Document:

Exhibit 10.2

 

 

Execution Version

 

 

FOURTH AMENDED AND RESTATED

U.S. SECURITY AGREEMENT

 

dated as of June 30, 2022

 

among

 

UNITED RENTALS, INC.,

UNITED RENTALS (NORTH AMERICA), INC.

and certain of their Subsidiaries,

as the Grantors,

 

and

 

BANK OF AMERICA, N.A.,

as Agent

 

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	Section 1.	Defined Terms	2
	 	 	 
	Section 2.	Grant of Lien	2
	 	 	 
	Section 3.	Perfection and Protection of Security Interest	7
	 	 	 
	Section 4.	[Reserved]	10
	 	 	 
	Section 5.	Jurisdiction of Organization	10
	 	 	 
	Section 6.	Title to, Liens on, and Sale and Use of Collateral	10
	 	 	 
	Section 7.	Access and Examination	10
	 	 	 
	Section 8.	[Reserved]	10
	 	 	 
	Section 9.	[Reserved]	10
	 	 	 
	Section 10.	Inventory; Perpetual Inventory	10
	 	 	 
	Section 11.	Leases and Other Chattel Paper	10
	 	 	 
	Section 12.	Right to Cure	11
	 	 	 
	Section 13.	Power of Attorney	12
	 	 	 
	Section 14.	The Agent’s and the Other Secured Parties’ Rights, Duties and Liabilities	12
	 	 	 
	Section 15.	Patent, Trademark and Copyright Collateral	13
	 	 	 
	Section 16.	Voting Rights; Dividends; Etc.	14
	 	 	 
	Section 17.	Indemnification	15
	 	 	 
	Section 18.	Limitation on Liens on Collateral	15
	 	 	 
	Section 19.	Extensions	15
	 	 	 
	Section 20.	Remedies; Rights Upon Default	16
	 	 	 
	Section 21.	Grant of License to Use Proprietary Rights	18

 

     

     

    

 

	Section 22.	Limitation on the Agent’s and the Other Secured Parties’ Duty in Respect of Collateral	18
	 	 	 
	Section 23.	Miscellaneous	18
	 	 	 
	Section 24.	Amendment and Restatement	23

 

	Schedules	 	 
	 	 	 
	Schedule I	-	Pledged Equity and Pledged Debt
	 	 	 
	Schedule II	-	Jurisdictions of Organization
	 	 	 
	Schedule III	-	Patents, Trademarks and Copyrights
	 	 	 
	Exhibits	 	 
	 	 	 
	Exhibit A	-	Security Agreement Supplement

 

    ii 

     

    

 

FOURTH AMENDED AND RESTATED U.S. SECURITY AGREEMENT

 

This Fourth Amended and Restated
U.S. Security Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),
is dated as of June 30, 2022, among UNITED RENTALS, INC., a Delaware corporation (“Holdings”), UNITED RENTALS
(NORTH AMERICA), INC., a Delaware corporation (the “Company”), each U.S. Guarantor (as defined in the Credit
Agreement referred to below) listed on the signature pages hereof as a Grantor, and each Additional Grantor (as defined in Section 23(d)(ii) below)
(each such Domestic Subsidiary and Additional Grantor, together with Holdings and the Company, the “Grantors”), and
BANK OF AMERICA, N.A., as Agent (the “Agent”).

 

W
I T N E S S E T H :

 

WHEREAS, Holdings, the Company,
certain of their Subsidiaries, the Agent and the lenders party thereto are party to a credit agreement dated as of June 9, 2008,
as amended and restated as of October 14, 2011 and as further amended and restated as of March 31, 2015 and February 15,
2019 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing
Credit Agreement”);

 

WHEREAS, as of the date hereof,
the Existing Credit Agreement is being amended and restated, without constituting a novation, pursuant to the Fourth Amended and Restated
Credit Agreement, dated as of even date herewith (as amended, restated, amended and restated, supplemented or otherwise modified from
time to time, including any such amendment, restatement, amendment and restatement, supplement or other modification that extends the
maturity of, restructures, refunds, refinances or increases any Indebtedness under such agreement (in whole or in part), the “Credit
Agreement”), among Holdings, the Company, the Canadian Borrowers, the other Borrowers party thereto, the Guarantors, Bank of
America, N.A., as Agent, and the lenders party thereto;

 

WHEREAS, in connection with
the Existing Credit Agreement, each Grantor (and certain other grantors party thereto) entered into a U.S. Security Agreement, dated
as of June 9, 2008, as amended and restated as of October 14, 2011 and as further amended and restated as of March 31,
2015 and February 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified in writing prior to the
date hereof, the “Existing Security Agreement”);

 

WHEREAS, in order to induce
the Agent and the Lenders to amend and restate the Existing Credit Agreement by entering into the Credit Agreement, to induce the Lenders
to maintain and make loans and issue letters of credit as provided for in the Credit Agreement, and to induce the Lenders and their Affiliates
to provide certain Bank Products, each Grantor is entering into this Agreement in favor of the Agent, and pursuant hereto is granting
to the Agent, for the benefit of the Secured Parties, a security interest in and lien upon such Grantor’s Collateral (as defined
below) to secure such Grantor’s Secured Obligations (as defined below);

 

    	 	1	 

     

    

 

WHEREAS, each Grantor is the
owner of the shares of stock or other equity interests (the “Initial Pledged Equity”) set forth opposite such Grantor’s
name on and as otherwise described in Part I of Schedule I hereto and issued by the Persons named therein and of the
indebtedness (the “Initial Pledged Debt”) set forth opposite such Grantor’s name on and as otherwise described
in Part II of Schedule I hereto and issued by the obligors named therein;

 

WHEREAS, it is a condition
precedent to the amendment and restatement of the Existing Credit Agreement by entering into the Credit Agreement, the Agent and Lenders’
willingness to maintain and make loans and extend other financial accommodations under the Credit Agreement and the provision of certain
Bank Products by the Lenders or their Affiliates that each Grantor grant to the Agent, for the benefit of the Secured Parties, a security
interest in and lien upon all of the Collateral of such Grantor to secure such Grantor’s Secured Obligations; and

 

WHEREAS, in consideration for,
among other things, the amendment and restatement of the Existing Credit Agreement by the execution and delivery of the Credit Agreement
by the Agent and the Lenders, and to secure the full and prompt payment and performance of all of the Secured Obligations, the parties
to this Agreement agree that each Grantor agrees to grant to the Agent, for the benefit of the Secured Parties, a security interest in
the Collateral, in order to ensure and secure the prompt payment and performance of the Secured Obligations.

