted Collateral Agent, for itself and on behalf of the Uncommitted
Credit Agreement Claimholders, amounts otherwise received or receivable by them to the extent necessary to effectuate the intent
of this sentence (with respect to the payment of post-petition interest), even if such turnover has the effect of reducing the
claim or recovery of the Committed Credit Agreement Claimholders).

 

SECTION 7. Reliance; Waivers; Etc.

 

7.1           No
Implied Duty.

 

The Uncommitted Collateral
Agent and the Uncommitted Credit Agreement Claimholders shall have no duty to the Committed Collateral Agent or any of the Committed
Credit Agreement Claimholders, and the Committed Collateral Agent and the Committed Credit Agreement Claimholders shall have no
duty to the Uncommitted Collateral Agent or any of the Uncommitted Credit Agreement Claimholders, to act or refrain from acting
in a manner which allows, or results in, the occurrence or continuance of an event of default or default under any agreements with
the Company (including the Committed Loan Documents and the Uncommitted Loan Documents), regardless of any knowledge thereof which
they may have or be charged with.

 

    	33

    	 

    

 

7.2           No
Waiver of Lien Priorities.

 

(a)          No
right of the Committed Credit Agreement Claimholders, the Committed Collateral Agent, the Uncommitted Collateral Agent, the Uncommitted
Credit Agreement Claimholders or any of them to enforce any provision of this Agreement or any Committed Loan Document or any Uncommitted
Loan Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or
by any act or failure to act by any Committed Credit Agreement Claimholder, the Committed Collateral Agent, the Uncommitted Collateral
Agent, or any Uncommitted Credit Agreement Claimholder, or by any noncompliance by any Person with the terms, provisions and covenants
of this Agreement, any of the Committed Loan Documents or any of the Uncommitted Loan Documents, regardless of any knowledge thereof
which the Committed Collateral Agent, the Committed Credit Agreement Claimholders, the Uncommitted Collateral Agent, the Uncommitted
Credit Agreement Claimholders or any of them, may have or be otherwise charged with.

 

(b)          (i)          Without
in any way limiting the generality of the Section 7.2(a) (but subject to the rights of the Company under the Committed Loan
Documents), the Committed Credit Agreement Claimholders, the Committed Collateral Agent and any of them may, at any time and from
time to time in accordance with the Committed Loan Documents and/or applicable law, without the consent of, or notice to, the Uncommitted
Collateral Agent or any Uncommitted Credit Agreement Claimholders, without incurring any liabilities to the Uncommitted Collateral
Agent or any Uncommitted Credit Agreement Claimholders and without impairing or releasing the Lien priorities and other benefits
provided in this Agreement (even if any right of subrogation or other right or remedy of the Uncommitted Collateral Agent or any
Uncommitted Credit Agreement Claimholders is affected, impaired or extinguished thereby) do any one or more of the following:

 

(1)         Subject
to Section 5.2(c), change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew,
exchange, increase or alter, the terms of any of the Committed Credit Agreement Obligations or any Lien on any Committed Credit
Agreement Priority Collateral or guaranty thereof or any liability of the Company, or any liability incurred directly or indirectly
in respect thereof (including any increase in or extension of the Committed Credit Agreement Obligations, without any restriction
as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in
any manner any Liens held by the Committed Collateral Agent or any of the Committed Credit Agreement Claimholders, the Committed
Credit Agreement Obligations or any of the Committed Loan Documents;

 

(2)         sell,
exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Committed
Credit Agreement Priority Collateral or any liability of the Company to the Committed Credit Agreement Claimholders or the Committed
Collateral Agent, or any liability incurred directly or indirectly in respect thereof;

 

(3)         settle
or compromise any Committed Credit Agreement Obligation or any other liability of the Company or any security therefor or any liability
incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability
(including the Committed Credit Agreement Obligations) in any manner or order; and

 

    	34

    	 

    

 

(4)         exercise
or delay in or refrain from exercising any right or remedy against the Company or any security or any other Person, elect any remedy
and otherwise deal freely with the Company or any Committed Credit Agreement Priority Collateral and any security and any guarantor
or any liability of the Company to the Committed Credit Agreement Claimholders or any liability incurred directly or indirectly
in respect thereof.

