Document:

Exhibit 10.3

 

 

 

GUARANTY
AND COLLATERAL AGREEMENT

 

dated
as of November 17, 2020

 

among

 

T3
COMMUNICATIONS, INC.

as
the Company,

 

and

 

THE
OTHER PARTIES HERETO,

as
Grantors,

 

and

 

POST
ROAD ADMINISTRATIVE LLC,

as
the Administrative Agent

 

    

     

    

 

TABLE
OF CONTENTS

 

			Page

	Article
    I DEFINITIONS	1
	1.1	Definitions
    in Credit Agreement and UCC	1
	1.2	Defined Terms	1
	 	 	 
	Article
    II GUARANTY	5 
	2.1	Guaranty	5
	2.2	Right of
    Contribution	6
	2.3	No Subrogation	6
	2.4	Amendments,
    etc. with respect to the Secured Obligations	6
	2.5	Waivers	7
	2.6	Payments	7
	 	 	 
	Article
    III GRANT OF SECURITY INTEREST	7 
	3.1	Grant	7
	3.2	Collateral
    Assignment of Rights under the Customer Contracts	8
	 	 	 
	Article
    IV REPRESENTATIONS AND WARRANTIES	8 
	4.1	Title; No
    Other Liens	8
	4.2	Perfected
    Liens	8
	4.3	Grantor Information	9
	4.4	Collateral
    Locations	9
	4.5	Certain Property	9
	4.6	Investment
    Property	9
	4.7	Receivables	10
	4.8	Intellectual
    Property	10
	4.9	Depositary
    and Other Accounts	10
	 	 	 
	Article
    V COVENANTS	10 
	5.1	Delivery
    of Instruments, Certificated Securities and Chattel Paper	10
	5.2	Maintenance
    of Perfected Security Interest; Further Documentation	11
	5.3	Changes in
    Locations, Name, etc	11
	5.4	Notices	12
	5.5	Investment
    Property	12
	5.6	Receivables	13
	5.7	Intellectual
    Property	13
	5.8	Customer
    Contracts	14
	5.9	Depositary
    and Other Deposit Accounts	15
	5.10	Other Matters	15
	 	 	 
	Article
    VI REMEDIAL PROVISIONS	17
	6.1	Certain Matters
    Relating to Receivables	17
	6.2	Communications
    with Obligors; Grantors Remain Liable	18

	6.3	Investment
    Property	18

 

    i

     

    

 

	6.4	Proceeds
    to be Turned Over to Administrative Agent	19
	6.5	Application
    of Proceeds	20
	6.6	Code and
    Other Remedies	20
	6.7	Registration
    Rights	22
	6.8	Waiver; Deficiency	23
	 	 	 
	Article
    VII THE ADMINISTRATIVE AGENT	23
	7.1	Administrative
    Agent’s Appointment as Attorney-in-Fact, etc.	23
	7.2	Duty of Administrative
    Agent	25
	7.3	Authority
    of Administrative Agent	25
	 	 	 
	Article
    VIII MISCELLANEOUS	26
	8.1	Amendments
    in Writing	26
	8.2	Notices	26
	8.3	Indemnification
    by Grantors	26
	8.4	Enforcement
    Expenses	27
	8.5	Captions	27
	8.6	Nature of
    Remedies	27
	8.7	Counterparts	27
	8.8	Severability	27
	8.9	Entire Agreement	28
	8.10	Successors;
    Assigns	28
	8.11	Governing
    Law	28
	8.12	Jurisdiction	28
	8.13	Waiver of
    Jury Trial	29
	8.14	Set-off	29
	8.15	Acknowledgements	29
	8.16	Additional
    Grantors	30
	8.17	Releases	30
	8.18	Obligations
    and Liens Absolute and Unconditional	30
	8.19	Regulatory
    Matters	31
	8.20	Reinstatement	31

 

    ii

     

    

 

GUARANTY
AND COLLATERAL AGREEMENT

 

THIS GUARANTY AND COLLATERAL
AGREEMENT, dated as of November 17, 2020 (this “Agreement”), is entered into among T3 COMMUNICATIONS,
INC., a Nevada corporation (the “Company”), and each other Person signatory hereto as a Grantor (the
Company, together with any other Person that becomes a party hereto as provided herein, sometimes hereinafter are referred to individually
as each “Grantor” and collectively as the “Grantors”), in favor of POST
ROAD ADMINISTRATIVE LLC, a Delaware limited liability company (in its individual capacity, “Post Road”),
in its capacity the administrative agent for the financial institutions (the “Lenders”) from time to
time party to the Credit Agreement (as hereafter defined) (Post Road, in such capacity, together with its successors and assigns,
the “Administrative Agent”).

 

R E C I T A L S:

 

A.       The
Lenders have severally agreed to extend credit to the Company pursuant to the Credit Agreement.

 

B.       The
Company is affiliated with each other Grantor and each Grantor will derive substantial direct and indirect benefit from extensions
of credit under the Credit Agreement.

 

C.       It
is a condition precedent to each Lender’s obligation to extend credit under the Credit Agreement that the Grantors shall
have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of all the Lenders.

 

NOW THEREFORE, in consideration
of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders
to extend credit thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable benefit of the Lenders,
as follows:

 

Article
I

DEFINITIONS.

 

1.1 Definitions
in Credit Agreement and UCC. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall
have the meanings given to them in the Credit Agreement, and the following terms are used herein as defined in the UCC: Accounts,
Certificated Security, Commercial Tort Claims, Deposit Accounts, Documents, Electronic Chattel Paper, Equipment, Farm Products,
Goods, Health Care Insurance Receivables, Instruments, Insolvency Proceeding, Inventory, Leases, Letter-of-Credit Rights, Money,
Payment Intangibles, Supporting Obligations, Tangible Chattel Paper.

 

1.2 Defined Terms.
When used herein the following terms shall have the following meanings:

 

Agreement has
the meaning set forth in the preamble hereto.

 

     

     

    

 

Chattel Paper
means all “chattel paper” as such term is defined in Section 9-102(a)(11) of the UCC and, in any event, including with
respect to any Grantor, all Electronic Chattel Paper and Tangible Chattel Paper.

 

Collateral means
(a) all of the personal property now owned or at any time hereafter acquired by any Grantor or in which any Grantor now has or
at any time in the future may acquire any right, title or interest, including all of each Grantor’s Accounts, Chattel Paper,
Commercial Tort Claims, Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Goods, Instruments, Intellectual
Property, Inventory, Investment Property, Leases, Letter-of-Credit Rights, Money, and Supporting Obligations, (b) all books and
records pertaining to any of the foregoing, (c) all Proceeds and products of any of the foregoing, and (d) all collateral security
and guaranties given by any Person with respect to any of the foregoing; excluding, however, any Licenses issued by a State Regulatory
Authority, or any other Governmental Authority to the extent, and only to the extent, it is unlawful to grant a security interest
in such Licenses, but including, without limitation, the right to receive all proceeds derived or arising from or in connection
with the sale, assignment, transfer or transfer of control over such Licenses. Where the context requires, terms relating to the
Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant
part thereof.

 

Company Obligations
means all Obligations of the Company.

 

Contract Rights
means all of the Grantors’ rights and remedies with respect to the Customer Contracts.

 

Copyrights means
all copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether registered
or unregistered and whether published or unpublished, including those listed on Schedule 5, all registrations and recordings
thereof, and all applications in connection therewith, including all registrations, recordings and applications in the United States
Copyright Office, and the right to obtain all renewals of any of the foregoing.

 

Copyright Licenses
means all written agreements naming any Grantor licensee, including those listed on Schedule 5, granting any right under
any Copyright, including the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright,
other than mass market shrink wrap licenses generally available to the public.

 

Credit Agreement
means the Credit Agreement of even date herewith among the Company, the Lenders and the Administrative Agent, as amended, supplemented,
restated or otherwise modified from time to time.

 

Fixtures means
all of the following, whether now owned or hereafter acquired by a Grantor: plant fixtures; business fixtures; other fixtures and
storage facilities, wherever located; and all additions and accessories thereto and replacements therefor.

 

General Intangibles
means all “general intangibles” as such term is defined in Section 9-102(a)(42) of the UCC and, in any event, including
with respect to any Grantor, all Payment Intangibles, all contracts and Contract Rights (including all Customer Contracts), agreements,
instruments and indentures in any form, and portions thereof, to which such Grantor is a party or under which such Grantor has
any right, title or interest or to which such Grantor or any property of such Grantor is subject, as the same from time to time
may be amended, supplemented or otherwise modified, including, without limitation, (a) all rights of such Grantor to receive moneys
due and to become due to it thereunder or in connection therewith, (b) all rights of such Grantor to damages arising thereunder
and (c) all rights of such Grantor to perform and to exercise all remedies thereunder; provided, that the foregoing limitation
shall not affect, limit, restrict or impair the grant by such Grantor of a security interest pursuant to this Agreement in any
Receivable or any money or other amounts due or to become due under any such Payment Intangible, contract, agreement, instrument
or indenture.

 

    3

     

    

 

Guarantor Obligations
means, collectively, with respect to each Guarantor, all Obligations of such Guarantor.

 

Guarantors means
the collective reference to each Grantor other than the Company, if any.

 

Intellectual Property
means the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under
United States, multinational or foreign laws or otherwise, including the Copyrights, the Copyright Licenses, the Patents, the Patent
Licenses, the Trademarks and the Trademark Licenses, and all rights to sue at law or in equity for any infringement or other impairment
thereof, including the right to receive all proceeds and damages therefrom.

 

Intercompany Note
means any promissory note evidencing loans made by any Grantor to any other Grantor.

 

Investment Property
means the collective reference to (a) all “investment property” as such term is defined in Section 9-102(a)(49) of
the UCC (other than the equity interest of any foreign Subsidiary excluded from the definition of Pledged Equity), (b) all “financial
assets” as such term is defined in Section 8-102(a)(9) of the UCC, and (b) whether or not constituting “investment
property” as so defined, all Pledged Notes and all Pledged Equity.

 

Issuers means
the collective reference to each issuer of any Investment Property.

 

Licenses means
all permanent, long-term, and temporary, existing and after-acquired, authorizations, permits and licenses used in, necessary for,
or required by any Governmental Authority for, the ownership and operation by the Company and/or any Guarantor of its present and
future business, including, but not limited to, the licenses issued by a State Regulatory Authority.

 

Paid in Full
or Payment in Full means (a) the payment in full in cash and performance of all Secured Obligations, and (b) the termination
of all Commitments.

 

Patents means
(a) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions
thereof and all goodwill associated therewith, including any of the foregoing referred to in Schedule 5, (b) all applications
for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof,
including any of the foregoing referred to in Schedule 5, and (c) all rights to obtain any reissues or extensions of the
foregoing.

 

    4

     

    

 

Patent Licenses
means all agreements, whether written or oral, providing for the grant by or to any Grantor of any right to manufacture, use or
sell any invention covered in whole or in part by a Patent, including any of the foregoing referred to in Schedule 5.

 

Pledged Equity
means the equity interests listed on Schedule 1, together with any other equity interests, certificates, options or rights
of any nature whatsoever in respect of the equity interests of any Person that may be issued or granted to, or held by, any Grantor
while this Agreement is in effect.

 

Pledged Notes
means all promissory notes listed on Schedule 1, all Intercompany Notes at any time issued to any Grantor and all other
promissory notes issued to or held by any Grantor (other than (a) promissory notes issued in connection with extensions of trade
credit by any Grantor in the ordinary course of business and (b) any individual promissory note which is less than $10,000 in principal
amount, up to an aggregate of $50,000 for all such promissory notes excluded under this clause (b)).

 

Proceeds means
all “proceeds” as such term is defined in Section 9-102(a)(64) of the UCC and, in any event, shall include all dividends
or other income from the Investment Property, collections thereon or distributions or payments with respect thereto.

 

Receivable means
any right to payment for goods sold or leased or for services rendered, whether or not such right is evidenced by an Instrument
or Chattel Paper and whether or not it has been earned by performance (including any Accounts).

 

Secured Obligations
means, collectively, the Company Obligations and Guarantor Obligations.

 

Securities Act
means the Securities Act of 1933, as amended.

 

State Regulatory
Agency means any state, provincial, municipal or local Governmental Authority that exercises jurisdiction over the rates or
services or the ownership, construction or operation of any of the business of the Company.

 

State Regulatory
Authorizations mean all applications, filings, reports, documents, recordings and registrations with, and all validations,
exemptions, franchises, waivers, approvals, orders, authorizations, consents, licenses, certificates and permits from, any State
Regulatory Agency.

 

Trademarks means
(a) all trademarks, trade names, corporate names, the Company names, business names, fictitious business names, trade styles, service
marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted
or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United States
Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or
any political subdivision thereof, or otherwise, and all common-law rights related thereto, including any of the foregoing referred
to in Schedule 5, and (b) the right to obtain all renewals thereof.

 

    5

     

    

 

Trademark Licenses
means, collectively, each agreement, whether written or oral, providing for the grant by or to any Grantor of any right to use
any Trademark, including any of the foregoing referred to in Schedule 5.

 

UCC means the
Uniform Commercial Code as in effect on the date hereof and from time to time in the State of New York, provided
that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security
interests in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect
on or after the date hereof in any other jurisdiction, “UCC” means the Uniform Commercial Code as in effect in such
other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection
or availability of such remedy.

 

Article
II

GUARANTY.

 

2.1 Guaranty.

 

(a) Each
of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, as a primary obligor and not only a surety, guaranties
to the Administrative Agent, for the ratable benefit of the Lenders and their respective successors, indorsees, transferees and
assigns, the prompt and complete payment and performance by the Company when due (whether at the stated maturity, by acceleration
or otherwise) of the Company Obligations.

 

(b) Anything
herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under
the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal
and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in Section
2.2).

 

(c) Each
Guarantor agrees that the Secured Obligations may at any time and from time to time exceed the amount of the liability of such
Guarantor hereunder without impairing the guaranty contained in this Section 2 or affecting the rights and remedies of the
Administrative Agent or any Lender hereunder.

 

(d) The
guaranty contained in this Section 2 shall remain in full force and effect until all of the Secured Obligations shall have
been Paid in Full.

 

(e) No
payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by the Administrative
Agent or any Lender from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the
Secured Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which
shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Secured Obligations or
any payment received or collected from such Guarantor in respect of the Secured Obligations), remain liable for the Secured Obligations
up to the maximum liability of such Guarantor hereunder until the Secured Obligations are Paid in Full.

 

    6

     

    

 

2.2 Right of Contribution.
Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment
made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder
which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to the
terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations
and liabilities of any Guarantor to the Administrative Agent and the Lenders, and each Guarantor shall remain liable to the Administrative
Agent and the Lenders for the full amount guaranteed by such Guarantor hereunder.

 

2.3 No Subrogation.
Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by the Administrative
Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender
against the Company or any other Guarantor or any collateral security or guaranty or right of offset held by the Administrative
Agent or any Lender for the payment of the Secured Obligations, nor shall any Guarantor seek or be entitled to seek any contribution
or reimbursement from the Company or any other Guarantor in respect of payments made by such Guarantor hereunder, until all of
the Secured Obligations are Paid in Full. If any amount shall be paid to any Guarantor on account of such subrogation rights at
any time when all of the Secured Obligations shall not have been Paid in Full, such amount shall be held by such Guarantor in
trust for the Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt
by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such
Guarantor to the Administrative Agent, if required), to be applied against the Secured Obligations, whether matured or unmatured,
in such order as the Administrative Agent may determine.

 

2.4 Amendments,
etc. with respect to the Secured Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without
any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment
of any of the Secured Obligations made by the Administrative Agent or any Lender may be rescinded by the Administrative Agent
or such Lender and any of the Secured Obligations continued, and the Secured Obligations, or the liability of any other Person
upon or for any part thereof, or any collateral security or guaranty therefor or right of offset with respect thereto, may, from
time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released
by the Administrative Agent or any Lender, and the Credit Agreement and the other Loan Documents and any other documents executed
and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative
Agent (or the Required Lenders or all the Lenders, as the case may be) may deem advisable from time to time. Neither the Administrative
Agent nor any Lender shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security
for the Secured Obligations or for the guaranty contained in this Section 2 or any property subject thereto.