 

NOW, THEREFORE, in consideration
of the promises and mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree that the Existing Security Agreement shall be amended and restated as follows:

 

Section 1.     Defined
Terms. All capitalized terms used but not otherwise defined herein have the meanings given to them in the Credit Agreement. All other
undefined terms contained in this Agreement, unless the context indicates otherwise, have the meanings provided for by the Uniform Commercial
Code as in effect from time to time in the applicable jurisdiction (the “UCC”) to the extent the same are used or
defined therein. All references to any asset described in the definition of the term “Collateral”, or to any proceeds thereof,
shall be deemed to be references thereto except to the extent such asset is an Excluded Asset.

 

Section 2.     Grant
of Lien. (a)  As security for the due and prompt payment and performance when due (whether at the stated maturity, by acceleration
or otherwise) by each Grantor of all of its present and future Obligations (such Obligations, as to any Grantor, being the “Secured
Obligations” of such Grantor), each Grantor hereby grants to the Agent, its successors and assigns, for the ratable benefit
of the Secured Parties, a security interest (the “Security Interest”) in and continuing lien on all of such Grantor’s
right, title and interest in or to any and all of the following properties and assets of such Grantor and all powers and rights of such
Grantor in all of the following (including the power to transfer rights in the following), whether now owned or existing or at any time
hereafter acquired or arising, regardless of where located (collectively, the “Collateral”):

 

(i)            all
Accounts;

 

(ii)           all
Inventory, including all Rental Equipment;

 

    	 	2	 

     

    

 

(iii)          all
leases of Inventory, Equipment and other Goods (whether or not in the form of a lease agreement), including all Leases;

 

(iv)         all
documentation evidencing rights in any Inventory or Equipment, including all certificates, certificates of title, manufacturer’s
statements of origin, and other collateral instruments;

 

(v)           all
contract rights, including contract rights in respect of any Like-Kind Exchange;

 

(vi)         all
Chattel Paper;

 

(vii)         all
Documents;

 

(viii)        all
Instruments;

 

(ix)          all
Supporting Obligations and Letter-of-Credit Rights;

 

(x)           all
General Intangibles (including Payment Intangibles and Software);

 

(xi)          all
Goods;

 

(xii)         all
Equipment;

 

(xiii)        all
Investment Property, including the following (the “Security Collateral”):

 

(A)            the
Initial Pledged Equity and the certificates, if any, representing the Initial Pledged Equity, and all dividends, distributions, return
of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of the Initial Pledged Equity and all subscription warrants, rights or options issued thereon or with respect
thereto;

 

(B)            all
additional shares of stock and other equity interests of or in any issuer of the Initial Pledged Equity, any successor entity or any
other entity from time to time organized, created or acquired by such Grantor in any manner (such equity interests, together with the
Initial Pledged Equity, being the “Pledged Equity”), and the certificates, if any, representing such additional shares
or other equity interests, and all dividends, distributions, return of capital, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares or other equity interests and
all subscription warrants, rights or options issued thereon or with respect thereto;

 

(C)            the
Initial Pledged Debt and the instruments, if any, evidencing the Initial Pledged Debt, and all interest, cash, instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged
Debt; and

 

    	 	3	 

     

    

 

(D)            all
additional indebtedness from time to time owed to such Grantor (such indebtedness, together with the Initial Pledged Debt, being the
 “Pledged Debt”) and the instruments, if any, evidencing such indebtedness, and all interest, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness;

 

(xiv)        all
money, cash, cash equivalents, securities and other property of any kind of such Grantor held directly or indirectly by the Agent, any
Lender, the Collateral Agent (as defined in the “Notes Security Agreement” defined in the 37⁄8% Senior Secured Note
Indenture (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Notes Security
Agreement”)), the Agent (as defined in the “Security Agreement” defined in the TLB Credit Agreement (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “TLB Security Agreement”)),
any Lender (as defined in the TLB Credit Agreement), any Second Lien Agent (as defined in the Notes Security Agreement) or any of their
Affiliates;

 

(xv)         all
of such Grantor’s Material Accounts, credits and balances with and other claims against the Agent, any Lender, the Collateral Agent
(as defined in the Notes Security Agreement), the Agent (as defined in the TLB Security Agreement), any Lender (as defined in the TLB
Credit Agreement), any Second Lien Agent (as defined in the Notes Security Agreement) or any of their Affiliates or any other financial
institution with which such Grantor maintains deposits, including all Payment Accounts;

 

(xvi)        all
books, records and other property related to or referring to any of the foregoing, including books, records, account ledgers, data processing
records, computer software and other property; and

 

(xvii)       all
accessions to, substitutions for and replacements, products and proceeds of any of the foregoing, including, but not limited to, proceeds
of any insurance policies, claims against third parties and condemnation or requisition payments with respect to all or any of the foregoing;

 

provided,
however, the “Collateral” shall not include the following (collectively, the “Excluded Assets”):

 

(b)           any
rights, titles or interests of a Grantor in any instrument, permit, General Intangible, Lease, license or agreement to which such Grantor
is a party (other than any of the foregoing with or by any other Grantor or any Subsidiary or other controlled Affiliate of a Grantor)
or any of its right, title or interest thereunder to the extent, but only to the extent, that a grant of a security interest therein
to the Agent would, under the terms of such instrument, permit, General Intangible, Lease, license or agreement, result in a breach of
the terms of, or constitute a default under, or result in the abandonment, invalidation or unenforceability of or create a right of termination
in favor of or require the consent (which has not been obtained or waived) of any other party under, such instrument, permit, General
Intangible, Lease, license or agreement; provided that the foregoing exclusion shall not be construed to apply to the extent any
such term is ineffective or unenforceable under the UCC (including Sections 9-406, 9-407, 9-408 or 9-409) or any other applicable law
so that no breach, default, abandonment, invalidity or unenforceability would occur;

 

    	 	4	 

     

    

 

(c)           any
asset to the extent the granting of a security interest therein to the Agent is prohibited by applicable law or would require the consent,
approval, license or authorization of any Governmental Authority or, except with respect to any Rental Equipment, Merchandise and Consumables
Inventory, any proceeds of any of the foregoing, any Material Accounts into which any such proceeds are deposited, or any books or records
related to any of the foregoing, other third party (except a Grantor or any Subsidiary or other controlled Affiliate of a Grantor) that
has not been obtained or waived; provided that the foregoing exclusion shall not be construed to apply to the extent any such
prohibition or requirement for consent, approval, license or authorization is ineffective or unenforceable under the UCC (including Sections
9-406, 9-407, 9-408 or 9-409) or any other applicable law;

 