 

(ii)         Without
in any way limiting the generality of the Section 7.2(a) (but subject to the rights of the Company under the Uncommitted Loan
Documents), the Uncommitted Credit Agreement Claimholders, the Uncommitted Collateral Agent and any of them may, at any time and
from time to time in accordance with the Uncommitted Loan Documents and/or applicable law, without the consent of, or notice to,
the Committed Collateral Agent or any Committed Credit Agreement Claimholders, without incurring any liabilities to the Committed
Collateral Agent or any Committed Credit Agreement Claimholders and without impairing or releasing the Lien priorities and other
benefits provided in this Agreement (even if any right of subrogation or other right or remedy of the Committed Collateral Agent
or any of the Committed Credit Agreement Claimholders is affected, impaired or extinguished thereby) do any one or more of the
following: 

 

(1)         subject
to Section 5.2(b), change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew,
exchange, increase or alter, the terms of any of the Uncommitted Credit Agreement Obligations or any Lien on any Uncommitted Credit
Agreement Priority Collateral or guaranty thereof or any liability of the Company, or any liability incurred directly or indirectly
in respect thereof (including any increase in or extension of the Uncommitted Credit Agreement Obligations, without any restriction
as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in
any manner any Liens held by the Uncommitted Collateral Agent or any of the Uncommitted Credit Agreement Claimholders, the Uncommitted
Credit Agreement Obligations or any of the Uncommitted Loan Documents;

 

(2)         sell,
exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Uncommitted
Credit Agreement Priority Collateral or any liability of the Company to the Uncommitted Collateral Agent or any of the Uncommitted
Credit Agreement Claimholders, or any liability incurred directly or indirectly in respect thereof;

 

(3)         settle
or compromise any Uncommitted Credit Agreement Obligation or any other liability of the Company or any security therefor or any
liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any
liability (including the Uncommitted Credit Agreement Obligations) in any manner or order; and

 

(4)         exercise
or delay in or refrain from exercising any right or remedy against the Company or any security or any other Person, elect any remedy
and otherwise deal freely with the Company or any Uncommitted Credit Agreement Priority Collateral and any security and any guarantor
or any liability of the Company to the Uncommitted Credit Agreement Claimholders or any liability incurred directly or indirectly
in respect thereof.

 

    	35

    	 

    

 

(c)          (i)          Except
as otherwise provided herein, the Uncommitted Collateral Agent, on behalf of itself and the Uncommitted Credit Agreement Claimholders,
also agrees that the Committed Credit Agreement Claimholders and the Committed Collateral Agent shall have no liability to the
Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder, and the Uncommitted Collateral Agent, on behalf of
itself and the Uncommitted Credit Agreement Claimholders, hereby waives any claim against any Committed Credit Agreement Claimholder
or the Committed Collateral Agent, arising out of any and all actions which the Committed Credit Agreement Claimholders or the
Committed Collateral Agent may take or permit or omit to take with respect to:

 

(1)         the
Committed Loan Documents (other than this Agreement);

 

(2)         the
collection of the Committed Credit Agreement Obligations; or

 

(3)         the
foreclosure upon, or sale, liquidation or other disposition of, any Committed Credit Agreement Priority Collateral. The Uncommitted
Collateral Agent, on behalf of itself and the Uncommitted Credit Agreement Claimholders, agrees that the Committed Credit Agreement
Claimholders and the Committed Collateral Agent have no duty to them in respect of the maintenance or preservation of the Committed
Credit Agreement Priority Collateral, the Committed Credit Agreement Obligations or otherwise.

 

(ii)         Except
as otherwise provided herein and in the Committed Credit Agreement, the Committed Collateral Agent, on behalf of itself and the
Committed Credit Agreement Claimholders, also agrees that the Uncommitted Credit Agreement Claimholders and the Uncommitted Collateral
Agent shall have no liability to the Committed Collateral Agent or any Committed Credit Agreement Claimholders, and the Committed
Collateral Agent, on behalf of itself and the Committed Credit Agreement Claimholders, hereby waives (subject to the terms of the
Credit Agreement) any claim against any Uncommitted Credit Agreement Claimholder or the Uncommitted Collateral Agent, arising out
of any and all actions which the Uncommitted Credit Agreement Claimholders or the Uncommitted Collateral Agent may take or permit
or omit to take with respect to:

 

(1)         the
Uncommitted Loan Documents (other than this Agreement);

 

(2)         the
collection of the Uncommitted Credit Agreement Obligations; or

 

(3)         the
foreclosure upon, or sale, liquidation or other disposition of, any Uncommitted Credit Agreement Priority Collateral. The Committed
Collateral Agent, on behalf of itself and the Committed Credit Agreement Claimholders, agrees that the Uncommitted Credit Agreement
Claimholders and the Uncommitted Collateral Agent have no duty to them in respect of the maintenance or preservation of the Uncommitted
Credit Agreement Priority Collateral, the Uncommitted Credit Agreement Obligations or otherwise.