 

    7

     

    

 

The Administrative Agent
or any Lender may, from time to time, at its sole discretion and without notice to any Guarantor (or any of them), take any or
all of the following actions: (a) retain or obtain a security interest in any property to secure any of the Secured Obligations
or any obligation hereunder, (b) retain or obtain the primary or secondary obligation of any obligor or obligors, in addition to
the undersigned, with respect to any of the Secured Obligations, (c) extend or renew any of the Secured Obligations, alter or exchange
any of the Secured Obligations, or release or compromise any obligation of any of the undersigned hereunder or any obligation of
any nature of any other obligor with respect to any of the Secured Obligations, (d) release any guaranty or right of offset or
its security interest in, or surrender, release or permit any substitution or exchange for, all or any part of any property securing
any of the Secured Obligations or any obligation hereunder, or extend or renew for one or more periods (whether or not longer than
the original period) or release, compromise, alter or exchange any obligations of any nature of any obligor with respect to any
such property, and (e) resort to the undersigned (or any of them) for payment of any of the Secured Obligations when due, whether
or not the Administrative Agent or such Lender shall have resorted to any property securing any of the Secured Obligations or any
obligation hereunder or shall have proceeded against any other of the undersigned or any other obligor primarily or secondarily
obligated with respect to any of the Secured Obligations.

 

2.5 Waivers.
Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Secured Obligations and
notice of or proof of reliance by the Administrative Agent or any Lender upon the guaranty contained in this Section 2
or acceptance of the guaranty contained in this Section 2; the Secured Obligations, and any of them, shall conclusively
be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guaranty
contained in this Section 2, and all dealings between the Company and any of the Guarantors, on the one hand, and the Administrative
Agent and the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance
upon the guaranty contained in this Section 2. Each Guarantor waives (a) diligence, presentment, protest, demand for payment
and notice of default, dishonor or nonpayment and all other notices whatsoever to or upon the Company or any of the Guarantors
with respect to the Secured Obligations, (b) notice of the existence or creation or non-payment of all or any of the Secured Obligations
and (c) all diligence in collection or protection of or realization upon any Secured Obligations or any security for or guaranty
of any Secured Obligations.

 

2.6 Payments.
Each Guarantor hereby guaranties that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim
in Dollars at the office of the Administrative Agent specified in the Credit Agreement.

 

Article
III

GRANT OF SECURITY INTEREST.

 

3.1 Grant.
Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants to the Administrative Agent, for the
ratable benefit of the Lenders and (to the extent provided herein) their Affiliates, a continuing security interest in all of
its Collateral, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity,
by acceleration or otherwise) of the Company Obligations or the Guarantor Obligations, as the case may be (excluding, however,
any Licenses or other permits issued by a State Regulatory Authority, or any other Governmental Authority to the extent, and only
to the extent, it is unlawful to grant a security interest in such Licenses or other permits, but including, without limitation,
the right to receive all proceeds derived or arising from or in connection with the sale, assignment, transfer or transfer of
control over such Licenses or other permits). The security interest granted herein in connection with the Licenses issued by a
State Regulatory Authority is intended to include, and hereby includes, all private (including economic) attributes of such Licenses,
as distinguished from the “public” rights to assign such Licenses which are explicitly reserved to a State Regulatory
Authority. If at any time in the future laws permit each Grantor to grant a security interest in a license, permit or authorization
issued by a State Regulatory Authority, this Agreement shall be deemed to grant a security interest in such Licenses immediately
thereupon without any further action by or notice to the Grantors or the Administrative Agent. In furtherance of the foregoing,
the Grantors agree to cooperate fully with the Administrative Agent to obtain and perfect such security interest as may be required.

 

    8

     

    

 

3.2 Collateral
Assignment of Rights under the Customer Contracts. Each Grantor hereby irrevocably authorizes and empowers the Administrative
Agent or its agents, in their sole discretion, to assert, either directly or on behalf of any Grantor, upon the occurrence of
an Event of Default that has continued beyond any applicable cure period, any claims any Grantor may from time to time have under
or pursuant to the Customer Contracts (“Payments”), and to receive and collect any damages, awards and
other monies resulting therefrom and to apply the same on account of the Secured Obligations. Upon the occurrence of an Event
of Default that has continued beyond any applicable cure period, the Administrative Agent may provide notice under any Customer
Contract that all Payments shall be made to or at the direction of the Administrative Agent for so long as such Event of Default
shall be continuing. Following the delivery of any such notice, the Administrative Agent shall promptly notify the customers under
the Customer Contract upon the termination or waiver of any such Event of Default. Each Grantor hereby irrevocably makes, constitutes
and appoints the Administrative Agent (and all officers, employees, or agents designated by the Administrative Agent) as such
Grantor’s true and lawful attorney (and agent-in-fact) for the purpose of enabling the Administrative Agent or its agents
to assert and collect such claims and to apply such monies in the manner set forth hereinabove.

 

Article
IV

REPRESENTATIONS AND WARRANTIES.

 

To induce the Administrative
Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit
to the Company thereunder, each Grantor severally and not jointly hereby represents and warrants to the Administrative Agent and
each Lender that:

 

4.1 Title; No Other
Liens. Except for Permitted Liens, the Grantors own each item of the Collateral free and clear of any and all Liens or claims
of others. No financing statement or other public notice with respect to all or any part of the Collateral is on file or of record
in any public office, except filings evidencing Permitted Liens and filings for which termination statements have been delivered
to the Administrative Agent.

 

4.2 Perfected Liens.
The security interests granted pursuant to this Agreement (a) upon completion of the filings and other actions specified on Schedule
2 (which, in the case of all filings and other documents referred to on Schedule 2, have been or will promptly be delivered
to the Administrative Agent in completed and duly executed form) will constitute valid perfected security interests in all of
the Collateral in favor of the Administrative Agent, for the ratable benefit of the Lenders, as collateral security for each Grantor’s
Obligations, enforceable in accordance with the terms hereof against all creditors of each Grantor and any Persons purporting
to purchase any Collateral from each Grantor and (b) are prior to all other Liens on the Collateral in existence on the date hereof
except for Permitted Liens for which priority is accorded under applicable law. The filings and other actions specified on Schedule
2 constitute all of the filings and other actions necessary to perfect all security interests granted hereunder.

 

    9

     

    

 

4.3 Grantor Information.
On the date hereof, Schedule 3 sets forth (a) each Grantor’s jurisdiction of organization, (b) the location of each
Grantor’s chief executive office, (c) each Grantor’s exact legal name as it appears on its organizational documents
and (d) each Grantor’s organizational identification number (to the extent a Grantor is organized in a jurisdiction which
assigns such numbers) and federal employer identification number.

 

4.4 Collateral
Locations. On the date hereof, Schedule 4 sets forth (a) each place of business of each Grantor (including its chief
executive office), (b) all locations where all Inventory and the Equipment owned by each Grantor is kept, except customer premise
equipment and with respect to Inventory and Equipment with a fair market value of less than $5,000 which may be located at other
locations and (c) whether each such Collateral location and place of business (including each Grantor’s chief executive
office) is owned or leased (and if leased, specifies the complete name and notice address of each lessor). No Collateral is located
outside the United States or in the possession of any lessor, bailee, warehouseman or consignee, except as indicated on Schedule
4.

 

4.5 Certain Property.
None of the Collateral constitutes, or is the Proceeds of, (a) Farm Products, (b) Health Care Insurance Receivables or (c) vessels,
aircraft or any other property subject to any certificate of title or other registration statute of the United States, any State
or other jurisdiction, except for personal vehicles owned by the Grantors and used by employees of the Grantors in the ordinary
course of business with an aggregate fair market value of less than $50,000.

 

4.6 Investment
Property.

 

(a) The
Pledged Equity pledged by each Grantor hereunder constitute all the issued and outstanding equity interests of each Issuer owned
by such Grantor.

 

(b) All
of the Pledged Equity has been duly and validly issued and is fully paid and nonassessable.

 

(c) Each
of the Pledged Notes constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance
with its terms (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding
in equity or at law) and an implied covenant of good faith and fair dealing).

 

(d) Schedule
1 lists all Investment Property owned by each Grantor. Each Grantor is the record and beneficial owner of, and has good and
marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of, or claims
of, any other Person, except Permitted Liens.

 

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4.7 Receivables.

 

(a) No
material amounts payable to such Grantor under or in connection with any Receivable is evidenced by any Instrument or Chattel Paper
which has not been delivered to the Administrative Agent.

 

(b) No
obligor on any Receivable is a Governmental Authority.

 

(c) The
amounts represented by such Grantor to the Lenders from time to time as owing to such Grantor in respect of the Receivables (to
the extent such representations are required by any of the Loan Documents) will at all such times be accurate.

 

4.8 Intellectual
Property.

 

(a) Schedule
5 lists all Intellectual Property owned by such Grantor in its own name on the date hereof.

 

(b) On
the date hereof, all material Intellectual Property owned by any Guarantor is valid, subsisting, unexpired and enforceable and
has not been abandoned.

 

(c) Except
as set forth in Schedule 5, none of the material Intellectual Property is the subject of any licensing or franchise agreement
pursuant to which such Grantor is the licensor or franchisor.

 

(d) Each
Grantor owns and possesses or has a license or other right to use all Intellectual Property as is necessary for the conduct of
the businesses of such Grantor, without any infringement upon rights of others which could reasonably be expected to have a Material
Adverse Effect.

 

4.9 Depositary
and Other Accounts. All depositary and other accounts maintained by each Grantor are described on Schedule 6 hereto,
which description includes for each such account the name of the Grantor maintaining such account, the name, address, telephone
and fax numbers of the financial institution at which such account is maintained, the account number and the account officer,
if any, of such account.

 

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Article
V

COVENANTS.

 

Each Grantor covenants
and agrees with the Administrative Agent and the Lenders that, from and after the date of this Agreement until the Secured Obligations
shall have been Paid in Full:

 

5.1 Delivery of
Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral
in excess of $50,000 in the aggregate for all Grantors shall be or become evidenced by any Instrument, Certificated Security or
Chattel Paper, such Instrument, Certificated Security or Chattel Paper shall be immediately delivered to the Administrative Agent,
duly indorsed in a manner satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. In the
event that an Unmatured Event of Default or Event of Default shall have occurred and be continuing, upon the request of the Administrative
Agent, any Instrument, Certificated Security or Chattel Paper not theretofore delivered to the Administrative Agent and at such
time being held by any Grantor shall be immediately delivered to the Administrative Agent, duly indorsed in a manner satisfactory
to the Administrative Agent, to be held as Collateral pursuant to this Agreement.

 

5.2 Maintenance
of Perfected Security Interest; Further Documentation.

 

(a) Such
Grantor shall defend the security interest created by this Agreement against the claims and demands of all Persons whomsoever.

 

(b) Such
Grantor will furnish to the Administrative Agent and the Lenders from time to time statements and schedules further identifying
and describing the assets and property of such Grantor and such other reports in connection therewith as the Administrative Agent
may reasonably request, all in reasonable detail.

 

(c) At
any time and from time to time, upon the written request of the Administrative Agent, and at the sole expense of such Grantor,
such Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such
further actions as the Administrative Agent may reasonably request for the purpose of obtaining or preserving the full benefits
of this Agreement and of the rights and powers herein granted, including (i) filing any financing or continuation statements under
the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby and (ii) in
the case of Investment Property and any other relevant Collateral, taking any actions necessary to enable the Administrative Agent
to obtain “control” (within the meaning of the applicable UCC) with respect thereto.

 

5.3 Changes in
Locations, Name, etc. Such Grantor shall not, except upon 30 days’ prior written notice to the Administrative Agent
and delivery to the Administrative Agent of (a) all additional financing statements and other documents reasonably requested by
the Administrative Agent as to the validity, perfection and priority of the security interests provided for herein and (b) if
applicable, a written supplement to Schedule 4 showing any additional location at which Inventory or Equipment shall be
kept:

 

(i) other
than customer premise equipment, permit any of the Inventory or Equipment to be kept at a location other than those listed on Schedule
4; provided, that up to $50,000 in fair market value of any such Inventory and Equipment may be kept at other locations;

 

(ii) change
its jurisdiction of organization or the location of its chief executive office from that specified on Schedule 3 or in any
subsequent notice delivered pursuant to this Section 5.3; or

 

(iii) change
its name, identity or corporate structure.

 

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5.4 Notices.
Such Grantor will advise the Administrative Agent and the Lenders promptly, in reasonable detail, of:

 

(a) any
Lien (other than Permitted Liens) on any of the Collateral which would adversely affect the ability of the Administrative Agent
to exercise any of its remedies hereunder; and

 

(b) the
occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the
Collateral or on the Liens created hereby.

 

5.5 Investment
Property.

 

(a) If
such Grantor shall become entitled to receive or shall receive any certificate, option or rights in respect of the equity interests
of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any of the Pledged Equity, or
otherwise in respect thereof, such Grantor shall accept the same as the agent of the Administrative Agent and the Lenders, hold
the same in trust for the Administrative Agent and the Lenders and deliver the same forthwith to the Administrative Agent in the
exact form received, duly indorsed by such Grantor to the Administrative Agent, if required, together with an undated instrument
of transfer covering such certificate duly executed in blank by such Grantor and with, if the Administrative Agent so requests,
signature guarantied, to be held by the Administrative Agent, subject to the terms hereof, as additional Collateral for the Secured
Obligations. Upon the occurrence of an Event of Default that has continued beyond any applicable cure period, (i) any sums paid
upon or in respect of the Investment Property upon the liquidation or dissolution of any Issuer shall be paid over to the Administrative
Agent to be held by it hereunder as additional Collateral for the Secured Obligations, and (ii) in case any distribution of capital
shall be made on or in respect of the Investment Property or any property shall be distributed upon or with respect to the Investment
Property pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof,
the property so distributed shall, unless otherwise subject to a perfected Lien in favor of the Administrative Agent, be delivered
to the Administrative Agent to be held by it hereunder as additional Collateral for the Secured Obligations. Upon the occurrence
of an Event of Default that has continued beyond any applicable cure period, if any sums of money or property so paid or distributed
in respect of the Investment Property shall be received by such Grantor, such Grantor shall, until such money or property is paid
or delivered to the Administrative Agent, hold such money or property in trust for the Lenders, segregated from other funds of
such Grantor, as additional Collateral for the Secured Obligations.

 

(b) Without
the prior written consent of the Administrative Agent, such Grantor will not (i) vote to enable, or take any other action to permit,
any Issuer to issue any equity interests of any nature or to issue any other securities or interests convertible into or granting
the right to purchase or exchange for any equity interests of any nature of any Issuer, except, in each case, as permitted by the
Credit Agreement, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Investment
Property or Proceeds thereof (except pursuant to a transaction expressly permitted by the Credit Agreement) other than, with respect
to Investment Property not constituting Pledged Equity or Pledged Notes, any such action which is not prohibited by the Credit
Agreement, (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any
of the Investment Property or Proceeds thereof, or any interest therein, except for Permitted Liens, or (iv) enter into any agreement
or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or transfer any of
the Investment Property or Proceeds thereof.

 

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(c) In
the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating
to the Investment Property issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will
notify the Administrative Agent promptly in writing of the occurrence of any of the events described in Section 5.5(a) with
respect to the Investment Property issued by it and (iii) the terms of Sections 6.3(c) and 6.7 shall apply to such
Grantor with respect to all actions that may be required of it pursuant to Section 6.3(c) or 6.7 regarding the Investment
Property issued by it.

 

5.6 Receivables.

 

(a) Other
than in the ordinary course of business consistent with its past practice and in non-material amounts, such Grantor will not, without
the prior written consent of the Administrative Agent (i) grant any extension of the time of payment of any Receivable, (ii) compromise
or settle any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment
of any Receivable, (iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable
in any manner that could adversely affect the value thereof.

 

(b) Such
Grantor will deliver to the Administrative Agent a copy of each material demand, notice or document received by it that questions
or calls into doubt the validity or enforceability of more than 5% of the aggregate amount of the then outstanding Receivables
for all Grantors.

 

5.7 Intellectual
Property.

 

(a) Such
Grantor (either itself or through licensees) will (i) continue to use each Trademark material to its business in order to maintain
such Trademark in full force free from any claim of abandonment for non-use, (ii) maintain as in the past the quality of products
and services offered under such Trademark, (iii) use such Trademark with the appropriate notice of registration and all other notices
and legends required by applicable law, (iv) not adopt or use any mark which is confusingly similar or a colorable imitation of
such Trademark unless the Administrative Agent, for the ratable benefit of the Lenders, shall obtain a perfected security interest
in such mark pursuant to this Agreement, and (v) not (and not permit any licensee or sublicensee thereof to) do any act or knowingly
omit to do any act whereby such Trademark may become invalidated or impaired in any way.