(d)           to
the extent U.S. Obligations are secured thereby, any of the outstanding voting equity or other voting ownership interests of a Foreign
Subsidiary or Foreign Subsidiary Holding Company in excess of 65% of the voting power of all classes of equity or other ownership interests
of such Foreign Subsidiary or Foreign Subsidiary Holding Company entitled to vote;

 

(e)           any
 “intent-to-use” United States of America based trademark or service mark application until such time that a statement of
use has been filed with the United States Patent and Trademark Office (the “USPTO”) for such application, unless the
grant of a security interest therein would not render such “intent-to-use” based trademark or service mark application invalid
or subject to cancellation;

 

(f)            any
property that is subject to a Lien securing purchase money obligations, Capital Lease Obligations or sale/leaseback Indebtedness permitted
under the Credit Agreement pursuant to documents that prohibit such Grantor from granting any other Liens in such property, and such
prohibition has not been or is not waived or the consent of the other party to such contract has not been or is not otherwise obtained
or under Requirements of Law such prohibition cannot be waived, and only for so long as such Indebtedness remains outstanding;

 

(g)           (i) any
assets subject to a Securitization Transaction or (ii) Accounts, Leases, contractual rights or any other assets subject to any Like-Kind
Exchange;

 

    	 	5	 

     

    

 

(h)           (i) the
equity interests, and any certificates or instruments in respect thereof, in any unlimited liability company organized under the laws
of Nova Scotia, (ii) equity interests in Immaterial Subsidiaries and (iii) equity interests in Unrestricted Subsidiaries, provided
that for each of clauses (ii)-(iii), such equity interests will only be Excluded Assets to the extent such equity interests do not
constitute “Collateral” (or words of like import) securing Indebtedness or other obligations in respect of the TLB Credit
Agreement or any other Indebtedness incurred under Section 8.1(c) of the Credit Agreement and are not otherwise subject to
any Liens incurred under Section 8.2(c) of the Credit Agreement, provided further, that if such equity interests cease
to constitute “Collateral” (or words of like import) in respect of the TLB Credit Agreement or any other Indebtedness incurred
under Section 8.1(c) of the Credit Agreement automatically upon their ceasing to constitute Collateral under the Credit Agreement,
then those such equity interests would still constitute Excluded Assets;

 

(i)            the
equity interests, and any certificates or instruments in respect thereof, in any joint venture or non-wholly owned Subsidiary, the governing
agreements of which prohibit the pledge or other granting of security over equity interests in such Subsidiary and such prohibition has
not been or is not waived or the consent of the other party to such contract has not been or is not otherwise obtained or under Requirements
of Law such prohibition cannot be waived;

 

(j)            any
real property or any fee interest or leasehold interest in real property, including fixtures affixed or attached thereto;

 

(k)           any
Titled Goods (other than Merchandise and Consumables Inventory and Rental Equipment);

 

(l)            any
Letter-of-Credit Rights not constituting Supporting Obligations in respect of any Collateral to the extent any of the Grantors is required
by applicable law or contract to apply the proceeds of a drawing of such letter of credit for a specified purpose (other than a payment
to a Grantor);

 

(m)          any
right, title or interest in or to any copyrights, copyright licenses, patents, patent applications, patent licenses, trade secrets, trade
secret licenses, trademarks, service marks, trademark and service mark applications, trade names, trade dress, trademark licenses, technology,
know-how and processes or any other intellectual property, in each case, governed by or arising or existing under, pursuant to or by
virtue of the laws of any jurisdiction other than the United States of America or any state thereof; and

 

(n)          any
asset with respect to which the Agent and the Company have reasonably agreed that the cost, tax consequences or any legal or regulatory
consequences of creating and/or perfecting a security interest therein is excessive in relation to the benefit to the Secured Parties
of the security to be afforded thereby, or where the Agent and the Company have otherwise agreed that such assets shall not be included
as Collateral.

 

Subject to any limitations set forth herein,
all of the Secured Obligations of any Grantor shall be secured by all of the Collateral of such Grantor and any other property of such
Grantor that secures any of the Secured Obligations.

 

    	 	6	 

     

    

 

Section 3.     Perfection
and Protection of Security Interest.

 

(a)           Except
as explicitly set forth herein or in the Credit Agreement, each Grantor shall, at its expense, perform all steps reasonably requested
in writing by the Agent to perfect, maintain or protect the Agent’s Liens, including: (i) executing filings pursuant to the
UCC in the office of the secretary of state (or similar central filing office) of the relevant state(s); (ii) executing and delivering
customary filings in (A) the USPTO with respect to any Collateral constituting U.S. issued patents and registered trademarks and
any applications therefor and (B) the United States Copyright Office of the Library of Congress (“USCO”) with
respect to copyright registrations; (iii) causing certificates of title to be issued for all Titled Goods, the Agent’s Lien
to be noted thereon in each case in accordance with the provisions of the Credit Agreement and the other Loan Documents to which such
Grantor is a party; (iv) when a Specified Default has occurred and is continuing, at the reasonable request of the Agent, transferring
Inventory to warehouses or other locations designated by the Agent; (v) when an Event of Default has occurred and is continuing,
placing notations on such Grantor’s books of account to disclose the Agent’s Liens; (vi) taking such other steps reasonably
requested by the Agent to maintain and protect the Agent’s Liens in the Collateral; and (vii) in the case of the Security
Collateral, (A) if any Pledged Debt shall be evidenced by a promissory note or other instrument with an individual amount in excess
of $50,000,000, deliver and pledge to the Agent such note or instrument duly indorsed and accompanied by duly executed instruments of
transfer or assignment, all in form and substance reasonably satisfactory to the Agent and (B) deliver and pledge to the Agent,
for the benefit of the Secured Parties, certificates representing Pledged Equity that constitutes certificated securities, accompanied
by undated stock powers executed in blank; provided that notwithstanding any other provision of this Agreement, none of the Grantors
will be required to (I) take any action in any jurisdiction other than the United States of America (including any state thereof),
or required by the laws of any such non-U.S. jurisdiction, or enter into any security agreement or pledge agreement governed by the laws
of any such non-U.S. jurisdiction, in order to either create any security interests (or other Liens) in assets located or titled outside
of the United States of America (including any state thereof) or to perfect any security interests (or other Liens) in any non-U.S. Collateral,
(II) deliver landlord lien waivers, estoppels or collateral access letters, (III) file any fixture filing with respect to any
security interest in fixtures affixed to or attached to any real property or (IV) take any action to perfect any Liens in any intellectual
property created, registered or applied-for in any jurisdiction other than the United States of America.