 

    	36

    	 

    

 

(d)          Until
the Discharge of Committed Credit Agreement Obligations, the Uncommitted Collateral Agent, on behalf of itself and the Uncommitted
Credit Agreement Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand,
request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right
that may otherwise be available under applicable law with respect to the Committed Credit Agreement Priority Collateral or any
other similar rights a junior secured creditor may have in respect of the Committed Credit Agreement Priority Collateral under
applicable law. Until the Discharge of Uncommitted Credit Agreement Obligations, the Committed Collateral Agent, on behalf of itself
and the Committed Credit Agreement Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law,
any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation
or other similar right that may otherwise be available under applicable law with respect to the Uncommitted Credit Agreement Priority
Collateral or any other similar rights a junior secured creditor may have in respect of the Uncommitted Credit Agreement Priority
Collateral under applicable law.

 

7.3           Obligations
Unconditional.

 

All rights, interests,
agreements and obligations of the Committed Collateral Agent and the Committed Credit Agreement Claimholders and the Uncommitted
Collateral Agent and the Uncommitted Credit Agreement Claimholders, respectively, hereunder shall remain in full force and effect
irrespective of:

 

(a)          any
lack of validity or enforceability of any Committed Loan Documents or any Uncommitted Loan Documents;

 

(b)          except
as otherwise expressly set forth in this Agreement, any change in the time, manner or place of payment of, or in any other terms
of, all or any of the Committed Credit Agreement Obligations or Uncommitted Credit Agreement Obligations, or any permitted amendment
or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the
terms of any Committed Loan Document or any Uncommitted Loan Document;

 

(c)          except
as otherwise expressly set forth in this Agreement, any exchange of any security interest in any Collateral or any other collateral,
or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Committed
Credit Agreement Obligations or Uncommitted Credit Agreement Obligations or any guaranty thereof;

 

(d)          the
commencement of any Insolvency or Liquidation Proceeding in respect of the Company; or

 

(e)          any
other circumstances which otherwise might constitute a defense available to, or a discharge of, the Company in respect of the Committed
Collateral Agent, the Committed Credit Agreement Obligations, any Committed Credit Agreement Claimholder, the Uncommitted Collateral
Agent, the Uncommitted Credit Agreement Obligations or any Uncommitted Credit Agreement Claimholder in respect of this Agreement.

 

    	37

    	 

    

 

SECTION 8. Miscellaneous.

 

8.1           Conflicts.

 

In the event of any
conflict between the provisions of this Agreement and the provisions of the Committed Loan Documents or the Uncommitted Loan Documents,
the provisions of this Agreement shall govern and control.

 

8.2           Effectiveness;
Continuing Nature of this Agreement; Severability.

 

This Agreement shall
become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the
Committed Credit Agreement Claimholders and the Uncommitted Credit Agreement Claimholders may continue, at any time and without
notice to the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder or to the Committed Collateral Agent
or any Committed Credit Agreement Claimholder, to extend credit and other financial accommodations and lend monies to or for the
benefit of the Company constituting Committed Credit Agreement Obligations or Uncommitted Credit Agreement Obligations in reliance
hereof. The Uncommitted Collateral Agent, on behalf of itself and the Uncommitted Credit Agreement Claimholders, hereby waives
any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The Committed Collateral
Agent, on behalf of itself and the Committed Credit Agreement Claimholders, hereby waives any right it may have under applicable
law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue
in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to the Company shall include
the Company as debtor and debtor-in-possession and any receiver or trustee for the Company in any Insolvency or Liquidation Proceeding.
This Agreement shall terminate and be of no further force and effect:

 

(a)          with
respect to the Committed Collateral Agent, the Committed Credit Agreement Claimholders and the Committed Credit Agreement Obligations,
on the date of Discharge of Committed Credit Agreement Obligations, subject to the rights of the Committed Credit Agreement Claimholders
under Section 6.5; and

 

(b)          with
respect to the Uncommitted Collateral Agent, the Uncommitted Credit Agreement Claimholders and the Uncommitted Credit Agreement
Obligations, on the date of Discharge of Uncommitted Credit Agreement Obligations, subject to the rights of the Uncommitted Credit
Agreement Claimholders under Section 6.5.