 

(b) Such
Grantor will not do any act, or omit to do any act, whereby any Patent material to its business may become forfeited, abandoned
or dedicated to the public.

 

(c) Such
Grantor (i) will employ each Copyright material to its business and (ii) will not (and will not permit any licensee or sublicensee
thereof to) do any act or knowingly omit to do any act whereby any material portion of such Copyrights may become invalidated or
otherwise impaired. Such Grantor will not do any act whereby any material portion of such Copyrights may fall into the public domain.

 

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(d) Such
Grantor will not do any act that knowingly uses any Intellectual Property material to its business to infringe the intellectual
property rights of any other Person.

 

(e) Such
Grantor will notify the Administrative Agent and the Lenders immediately if it knows, or has reason to know, that any application
or registration relating to any material Intellectual Property may become forfeited, abandoned or dedicated to the public, 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 court or tribunal in any country) regarding,
such Grantor’s ownership of, or the validity of, any material Intellectual Property or such Grantor’s right to register
the same or to own and maintain the same.

 

(f) Whenever
such Grantor, either by itself or through any agent, employee, licensee or designee, shall file an application for the registration
of any Intellectual Property 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, such Grantor shall report such filing to the Administrative
Agent concurrently with the next delivery of financial statements of the Company pursuant to Section 10.1 of the Credit
Agreement. Upon the request of the Administrative Agent, such Grantor shall execute and deliver, and have recorded, any and all
agreements, instruments, documents, and papers as the Administrative Agent may request to evidence the Administrative Agent’s
and the Lenders’ security interest in any Copyright, Patent or Trademark and the goodwill and general intangibles of such
Grantor relating thereto or represented thereby.

 

(g) Such
Grantor will take all reasonable and necessary steps to maintain and pursue each application (and to obtain the relevant registration)
and to maintain each registration of all material Intellectual Property owned by it.

 

(h) In
the event that any material Intellectual Property is infringed upon or misappropriated or diluted by a third party, such Grantor
shall (i) take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual
Property and (ii) if such Intellectual Property is of material economic value, promptly notify the Administrative Agent after it
learns thereof and, to the extent, in its reasonable judgment, such Grantor determines it appropriate under the circumstances,
sue for infringement, misappropriation or dilution, to seek injunctive relief where appropriate and to recover any and all damages
for such infringement, misappropriation or dilution.

 

5.8 Customer Contracts.

 

(a) Each
Grantor shall keep the Administrative Agent informed of all circumstances bearing upon any potential claim under or with respect
to the Customer Contracts and such Grantor shall not, without the prior written consent of the Administrative Agent, (i) waive
any of its rights or remedies under any Customer Contract in excess of $50,000, (ii) settle, compromise or offset any amount payable
by the sellers to such Grantor under any Customer Contract in excess of $50,000 or (iii) amend or otherwise modify any Customer
Contract in any manner which is adverse to the interests of the Administrative Agent or any Lender.

 

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(b) Each
Grantor shall perform and observe all the terms and conditions of each Customer Contract to be performed by it, maintain each Customer
Contract in full force and effect, enforce each Customer Contract in accordance with its terms and take all such action to such
end as may from time to time be reasonably requested by the Administrative Agent.

 

(c) Anything
herein to the contrary notwithstanding, (i) each applicable Grantor shall remain liable under each Customer Contract to the extent
set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been
executed, (ii) the exercise by the Administrative Agent of any of its rights hereunder shall not release any Grantor from any of
its duties or obligations under any Customer Contract, and (iii) neither the Administrative Agent nor any other Lender shall have
any obligation or liability under any Customer Contract by reason of this Agreement, nor shall the Administrative Agent or any
other Lender 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.

 

5.9 Depositary
and Other Deposit Accounts. No Grantor shall open any depositary or other deposit accounts unless such Grantor shall have
given the Administrative Agent 10 days’ prior written notice of its intention to open any such new deposit accounts. The
Grantors shall deliver to the Administrative Agent a revised version of Schedule 6 showing any changes thereto within five
(5) Business Days of any such change. Each Grantor hereby authorizes the financial institutions at which such Grantor maintains
a deposit account to provide the Administrative Agent with such information with respect to such deposit account as the Administrative
Agent may from time to time reasonably request, and each Grantor hereby consents to such information being provided to the Administrative
Agent. Each Grantor will cause each financial institution at which such Grantor maintains a depositary or other deposit account
to enter into a bank agency or other similar agreement with the Administrative Agent and such Grantor, in form and substance satisfactory
to the Administrative Agent, in order to give the Administrative Agent “control” (as defined in the UCC) of such account.

 

5.10 Other Matters.

 

(a) On
or prior to the Closing Date, each of the Grantors shall cause to be delivered to the Administrative Agent a Collateral Access
Agreement with respect to (a) each bailee with which such Grantor keeps Inventory or other assets as of the Closing Date with a
fair market value in excess of $25,000 and (b) each landlord which leases real property (and the accompanying facilities) to any
of the Grantors as of the Closing Date. Such requirement may be extended or waived at the option of the Administrative Agent. If
any Grantor shall cause to be delivered Inventory or other property in excess of $25,000 in fair market value to any bailee after
the Closing Date, such Grantor shall use reasonable efforts to cause such bailee to sign a Collateral Access Agreement. Such requirement
may be waived at the option of the Administrative Agent. If any Grantor shall lease any real property or facilities and the value
of property of such Grantor located at such leased real property is in excess of $25,000 in fair market value after the Closing
Date, such Grantor shall cause the landlord in respect of such leased property or facilities to sign a Landlord Agreement. Such
requirement may be waived at the option of the Administrative Agent.

 

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(b) Each
Grantor authorizes the Administrative Agent to, at any time and from time to time, file financing statements, continuation statements,
and amendments thereto that describe the Collateral as “all assets” of each Grantor, or words of similar effect, and
which contain any other information required pursuant to the UCC for the sufficiency of filing office acceptance of any financing
statement, continuation statement, or amendment, and each Grantor agrees to furnish any such information to the Administrative
Agent promptly upon request. Any such financing statement, continuation statement, or amendment may be signed by the Administrative
Agent on behalf of any Grantor and may be filed at any time in any jurisdiction.

 

(c) Each
Grantor shall, at any time and from time and to time, take such steps as the Administrative Agent may reasonably request for the
Administrative Agent (i) to obtain an acknowledgement, in form and substance reasonably satisfactory to the Administrative Agent,
of any bailee having possession of any of the Collateral, stating that the bailee holds such Collateral for the Administrative
Agent, (ii) to obtain “control” of any letter-of-credit rights, or electronic chattel paper (as such terms are defined
by the UCC with corresponding provisions thereof defining what constitutes “control” for such items of Collateral),
with any agreements establishing control to be in form and substance reasonably satisfactory to the Administrative Agent, and (iii)
otherwise to insure the continued perfection and priority of the Administrative Agent’s security interest in any of the Collateral
and of the preservation of its rights therein. If any Grantor shall at any time, acquire a “commercial tort claim”
(as such term is defined in the UCC) in excess of $25,000, such Grantor shall promptly notify the Administrative Agent thereof
in writing and supplement Schedule 7, therein providing a reasonable description and summary thereof, and upon delivery
thereof to the Administrative Agent, such Grantor shall be deemed to thereby grant to the Administrative Agent (and such Grantor
hereby grants to the Administrative Agent) a security interest and lien in and to such commercial tort claim and all proceeds thereof,
all upon the terms of and governed by this Agreement.

 

Without limiting the
generality of the foregoing, if any Grantor at any time holds or acquires an interest in any electronic chattel paper or any “transferable
record”, as that term is defined in Section 201 of the federal Electronic Signatures in Global and National Commerce Act,
or in §16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction, such Grantor shall promptly
notify the Administrative Agent thereof and, at the request of the Administrative Agent, shall take such action as the Administrative
Agent may reasonably request to vest in the Administrative Agent “control” under Section 9-105 of the UCC of such electronic
chattel paper or control under Section 201 of the federal Electronic Signatures in Global and National Commerce Act or, as the
case may be, §16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record.

 

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Article
VI

REMEDIAL PROVISIONS.

 

6.1 Certain Matters
Relating to Receivables.

 

(a) At
any time and from time to time upon the occurrence of an Event of Default that has continued beyond any applicable cure period,
the Administrative Agent shall have the right to make test verifications of the Receivables in any manner and through any medium
that it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the Administrative
Agent may require in connection with such test verifications. At any time and from time to time upon the occurrence of an Event
of Default that has continued beyond any applicable cure period, upon the Administrative Agent’s request and at the expense
of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the Administrative Agent
to furnish to the Administrative Agent reports showing reconciliations, agings and test verifications of, and trial balances for,
the Receivables.

 

(b) The
Administrative Agent hereby authorizes each Grantor to collect such Grantor’s Receivables, and the Administrative Agent may
curtail or terminate such authority at any time upon the occurrence of an Event of Default that has continued beyond any applicable
cure period. If required by the Administrative Agent at any time upon the occurrence of an Event of Default that has continued
beyond any applicable cure period, any payments of Receivables, when collected by any Grantor, (i) shall be forthwith (and, in
any event, within 2 Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative
Agent if required, in a collateral account maintained under the sole dominion and control of the Administrative Agent, subject
to withdrawal by the Administrative Agent for the account of the Lenders only as provided in Section 6.5, and (ii) until
so turned over, shall be held by such Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds
of such Grantor. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail
the nature and source of the payments included in the deposit.

 

(c) At
any time and from time to time upon the occurrence of an Event of Default that has continued beyond any applicable cure period,
at the Administrative Agent’s request, each Grantor shall deliver to the Administrative Agent all original and other documents
evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including all original orders,
invoices and shipping receipts.

 

(d) Each
Grantor hereby irrevocably authorizes and empowers the Administrative Agent, in the Administrative Agent’s sole discretion,
at any time upon the occurrence of an Event of Default that has continued beyond any applicable cure period, to assert, either
directly or on behalf of such Grantor, any claim such Grantor may from time to time have against the sellers under or with respect
to the Customer Contracts and to receive and collect any and all damages, awards and other monies resulting therefrom and to apply
the same to the Obligations. Each Grantor hereby irrevocably makes, constitutes and appoints the Administrative Agent as its true
and lawful attorney in fact for the purpose of enabling the Administrative Agent to assert and collect such claims and to apply
such monies in the manner set forth above, which appointment, being coupled with an interest, is irrevocable.

 

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6.2 Communications
with Obligors; Grantors Remain Liable.

 

(a) The
Administrative Agent in its own name may at any time upon the occurrence of an Event of Default that has continued beyond any applicable
cure period, communicate with obligors under the Receivables to verify with them to the Administrative Agent’s satisfaction
the existence, amount and terms of any Receivables.

 

(b) Upon
the request of the Administrative Agent at any time upon the occurrence of an Event of Default that has continued beyond any applicable
cure period, each Grantor shall notify obligors on the Receivables that the Receivables have been assigned to the Administrative
Agent for the ratable benefit of the Lenders and that payments in respect thereof shall be made directly to the Administrative
Agent.

 

(c) Anything
herein to the contrary notwithstanding, each Grantor shall remain liable in respect of each of the Receivables to observe and perform
all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement
giving rise thereto. Neither the Administrative Agent nor any Lender shall have any obligation or liability under any Receivable
(or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Administrative Agent
or any Lender of any payment relating thereto, nor shall the Administrative Agent or any Lender be obligated in any manner to perform
any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto), to make any payment,
to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance
by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment
of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

 

(d) For
the purpose of enabling the Administrative Agent to exercise rights and remedies under this Agreement, each Grantor hereby grants
to the Administrative Agent, for the benefit of the Administrative Agent and the Lenders, nonexclusive license (exercisable without
payment of royalty or other compensation to such Grantor) to use, license or sublicense any Intellectual Property now owned or
hereafter acquired by such Grantor, and wherever the same may be located, and including in such license access to all media in
which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or
printout thereof. Guarantor hereby agrees that any licenses granted pursuant to this Section 6.2(d) shall not be revoked
by Guarantor until such time as this Agreement is terminated and the security interests created hereby are released.

 

6.3 Investment
Property.

 

(a) Unless
an Event of Default shall be continuing and the Administrative Agent shall have given notice to the relevant Grantor of the Administrative
Agent’s intent to exercise its corresponding rights pursuant to Section 6.3(b), each Grantor shall be permitted to
receive all cash dividends and distributions paid in respect of the Pledged Equity and all payments made in respect of the Pledged
Notes, to the extent permitted in the Credit Agreement, and to exercise all voting and other rights with respect to the Investment
Property; provided, that no vote shall be cast or other right exercised or action taken which could impair the Collateral
or which would be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any
other Loan Document.

 

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(b) If
upon the occurrence of an Event of Default that has continued beyond any applicable cure period, Administrative Agent shall give
notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the Administrative Agent shall have the right
to receive any and all cash dividends and distributions, payments or other Proceeds paid in respect of the Investment Property
and make application thereof to the Obligations in such order as the Administrative Agent may determine, and (ii) any or all of
the Investment Property shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent
or its nominee may thereafter exercise (x) all voting and other rights pertaining to such Investment Property at any meeting of
holders of the equity interests of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange
and subscription and any other rights, privileges or options pertaining to such Investment Property as if it were the absolute
owner thereof (including the right to exchange at its discretion any and all of the Investment Property upon the merger, consolidation,
reorganization, recapitalization or other fundamental change in the corporate or other structure of any Issuer, or upon the exercise
by any Grantor or the Administrative Agent of any right, privilege or option pertaining to such Investment Property, and in connection
therewith, the right to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent,
registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability
except to account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise
any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

 

(c) Each
Grantor hereby authorizes and instructs each Issuer of any Investment Property pledged by such Grantor hereunder to (i) comply
with any instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default is continuing
and (y) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor,
and each Grantor agrees that each Issuer shall be fully protected in so complying and (ii) unless otherwise expressly permitted
hereby, pay any dividends, distributions or other payments with respect to the Investment Property directly to the Administrative
Agent.

 

6.4 Proceeds to
be Turned Over to Administrative Agent. In addition to the rights of the Administrative Agent and the Lenders specified in
Section 6.1 with respect to payments of Receivables, if an Event of Default shall be continuing, all Proceeds received
by any Grantor consisting of cash, checks and other cash equivalent items shall be held by such Grantor in trust for the Administrative
Agent and the Lenders, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned
over to the Administrative Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Administrative
Agent, if required). All Proceeds received by the Administrative Agent hereunder shall be held by the Administrative Agent in
a collateral account maintained under its sole dominion and control. All Proceeds, while held by the Administrative Agent in any
collateral account (or by such Grantor in trust for the Administrative Agent and the Lenders) established pursuant hereto, shall
continue to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied
as provided in Section 6.5.

 

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6.5 Application
of Proceeds. At such intervals as may be agreed upon by the Company and the Administrative Agent, or, upon the occurrence
of an Event of Default that has continued beyond any applicable cure period, at any time at the Administrative Agent’s election,
the Administrative Agent may apply all or any part of Proceeds from the sale of, or other realization upon, all or any part of
the Collateral in payment of the Secured Obligations in such order as the Administrative Agent shall determine in its discretion.
Any part of such funds which the Administrative Agent elects not so to apply and deems not required as collateral security for
the Secured Obligations shall be paid over from time to time by the Administrative Agent to the applicable Grantor or to whomsoever
may be lawfully entitled to receive the same. Any balance of such Proceeds remaining after the Secured Obligations shall have
been Paid in Full shall be paid over to the applicable Grantor or to whomsoever may be lawfully entitled to receive the same.
In the absence of a specific determination by the Administrative Agent, the Proceeds from the sale of, or other realization upon,
all or any part of the Collateral in payment of the Secured Obligations shall be applied in the following order:

 

FIRST, to the payment
of all fees, costs, expenses and indemnities of the Administrative Agent (in its capacity as such), including Attorney Costs, and
any other Secured Obligations owing to the Administrative Agent in respect of sums advanced by the Administrative Agent to preserve
the Collateral or to preserve its security interest in the Collateral, until paid in full;

 

SECOND, to the payment
of all fees, costs, expenses and indemnities of the Lenders, pro-rata, until paid in full;

 

THIRD, to the payment
of all of the Secured Obligations consisting of accrued and unpaid interest owing to any Lender, pro-rata, until paid in full;

 

FOURTH, to the payment
of all Secured Obligations consisting of principal owing to any Lender, pro-rata, until paid in full;

 

FIFTH, to the payment
of all other Secured Obligations owing to each Lender, pro-rata, until paid in full; and

 

SIXTH, to the payment
of any remaining Proceeds, if any, to whomever may be lawfully entitled to receive such amounts.