 

(b)          Unless
the Agent shall otherwise consent in writing (which consent may be revoked at any time and from time to time), each Grantor shall deliver
to the Agent all the Collateral consisting of negotiable Documents, Chattel Paper and Instruments (other than checks received and processed
in the ordinary course), in each case, with an individual value in excess of $50,000,000, promptly after such Grantor receives the same,
but if any Event of Default has occurred and is continuing, each Grantor agrees to deliver to the Agent all such Collateral (regardless
of value) upon the Agent’s request.

 

    	 	7	 

     

    

 

(c)          Upon
obtaining an interest therein (subject to the time period specified in Section 7.17(a) or any comparable provision of the Credit
Agreement), unless waived by the Agent in writing (which waiver may be revoked at any time and from time to time), each Grantor shall
obtain control or blocked account agreements in form and substance reasonably satisfactory to the Agent (provided that such control or
blocked account agreements shall be deemed to be in form and substance reasonably satisfactory to the Agent if such control or blocked
account agreements are substantially consistent with any control or blocked account agreements in effect as of the date hereof) executed
and delivered by (i) each securities intermediary and commodities intermediary issuing or holding any financial assets or commodities
to or for such Grantor, except for securities and commodities accounts of the Grantors that are not Material Accounts, and (ii) each
depository bank at which such Grantor maintains a Material Account.

 

(d)          If
any Grantor is or becomes the beneficiary of a letter of credit with an individual face amount in excess of $50,000,000, other than a
letter of credit not constituting Supporting Obligations in respect of any Collateral pursuant to which such Grantor is required by applicable
law or contract to apply the proceeds of a drawing of such letter of credit for a specified purpose (other than a payment to a Grantor),
such Grantor shall promptly notify the Agent thereof and, upon the written request of the Agent, use its commercially reasonable efforts
to enter into a tri-party agreement with the Agent and the issuer and/or confirming bank with respect to Letter-of-Credit Rights, whereby
such Grantor assigns such Letter-of-Credit Rights to the Agent and directs all payments thereunder to the Payment Account, all in form
and substance reasonably satisfactory to the Agent.

 

(e)           Upon
the written request of the Agent, each Grantor shall take all commercially reasonable steps necessary to grant the Agent control of all
electronic chattel paper in accordance with the UCC or other applicable law and all “transferable records” as defined in
the Uniform Electronic Transactions Act.

 

(f)           Each
Grantor hereby irrevocably authorizes the Agent at any time and from time to time to file any UCC financing statements or amendments
thereto in the applicable office of the secretary of state (or similar central filing office) in the United States that (i) indicate
the Collateral (A) as all assets of such Grantor or words of similar effect, regardless of whether any particular asset comprised
in the Collateral falls within the scope of Article 9 of the UCC of the State of New York or such jurisdiction, or (B) as being
of an equal or lesser scope or with greater detail, and (ii) contain any other information required by part 5 of Article 9
of the UCC of the State of New York or such jurisdiction for the sufficiency or filing office acceptance of any UCC financing statement
or amendment, including where applicable whether such Grantor is an organization, the type of organization and any organization identification
number issued to such Grantor. Each Grantor agrees to furnish any such information to the Agent promptly upon request. Each Grantor also
ratifies its authorization for the Agent to have filed in the applicable office of the secretary of state (or similar central filing
office) in the United States any like UCC financing statements or amendments thereto if filed prior to the date hereof.

 

(g)          Each
Grantor shall promptly notify the Agent of any commercial tort claim (as defined in the UCC) with a value estimated in good faith by
the Company to be in excess of $50,000,000, initiated or acquired by it and unless otherwise consented by the Agent, such Grantor shall
enter into a supplement to this Agreement, granting to the Agent a Lien in such commercial tort claim.

 

    	 	8	 

     

    

 

(h)           Until
Full Payment of all Secured Obligations, the Agent’s Liens shall continue in full force and effect in all the Collateral (whether
or not deemed eligible for the purpose of calculating the Availability or as the basis for any advance, loan, extension of credit, or
other financial accommodation), provided that, the Agent agrees to release its Lien in any Collateral that is sold or disposed
of by a Grantor as permitted pursuant to the Credit Agreement subject to the satisfaction of any conditions to release (if any) set forth
in the Credit Agreement, including the continuance of the Agent’s Lien in any proceeds of such released Collateral.

 

(i)            Each
Grantor will give prompt written notice to the Agent of any change in its name, legal form or jurisdiction of organization (whether by
merger or otherwise) (and in any event, within 30 days of such change); provided that, promptly after receiving a written request
therefor from the Agent, such Grantor shall deliver to the Agent all additional financing statements and other documents reasonably necessary
or desirable to maintain the validity, perfection and priority of the security interests created hereunder and other documents reasonably
requested by the Agent to maintain the validity, perfection and priority of the security interests as and to the extent provided for
herein and upon receipt of such additional financing statements the Agent shall either promptly file such additional financing statements
or approve the filing of such additional financing statements by such Grantor. Upon any such approval such Grantor shall proceed with
the filing of the additional financing statements and deliver copies (or other evidence of filing) of the additional filed financing
statements to the Agent.

 

(j)            No
Grantor shall enter into any contract or agreement that restricts or prohibits the grant of a security interest in Accounts, Chattel
Paper, Leases, Instruments or Payment Intangibles or the proceeds of the foregoing to the Agent, except for any agreement permitted
pursuant to Section 8.8 of the Credit Agreement.

 

(k)            Each
Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to
any financing statement filed by the Agent without the prior written consent of the Agent and agrees that it will not do so without the
prior written consent of the Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC and to Section 23(f) hereof.

 

(l)            With
respect to any Security Collateral in which any Grantor has any right, title or interest and that constitutes an uncertificated security,
such Grantor shall, upon the written request of the Agent, to the extent the issuer thereof is a controlled Affiliate of the Grantor,
or otherwise use its commercially reasonable efforts to, cause the issuer thereof either (i) to register the Agent as the registered
owner of such security or (ii) to agree in an authenticated record with such Grantor and the Agent that such issuer will comply
with instructions with respect to such security originated by the Agent in accordance with this Agreement and the Credit Agreement without
further consent of such Grantor.

 

(m)           Each
Grantor agrees that it will pledge hereunder, promptly following its acquisition thereof, any and all additional Security Collateral
(subject to any limitations contained herein with respect thereto) and deliver to the Agent for the benefit of the Secured Parties, certificates
or instruments representing any such Security Collateral that constitutes certificated securities, accompanied by undated stock or bond
powers executed in blank.

 

    	 	9	 

     

    

 

Section 4.     [Reserved].