 

8.3           Amendments;
Waivers.

 

No amendment, modification
or waiver of any of the provisions of this Agreement by the Uncommitted Collateral Agent or the Committed Collateral Agent shall
be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each
waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of
the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time.
Notwithstanding the foregoing, the Company shall not have any right to consent to or approve any amendment, modification or waiver
of any provision of this Agreement except to the extent its rights are directly affected (which includes, but is not limited to
any amendment to the Company’s ability to cause additional obligations to constitute Committed Credit Agreement Obligations
or Uncommitted Credit Agreement Obligations).

 

    	38

    	 

    

 

8.4           Information
Concerning Financial Condition of the Company.

 

The Committed Collateral
Agent and the Committed Credit Agreement Claimholders, on the one hand, and the Uncommitted Credit Agreement Claimholders and the
Uncommitted Collateral Agent, on the other hand, shall each be responsible for keeping themselves informed of (i) the financial
condition of the Company and all endorsers and/or guarantors of the Committed Credit Agreement Obligations or the Uncommitted Credit
Agreement Obligations and (ii) all other circumstances bearing upon the risk of nonpayment of the Committed Credit Agreement Obligations
or the Uncommitted Credit Agreement Obligations. The Committed Collateral Agent and the Committed Credit Agreement Claimholders
shall have no duty to advise the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder of information known
to it or them regarding such condition or any such circumstances or otherwise, and the Uncommitted Collateral Agent and the Uncommitted
Credit Agreement Claimholders shall have no duty to advise the Committed Collateral Agent or any Committed Credit Agreement Claimholder
of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that (x) the Committed
Collateral Agent or any of the Committed Credit Agreement Claimholders, in its or their sole discretion, undertakes at any time
or from time to time to provide any such information to the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder,
or (y) the Uncommitted Collateral Agent or any Uncommitted Credit Agreement Claimholder, in its or their sole discretion, undertakes
at any time or from time to time to provide any such information to the Committed Collateral Agent or any of the Committed Credit
Agreement Claimholders, it or they shall be under no obligation:

 

(a)          to
make, and such party hereto shall not make, any express or implied representation or warranty, including with respect to the accuracy,
completeness, truthfulness or validity of any such information so provided;

 

(b)          to
provide any additional information or to provide any such information on any subsequent occasion;

 

(c)          to
undertake any investigation; or

 

(d)          to
disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain
confidential or is otherwise required to maintain confidential.

 

    	39

    	 

    

 

8.5           Subrogation.

 

(a)          With
respect to the value of any payments or distributions in cash, property or other assets that the Uncommitted Collateral Agent pays
over to the Committed Collateral Agent or the Committed Credit Agreement Claimholders under the terms of this Agreement, the Uncommitted
Credit Agreement Claimholders and the Uncommitted Collateral Agent shall be subrogated to the rights of the Committed Collateral
Agent and the Committed Credit Agreement Claimholders; provided that the Uncommitted Collateral Agent, on behalf of itself
and the Uncommitted Credit Agreement Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may
acquire as a result of any payment hereunder until the Discharge of Committed Credit Agreement Obligations has occurred. The Company
acknowledges and agrees that the value of any payments or distributions in cash, property or other assets received by the Uncommitted
Collateral Agent or the Uncommitted Credit Agreement Claimholders that are paid over to the Committed Collateral Agent or the Committed
Credit Agreement Claimholders pursuant to this Agreement shall not reduce any of the Uncommitted Credit Agreement Obligations.

 

(b)          With
respect to the value of any payments or distributions in cash, property or other assets that the Committed Collateral Agent pays
over to the Uncommitted Collateral Agent or the Uncommitted Credit Agreement Claimholders under the terms of this Agreement, the
Committed Credit Agreement Claimholders and the Committed Collateral Agent shall be subrogated to the rights of the Uncommitted
Collateral Agent and the Uncommitted Credit Agreement Claimholders; provided that the Committed Collateral Agent, on behalf
of itself and the Committed Credit Agreement Claimholders, hereby agrees not to assert or enforce all such rights of subrogation
it may acquire as a result of any payment hereunder until the Discharge of Uncommitted Credit Agreement Obligations has occurred.
The Company acknowledges and agrees that the value of any payments or distributions in cash, property or other assets received
by the Committed Collateral Agent or the Committed Credit Agreement Claimholders that are paid over to the Uncommitted Collateral
Agent or the Uncommitted Credit Agreement Claimholders pursuant to this Agreement shall not reduce any of the Committed Credit
Agreement Obligations.