 

6.6 Code and Other
Remedies.

 

(a) If
an Event of Default shall be continuing, the Administrative Agent, on behalf of the Lenders, may exercise, in addition to all other
rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating
to the Secured Obligations, all rights and remedies of a secured party under the UCC or any other applicable law. Without limiting
the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest,
advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person
(all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect,
receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give options
to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in
one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent
or any Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for
cash or on credit or for future delivery with assumption of any credit risk. The Administrative Agent or any Lender shall have
the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase
the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity
is hereby waived and released. Each Grantor further agrees, at the Administrative Agent’s request, to assemble the Collateral
and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at
such Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken by it pursuant
to this Section 6.6, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or
incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative
Agent and the Lenders hereunder, including Attorney Costs to the payment in whole or in part of the Secured Obligations, in such
order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent
of any other amount required by any provision of law, need the Administrative Agent account for the surplus, if any, to any Grantor.
To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Administrative
Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition
of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such
sale or other disposition.

 

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(b) To
the extent that applicable law imposes duties on the Administrative Agent to exercise remedies in a commercially reasonable manner,
the each Grantor acknowledges and agrees that it is not commercially unreasonable for the Administrative Agent (a) to fail to incur
expenses reasonably deemed significant by the Administrative Agent to prepare Collateral for disposition or otherwise to fail to
complete raw material or 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 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 fail to remove liens or
encumbrances on or any adverse claims against 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 the applicable Grantor, for expressions of interest
in acquiring all or any portion of the Collateral, (g) to hire one or more professional brokers or 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 the Administrative Agent against
risks of loss, collection or disposition of Collateral or to provide to the Administrative Agent a guaranteed return from the collection
or disposition of Collateral, or (l) to the extent deemed appropriate by the Administrative Agent, to obtain the services of other
brokers, investment bankers, consultants and other professionals to assist the Administrative Agent in the collection or disposition
of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 6.6(b) is to provide non-exhaustive
indications of what actions or omissions by the Administrative Agent would fulfill the Administrative Agent’s duties under
the UCC or other law of the State of New York or any other relevant jurisdiction in the Administrative Agent’s exercise of
remedies against the Collateral and that other actions or omissions by the Administrative Agent shall not be deemed to fail to
fulfill such duties solely on account of not being indicated in this Section 6.6(b). Without limitation upon the foregoing,
nothing contained in this Section 6.6(b) shall be construed to grant any rights to any Grantor or to impose any duties on
the Administrative Agent that would not have been granted or imposed by this Agreement or by applicable law in the absence of this
Section 6.6(b).

 

(c) If
an Event of Default shall have occurred and be continuing, the Grantor shall take any action that the Administrative Agent may
request in order to enable the Administrative Agent or its nominee or designee, any receiver, trustee or similar official or any
purchaser of all or any part of the Collateral to obtain and enjoy the full rights and benefits granted to the Administrative Agent
hereunder, including, without limitation, all rights necessary or desirable to obtain, use, sell, assign or otherwise transfer
control of the Licenses of the Grantor. Without limiting the generality of the foregoing, upon the occurrence and continuation
of any Event of Default, at the request of the Administrative Agent and at the Grantor’s sole cost and expense, the Grantor
shall (i) assist the Administrative Agent in obtaining any required a State Regulatory Authority approval for any action or transaction
contemplated hereby, including preparing, signing and filing with a State Regulatory Authority, and/or any other Governmental Authority
the assignor’s or transferor’s portion of any application or applications for consent to the assignment of license
or transfer of control over any of the Grantor’s Licenses necessary or appropriate under the applicable laws for approval
of any sale, assignment or transfer to Agent or any other Person of any or all Collateral and the Licenses of the Grantor and (ii)
execute all applications and other documents and take all other actions reasonably requested by the Administrative Agent to enable
the Administrative Agent, its nominee or designee, any receiver, trustee or similar official or any purchaser of all or any part
of the Collateral to obtain from a State Regulatory Authority, or any other Person any required authority necessary to operate
the business of the Grantor.

 

(d) Each
Grantor acknowledges that, except for non-material Licenses, each License is integral to the Administrative Agent’s realization
of the value of all of the Collateral, that the Licenses of the Grantors are unique assets, that there is no adequate remedy at
law for failure by the Grantors to comply with the provisions of Section 6.6(b) and that such failure would not be adequately
compensable in monetary damages; therefore, each Grantor agrees that, in addition to all other remedies available at law or in
equity, the Administrative Agent shall be entitled to obtain decree(s) of specific performance entitling it to temporary restraining
order(s), preliminary injunction(s), or permanent injunction(s) to enforce specifically and require specific performance of the
provisions of Section 6.6(c). Each Grantor agrees that notice shall be adequate for the entry of a decree of specific performance
with respect to any such matter (i) in the case of a temporary restraining order, upon twenty-four (24) hours’ prior notice
of the hearing thereof and (ii) in the case of any other proceeding, upon three (3) days’ prior notice of the hearing thereof,
and hereby waives all requirements and demands that the Administrative Agent give any greater notice of such hearings or post a
bond or other surety arrangement in connection with the issuance of such decree.

 

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(e) Without
limiting and in addition to any other rights, options and remedies the Administrative Agent has under the Loan Documents, the UCC,
at law or in equity, upon the occurrence and continuation of an Event of Default, the Administrative Agent shall have the right
to apply for and have a receiver appointed by a court of competent jurisdiction in any action taken by the Administrative Agent
and/or Lenders to enforce its rights and remedies in order to manage, protect and preserve the Collateral, to sell or dispose of
the Collateral and the Licenses of any Grantor and continue the operation of the business of such Grantor and to collect all revenues
and profits thereof, including the payment of all expenses and other charges of such receivership and the compensation of the receiver
until a sale or other disposition of such Collateral shall be finally made and consummated. Each Grantor hereby irrevocably consents
to and waives any right to object to or otherwise contest the appointment of a receiver as provided above. Each Grantor (i) grants
such waiver and consent knowingly after having discussed the implications thereof with counsel, (ii) acknowledges that (A) the
uncontested right to have a receiver appointed for the foregoing purposes is considered essential by the Administrative Agent in
connection with the enforcement of its rights and remedies hereunder and under the other Loan Documents and (B) the availability
of such appointment as a remedy under the foregoing circumstances was a material factor in inducing the Lenders to make the Loan,
and (iii) agrees to enter into any and all stipulations in any legal actions, or agreements or other instruments required or reasonably
appropriate in connection with the foregoing, and to cooperate fully with the Administrative Agent in connection with the assumption
and exercise of control by any receiver over all or any portion of the Collateral and the Licenses of such Grantor.

 

(f) Each
Grantor agrees that the proceeds of the sale of any of the Licenses of such Grantor is included in the value of the Collateral.
No Grantor shall assert or allege that the value of the proceeds of the sale of any of the Licenses of such Grantor is not included
in determining the value of the Collateral in any insolvency, bankruptcy, receivership, custodianship, liquidation, reorganization,
assignment for the benefit of creditors or other similar proceeding.

 

6.7 Registration
Rights.

 

(a) If
the Administrative Agent shall determine to exercise its right to sell any or all of the Pledged Equity pursuant to Section
6.6, and if in the opinion of the Administrative Agent it is necessary or advisable to have the Pledged Equity, or that portion
thereof to be sold, registered under the provisions of the Securities Act, the relevant Grantor will cause the Issuer thereof to
(i) execute and deliver, and cause the directors and officers of such Issuer to execute and deliver, all such instruments and documents,
and do or cause to be done all such other acts as may be, in the opinion of the Administrative Agent, necessary or advisable to
register the Pledged Equity, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its best
efforts to cause the registration statement relating thereto to become effective and to remain effective for a period of one year
from the date of the first public offering of the Pledged Equity, or that portion thereof to be sold, and (iii) make all amendments
thereto and/or to the related prospectus which, in the opinion of the Administrative Agent, are necessary or advisable, all in
conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission
applicable thereto. Each Grantor agrees to cause such Issuer to comply with the provisions of the securities or “Blue Sky”
laws of any and all jurisdictions which the Administrative Agent shall designate and to make available to its security holders,
as soon as practicable, an earnings statement (which need not be audited) which will satisfy the provisions of Section 11(a) of
the Securities Act.

 

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(b) Each
Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all the Pledged Equity, by reason
of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled
to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other
things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof.
Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such
sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been
made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged
Equity for the period of time necessary to permit the Issuer thereof to register such securities or other interests for public
sale under the Securities Act, or under applicable state securities laws, even if such Issuer would agree to do so.

 

(c) Each
Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales
of all or any portion of the Pledged Equity pursuant to this Section 6.7 valid and binding and in compliance with applicable
law. Each Grantor further agrees that a breach of any of the covenants contained in this Section 6.7 will cause irreparable
injury to the Administrative Agent and the Lenders, that the Administrative Agent and the Lenders have no adequate remedy at law
in respect of such breach and, as a consequence, that each and every covenant contained in this Section 6.7 shall be specifically
enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific
performance of such covenants except for a defense that no Event of Default is continuing under the Credit Agreement.

 

6.8 Waiver; Deficiency.
Each Grantor waives and agrees not to assert any rights or privileges which it may acquire under Section 9-626 of the UCC. Each
Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient
to pay the Secured Obligations in full and the fees and disbursements of any attorneys employed by the Administrative Agent or
any Lender to collect such deficiency.

 

Article
VII

THE ADMINISTRATIVE AGENT.

 

7.1 Administrative
Agent’s Appointment as Attorney-in-Fact, etc.

 

(a) Each
Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with full power
of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such
Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, and for
so long as this Agreement is in effect, to take any and all appropriate action and to execute any and all documents and instruments
which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing,
each Grantor hereby gives the Administrative Agent the power and right, on behalf of and at the expense of such Grantor, without
notice to or assent by such Grantor, to do any or all of the following:

 

(i) in
the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks, drafts, notes, acceptances
or other instruments for the payment of moneys due under any Receivable or with respect to any other Collateral and file any claim
or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent
for the purpose of collecting any and all such moneys due under any Receivable or with respect to any other Collateral whenever
payable;

 

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(ii) in
the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and
papers as the Administrative Agent may request to evidence the Administrative Agent’s security interest in such Intellectual
Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby;

 

(iii) discharge
Liens levied or placed on or threatened against the Collateral, and effect any repairs or insurance called for by the terms of
this Agreement and pay all or any part of the premiums therefor and the costs thereof;

 

(iv) execute,
in connection with any sale provided for in Section 6.6 or 6.7, any indorsements, assignments or other instruments of conveyance
or transfer with respect to the Collateral; and

 

(v) (1)
direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due
thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (2) ask or demand for, collect, and
receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of
or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse
receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral;
(4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect
the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action
or proceeding brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit, action
or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate;
(7) assign any Copyright, Patent or Trademark, throughout the world for such term or terms, on such conditions, and in such manner,
as the Administrative Agent shall in its sole discretion determine; (8) vote any right or interest with respect to any Investment
Property; (9) order good standing certificates and conduct lien searches in respect of such jurisdictions or offices as the Administrative
Agent may deem appropriate; and (10) generally sell, transfer, pledge and make any agreement with respect to or otherwise deal
with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes,
and do, at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts
and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative
Agent’s security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor
might do.

 

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(vi) to
effectuate the rights and remedies of the Administrative Agent under this Agreement and to the extent (and only to the extent)
permitted under the applicable laws, each Grantor hereby irrevocably appoints the Administrative Agent as its attorney-in-fact,
in the name of such Grantor, to take all actions and execute all documents referred to in Section 6.6(b) above, which power of
attorney is coupled with an interest and shall be irrevocable until all of the Obligations have been paid and performed in full;
provided however, that the power to execute granted hereunder to the Administrative Agent shall not apply to any application or
other document requiring the certification of the licensee of any License as condition to consideration by a State Regulatory Authority,
but only to the extent that it would be unlawful under applicable laws, in effect at the time, for the Administrative Agent to
execute and file such document with a State Regulatory Authority, notwithstanding the fact that a court has not authorized the
Administrative Agent to do so.

 

Anything in this Section
7.1(a) to the contrary notwithstanding, the Administrative Agent agrees that it will not exercise any rights under the power
of attorney provided for in this Section 7.1(a) unless an Event of Default shall be continuing.

 

(b) If
any Grantor fails to perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but
without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement.

 

(c) Each
Grantor hereby ratifies all that such attorneys shall lawfully do or cause to be done by virtue. All powers, authorizations and
agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the
security interests created hereby are released.

 

7.2 Duty of Administrative
Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the
Collateral in its possession shall be to deal with it in the same manner as the Administrative Agent deals with similar property
for its own account. Neither the Administrative Agent or any Lender nor any of their respective officers, directors, employees
or agents shall be liable for any failure to demand, collect or realize upon any of the Collateral or for any delay in doing so
or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person
or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative
Agent and the Lenders hereunder are solely to protect the Administrative Agent’s and the Lenders’ interests in the
Collateral and shall not impose any duty upon the Administrative Agent or any Lender to exercise any such powers. The Administrative
Agent and the Lenders shall be accountable only for amounts that they actually receive as a result of the exercise of such powers,
and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or
failure to act hereunder.

 

7.3 Authority of
Administrative Agent. Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent under this
Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent
of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this
Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements
with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the
Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to
act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such
authority.

 

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Article
VIII

MISCELLANEOUS.

 

8.1 Amendments
in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except
in accordance with Section 15.1 of the Credit Agreement.

 

8.2 Notices.
All notices, requests and demands to or upon the Administrative Agent or any Grantor hereunder shall be addressed to the Company
and effected in the manner provided for in Section 15.3 of the Credit Agreement and each Grantor hereby appoints the Company
as its agent to receive notices hereunder.

 

8.3 Indemnification
by Grantors. THE GRANTORS, SEVERALLY AND NOT JOINTLY, HEREBY AGREE TO INDEMNIFY, EXONERATE AND HOLD EACH LENDER PARTY FREE
AND HARMLESS FROM AND AGAINST ANY AND ALL INDEMNIFIED LIABILITIES, INCURRED BY THE LENDER PARTIES OR ANY OF THEM AS A RESULT OF,
OR ARISING OUT OF, OR RELATING TO (A) ANY TENDER OFFER, MERGER, PURCHASE OF EQUITY INTERESTS, PURCHASE OF ASSETS (INCLUDING THE
RELATED TRANSACTIONS) OR OTHER SIMILAR TRANSACTION FINANCED OR PROPOSED TO BE FINANCED IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY,
WITH THE PROCEEDS OF ANY OF THE LOANS, (B) THE USE, HANDLING, RELEASE, EMISSION, DISCHARGE, TRANSPORTATION, STORAGE, TREATMENT
OR DISPOSAL OF ANY HAZARDOUS SUBSTANCE AT ANY PROPERTY OWNED OR LEASED BY ANY GRANTOR, (C) ANY VIOLATION OF ANY ENVIRONMENTAL
LAWS WITH RESPECT TO CONDITIONS AT ANY PROPERTY OWNED OR LEASED BY ANY GRANTOR OR THE OPERATIONS CONDUCTED THEREON, (D) THE INVESTIGATION,
CLEANUP OR REMEDIATION OF OFFSITE LOCATIONS AT WHICH ANY LOAN PARTY OR THEIR RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY
OR INDIRECTLY DISPOSED OF HAZARDOUS SUBSTANCES OR (E) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT BY ANY OF THE LENDER PARTIES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE
LENDER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT BY A COURT OF COMPETENT
JURISDICTION. IF AND TO THE EXTENT THAT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON, EACH GRANTOR HEREBY AGREES
TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES WHICH IS PERMISSIBLE UNDER
APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS SECTION 8.3 SHALL SURVIVE REPAYMENT OF ALL (AND SHALL BE) SECURED OBLIGATIONS
(AND TERMINATION OF ALL COMMITMENTS UNDER THE CREDIT AGREEMENT), ANY FORECLOSURE UNDER, OR ANY MODIFICATION, RELEASE OR DISCHARGE
OF, ANY OR ALL OF THE COLLATERAL DOCUMENTS AND TERMINATION OF THIS AGREEMENT.

 

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8.4 Enforcement
Expenses.

 

(a) Each
Grantor agrees, on a several and not a joint basis, to pay or reimburse on demand each Lender and the Administrative Agent for
all reasonable out-of-pocket costs and expenses (including Attorney Costs) incurred in collecting against any Guarantor under the
guaranty contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement and the other Loan
Documents.