 

Section 5.     Jurisdiction
of Organization. Each Grantor represents and warrants to the Agent and the other Secured Parties that as of the date hereof: (a) Schedule II
hereto identifies (i) such Grantor’s name as of the date hereof as it appears in official filings in the state or other
jurisdiction of its incorporation or other organization, (ii) the type of entity of such Grantor (including corporation, partnership,
limited partnership or limited liability company), (iii) the organizational identification number issued by such Grantor’s
state, province or territory of incorporation or organization or a statement that no such number has been issued, and (iv) the jurisdiction
in which such Grantor is incorporated or organized; and (b) such Grantor has only one state, province or territory of incorporation
or organization.

 

Section 6.     Title
to, Liens on, and Sale and Use of Collateral. Each Grantor represents and warrants to the Agent and the other Secured Parties and
agrees with the Agent and the other Secured Parties that such Grantor has rights in and the power to transfer all of the Collateral
free and clear of all Liens whatsoever, except for Permitted Liens.

 

Section 7.     Access
and Examination. During the continuance of an Event of Default, the Agent may, without expense to the Agent, use such of each Grantor’s
respective personnel, supplies, and Real Estate as may be reasonably necessary for maintaining or enforcing the Agent’s Liens.
Subject to the terms of the Credit Agreement, during the continuance of an Event of Default, the Agent shall have the right, in the Agent’s
name or in the name of a nominee of the Agent, to verify the validity, amount or any other matter relating to the Accounts, Inventory,
Leases, or other Collateral, by mail, telephone, or otherwise.

 

Section 8.     [Reserved].

 

Section 9.     [Reserved].

 

Section 10.   Inventory;
Perpetual Inventory. Each Grantor represents and warrants to the Agent and the other Secured Parties and agrees with the Agent and
the other Secured Parties that all of the Inventory owned by such Grantor is and will be held for sale or lease in the ordinary course
of such Grantor’s business, and is and will be fit (ordinary wear and tear and casualty events excepted) for such purposes, except,
in each case, to the extent as would not reasonably be expected to result in a Material Adverse Effect.

 

Section 11.   Leases
and Other Chattel Paper. Each Grantor hereby represents and warrants to the Agent and the other Secured Parties and agrees with the
Agent and the other Secured Parties, with respect to such Grantor’s Leases, that (except, in each case, as would not be reasonably
expected to have a Material Adverse Effect): (i) each Lease represents a bona fide lease of equipment by such Grantor in the ordinary
course of such Grantor’s business; (ii) all amounts described as being payable by a lessee in any existing Lease are for a
liquidated amount payable by such lessee thereon on the terms set forth in such Lease, without any offset, deduction, defense, or counterclaim
except in the ordinary course of business; (iii) each copy of a Lease delivered to the Agent by such Grantor will be a genuine copy
of the original of such Lease; and (iv) (except in the case of Progress Billings) all equipment described in any Lease that has
been delivered to the Agent shall be or will have been delivered to and accepted by the lessee thereunder (subject to the terms of such
Lease).

 

    	 	10	 

     

    

 

Section 12.   Right
to Cure. The Agent may, in its reasonable discretion, and shall, at the direction of the Required Lenders, pay any amount or do any
act required of any Grantor hereunder or under any other Loan Document in order to preserve, protect, maintain or enforce the Secured
Obligations, any material portion of the Collateral or the Agent’s Liens therein, and which any Grantor fails to pay or do following
notice by the Agent to Grantors (unless an Event of Default has occurred or is continuing, or unless the Agent, acting reasonably, believes
exigent circumstances may exist, in which events, no such notice shall be required), including payment of any judgment against any Grantor,
any insurance premium, any warehouse charge, any finishing or processing charge, any landlord’s or bailee’s claim, and any
other Lien upon or with respect to the Collateral. Upon the occurrence and during the continuance of an Event of Default: (a) each
Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be filed all such further instruments and documents
and take all such actions as the Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Agent’s
Lien in the Collateral and the rights and remedies created hereby, including the payment of any fees and Taxes required in connection
with the execution and delivery of this Agreement, the granting of the Agent’s Lien and the filing of any UCC financing statements
(including fixture filings) or other documents in connection herewith or therewith, to the extent required hereunder or under the other
Loan Documents; and (b) the Agent may discharge past due Taxes, assessments, charges, fees, Liens, security interests or other encumbrances
at any time levied or placed on the Collateral and not permitted pursuant to Section 8.2 of the Credit Agreement, and may pay for
the maintenance and preservation of the Collateral to the extent any Grantor fails to do so as required by the Credit Agreement, this
Agreement or any other Loan Document. All payments that the Agent makes in accordance with this Section 12 and all documented
out-of-pocket costs and expenses that the Agent pays or incurs in connection with any action taken by it hereunder shall be charged as
a U.S. Revolving Loan, and the Agent agrees to notify the U.S. Borrowers thereof; provided that neither the Agent’s right
to make any such payments and charge the same as a U.S. Revolving Loan, nor the U.S. Borrowers’ obligation to repay any such U.S.
Revolving Loan, shall be conditioned in any way upon the Agent’s providing such notification. Any payment made or other action
taken by the Agent under this Section 12 shall be without prejudice to any right to assert an Event of Default hereunder
and to proceed thereafter as herein provided.

 

    	 	11	 

     

    

 

Section 13.   Power
of Attorney. Each Grantor hereby appoints the Agent and the Agent’s designee or bailee as such Grantor’s attorney, with
power exercisable upon the occurrence and during the continuance of an Event of Default: (a) to endorse such Grantor’s name
on any checks, notes, acceptances, money orders, or other forms of payment or security that come into the Agent’s or any of the
other Secured Parties’ possession; (b) to sign such Grantor’s name on any invoice, bill of lading, warehouse receipt
or other negotiable or non-negotiable Document constituting the Collateral, on drafts against customers, on assignments of Accounts,
on notices of assignment, financing statements and other public records and to file any such financing statements by electronic means
with or without a signature as authorized or required by applicable law or filing procedure; (c) to notify the post office authorities
to change the address for delivery of such Grantor’s mail to an address designated by the Agent and to receive, open and dispose
of all mail addressed to such Grantor; (d) in consultation with the Company (such consultation not to be required when a Specified
Default has occurred and is continuing) to send requests for verification of Accounts and Leases (other than Accounts and Leases subject
to any Securitization Transactions) to Account Debtors and lessees; (e) to complete in such Grantor’s name or the Agent’s
name, any order, sale, lease or transaction, obtain the necessary Documents in connection therewith, and collect the proceeds thereof;
(f) to clear Inventory through customs in such Grantor’s name, the Agent’s name or the name of the Agent’s designee
or bailee, and to sign and deliver to customs officials powers of attorney in such Grantor’s name for such purpose; (g) to
the extent that such Grantor’s authorization given in Section 3(f) of this Agreement is not sufficient, to file
such UCC financing statements as are required under this Agreement; and (h) to do all things necessary to carry out the Credit Agreement,
this Agreement and the other Loan Documents in accordance with the terms thereof. Each Grantor ratifies and approves all acts of such
attorney. This power, being coupled with an interest, is irrevocable until the Credit Agreement has been terminated and Full Payment
of the Obligations has occurred.