 

8.6           Application
of Payments.

 

(a)          Subject
to the terms of the Committed Loan Documents, all payments received by the Committed Collateral Agent or the Committed Credit Agreement
Claimholders may be applied, reversed and reapplied, in whole or in part, to such part of the Committed Credit Agreement Obligations
provided for in the Committed Loan Documents. The Uncommitted Collateral Agent, on behalf of itself and the Uncommitted Credit
Agreement Claimholders, assents to any extension or postponement of the time of payment of the Committed Credit Agreement Obligations
or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security
which may at any time secure any part of the Committed Credit Agreement Obligations and to the addition or release of any other
Person primarily or secondarily liable therefor.

 

    	40

    	 

    

 

(b)          Subject
to the terms of the Uncommitted Loan Documents, all payments received by the Uncommitted Collateral Agent or the Uncommitted Credit
Agreement Claimholders may be applied, reversed and reapplied, in whole or in part, to such part of the Uncommitted Credit Agreement
Obligations provided for in the Uncommitted Loan Documents. The Committed Collateral Agent, on behalf of itself and the Committed
Credit Agreement Claimholders, assents to any extension or postponement of the time of payment of the Uncommitted Credit Agreement
Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any
security which may at any time secure any part of the Uncommitted Credit Agreement Obligations and to the addition or release of
any other Person primarily or secondarily liable therefor.

 

8.7           SUBMISSION
TO JURISDICTION; WAIVERS.

 

(a)          ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF
COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF
AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY:

 

(1)         ACCEPTS
GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS;

 

(2)         WAIVES
ANY DEFENSE OF FORUM NON CONVENIENS; AND

 

(3)         AGREES
THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY ANY MANNER PERMITTED BY APPLICABLE LAW.

 

(b)          EACH
OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER
COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON
THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
THIS WAIVER IS IRREVOCABLE; MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER
SPECIFICALLY REFERRING TO THIS SECTION 8.7(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

 

    	41

    	 

    

 

(c)          EACH
OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER COMMITTED LOAN DOCUMENT OR UNCOMMITTED LOAN DOCUMENT, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO.

 

8.8           Notices.

 

All notices to the
Uncommitted Credit Agreement Claimholders and the Committed Credit Agreement Claimholders permitted or required under this Agreement
shall also be sent to the Uncommitted Collateral Agent and the Committed Collateral Agent, respectively. Unless otherwise specifically
provided herein, any notice hereunder shall be in writing and may be personally served, or sent by facsimile transmission or United
States mail (certified, return-receipt) or courier service and shall be deemed to have been given when delivered in person or by
courier service and signed for against receipt thereof, upon receipt of facsimile transmission, or three Business Days after depositing
it in the United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties
hereto shall be as set forth on Annex I hereto, or, as to each party, at such other address as may be designated by such party
in a written notice to all of the other parties.

 

8.9           Further
Assurances.

 

The Committed Collateral
Agent, on behalf of itself and the Committed Credit Agreement Claimholders under the Committed Loan Documents, and the Uncommitted
Collateral Agent, on behalf of itself and the Uncommitted Credit Agreement Claimholders under the Uncommitted Loan Documents, and
the Company, agree that each of them shall take such further action and shall execute and deliver such additional documents and
instruments (in recordable form, if requested) as the Committed Collateral Agent or the Uncommitted Collateral Agent may reasonably
request to effectuate the terms of and the Lien priorities contemplated by this Agreement.

 

8.10         APPLICABLE
LAW.

 

THIS AGREEMENT SHALL
BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO NEW
YORK CONFLICTS OF LAWS PRINCIPLES.

 

8.11         Binding
on Successors and Assigns.

 

This Agreement shall
be binding upon the Committed Collateral Agent, the Committed Credit Agreement Claimholders, the Uncommitted Collateral Agent,
the Uncommitted Credit Agreement Claimholders and their respective successors and assigns.

 

    	42

    	 

    

 

8.12         Specific
Performance.

 

Each of the Committed
Collateral Agent and the Uncommitted Collateral Agent may demand specific performance of this Agreement. The Committed Collateral
Agent, on behalf of itself and the Committed Credit Agreement Claimholders under the Committed Loan Documents, and the Uncommitted
Collateral Agent, on behalf of itself and the Uncommitted Credit Agreement Claimholders under the Uncommitted Loan Documents, hereby
irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the
remedy of specific performance in any action in respect of this Agreement which may be brought by the Committed Collateral Agent
or the Committed Credit Agreement Claimholders or the Uncommitted Collateral Agent or the Uncommitted Credit Agreement Claimholders,
as the case may be.