 

(b) Each
Grantor agrees to pay, and to save the Administrative Agent and the Lenders harmless from, any and all liabilities with respect
to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to
be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement.

 

(c) The
agreements in this Section 8.4 shall survive repayment of all (and shall be) Secured Obligations (and termination of all
commitments under the Credit Agreement), any foreclosure under, or any modification, release or discharge of, any or all of the
Collateral Documents and termination of this Agreement.

 

8.5 Captions.
Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

 

8.6 Nature of Remedies.
All Secured Obligations of each Grantor and rights of the Administrative Agent and the Lenders expressed herein or in any other
Loan Document shall be in addition to and not in limitation of those provided by applicable law. No failure to exercise and no
delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder, shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

8.7 Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts and
each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
Agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

8.8 Severability.
The illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall
not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument
or agreement required hereunder.

 

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8.9 Entire Agreement.
This Agreement, together with the other Loan Documents, embodies the entire agreement and understanding among the parties hereto
and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the
subject matter hereof and thereof and any prior arrangements made with respect to the payment by any Grantor of (or any indemnification
for) any fees, costs or expenses payable to or incurred (or to be incurred) by or on behalf of the Administrative Agent or the
Lenders.

 

8.10 Successors;
Assigns. This Agreement shall be binding upon Grantors, the Lenders and the Administrative Agent and their respective successors
and assigns, and shall inure to the benefit of Grantors, Lenders and the Administrative Agent and the successors and assigns of
the Lenders and the Administrative Agent. No other Person shall be a direct or indirect legal beneficiary of, or have any direct
or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. No Grantor may assign
or transfer any of its rights or Obligations under this Agreement without the prior written consent of the Administrative Agent.

 

8.11 Governing
Law. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract
or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other
Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and
construed in accordance with, the law of the State of New York.

 

8.12 Jurisdiction.
ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL
BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF NEW YORK COUNTY, THE STATE OF NEW YORK, OR IN THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; OR, IF THE ADMINISTRATIVE AGENT INITIATES SUCH ACTION, IN ADDITION TO THE FOREGOING
COURTS, ANY COURT IN WHICH THE ADMINISTRATIVE AGENT SHALL INITIATE OR TO WHICH THE ADMINISTRATIVE AGENT SHALL REMOVE SUCH ACTION,
TO THE EXTENT SUCH COURT OTHERWISE HAS JURISDICTION. EACH GRANTOR HEREBY EXPRESSLY AND IRREVOCABLY CONSENTS AND SUBMITS IN ADVANCE
TO THE JURISDICTION OF SUCH COURTS IN ANY ACTION OR PROCEEDING COMMENCED IN OR REMOVED BY THE ADMINISTRATIVE AGENT TO ANY OF SUCH
COURTS, HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND HEREBY AGREES
THAT SERVICE OF SUCH SUMMONS AND COMPLAINT OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO
SUCH GRANTOR AT THE ADDRESS SET FORTH IN SECTION 15.3 OF THE CREDIT AGREEMENT. EACH GRANTOR WAIVES ANY CLAIM THAT ANY COURT HAVING
SITUS IN NEW YORK COUNTY, NEW YORK, IS AN INCONVENIENT FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE. SHOULD ANY GRANTOR,
AFTER BEING SO SERVED, FAIL TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THE PERIOD OF TIME
PRESCRIBED BY LAW AFTER THE MAILING THEREOF, SUCH GRANTOR SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED
BY THE ADMINISTRATIVE AGENT AGAINST SUCH GRANTOR AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. THE
EXCLUSIVE CHOICE OF FORUM FOR THE LOAN PARTIES SET FORTH IN THIS SECTION 8.12 SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT,
BY THE ADMINISTRATIVE AGENT, OF ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING, BY THE ADMINISTRATIVE AGENT, OF ANY ACTION
TO ENFORCE THE SAME IN ANY OTHER APPROPRIATE JURISDICTION, AND EACH GRANTOR HEREBY IRREVOCABLY WAIVES THE RIGHT TO COLLATERALLY
ATTACK ANY SUCH JUDGMENT OR ACTION.

 

    29

     

    

 

8.13 Waiver of
Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

8.14 Set-off.
Each Grantor agrees that the Administrative Agent and each Lender have all rights of set-off and bankers’ lien provided
by applicable law, and in addition thereto, each Grantor agrees that at any time any Event of Default is continuing, the Administrative
Agent and each Lender may apply to the payment of any Secured Obligations, whether or not then due, any and all balances, credits,
deposits, accounts or moneys of such Grantor then or thereafter with the Administrative Agent or such Lender.

 

8.15 Acknowledgements.
Each Grantor hereby acknowledges that:

 

(a) it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which
it is a party;

 

(b) neither
the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Grantor arising out of or in connection
with this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the Administrative
Agent and the Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c) no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Lenders or among the Grantors and the Lenders.

 

    30

     

    

 

8.16 Additional
Grantors. Each Loan Party that is required to become a party to this Agreement pursuant to Section 10.10 of the Credit
Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Loan Party of a joinder
agreement in the form of Annex I hereto.

 

8.17 Releases.

 

(a) At
such time as the Secured Obligations have been Paid in Full, the Collateral shall be released from the Liens created hereby, and
this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent
and each Grantor hereunder shall terminate, upon delivery by the Grantors of a written release of all claims against the Administrative
Agent and the Lenders in form and substance reasonably satisfactory to the Administrative Agent, and without delivery of any other
instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. At the request
and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver to the Grantors any Collateral
held by the Administrative Agent hereunder and execute and deliver to the Grantors such documents as the Grantors shall reasonably
request to evidence such termination.

 

(b) If
any of the Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a transaction permitted by the Credit
Agreement, then the Administrative Agent, at the request and sole expense of such Grantor, shall execute and deliver to such Grantor
all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral.
At the request and sole expense of the Company, a Guarantor shall be released from its obligations hereunder in the event that
all the equity interests of such Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the
Credit Agreement; provided that the Company shall have delivered to the Administrative Agent, with reasonable notice prior
to the date of the proposed release, a written request for release identifying the relevant Guarantor and the terms of the sale
or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with
a certification by the Company stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents.

 

8.18 Obligations
and Liens Absolute and Unconditional. Each Grantor understands and agrees that the obligations of each Grantor under this
Agreement shall be construed as a continuing, absolute and unconditional without regard to (a) the validity or enforceability
of any Loan Document, any of the Secured Obligations or any other collateral security therefor or guaranty or right of offset
with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense, set-off
or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by any Grantor
or any other Person against the Administrative Agent or any Lender, or (c) any other circumstance whatsoever (with or without
notice to or knowledge of any Grantor) which constitutes, or might be construed to constitute, an equitable or legal discharge
of any Grantor for the Secured Obligations, in bankruptcy or in any other instance. When making any demand hereunder or otherwise
pursuing its rights and remedies hereunder against any Grantor, the Administrative Agent or any Lender may, but shall be under
no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against any other Grantor
or any other Person or against any collateral security or guaranty for the Secured Obligations or any right of offset with respect
thereto, and any failure by the Administrative Agent or any Lender to make any such demand, to pursue such other rights or remedies
or to collect any payments from any other Grantor or any other Person or to realize upon any such collateral security or guaranty
or to exercise any such right of offset, or any release of any other Grantor or any other Person or any such collateral security,
guaranty or right of offset, shall not relieve any Grantor of any obligation or liability hereunder, and shall not impair or affect
the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against
any Grantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.

 

    31

     

    

 

8.19 Regulatory
Matters. Notwithstanding anything to the contrary contained herein or in any of the Loan Documents, the Administrative Agent
will not take any action pursuant to this Agreement or any of the other Loan Documents that would constitute or result in any
assignment or transfer of control, whether de jure or de facto, of any License of any Grantor if such assignment or transfer of
control would require under then existing law the prior approval of a regulatory authority without first obtaining such approval
of the such regulatory authority.

 

8.20 Reinstatement.
This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against Grantor
or any Issuer for liquidation or reorganization, should Grantor or any Issuer become insolvent or make an assignment for the benefit
of creditors or should a receiver or trustee be appointed for all or any significant part of Grantor’s and/or Issuer’s
assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference”, “fraudulent
conveyance”, or otherwise, all as though such payment or performance had not been made. In the event that any payment, or
any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned.

 

[remainder of this page intentionally left
blank; signature page follows]

 

    32

     

    

 

Each of the undersigned
has caused this Guaranty and Collateral Agreement to be duly executed and delivered as of the date first above written:

 

	 	GRANTORS:
	 	 
	 	T3 COMMUNICATIONS, INC.
	 	a Nevada corporation, as the Company and a Grantor 
	 	 
	 	By:	                       
	 	Name:	 
	 	Title:	 
	 	 	 
	 	T3 COMMUNICATIONS, INC.
	 	a Florida corporation, as a Grantor 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SHIFT8 NETWORKS, INC.
	 	a Texas corporation, as a Grantor 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Prior to the consummation of the Nexogy Acquisition:
	 	 
	 	NEXOGY ACQUISITION, INC.
	 	a Florida corporation, as a Grantor 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Upon consummation of the Nexogy Acquisition:
	 	 
	 	NEXOGY, INC.
	 	a Florida corporation, as a Grantor 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to Guaranty and Collateral
Agreement

 

     

     

    

 

	 	AGENT:
	 	 
	 	POST ROAD ADMINISTRATIVE LLC, as the Administrative Agent
	 	 
	 	By:	    
	 	Name:  	 
	 	Title:	Authorized Signatory

 

Signature Page to Guaranty and Collateral
Agreement

 

     

     

    

 

SCHEDULE
1

 

PLEDGED EQUITY, PLEDGED NOTES, INVESTMENT
PROPERTY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE
2

 

PERFECTED LIENS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE
3

 

GRANTOR INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE
4

 

COLLATERAL LOCATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE
5

 

INTELLECTUAL PROPERTY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE
6

 

DEPOSITORY AND OTHER ACCOUNTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 7

 

IDENTIFIED CLAIMS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

ANNEX I

 

FORM OF JOINDER TO GUARANTY AND COLLATERAL
AGREEMENT

 

This JOINDER AGREEMENT
(this “Agreement”) dated as of [______] is executed by the undersigned for the benefit of POST ROAD ADMINISTRATIVE
LLC, as the Administrative Agent (the “Administrative Agent”) in connection with that certain Guaranty and Collateral
Agreement dated as of November 17, 2020 among the Grantors party thereto and the Administrative Agent (as amended, restated, supplemented
or modified from time to time, the “Guaranty and Collateral Agreement”). Capitalized terms not otherwise defined
herein are being used herein as defined in the Guaranty and Collateral Agreement.

 

Each Person signatory
hereto is required to execute this Agreement pursuant to Section 8.16 of the Guaranty and Collateral Agreement.

 

In consideration of
the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each signatory
hereby agrees as follows:

 

1. Each
such Person assumes all the obligations of a Grantor and a Guarantor under the Guaranty and Collateral Agreement and agrees that
such person or entity is a Grantor and a Guarantor and bound as a Grantor and a Guarantor under the terms of the Guaranty and Collateral
Agreement, as if it had been an original signatory to such agreement. In furtherance of the foregoing, such Person hereby collaterally
assigns, pledges and grants to the Administrative Agent a security interest in all of its right, title and interest in and to the
Collateral owned thereby to secure the Secured Obligations.

 

2. Schedules
1, 2, 3, 4, 5, 6, and 7 of the Guaranty and Collateral Agreement are hereby amended to add the information relating to each such
Person set out on Schedules 1, 2, 3, 4, 5, 6, and 7 respectively, hereof. Each such Person hereby makes to the Administrative Agent
the representations and warranties set forth in the Guaranty and Collateral Agreement applicable to such Person and the applicable
Collateral and confirms that such representations and warranties are true and correct after giving effect to such amendment to
such Schedules.

 

3. In
furtherance of its obligations under Section 5.2 of the Guaranty and Collateral Agreement, each such Person agrees to deliver
to the Administrative Agent appropriately complete UCC financing statements naming such person or entity as debtor and the Administrative
Agent as secured party, and describing its Collateral and such other documentation as the Administrative Agent (or its successors
or assigns) may require to evidence, protect and perfect the Liens created by the Guaranty and Collateral Agreement, as modified
hereby. Each such Person acknowledges the authorizations given to the Administrative Agent under the Section 5.10(b) of
the Guaranty and Collateral Agreement and otherwise.

 

4. Each
such Person’s address for notices under the Guaranty and Collateral Agreement shall be the address of the Company set forth
in the Credit Agreement and each such Person hereby appoints the Company as its agent to receive notices hereunder.

 

5. This
Agreement shall be deemed to be part of, and a modification to, the Guaranty and Collateral Agreement and shall be governed by
all the terms and provisions of the Guaranty and Collateral Agreement, with respect to the modifications intended to be made to
such agreement, which terms are incorporated herein by reference, are ratified and confirmed and shall continue in full force and
effect as valid and binding agreements of each such person or entity enforceable against such person or entity. Each such Person
hereby waives notice of the Administrative Agent’s acceptance of this Agreement. Each such Person will deliver an executed
original of this Agreement to the Administrative Agent.

 

[add signature block for each new Grantor]Exhibit 10.4

 

PLEDGE AGREEMENT

 

This PLEDGE
AGREEMENT (this “Agreement”), dated as of November 17, 2020, is made by T3 COMMUNICATIONS,
INC., a Nevada corporation (“Pledgor”), in favor of POST ROAD ADMINISTRATIVE LLC, a Delaware limited
liability company, as the administrative agent (in such capacity, together with its successors and assigns, the “Administrative
Agent”) for the Lenders under and pursuant to that certain Credit Agreement, dated as of the date hereof, by and among
Pledgor, as borrower, the other Loan Parties party thereto, the Lenders party thereto, and the Administrative Agent (as amended,
amended and restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”).

 

WHEREAS, pursuant
to the Credit Agreement, the Lenders have agreed to extend a term loan facility to the Pledgor; and

 

WHEREAS, it
is a condition precedent to the obligations of the Lenders under the Credit Agreement that the Pledgor enter into this Agreement
to secure all obligations of the Pledgor under the Credit Agreement, and to secure the obligations of the Guarantors (with such
term and each other capitalized term used but not defined in these recitals having the meaning provided in Section 1.1)
under the Guaranty and all obligations of the Pledgor under all other Loan Documents to which Pledgor is a party, and the Pledgor
desire to satisfy such condition precedent.

 

WHEREAS, Pledgor
will obtain substantial direct and indirect financial and other benefits from the Loans from time to time made or to be made by
the Lenders to the Borrower pursuant to the Credit Agreement and the other Loan Documents, and accordingly, Pledgor desires to
enter into this Agreement;

 

WHEREAS, the
Administrative Agent has agreed to act as administrative agent for the benefit of the Lenders in connection with the transactions
contemplated by the Credit Agreement and this Agreement;

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties (intending to be legally bound) hereby agree as follows:

 

ARTICLE 1

DEFINITIONS

 

SECTION 1.1. Certain
Terms. Capitalized terms used herein that are not otherwise defined herein shall have the respective meanings ascribed to such
terms in the Credit Agreement. The following additional terms, when used in this Agreement, shall have the following meanings:

 

“Collateral”
shall mean, collectively: (a) the Pledged Interests; (b) all other Pledged Property, whether now or hereafter delivered
to the Administrative Agent for the benefit of the Lenders in connection with this Agreement; (c) all distributional interests,
dividends, cash, certificates, liquidation rights and interests, options, rights, warrants, instruments or other distributions
of property (whether real, personal or mixed), from time to time received, receivable or otherwise distributed in respect of or
in exchange or substitution for any and all of the Pledged Interests, and all rights to receive any and all income, gain, profit,
loss or other items allocated or distributed to Pledgor by, to or from any Pledged Interests (including, without limitation, under
or pursuant to any operating agreement), and Pledgor’s capital accounts with respect to any Pledged Interests; (d) the Pledgor’s
right to control, direct or participate in the management, the affairs and voting of any Pledged Interests; and (e) all proceeds,
products, replacements and substitutions for any of the foregoing, in each case whether now owned or hereafter acquired by the
Pledgor.

 

     

     

    

 

“Excluded Equity”
shall mean any voting Equity Interests of any direct Subsidiary of any Pledgor that is a controlled foreign corporation (as defined
in Section 957 of the Code) in excess of sixty-five percent (65%) of the total issued and outstanding Equity Interests entitled
to vote (within the meaning of Treasury Regulation Section 1.956-2(c)(2)).