 

Section 14.   The
Agent’s and the Other Secured Parties’ Rights, Duties and Liabilities. (a) As between the Grantors and the Secured
Parties, each Grantor assumes all responsibility and liability arising from or relating to the use, sale, lease, license or other disposition
of the Collateral. None of the Secured Obligations shall be affected by any failure of the Agent or any of the other Secured Parties
to take any steps to perfect the Agent’s Liens or to collect or realize upon the Collateral, nor shall loss of or damage to the
Collateral release any Grantor from any of the Secured Obligations. Following the occurrence and during the continuation of an Event
of Default, the Agent may (but shall not be required to), and at the direction of the Required Lenders shall, without notice to (except
as required under the Credit Agreement or under any applicable law) or consent from any Grantor, sue upon or otherwise collect, extend
the time for payment of, modify or amend the terms of, compromise or settle for cash, credit, or otherwise upon any terms, grant other
indulgences, extensions, renewals, compositions, or releases, and take or omit to take any other action with respect to the Collateral,
any security therefor, any agreement relating thereto, any insurance applicable thereto, or any Person liable directly or indirectly
in connection with any of the foregoing, without discharging or otherwise affecting the liability of Grantors for the Secured Obligations,
or any other agreement now or hereafter existing between any of the Secured Parties and any Grantor.

 

(b)           It
is expressly agreed by each Grantor that, anything herein to the contrary notwithstanding, such Grantor shall remain liable under each
Lease and each of its other contracts, agreements and licenses to observe and perform all the conditions and obligations to be observed
and performed by it thereunder. Neither the Agent nor any of the other Secured Parties shall have any obligation or liability under any
Lease, contract, agreement or license by reason of or arising out of this Agreement or the granting herein of a Lien thereon or the receipt
by the Agent or any of the other Secured Parties of any payment relating to any Lease, contract, agreement or license pursuant hereto.
Neither the Agent nor any of the other Secured Parties shall be required or obligated in any manner to perform or fulfill any of the
obligations of any Grantor under or pursuant to any Lease, contract, agreement or license, or to make any payment, or to make any inquiry
as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any Lease,
contract, agreement or license, or to present or file any claims, or to take any action to collect or enforce any performance or the
payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

 

    	 	12	 

     

    

 

(c)            With
respect to Accounts and Leases, in each case not subject to any Securitization Transaction or Like-Kind Exchange, the Agent may, at any
time after an Event of Default shall have occurred and be continuing (or if any rights of set-off (other than set-offs against an Account
arising under the contract giving rise to the same Account) or contra accounts may be asserted with respect to the following), without
prior notice to any Grantor, notify Account Debtors, parties to Leases and other Persons obligated on the Collateral that the Agent has
a security interest therein, and that payments shall be made directly to the Agent, for the benefit of the Secured Parties. Upon the
request of the Agent, each Grantor shall so notify Account Debtors and other Persons obligated on such Collateral. Once any such notice
has been given to any Account Debtor or other Person obligated on such Collateral and while any Event of Default exists and is continuing,
no Grantor shall give any contrary instructions to such Account Debtor or other Person without the Agent’s prior written consent.

 

Section 15.   Patent,
Trademark and Copyright Collateral. (a) Each Grantor represents and warrants to the Agent and the other Secured Parties that
(i) as of the date hereof, such Grantor does not have any ownership interest in, or title to, any material issued or applied-for
U.S. patents, registered or applied-for U.S. trademarks or registered U.S. copyrights (collectively, “Registered Intellectual
Property”) except as set forth in Schedule III hereto, and (ii) this Agreement, together with the filing of
the financing statements referred to in Section 3(f) of this Agreement, the recording of the U.S. Intellectual Property
Security Agreement with the USPTO and the USCO, and subsequent filings for any hereafter acquired Registered Intellectual Property are,
to the extent that a valid, perfected and continuing Lien in patents, trademarks and copyrights, as applicable, can be created upon filing
and recording documents of such type and nature, effective to create valid, perfected, first priority (subject to Permitted Liens) and
continuing Liens in favor of the Agent on such material Registered Intellectual Property.

 

(b)            Each
Grantor shall notify the Agent within a reasonable amount of time if it knows that any application or registration relating to any material
Registered Intellectual Property (now or hereafter existing) owned or licensed by such Grantor will become abandoned or dedicated, or
of any material and adverse determination or development (including the institution of, or any such determination or development in,
any proceeding in the USPTO, the USCO, or any court) regarding such Grantor’s ownership of any material Registered Intellectual
Property, its right to register the same, or to keep and maintain the same.

 

(c)            If,
before Full Payment of the Obligations, any Grantor shall obtain ownership of any additional Registered Intellectual Property (except
to the extent any application for a trademark is excluded from the definition of “Collateral” under subclause (e) of
Section 2 of this Agreement or otherwise is an Excluded Asset), with respect to goods sold in such Grantor’s business,
the Agent shall have a Lien in, and the provisions of Section 2 shall automatically apply to, such Registered Intellectual
Property, and such Grantor shall give to the Agent written notice of such ownership at the time of delivery of the annual financial statements
pursuant to Section 7.2(a) of the Credit Agreement and the related Compliance Certificate pursuant to Section 7.2(d) (the
 “Annual Compliance Certificate”) (or such later date as the Agent may agree) in which such Grantor obtains ownership
of such patent, trademark, or copyright. This Section 15(c) shall not apply to any Collateral which are owned by others
and licensed to any Grantor.

 

    	 	13	 

     

    

 

(d)            Each
Grantor authorizes the Agent to modify this Agreement by amending Schedule III to include any additional Registered Intellectual
Property (other than any “intent-to-use” United States of America based trademark or service mark application, until such
time that a statement of use has been filed with the USPTO for such application) owned by such Grantor that is Collateral and not included
in Schedule III at the time of delivery of the Annual Compliance Certificate (or such later date as the Agent may agree).
The Agent shall provide notice to the Grantors of any amendment or modification to be effected pursuant to this Section 15(d).