 

8.13         Headings.

 

Section headings in
this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any
other purpose or be given any substantive effect.

 

8.14         Counterparts.

 

This Agreement may
be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page
of this Agreement or any document or instrument delivered in connection herewith by telecopy shall be effective as delivery of
a manually executed counterpart of this Agreement or such other document or instrument, as applicable.

 

8.15         Authorization.

 

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

 

8.16         No
Third Party Beneficiaries.

 

This Agreement and
the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns
and shall inure to the benefit of each of the Committed Credit Agreement Claimholders and the Uncommitted Credit Agreement Claimholders.
Other than as expressly set forth in this Agreement, nothing in this Agreement shall impair, as between the Company and the Committed
Collateral Agent and the Committed Credit Agreement Claimholders, or as between the Company and the Uncommitted Collateral Agent
and the Uncommitted Credit Agreement Claimholders, (a) the obligations of the Company and to pay principal, interest, fees and
other amounts as provided in the Committed Loan Documents and the Uncommitted Loan Documents, respectively and (b) the rights of
the Company under the Committed Loan Documents and the Uncommitted Loan Documents, respectively.

 

    	43

    	 

    

 

8.17         Provisions
Solely to Define Relative Rights.

 

The provisions of this
Agreement are and are intended solely for the purpose of defining the relative rights of the Committed Collateral Agent and the
Committed Credit Agreement Claimholders on the one hand and the Uncommitted Collateral Agent and the Uncommitted Credit Agreement
Claimholders on the other hand. None of the Company or any other creditor thereof shall have any rights hereunder and the Company
may not rely on the terms hereof. Nothing in this Agreement is intended to or shall impair the obligations of the Company, which
are absolute and unconditional, to pay the Committed Credit Agreement Obligations and the Uncommitted Credit Agreement Obligations
as and when the same shall become due and payable in accordance with their terms.

 

8.18         Company
Acknowledgment.

 

The Company hereby
agrees to and acknowledges its obligations under Sections 2.3(a)(ii), 2.3(a)(iv), 2.3(b)(ii), 2.3(b)(iv) and 5.2 and agrees
that it shall have no right to consent to or approve of any amendment, supplement or modification of or to this Agreement, other
than in respect of any such amendment, supplement or modification (a) to Section 2.3 or this Section 8.18 or (b) that
changes or increases its obligations under this Agreement.

 

    	44

    	 

    

 

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

 

	 	Committed Collateral Agent:
	 	 
	 	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH,
	 	as Committed Collateral Agent
	 	 	 	 
	 	By:	/s/ Chan K. Park
	 	 	Name:	Chan K. Park
	 	 	Title:	Managing Director
	 	 	 	 
	 	By:	/s/ Xander Willemsen
	 	 	Name:	Xander Willemsen
	 	 	Title:	Executive Director
	 	 	 	 
	 	Uncommitted Collateral Agent:
	 	 
	 	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Uncommitted Collateral Agent
	 	 	 	 
	 	By:	/s/ Chan K. Park
	 	 	Name:	Chan K. Park
	 	 	Title:	Managing Director
	 	 	 	 
	 	By:	/s/ Xander Willemsen
	 	 	Name:	Xander Willemsen
	 	 	Title:	Executive Director

 

ACCEPTED AND AGREED TO, SOLELY IN

 RESPECT OF SECTIONS 2.3(a)(ii),
2.3(a)(iv), 

2.3(b)(ii), 2.3(b)(iv), 5.2 and 8.18:

 

	EMPIRE RESOURCES, INC.
	 	 
	By:	/s/ Sandra Kahn
	 	Name:  Sandra R. Kahn
	 	Title:  Vice President

 

    	S-1

    	 

    

 

Annex I

 

Notices

 

Committed Collateral Agent

 

Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.,

“Rabobank Nederland”, New York Branch

c/o Rabo Support Services, Inc.

10 Exchange Place

Jersey City, New Jersey 07302

Attention: Corporate Bank Services, Sui Price

Fax No.: 914-304-9327

 

Uncommitted Collateral Agent

 

Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.,

“Rabobank Nederland”, New York Branch

c/o Rabo Support Services, Inc.

10 Exchange Place

Jersey City, New Jersey 07302

Attention: Corporate Bank Services, Sui Price

Fax No.: 914-304-9327

 

The Company

 

Empire Resources, Inc.

One Parker Plaza

Fort Lee, New Jersey 07024

Attention: Sandra R. Kahn

Fax: 201-944-2226

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}]]