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests or limited liability company interests (as applicable)
in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person (including the
right to acquire the same).

 

“Pledged Interests”
shall mean the Equity Interests (other than Excluded Equity) more particularly described in Schedule 1 hereto, as amended
and supplemented from time to time, and all other Equity Interests of any Pledgor that may from time to time be issued or granted
to any Pledgor from time to time while this Agreement is in effect.

 

“Pledged Property”
shall mean all Pledged Interests and any certificates evidencing the Pledged Interests, and all distributions, securities, cash,
instruments, interest payments and other property and proceeds from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of the Pledged Interests.

 

“Secured
Obligations” shall mean (a) all Obligations of the Loan Parties under the Credit Agreement and the other Loan Documents
(whether for principal, interest, fees, expenses, indemnity or reimbursement payments, or otherwise), (b) all obligations of Pledgor
under this Agreement, the Guaranty and all other Loan Documents to which such other Pledgor is a party to (whether for principal,
interest, fees, expenses, indemnity or reimbursement payments, or otherwise), (c) all renewals, extensions, refinancings and modifications
thereof, and (d) all reasonable costs and expenses incurred by the Administrative Agent and the Lenders in connection with the
exercise of its rights and remedies hereunder (including reasonable attorneys’ fees), provided, that, notwithstanding
the foregoing, the Secured Obligations shall in no event include Excluded Swap Obligations.

 

“Securities
Act” has the meaning ascribed to such term in Section 5.3 of this Agreement.

 

“UCC”
means (a) generally, and with respect to the definitions above, the Uniform Commercial Code, as adopted in New York, as amended
from time to time, and (b) with respect to rights in states other than New York, the Uniform Commercial Code as enacted in the
applicable state, as amended from time to time.

 

SECTION 1.2. UCC
Definitions. Unless the context otherwise requires, all terms used herein but not defined herein or in the Credit Agreement
for which meanings are provided in the UCC.

 

ARTICLE 2

PLEDGE

 

SECTION 2.1. Grant
of Security Interest. Pledgor hereby collaterally pledges, assigns, grants, delivers, sets over, conveys and transfers to the
Administrative Agent, for the benefit of the Lenders and the Administrative Agent, a continuing first priority security interest
in and to, all of such Pledgor’s right, title and interest in, to and under the Collateral now or hereafter owned or acquired
by such Pledgor or in which such Pledgor now has or hereafter has or acquires any rights.

 

SECTION 2.2. Security
for Secured Obligations. This Agreement and the Collateral secure the payment in full and performance when due or declared
due of all Secured Obligations.

 

    2

     

    

 

SECTION 2.3. Delivery
of Pledged Property upon Event of Default; Registration of Pledge; Transfer. All certificates and instruments representing
or evidencing any Collateral, including any certificated Pledged Interests, shall be promptly delivered to the Administrative Agent
for the benefit of the Lenders and shall be held by the Administrative Agent, shall be in suitable form for transfer by delivery,
and shall be accompanied by all necessary instruments of transfer or assignment, duly executed in blank. Pledgor shall and hereby
does permit the Administrative Agent to file any UCC financing statement(s) naming such Pledgor as debtor and the Administrative
Agent as secured party with respect to the Collateral with the Secretary of State (or similar governmental agency or department)
of the State of Delaware (or any other State in which such Pledgor is organized or formed (each such office being referred to herein
as, the “Filing Office”), in form and substance reasonably satisfactory to the Administrative Agent. The Administrative
Agent shall have the right, upon the occurrence and continuation of an Event of Default, to transfer to, or to register in the
name of the Administrative Agent or any of its nominees, any or all of the Pledged Interests.

 

SECTION 2.4. No
Duty of Administrative Agent. The powers conferred on the Administrative Agent hereunder are solely to protect its (and any
Lender’s) interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Beyond reasonable
care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Administrative
Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties
or any other rights pertaining to any Collateral. The Administrative Agent shall not be liable or responsible for any loss or damage
to any of the Collateral, or from any diminution in the value thereof, by reason of the act or omission of any carrier, forwarding
agency, or other agent selected by the Administrative Agent in good faith.

 

SECTION 2.5. Continuing
First Priority Security Interest; Transfer of Secured Obligation. This Agreement shall:

 

(a) create
a continuing first priority security interest in the Collateral;

 

(b) remain
in full force and effect until the indefeasible payment in full in cash and performance of all Secured Obligations and the termination
of all Commitments;

 

(c) be
binding upon Pledgor, its administrators, successors and assigns, provided, however, that no Pledgor may assign any
of its rights or obligations hereunder without the prior written consent of the Administrative Agent; and

 

(d) inure
to the benefit of the Administrative Agent and its permitted successors, transferees and assigns.

 

Without limitation to the foregoing, the
Administrative Agent and Lenders may assign or otherwise transfer any Note, Loan or any other Secured Obligation, or any portion
thereof, held by it to any other Person in accordance with the terms of the Credit Agreement, and such other Person shall thereupon
become vested with all the benefits in respect thereof granted herein or otherwise. Upon the occurrence of the events described
in Section 2.5(b) above, the security interest granted herein shall terminate and all rights to the Collateral shall
revert to the Pledgor according to their respective Pledged Interests. Upon any such termination, the Administrative Agent will,
at the respective Pledgor’s expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably
request to evidence such termination, without recourse or warranty to the Administrative Agent.

 

    3

     

    

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

 

SECTION 3.1. Representations
and Warranties. Pledgor represents and warrants to the Administrative Agent, which representations and warranties shall survive
the execution and delivery hereof, as follows:

 

(a) Such
Pledgor is and at all times will be the legal and beneficial owner of, and has and will have at all times good and marketable title
to (and has and will at all times have full right and authority to pledge and assign), all of its Collateral, free and clear of
all Liens or other charges or encumbrances (other than the Liens of the Administrative Agent).

 

(b) This
pledge of the Collateral pursuant to this Agreement, and the filing of a UCC financing statement in the Filing Office, creates
a valid, first priority perfected security interest in the Collateral, securing the Secured Obligations.

 

(c) Such
Pledgor’s Pledged Interests included in the Collateral and described on Schedule 1 hereto (as such schedule is supplemented
from time to time) have been duly authorized and validly issued, and are fully paid, and non-assessable (if and as applicable).

 

(d) Such
Pledgor’s Pledged Interests included in the Collateral and described on Schedule 1 hereto (as such schedule is supplemented
from time to time) constitute, and at all times thereafter the Pledged Interests will constitute, all of the issued and outstanding
Equity Interests held by such Pledgor in the issuer(s) thereof.

 

(e) Except
for compliance with the requirements of Section 5.6, no authorization, approval, or other action by and no notice to or
filing with, any Governmental Authority is or will be required either:

 

(i) for
the pledge by such Pledgor of such Pledgor’s Collateral pursuant to this Agreement or for the execution, delivery, or performance
of this Agreement by such Pledgor, or

 

(ii) for
the exercise by the Administrative Agent of the voting or other rights provided for in and in accordance with the terms of this
Agreement or the remedies in respect of any Collateral pursuant to this Agreement (except, with respect to any Pledged Interests,
as may be required in connection with a disposition of such Pledged Interests by laws affecting the offering and sale of securities
generally).

 

(f) Pledgor
has the full right, power and authority to execute, deliver and perform this Agreement and to pledge and collaterally assign all
of the Collateral pursuant to this Agreement. Pledgor has executed and delivered this Agreement, and this Agreement constitutes
the legal, valid and binding obligations of such Pledgor, enforceable against such Pledgor in accordance with the terms herein.
The Pledgor is organized in the state identified on its signature page.

 

(g) Neither
the execution, delivery or performance by such Pledgor of this Agreement, nor compliance with the terms and provisions hereof by
such Pledgor nor the consummation of the transactions contemplated hereby will conflict or be inconsistent with or result in any
breach of, (i) its charter, operating agreement, limited partnership agreement, shareholders agreement, bylaws or similar corporate
type documents (as applicable), or (ii) any of the terms, covenants, conditions or provisions of, or constitute a default under,
any agreement or other instrument to which such Pledgor is a party.

 

    4

     

    

 

(h) The
bylaws or operating agreement, as applicable, governing the Pledged Interests do not in any way restrict or prohibit Pledgor’s
pledge of the Collateral as provided under and pursuant to this Agreement.

 

(i) As
of the date of this Agreement, the Pledged Interests are not certificated and shall not hereafter become certificated without the
prior written consent of the Administrative Agent.

 

SECTION 3.2. Warranties
upon Pledge of Additional Collateral. Pledgor shall be deemed to restate each representation and warranty set forth in Section
3.1 as at the date of each pledge hereunder by such Pledgor to the Administrative Agent of any additional Collateral.

 

ARTICLE 4

COVENANTS

 

 SECTION 4.1. Protect Collateral;
Further Assurances. No Pledgor will sell, assign, transfer, gift, pledge or encumber in any other manner (including, without
limitation, by divisive merger) such Pledgor’s Collateral except for sales, transfers and dispositions permitted by Section
11.4 of the Credit Agreement. Pledgor will warrant and defend the right, title and security interest herein granted to the
Administrative Agent, for the benefit of the Lenders, in and to such Pledgor’s Collateral (and all right, title and interest
represented by such Collateral) against the claims and demands of all Persons whomsoever. Pledgor agrees that at any time, and
from time to time, at the expense of such Pledgor and at the Administrative Agent’s reasonable request, such Pledgor will
promptly execute and deliver all further instruments, and take all further action, that may be necessary, or that the Administrative
Agent may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or
to enable the Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral.

 

SECTION 4.2. Issuance
of Equity Interests. No Pledgor will, subsequent to the date of this Agreement, without the prior written consent of the Administrative
Agent, cause or permit any of its Subsidiaries to issue or grant any Equity Interests (including, without limitation, options of
any nature or other instruments convertible into Equity Interests), except in accordance with the Credit Agreement.

 

 SECTION 4.3. Transfer Powers.
Pledgor agrees that all certificated Pledged Interests included in the Collateral and delivered by such Pledgor to the Administrative
Agent pursuant to this Agreement will be accompanied by all necessary instruments of transfer or assignment, duly executed in blank.
Thereafter, Pledgor will, upon the request of the Administrative Agent, promptly deliver to it such transfer powers, instruments
and similar documents, satisfactory in form and substance to the Administrative Agent, with respect to such Pledgor’s Collateral
as the Administrative Agent may reasonably request and will, from time to time upon the reasonable request of the Administrative
Agent, promptly transfer any Pledged Interests or other Equity Interests, including all distributions to the extent required under
Section 4.4 hereof, constituting Collateral into the name of the Administrative Agent or any nominee designated by the Administrative
Agent.

 

SECTION 4.4. Voting
Rights; Distributions. In addition, the Pledgor agree that:

 

(a) so
long as any Event of Default shall have occurred and be continuing, Pledgor shall deliver (properly endorsed where required hereby
or requested by the Administrative Agent) to the Administrative Agent any dividend or other distribution (whether in cash, securities
or other property) with respect to any Equity Interests included in the Collateral;

 

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(b) so
long as any Event of Default shall have occurred and be continuing, all rights of the Pledgor to exercise or refrain from exercising
voting or other consensual rights in respect of the Collateral shall cease and all such rights shall thereupon become vested in
the Administrative Agent, who shall thereupon have the sole right to exercise or refrain from exercising such voting and other
consensual rights; and

 

(c) so
long as any Event of Default shall have occurred and be continuing, the Pledgor shall deliver to the Administrative Agent such
proxies and other documents as may be necessary to allow the Administrative Agent to exercise the voting and other consensual rights
with respect to any Collateral.

 

Except as set forth in the immediately
preceding sentence, the Pledgor shall be entitled to exercise, in their reasonable judgment, but in a manner not inconsistent with
the terms of the Credit Agreement or any other Loan Document (including this Agreement), the voting powers and all other incidental
rights of ownership with respect to any Pledged Interests (subject to Pledgor’s obligation to deliver to the Administrative
Agent such certificated Pledged Interests in pledge hereunder) and to the receipt of all distributions in the ordinary course;
provided, however, that no vote shall be cast or any action taken by any Pledgor which would violate or be inconsistent
with any of the terms of this Agreement, the Credit Agreement, any other Loan Document or any other instrument or agreement relating
to the Secured Obligations, or which would have the effect of adversely affecting the security interest of the Administrative Agent
in the Collateral or which would authorize or effect actions prohibited under the terms of the Credit Agreement or any other Loan
Document. To the extent an Event of Default has occurred and is continuing, then all such payments permitted to be made to a Pledgor
under Section 11.3 of the Credit Agreement, which such Pledgor is then obligated to deliver to the Administrative Agent,
shall, until delivery to the Administrative Agent, be held by such Pledgor separate and apart from its other property in trust
for the Administrative Agent.

 

SECTION 4.5. Additional
Information. Pledgor will furnish to the Administrative Agent written notice of the occurrence of any event which would make
any representation contained in Article 3 untrue at such time.

 

SECTION 4.6. Compliance
with Laws. Pledgor shall comply in all material respects with all requirements of law applicable to the Collateral or any part
thereof.

 

SECTION 4.7. Payment
of Obligations. Pledgor shall pay promptly when due all taxes, assessments and governmental charges or levies imposed upon
the Collateral or in respect of any income or profits therefrom, as well as all claims of any kind against or with respect to the
Collateral; provided that the foregoing shall not require any Pledgor to pay any such tax or charge so long as it shall
contest the validity thereof in good faith by appropriate proceedings and shall set aside on its books adequate reserves with respect
thereto in accordance with GAAP and, in the case of a claim which could become a Lien on any of the Collateral, such contest proceedings
shall stay the foreclosure of such Lien or the sale of any portion of the Collateral to satisfy such claims.

 

SECTION 4.8. No
Impairment. No Pledgor shall take or permit to be taken any action which may impair the Administrative Agent’s rights
in the Collateral. No Pledgor will create, incur or permit to exist, and Pledgor shall defend the Collateral against and will take
such other action as is necessary to remove any lien or claim on or to the Collateral, other than the liens created hereby, and
will defend the right, title and interest of the Administrative Agent in and to any of the Collateral against claims and demands
of all Persons whomsoever.

 

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SECTION 4.9. Performance
by Administrative Agent of Pledgor's Obligations; Reimbursement. If any Pledgor fails to perform or comply with any of the
agreements contained herein, the Administrative Agent may, without notice to or consent by the Pledgor, perform or comply or cause
performance, or compliance therewith, and the sole cost and expense of the Pledgor incurred in connection with such performance
or compliance shall be payable by the Pledgor to the Administrative Agent on demand, and such reimbursement obligation shall be
secured hereby; provided, however, the Administrative Agent shall not be under any obligation to take any such action;
provided, further, if the Administrative Agent performs or causes such performance or compliance in connection with
this Section, the Administrative Agent will use commercially reasonable efforts to notify the Pledgor thereafter, but the failure
to so notify for any reason shall not subject the Administrative Agent or any Lender to any liability (nor shall the Administrative
Agent or the Lenders forfeit any rights or remedies otherwise available as a result thereof).

 

SECTION 4.10. Continuous
Perfection. No Pledgor will change such Pledgor's name in any manner which might make any financing or continuation statement
filed hereunder seriously misleading within the meaning of any applicable provision of Article 9 of the UCC unless such Pledgor
shall have given the Administrative Agent at least thirty (30) days prior written notice thereof and shall have taken all action
necessary or reasonably requested by the Administrative Agent to amend such financing statement or continuation statement so that
it is not seriously misleading. No Pledgor will change such Pledgor’s state of organization or formation unless such Pledgor
shall have given the Administrative Agent at least thirty (30) days prior written notice thereof and shall have taken such action
as is necessary or as reasonably requested by the Administrative Agent to cause the security interest of the Administrative Agent
in the Collateral to continue to be perfected.

 

SECTION 4.11. Operating
Agreement. No Pledgor shall (a) suffer or permit any amendment or modification of the operating agreement (or equivalent document)
of any Subsidiary of such Pledgor (collectively, “Operating Agreement”) without the prior written consent of
the Administrative Agent which would be reasonably likely to adversely affect the Administrative Agent’s rights in the Collateral
or rights, benefits and powers available under or pursuant to this Agreement or the Credit Agreement, or (b) waive, release, or
compromise any material rights or material claims the Pledgor may have against any other party which arises under any such Operating
Agreement.