 

(e)            At
the time of delivery of the Annual Compliance Certificate (or such later date as the Agent may agree), each Grantor shall sign and deliver
to the Agent for filing or recordation with the USPTO or USCO one or more intellectual property security agreements, or supplements or
amendments thereto, with respect to any Registered Intellectual Property (other than any “intent-to-use” United States of
America based trademark or service mark application, until such time that a statement of use has been filed with the USPTO for such application)
acquired after the date hereof and which is Collateral, solely to the extent that such Collateral is not covered by any previous intellectual
property security agreement or supplement or amendment thereto so signed and delivered by it.

 

(f)            Each
Grantor shall take all commercially reasonable actions to maintain and protect each item of Registered Intellectual Property that is
material to the business of the Company, taken as a whole, unless such Grantor shall determine that such item of Registered Intellectual
Property is not material to the conduct of its business.

 

(g)            In
the event that any Grantor has knowledge of any material Registered Intellectual Property constituting Collateral being infringed upon
or diluted by a third party, such Grantor shall, to the extent such Grantor deems commercially reasonable, take actions to protect such
material Registered Intellectual Property.

 

Section 16.   Voting
Rights; Dividends; Etc.

 

(a)            So
long as no Event of Default shall have occurred and be continuing, each Grantor (i) shall be entitled to exercise any and all voting
and other consensual rights pertaining to the Security Collateral of such Grantor or any part thereof for any purpose; provided,
however, that such Grantor will not exercise or refrain from exercising any such right if such action would have a material adverse
effect on the rights and remedies of the Agent or the other Secured Parties under this Agreement or any other Loan Document and (ii) shall
be entitled to receive and retain any and all dividends, interest and other distributions paid in respect of the Security Collateral
of such Grantor if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Loan Documents; provided
that such Grantor shall deliver and pledge to the Agent any such dividends or distributions that would constitute Pledged Equity
to the extent required hereunder.

 

    	 	14	 

     

    

 

(b)            Upon
the occurrence and during the continuance of an Event of Default, all rights of each Grantor (i) to exercise or refrain from exercising
the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 16(a)(i) shall,
upon written notice to such Grantor by the Agent, cease and (ii) to receive the dividends, interest and other distributions that
it would otherwise be authorized to receive and retain pursuant to Section 16(a)(ii) shall automatically cease, and
all such rights shall thereupon become vested in the Agent, which shall thereupon have the sole right to exercise or refrain from exercising
such voting and other consensual rights and to receive and hold as Security Collateral such dividends, interest and other distributions.

 

Section 17.   Indemnification.
In any suit, proceeding or action brought by the Agent or any of the other Secured Parties relating to any Collateral for any sum owing
with respect thereto or to enforce any rights or claims with respect thereto, each Grantor jointly and severally agrees to save, indemnify
and keep the Agent and the other Secured Parties harmless from and against all expense (including reasonable and documented attorneys’
fees and expenses), loss or damage suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever
of the Account Debtor or other Person obligated on the Collateral, arising out of a breach by any Grantor of any obligation thereunder
or arising out of any other agreement, indebtedness or liability at any time owing to, or in favor of, such obligor or its successors
from any Grantor, except in the case of the Agent or any of the other Secured Parties, to the extent such expense, loss, or damage is
attributable to the gross negligence, bad faith or willful misconduct of the Agent or such other Secured Party. All such obligations
of Grantors shall be and remain enforceable against and only against Grantors and shall not be enforceable against the Agent or any of
the other Secured Parties.

 

Section 18.   Limitation
on Liens on Collateral. Each Grantor shall, at its own expense, take any and all commercially reasonable actions necessary (a) to
defend title to the Collateral owned by it against all Persons claiming an interest therein (other than with respect to Permitted Liens)
that is adverse to the interests hereunder of the Agent or other Secured Party, except with respect to Collateral that such Grantor determines
in its reasonable business judgment is immaterial or no longer necessary to the conduct of the business, taken as a whole, and (b) to
defend the Security Interest of the Agent in the Collateral and the priority thereof against any Lien that is not a Permitted Lien.

 

Section 19.   Extensions.
The Agent may grant extensions of time for the creation and perfection of security interests in, or obtaining a delivery of documents
or other deliverables with respect to, particular assets of any Grantor where it determines that (i) such action cannot be accomplished
without undue effort or expense by the time or times at which it would otherwise be required to be accomplished by this Agreement or
any other Security Documents or (ii) such an extension is otherwise reasonably appropriate.

 

    	 	15	 

     

    

 

Section 20.   Remedies;
Rights Upon Default. (a) In addition to all other rights and remedies granted to it under this Agreement, the Credit Agreement,
the other Loan Documents and under any other instrument or agreement securing, evidencing or relating to any of the Secured Obligations
or pursuant to any other applicable law, if any Event of Default shall have occurred and be continuing, the Agent may exercise all rights
and remedies of a secured party under the UCC. Without limiting the generality of the foregoing, each Grantor expressly agrees that,
if any Event of Default shall have occurred and be continuing, the Agent, without demand of performance or other demand, advertisement
or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any
other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by
the UCC and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help,
without judicial process, without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity
for a hearing on the Agent’s claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral,
or any part thereof, and may forthwith sell, lease, license, assign, give an option or options to purchase, or sell or otherwise dispose
of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels at a public or private sale or sales,
at any exchange at such prices as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit
risk. If any Collateral is sold on terms other than payment in full at the time of sale, no credit shall be given against the Obligations
until the Agent or the other Secured Parties receive payment, and if the buyer defaults in payment, the Agent may resell the Collateral
without further notice to any Grantor. The Agent or any of the other Secured Parties 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 for the benefit of the Agent and the other
Secured Parties, the whole or any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption
each Grantor hereby releases. Such sales may be adjourned and continued from time to time with or without notice. The Agent shall have
the right to conduct such sales on premises of any Grantor or elsewhere and shall have the right to use any Grantor’s premises
without charge for such time or times as the Agent deems necessary or advisable.