 

ARTICLE 5

EVENTS OF DEFAULT; REMEDIES

 

SECTION 5.1. Actions
upon an Event of Default. In addition to its rights and remedies provided hereunder, whenever an Event of Default shall have
occurred and be continuing, the Administrative Agent shall have all rights and remedies of a secured party upon default under the
UCC or other applicable law. Any notification required by law of any intended disposition by the Administrative Agent of any of
the Collateral shall be deemed reasonably and properly given if given at least ten (10) days before such disposition. Without
limitation of the above, the Administrative Agent may, whenever an Event of Default shall have occurred and be continuing, take
all or any of the following actions without notice to, or consent of, any Pledgor:

 

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

 

(b) take
control of any proceeds of the Collateral;

 

(c) execute
(in the name, place and stead of the respective Pledgor) endorsements, assignments, transfer powers and other instruments of conveyance
or transfer with respect to all or any of the Collateral; and

 

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(d) to
vote all or any part of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof;

 

(e) at
any time or from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral in one
or more portions or parcels, or any interest therein, at any public or private sale at any exchange, broker's board or at any of
the Administrative Agent’s offices or elsewhere, without demand of performance or advertisement to sell or of the time or
place of sale or adjournment thereof or to redeem (all of which, except as may be required by mandatory provisions of applicable
law, are hereby expressly and irrevocably waived by the Pledgor) for cash, on credit or for other property, for immediate or future
delivery without any assumption of credit risk, and for such price or prices and on such terms as the Administrative Agent in its
commercially reasonable discretion may determine. The Administrative Agent agrees to provide at least ten (10) days’ notice
to the Pledgor of the time and place of any public sale or the time after which any private sale is to be made and Pledgor agrees
that such notice shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of
Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from
time to time by announcement at the time and place fixed therefor, and any such sale may, without further notice, be made at the
time and place to which it was so adjourned. Pledgor hereby waives and releases to the fullest extent permitted by law any right
or equity of redemption (if available to such Pledgor under applicable law) with respect to the Collateral, whether before or after
sale hereunder, and all rights, if any, of marshaling the Collateral and any other security for the Secured Obligations or otherwise.
At any such sale, unless prohibited by applicable law, the Administrative Agent may bid for and purchase all or any part of the
Collateral so sold free from any such right or equity of redemption. The Administrative Agent shall not be liable for failure to
collect or realize upon any or all of the Collateral or for any delay in so doing nor shall the Administrative Agent be under any
obligation to take any action whatsoever with regard thereto;

 

(f) to
settle, adjust, compromise and arrange all claims, controversies, accounts, questions and demands whatsoever in relation to all
or any part of the Collateral;

 

(g) to
appoint managers, sub-agents, officers and servants for any of the purposes mentioned in the foregoing provisions of this Section
and to dismiss the same, all as the Administrative Agent in its discretion may determine; and

 

(h) generally,
to take all such other action as the Administrative Agent in its discretion may determine as incidental or conducive to any of
the matters or powers mentioned in the foregoing provisions of this Section or in this Agreement and which the Administrative Agent
may or can do lawfully and to use the name of the applicable Pledgor for the purposes aforesaid and in any proceedings arising
therefrom

 

SECTION 5.2. Attorney-in-Fact.
Pledgor hereby absolutely and irrevocably appoints the Administrative Agent as its true and lawful attorney, with full power of
substitution, in the name of such Pledgor, the Administrative Agent, or otherwise, for the sole use and benefit of the Administrative
Agent, but at such Pledgor’s expense, upon the occurrence and during the continuation of an Event of Default, to take any
action and to execute any instrument which the Administrative Agent may deem necessary or advisable to enable the Administrative
Agent to realize the benefit of the security interest provided for in this Agreement. The proxies and powers of attorney granted
by the Pledgor pursuant to this Section 5.2 are coupled with an interest and are given to secure the performance of the
Secured Obligations and shall continue and be irrevocable until the Secured Obligations are paid in full and this Agreement is
permanently terminated.

 

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SECTION 5.3. Private
Sales. (a)  The Pledgor recognize that the Administrative Agent may be unable, after the occurrence and during the continuance
of any Event of Default, to effect a public sale of any or all the Pledged Interests included in the Collateral by reason of certain
prohibitions contained in the Securities Act of 1933, as amended (the “Securities Act”) and applicable state
securities law or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers
that will be obligated to agree, among other things, to acquire such securities for their own account for investment and not with
a view to the distribution or resale thereof. The Pledgor acknowledge and agree that any such private sale may result in prices
and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such
private sale shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under no
obligation to delay sale of any of the Pledged Interests included in the Collateral for the period of time necessary to permit
any Subsidiary to register such securities for public sale under the Securities Act, or under applicable state securities law,
even if such Subsidiary would agree to do so.

 

(b) Pledgor
further agrees, after the occurrence and during the continuance of an Event of Default, to do or cause to be done all such acts
as may be necessary to make such sale or sales of all or any portion of such Pledgor’s Pledged Interests included in the
Collateral pursuant to this Section 5.3 valid and binding and in compliance with any and all applicable requirements
of law.

 

SECTION 5.4. Application
of Proceeds. The proceeds of any sale of, or other realization upon, all or any part of the Collateral of the Pledgor by the
Administrative Agent shall be applied to satisfy the Secured Obligations in the manner set forth in the Credit Agreement. Any surplus
of such cash or cash proceeds held by the Administrative Agent and remaining after payment in full of all the Secured Obligations
shall be paid over to the Pledgor.

 

SECTION 5.5. Indemnity
and Expenses. Pledgor, jointly and severally with each other Pledgor, hereby indemnifies, defends and holds harmless the Administrative
Agent and its officers, managers, directors, shareholders, members, employees, Affiliates, successors, assigns, representatives
and agents from and against any and all costs, losses, liabilities, obligations, suits, penalties, judgments, claims, damages or
expenses suffered or incurred by or asserted against any or all of them arising out of, resulting from or in any way related to
this Agreement (including enforcement of this Agreement), to the same extent (and subject to the same limitations) as the “Company”
pursuant to the terms of Sections 15.4 and 15.14 of the Credit Agreement. Upon demand, the Pledgor will pay, or cause
to be paid, to the Administrative Agent the amount of any and all reasonable expenses actually incurred, including the reasonable
fees and disbursements of its counsel and of any experts incurred, which the Administrative Agent incurs in connection with:

 

(a) the
administration of this Agreement;

 

(b) the
custody, preservation, use, or operation of, or the sale of, collection from, or other realization upon, any of the Collateral;

 

(c) the
exercise or enforcement of any of the rights of the Administrative Agent hereunder and any action taken by the Administrative Agent
under Section 6.4; and

 

(d) the
failure by any Pledgor to perform or observe any of the provisions hereof.

 

The Pledgor’ obligations under this
Section shall survive any termination of this Agreement. All indemnities set forth herein and the Pledgor' obligations under this
Section shall survive the execution and delivery of this Agreement, the making and repayment of the Secured Obligations, and any
termination of this Agreement. If and to the extent that the obligations of any Pledgor under this Section are unenforceable for
any reason, such Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which
is permissible under applicable law.

 

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 SECTION 5.6. Registration
Rights. If the Administrative Agent shall determine to exercise its right to sell any of the Pledged Interests included in
the Collateral pursuant to Section 5.1 or under applicable law, then Pledgor agrees that, upon the reasonable request of
the Administrative Agent, as soon as practicable, such Pledgor will, at its own expense:

 

(a) execute
and deliver, and cause each issuer of such Pledgor’s Pledged Interests and the directors, managers 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 reasonable opinion of the Administrative Agent, advisable to register such Pledged Interests under the provisions of
the Securities Act, and to cause the registration statement relating thereto to become effective and 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
prospectuses which, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements
of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto;

 

(b) use
its best efforts to qualify such Pledgor’s Pledged Interests under state securities or “Blue Sky” laws and to
obtain all necessary governmental approval for the sale of such Pledged Interests, as requested by the Administrative Agent;

 

(c) cause
each issuer of such Pledgor’s Pledged Interests to make available to his security holders, as soon as practicable, an earnings
statement which will satisfy the provisions of Section 14(a) of the Securities Act; and

 

(d) do
or cause to be done all such other acts and things as may be necessary to make such sale of such Pledgor’s Pledged Interests
or any part thereof valid and binding and in compliance with applicable law.

 

Pledgor further acknowledges the impossibility
of ascertaining the amount of damages which would be suffered by the Administrative Agent by reason of the failure of such Pledgor
to perform any of the covenants contained in this Section and, consequently, agrees that the remedy of specific performance may
be granted to require such Pledgor to comply with the covenants contained in this Section, at any time after the Administrative
Agent shall demand compliance with this Section.

 

SECTION 5.7. Article
8 Matters. In addition to and without limiting the generality of the foregoing, solely with respect to Article 8 Matters
(as defined below), Pledgor hereby irrevocably appoints the Administrative Agent its attorney-in-fact with full power of
substitution and in the name of such Pledgor, and hereby gives and grants to the Administrative Agent an irrevocable and
exclusive proxy for and in such Pledgor’s name, place and stead, to exercise under such power of attorney and/or under
such proxy any and all voting or other ownership and/or management rights and other related rights with respect to the
Pledged Interests of any Pledgor with respect to any and all Article 8 Matters, which power of attorney and proxy are
exercisable and effective at any and all times from and after the date of this Agreement. The power of attorney and proxy
granted and appointed in this Section 5.7 shall include the right to sign the applicable Pledgor’s name (as a
pledgee of any equity interest and/or as a member or partner in any applicable Pledged Interests) to any consent, certificate
or other document relating to the exercise of any such voting or other ownership and/or management rights and other related
rights with respect to Article 8 Matters pertaining to any Pledged Interests that applicable law or the organizational
documents of the applicable issuers of such Pledged Interests may permit or require, to cause the Pledged Interests to be
voted and/or such voting or other ownership and/or management rights and other related rights to be exercised in accordance
with the preceding sentence. Pledgor hereby represents and warrants that there are no other proxies and powers of attorney
with respect to Article 8 Matters pertaining to any issuer of Pledged Interests; and no Pledgor will give a subsequent proxy
or power of attorney or enter into any other voting agreement with respect to Article 8 Matters pertaining to any issuer of
Pledged Interests and any attempt to do so shall be void and of no effect. Pledgor agrees that each issuer of Pledged
Interests shall be fully protected in complying with any instructions given by Administrative Agent under such power of
attorney and/or recognizing and honoring any exercise by Administrative Agent of such proxy. Pledgor acknowledges and agrees
that the Administrative Agent shall be authorized at any time to provide a copy of this Agreement to any issuer of Pledged
Interests as evidence that the Administrative Agent has been given the foregoing power of attorney and proxy. The proxies and
powers of attorney granted by the Pledgor pursuant to this Section 5.7 are coupled with an interest and are given to
secure the performance of the Obligations and shall continue and be irrevocable until the Secured Obligations are
indefeasibly paid in full. As used herein, “Article 8 Matter” means any action, decision, determination or
election by any applicable non-corporate issuer of Pledged Interests or the member(s) or partner(s) or other equity holders
of such non-corporate issuer of Pledged Interests that its membership interests, partnership interests or other Equity
Interests, or any of them, either (i) be, or cease to be, a “security” as defined in and governed by Article 8 of
the UCC or (ii) be, or cease to be, certificated, and all other matters related to any such action, decision, determination
or election.

 

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SECTION 5.8. Remedies
Cumulative. Each right, power and remedy of the Administrative Agent provided for in this Agreement, the Credit Agreement,
any other Loan Document or any other security agreement, pledge agreement, mortgage, deed of trust or leasehold mortgage or now
or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other
such right, power or remedy. The exercise or beginning of the exercise by the Administrative Agent of any one or more of the rights,
powers or remedies provided for in this Agreement, the Credit Agreement, or any other Loan Document or now or hereafter existing
at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Administrative Agent
of all such other rights, powers or remedies, and no failure or delay on the part of the Administrative Agent to exercise any such
right, power or remedy shall operate as a waiver thereof.

 

 

ARTICLE 6

MISCELLANEOUS

 

SECTION 6.1. Loan
Document. This Agreement is a Loan 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.

 

SECTION 6.2. Amendments.
No amendment or waiver of any provision of this Agreement nor consent to any departures by any Pledgor herefrom shall in any event
be effective unless the same shall be in writing, signed by the Administrative Agent, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which it is given.

 

SECTION 6.3. Obligations
Not Affected. The obligations of the Pledgor under this Agreement shall remain in full force and effect without regard to,
and shall not be impaired or affected by (to the extent that the Pledgor may prospectively waive such defenses under applicable
law):

 

(a) any
amendment or modification or addition or supplement to the Credit Agreement, any Note, any other Loan Document, or any instrument
delivered in connection therewith or any assignment or transfer thereof;

 

(b) any
exercise, non-exercise or waiver by the Administrative Agent of any right, remedy, power or privilege under or in respect of, or
any release of any guaranty or collateral provided pursuant to, this Agreement, the Credit Agreement or any other Loan Document;

 

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(c) any
waiver, consent, extension, indulgence or other action or inaction in respect of this Agreement, any other Security Document, the
Credit Agreement or any other Loan Document or any assignment or transfer of any thereof; or

 

(d) any
bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like, of any Pledgor or any
other Person, whether or not any Pledgor shall have notice or knowledge of any of the foregoing.

 

SECTION 6.4. Protection
of Collateral. The Administrative Agent may from time to time perform, at its option, any act which any Pledgor agrees hereunder
to perform and which such Pledgor shall fail to perform, and the Administrative Agent may from time to time take any other action
which the Administrative Agent reasonably deems necessary for the maintenance, preservation or protection of any of the Collateral
or of its security interest therein.

 

SECTION 6.5. Additional
Interests. If any Pledgor shall at any time acquire or hold any additional Pledged Interests, including any Pledged Interests
issued by any Person not listed on Schedule 1 hereto (any such shares being referred to herein as the “Additional
Interests”), such Pledgor shall deliver to the Administrative Agent (i) a Pledge Agreement Supplement in the form of
Exhibit A hereto with respect to such Additional Interests duly completed and executed by such Pledgor and (ii) any other
document required in connection with such Additional Interests as described in Section 2.3. Pledgor shall comply with the
requirements of this Section 6.5 concurrently with the acquisition of any such Additional Interests; provided, that
the failure to comply with the provisions of this Section 6.5 shall not impair the Lien on Additional Interests conferred
hereunder.

 

SECTION 6.6. Joinder.
Each Person who shall at any time execute and deliver to the Administrative Agent a Pledge Joinder Agreement substantially in the
form attached as Exhibit B hereto shall thereupon irrevocably, absolutely and unconditionally become a party hereto and
obligated hereunder as a Pledgor and shall have thereupon pursuant to Article 2 hereof, have granted a security interest
in and collaterally assigned and pledged to the Administrative Agent all Collateral which it has as of the date of execution of
a Pledge Joinder Agreement or thereafter acquires any interest or the power to transfer, and all references herein and in the other
Loan Documents to the Pledgor or to the parties to this Agreement shall be deemed to include such Person as a Pledgor hereunder.
Each Pledge Joinder Agreement shall be accompanied by the Supplemental Schedule 1 referred to therein, appropriately completed
with information relating to the Pledgor executing such Pledge Joinder Agreement and its property. Schedule 1 attached hereto
shall be deemed amended and supplemented without further action by such information reflected on the Supplemental Schedule 1.

 

SECTION 6.7. Addresses
for Notices. All notices, requests and other communications to the Pledgor or the Administrative Agent hereunder shall be delivered
in the manner required by the Credit Agreement and shall be sufficiently given to the Administrative Agent or any Pledgor if addressed
or delivered to them at, in the case of the Administrative Agent and the Borrower, its addresses, email addresses, and telecopier
numbers specified in Section 9.1 to the Credit Agreement and in the case of any other Pledgor, at the aforementioned
address of the Borrower. All such notices and communications shall be deemed to have been duly given at the times set forth in
the Credit Agreement.

 

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SECTION 6.8. Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a) This
Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract or tort or
otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document,
as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance
with, the law of the State of New York.

 

(b) ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT
AND MAINTAINED EXCLUSIVELY IN THE COURTS OF NEW YORK COUNTY, THE STATE OF NEW YORK, OR IN THE UNITED STATES DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK; OR, IF THE ADMINISTRATIVE AGENT INITIATES SUCH ACTION, IN ADDITION TO THE FOREGOING COURTS,
ANY COURT IN WHICH THE ADMINISTRATIVE AGENT SHALL INITIATE OR TO WHICH THE ADMINISTRATIVE AGENT SHALL REMOVE SUCH ACTION, TO THE
EXTENT SUCH COURT OTHERWISE HAS JURISDICTION. PLEDGOR HEREBY EXPRESSLY AND IRREVOCABLY CONSENTS AND SUBMITS IN ADVANCE TO THE JURISDICTION
OF SUCH COURTS IN ANY ACTION OR PROCEEDING COMMENCED IN OR REMOVED BY THE ADMINISTRATIVE AGENT TO ANY OF SUCH COURTS, HEREBY WAIVES
PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND HEREBY AGREES THAT SERVICE OF SUCH
SUMMONS AND COMPLAINT OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PLEDGOR AT THE ADDRESS
SET FORTH IN SECTION 15.3 OF THE CREDIT AGREEMENT. PLEDGOR WAIVES ANY CLAIM THAT ANY COURT HAVING SITUS IN NEW YORK COUNTY,
NEW YORK, IS AN INCONVENIENT FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE. SHOULD ANY PLEDGOR, AFTER BEING SO SERVED, FAIL
TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THE PERIOD OF TIME PRESCRIBED BY LAW AFTER THE MAILING
THEREOF, SUCH PLEDGOR SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY THE ADMINISTRATIVE AGENT AGAINST
SUCH PLEDGOR AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. THE EXCLUSIVE CHOICE OF FORUM FOR THE LOAN
PARTIES SET FORTH IN THIS SECTION 6.8(a) SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT, BY THE ADMINISTRATIVE AGENT, OF
ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING, BY THE ADMINISTRATIVE AGENT, OF ANY ACTION TO ENFORCE THE SAME IN ANY OTHER
APPROPRIATE JURISDICTION, AND PLEDGOR HEREBY IRREVOCABLY WAIVES THE RIGHT TO COLLATERALLY ATTACK ANY SUCH JUDGMENT OR ACTION.

 

 SECTION 6.9.
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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SECTION 6.10. Postponement
of Subrogation. Pledgor subordinates and agrees not to exercise any rights against Borrower or any other Pledgor which it may
acquire by way of subrogation or contribution, by any payment made hereunder or otherwise, until all of the Secured Obligations
shall have been irrevocably paid in full and all Commitments have been terminated. If any amount shall be paid to any Pledgor on
account of such subrogation or contribution rights at any time when any Secured Obligation or Commitment is outstanding, such amount
shall be held in trust for the benefit of the Administrative Agent and shall forthwith be paid to the Administrative Agent to be
credited and applied to the Secured Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement.

 

SECTION 6.11.  Limitation
of Liability; Waiver of Claims. Neither the Administrative Agent nor any Affiliate thereof, shall have any liability with respect
to, and PLEDGOR HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON, ANY CLAIM FOR ANY SPECIAL, INDIRECT, PUNITIVE, EXEMPLARY OR
CONSEQUENTIAL DAMAGES SUFFERED BY ANY PLEDGOR IN CONNECTION WITH, ARISING OUT OF, OR IN ANY WAY RELATED TO THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREIN OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION HEREWITH. Pledgor hereby waives (and releases
any cause of action and claim against Administrative Agent as a result of), to the fullest extent permitted by applicable law:
(a) all damages occasioned by such taking of possession, collection or sale except any damages which are the direct result of Administrative
Agent’s gross negligence or willful misconduct as finally determined in a non-appealable judicial proceeding by a court of
competent jurisdiction in which Administrative Agent has had an opportunity to be heard; (b) all other requirements as to the time,
place and terms of sale or other requirements with respect to the enforcement of Administrative Agent’s rights hereunder;
(c) demand of performance or other demand, notice of intent to demand or accelerate, notice of acceleration, presentment, protest,
advertisement or notice of any kind to or upon any Pledgor or any other Person; and (d) all rights of redemption, appraisement,
valuation, diligence, stay, extension or moratorium now or hereafter in force under any applicable law in order to delay the enforcement
of this Agreement.

 

SECTION 6.12. Counterparts,
Effectiveness, etc. This Agreement may be executed in any number of counterparts and by the Pledgor and the Administrative
Agent on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together
constitute one and the same instruments. This Agreement shall become effective when counterparts hereof executed on behalf of the
Pledgor and the Administrative Agent (or notice thereof satisfactory to the Administrative Agent) shall have been received by the
Administrative Agent. Delivery of an executed signature page to this Agreement by facsimile or electronic transmission shall be
as effective as delivery of a manually executed counterpart of this Agreement.

 

SECTION 6.13. Recovery
Claim. Should a claim (“Recovery Claim”) be made upon the Administrative Agent at any time for recovery
of any amount received by the Administrative Agent in payment of the Secured Obligations (whether received from any Pledgor or
otherwise) and should the Administrative Agent repay all or part of said amount by reason of (a) any judgment, decree or order
of any court or administrative body having jurisdiction over the Administrative Agent or any of its property; or (b) any settlement
or compromise of any such Recovery Claim effected by the Administrative Agent with the claimant (including, without limitation,
Pledgor), this Agreement and the security interests granted to the Administrative Agent hereunder shall continue in full force
and effect with respect to the amount so repaid to the same extent as if such amount had never originally been received by the
Administrative Agent, notwithstanding any prior termination of this Agreement, the return of this Agreement to the Pledgor, or
the cancellation of any note or other instrument evidencing the Secured Obligations.

 

SECTION 6.14. Marshaling.
The Administrative Agent shall be under no obligation to marshal any assets or collateral in favor of any Pledgor or any other
Person or against or in payment of any or all of the Secured Obligations.

 

[Remainder of page left intentionally
blank.]

 

    14

     

    

 

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

 

	 	Pledgor:
	 	 
	 	T3 COMMUNICATIONS, INC., a Nevada corporation
	 	 
	 	By: 	                          
	 	Name:	 
	 	Its:	 

 

[Signature Page to Pledge Agreement]

 

    15

     

    

 

	 	ACKNOWLEDGED AND AGREED:
	 	 
	 	T3 COMMUNICATIONS, INC., a Florida corporation
	 	 
	 	By:	    
	 	Name:	 
	 	Title:	 
	 	 
	 	SHIFT8 NETWORKS, INC., a Texas corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Prior to the consummation of the Nexogy Acquisition:
	 	 
	 	NEXOGY ACQUISITION, INC., a Florida corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Upon consummation of the Nexogy Acquisition:
	 	 
	 	NEXOGY, INC., a Florida corporation
	 	 
	 	By:	                        
	 	Name:	 
	 	Title:	 

 

[Signature Page to Pledge Agreement]

 

    16

     

    

 

	 	ACKNOWLEDGED AND AGREED:
	 	 
	 	POST ROAD ADMINISTRATIVE LLC,
	 	as Administrative Agent
	 	 	 
	 	By:	                      
	 	Name:	 
	 	Title:	 

 

[Signature Page to Pledge Agreement]

 

    17

     

    

 

 

 

 

 

 

 

 

 

 

 

SCHEDULE 1

 

PLEDGED INTERESTS

 

 

 

 

 

 

 

 

 

 

 

    18

     

    

 

EXHIBIT A

 

Form
of PLEDGE AGREEMENT SUPPLEMENT

 

This PLEDGE AGREEMENT
SUPPLEMENT (as from time to time amended, modified or restated, this “Supplement”), dated as of [_____________],
20[__], is made by [____________], a [____________] (the “Pledgor”)1, in favor of POST ROAD
ADMINISTRATIVE LLC (the “Administrative Agent”). All capitalized terms not otherwise defined herein shall
have the meanings given to such terms in the Pledge Agreement (as defined below).

 

WHEREAS, the
Pledgor is required under the terms of that certain Pledge Agreement dated as of November 17, 2020, executed by the Pledgor (among
others), or to which the Pledgor has been joined as a party pursuant to a Pledge Joinder Agreement, in favor of the Administrative
Agent (as from time to time amended, restated, supplemented or otherwise modified from time to time, the “Pledge Agreement”),
to cause certain Pledged Interests held by it and listed on Supplemental Schedule 1 attached to this Supplement (the “Additional
Interests”) to be specifically identified as subject to the Pledge Agreement; and

 

WHEREAS, the
Pledgor has acquired rights in the Additional Interests and desires to evidence its prior pledge to the Administrative Agent of
the Additional Interests in accordance with the terms of the Credit Agreement and the Pledge Agreement;

 

NOW, THEREFORE,
in order to induce the Administrative Agent and Lenders to maintain the Loans advanced pursuant to the Credit Agreement, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgor (intending to
be legally bound) hereby agrees as follows with the Administrative Agent:

 

The Pledgor hereby
reaffirms and acknowledges the pledge and collateral assignment to, and the grant of security interest in, the Additional Interests
contained in the Pledge Agreement and pledges and collaterally assigns to the Administrative Agent a first priority lien and security
interest, for the benefit of the Lenders, to secure the payment in full and performance of all Secured Obligations in (a) the
Additional Interests; (b) all other Pledged Property, whether now or hereafter delivered to the Administrative Agent in connection
with this Agreement; and (c) all proceeds of any of the foregoing.

 

The Pledgor hereby
acknowledges, agrees and confirms by its execution of this Supplement that the Additional Interests constitute “Pledged Interests”
under and are subject to the Pledge Agreement, and the items of property referred to in clauses (a) through (c) above (the “Additional
Collateral”) shall collectively constitute “Collateral” under and are subject to the Pledge Agreement. Each
of the representations and warranties with respect to the Collateral and the Pledged Interests included in the Collateral contained
in the Pledge Agreement is hereby made by the Pledgor with respect to the Additional Interests and the Additional Collateral, respectively.
Attached to this Supplement is a duly completed Supplemental Schedule 1 (the “Supplemental Schedule”)
supplementing as indicated thereon Schedule 1 to the Pledge Agreement. The Pledgor represents and warrants that the information
contained on the Supplemental Schedule with respect to such Additional Interests is true, complete and accurate as of the date
of its execution of this Supplement.

 

[Remainder of page left intentionally
blank.]

 

 

		1	NTD: This supplement is to be executed by the Pledgor pledging
its Additional Interests.

 

    19

     

    

 

IN WITNESS WHEREOF,
the Pledgor has caused this Supplement to be duly executed by its authorized officer as of the day and year first above written.

 

	 	PLEDGOR:
	 	 
	 	__________],
	 	a [____________]
	 	 
	 	By:	               
	 	Name:	 
	 	Title:	 

 

[Signature Page to Pledge Agreement Supplement]

 

    20

     

    

 

	 	Accepted AND AGREED:
	 	 
	 	[__________],2
	 	a [____________]
	 	 
	 	By:	                      
	 	Name:	 
	 	Title:	 

 

	 	[ISSUER],
	 	a [__]
	 	 
	 	By:	                      
	 	Name:	 
	 	Title:	 

 

	 	POST ROAD ADMINISTRATIVE LLC,
	 	as Administrative Agent
	 	 	 
	 	By:	                      
	 	Name:	 
	 	Title:	 

 

 

		2	NTD: This supplement should be acknowledged and agreed
to by any other Pledgor that is not already a party to this supplement by pledging its Additional Interests.

 

[Signature Page to Pledge Agreement Supplement]

 

    21

     

    

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL SCHEDULE 1

 

ADDITIONAL INTERESTS

 

 

 

 

 

 

 

 

 

 

    22

     

    

 

EXHIBIT B

 

Form
of PLEDGE JOINDER AGREEMENT

 

 This
PLEDGE JOINDER AGREEMENT (the “Pledge Joinder Agreement”), dated as of [____________________], 201[__]
is made by [_______________________________], a [________________] (the “Joining Pledgor”), and delivered
to POST ROAD ADMINISTRATIVE LLC, a Delaware limited liability company (the “Administrative Agent”). All
capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Pledge Agreement, dated as of
November 17, 2020 made by T3 Communications, Inc., a Nevada corporation, and each other person that becomes a pledgor thereunder
by execution of a Pledge Joinder Agreement, in favor of Administrative Agent for the benefit of Lenders under the Credit Agreement.

 

WHEREAS, the
Joining Pledgor is required by the terms of the Credit Agreement to be joined as a party to the Pledge Agreement as a Pledgor;
and

 

WHEREAS, the
Joining Pledgor will materially benefit directly and indirectly from the credit facilities made available to the Borrower by the
Lenders under the Credit Agreement;

 

NOW, THEREFORE,
in order to induce the Administrative Agent and Lenders to maintain such credit facilities, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Joining Pledgor (intending to be legally bound) hereby agrees
as follows:

 

1. Joinder.
The Joining Pledgor hereby irrevocably, absolutely and unconditionally becomes a party to the Pledge Agreement as a Pledgor and
bound by all the terms, conditions, obligations, liabilities and undertakings of Pledgor or to which Pledgor is subject thereunder,
including without limitation the grant pursuant to Article 2 of the Pledge Agreement of a first priority lien and security
interest to the Administrative Agent, for the benefit of the Lenders in, and collateral assignment and pledge to the Administrative
Agent, for the benefit of the Lenders, of, the Pledged Interests and other property constituting Collateral of such Pledgor or
in which such Pledgor has or may have or acquire an interest or the power to transfer rights therein, whether now owned or existing
or hereafter created, acquired or arising and wheresoever located, as security for the payment and performance of the Secured Obligations,
all with the same force and effect as if the Joining Pledgor were a signatory to the Pledge Agreement. For the avoidance of doubt,
the Joining Pledgor hereby pledges, assigns, grants, delivers, sets over, conveys and transfers to the Administrative Agent a continuing
first priority security interest in and to, all of the Collateral now or hereafter owned or acquired by such Joining Pledgor or
in which such Joining Pledgor now has or hereafter has or acquires any rights.

 

2. Affirmations.
The Joining Pledgor hereby acknowledges and affirms as of the date hereof with respect to itself, its properties and its affairs
each of the waivers, representations, warranties, acknowledgements and certifications applicable to any Pledgor contained in the
Pledge Agreement.

 

3. Supplemental
Schedules. Attached to this Pledge Joinder Agreement is a duly completed Supplemental Schedule 1 (the “Supplemental
Schedule”) supplementing as indicated thereon Schedule 1 to the Pledge Agreement. The Joining Pledgor represents and
warrants that the information contained on each of the Supplemental Schedule with respect to such Joining Pledgor and its properties
and affairs is true, complete and accurate as of the date of its execution of this Pledge Joinder Agreement.

 

4. Severability.
The provisions of this Pledge Joinder Agreement are independent of and separable from each other. If any provision hereof shall
for any reason be held invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability
of any other provision hereof, but this Pledge Joinder Agreement shall be construed as if such invalid or unenforceable provision
had never been contained herein.

 

5. Counterparts.
This Pledge Joinder Agreement may be executed in any number of counterparts each of which when so executed and delivered shall
be deemed an original, and it shall not be necessary in making proof of this Pledge Joinder Agreement to produce or account for
more than one such counterpart executed by the Joining Pledgor.

 

6. Delivery.
The Joining Pledgor hereby irrevocably waives notice of acceptance of this Pledge Joinder Agreement and acknowledges that the Secured
Obligations are and shall be deemed to be incurred, and credit extensions under the Loan Documents made and maintained in reliance
on this Pledge Joinder Agreement and the Pledgor’s joinder as a party to the Pledge Agreement as herein provided. Delivery
of an executed signature page to this Pledge Joinder Agreement by facsimile or electronic transmission shall be as effective as
delivery of a manually executed counterpart of this Pledge Joinder Agreement.

 

7. Governing
Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial. The provisions of Sections 6.8 and 6.9
of the Pledge Agreement are hereby incorporated by reference as if fully set forth herein.

 

[Remainder of page left intentionally
blank.] 

 

    23

     

    

 

IN WITNESS WHEREOF,
the Joining Pledgor has duly executed and delivered this Pledge Joinder Agreement as of the day and year first written above.

 

	 	JOINING PLEDGOR:
	 	 	 
	 	[_______________________]
	 	 	 
	 	By:	                                     
	 	Name: 	 
	 	Title:	 

 

[Signature Page to Pledge Joinder Agreement]

 

    24

     

    

 

	 	Accepted AND AGREED:
	 	 	 
	 	[_____________________], a [___________]
	 	 
	 	By:	                                     
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	[ISSUER], 
	 	a [__]
	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	POST ROAD ADMINISTRATIVE LLC,
	 	as Administrative Agent
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

[Signature Page to Pledge Joinder Agreement]

 

    25

     

    

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL SCHEDULE 1

 

PLEDGED INTERESTS

 

 

 

 

 

 

 

 

 

 

 

 

26

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