 

(b)            Each
Grantor further agrees, at the Agent’s request following the occurrence and during the continuance of an Event of Default, to assemble
the Collateral and make it available to the Agent at a place or places designated by the Agent which are reasonably convenient to the
Agent and such Grantor, whether at such Grantor’s premises or elsewhere. Until the Agent is able to effect a sale, lease, or other
disposition of the Collateral, the Agent shall have the right to hold or use the Collateral, or any part thereof, to the extent that
it deems appropriate for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate by the Agent.
The Agent shall have no obligation to any Grantor to maintain or preserve the rights of such Grantor as against third parties with respect
to the Collateral while the Collateral is in the possession of the Agent or marshal any Collateral for the benefit of any Person. In
the event the Agent seeks to take possession of all or any portion of the Collateral by judicial process, each Grantor irrevocably waives
(i) any demand for possession prior to the commencement of any suit or action to recover the Collateral and (ii) any requirement
that the Agent retain possession and not dispose of any Collateral until after trial or final judgment. The Agent may, if it so elects,
seek the appointment of a receiver or keeper to take possession of the Collateral and to enforce any of the Agent’s remedies (for
the benefit of the Agent and the other Secured Parties), with respect to such appointment without prior notice or hearing as to such
appointment. The Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale to
the Secured Obligations first to all expenses of collection, recovery, receipt, appropriation, realization or sale, including reasonable
attorneys’ fees, and then as provided in the Credit Agreement, and only after so paying over such net proceeds, and after the payment
by the Agent of any other amount required by any provision of law, need the Agent account for the surplus, if any, to the applicable
Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims, damages, and demands against the Agent or
any of the other Secured Parties arising out of the repossession, retention or sale of the Collateral except such as arise solely out
of the gross negligence, bad faith or willful misconduct of the Agent or such Secured Party as finally determined by a court of competent
jurisdiction. Each Grantor agrees that 10 days’ prior notice by the Agent of the time and place of any public sale or of the
time after which a private sale may take place is reasonable notification of such matters. Each Grantor shall remain liable, jointly
and severally with the other Grantors, for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient
to pay all Secured Obligations, including any attorneys’ fees or other expenses (to the extent provided for herein or in the Credit
Agreement) incurred by the Agent or any of the other Secured Parties to collect such deficiency.

 

    	 	16	 

     

    

 

(c)            Except
as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent
permitted by applicable law) of any kind in connection with this Agreement or any Collateral.

 

(d)            To
the extent that applicable law imposes duties on the Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges
and agrees that it is not commercially unreasonable for the Agent (i) to fail to incur expenses reasonably deemed significant by
the Agent to prepare the Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other
finished products for disposition, (ii) to fail to obtain third party consents for access to the Collateral to be disposed of, or
to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition
of the Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other
Persons obligated on the Collateral or to remove Liens on or any adverse claims against the Collateral, (iv) to exercise collection
remedies against Account Debtors and other Persons obligated on the Collateral directly or through the use of collection agencies and
other collection specialists, (v) to advertise dispositions of the Collateral through publications or media of general circulation,
whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as
any Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional
auctioneers to assist in the disposition of the Collateral, whether or not the Collateral is of a specialized nature, (viii) to
dispose of the Collateral by utilizing Internet sites that provide for the auction of assets of the types included in the Collateral
or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale
rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase
insurance or credit enhancements to insure the Agent against risks of loss, collection or disposition of the Collateral or to provide
to the Agent a guaranteed return from the collection or disposition of the Collateral, (xii) to dispose of Leases, Inventory
and related Collateral in one or more portfolio sales or in individual sale transactions, or (xiii) to the extent deemed appropriate
by the Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Agent in
the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 20(d) is
to provide non-exhaustive indications of what actions or omissions by the Agent would not be commercially unreasonable in the Agent’s
exercise of remedies against the Collateral and that other actions or omissions by the Agent shall not be deemed commercially unreasonable
solely on account of not being indicated in this Section 20(d). Without limitation upon the foregoing, nothing contained
in this Section 20(d) shall be construed to grant any rights to any Grantor or to impose any duties on the Agent that
would not have been granted or imposed by this Agreement or by applicable law in the absence of this Section 20(d).

 

    	 	17	 

     

    

 

Section 21.    Grant
of License to Use Proprietary Rights. Solely for the purpose of enabling the Agent to exercise rights and remedies under Section 20
hereof (including, without limiting the terms of Section 20 hereof, in order to take possession of, hold, preserve, process,
assemble, prepare for sale, market for sale, sell or otherwise dispose of the Collateral), effective solely upon the occurrence and during
the continuance of an Event of Default and exercisable at such time as the Agent shall be otherwise lawfully entitled to exercise such
rights and remedies, each Grantor hereby grants to the Agent, to the extent such Grantor has the right to grant such right or access
without additional payment or obligation, for the benefit of the Secured Parties, a nonexclusive license (exercisable without payment
of royalty or other compensation to such Grantor) to use, license or sublicense any Proprietary Rights 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. Solely with respect
to Proprietary Rights in or to trademarks or service marks and trade dress, the license granted under this Section 21 shall
be made subject to reasonable quality control obligations reasonably required to maintain the validity and enforceability of such trademarks,
service marks or trade dress, as applicable.

 

Section 22.    Limitation
on the Agent’s and the Other Secured Parties’ Duty in Respect of Collateral. The Agent and each other Secured Party shall
use reasonable care with respect to the Collateral in its possession or under its control. Neither the Agent nor any of the other Secured
Parties shall have any other duty as to any Collateral in its possession or control or in the possession or control of the Agent or nominee
of the Agent or such other Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other
rights pertaining thereto.

 

Section 23.    Miscellaneous.

 

(a)            Reinstatement.
This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor
for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors
or should a receiver or trustee be appointed for all or any significant part of such Grantor’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.

 

    18 

     

    

 

(b)            Notices.
Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties
desires to give and serve upon any other party any communication with respect to this Agreement, each such notice, demand, request, consent,
approval, declaration or other communication shall be in writing and shall be given in the manner, and deemed received, as provided for
in the Credit Agreement.

 

(c)            Severability.
Whenever possible, each provision of this Agreement shall be interpreted in a manner as to be effective and valid under applicable law,
but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to
the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this
Agreement. This Agreement is to be read, construed and applied together with the Credit Agreement and the other Loan Documents which,
taken together, set forth the complete understanding and agreement of the Agent, the other Secured Parties and Grantors with respect
to the matters referred to herein and therein; provided that, in the event of any conflict between the terms of this Agreement
and the Credit Agreement, the terms of the Credit Agreement shall govern.

 

(d)            No
Waiver; Cumulative Remedies; Amendments and Additional Grantors.

 

(i)             Neither
the Agent nor any of the other Secured Parties shall by any act, delay, omission or otherwise be deemed to have waived any of its rights
or remedies hereunder, and no waiver shall be valid unless in writing, signed by the Agent and then only to the extent therein set forth.
A waiver by the Agent of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which
the Agent would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising, on the part of the Agent
or any of the other Secured Parties, any right, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies hereunder provided are cumulative and may be exercised singly or concurrently, and
are not exclusive of any rights and remedies provided by law.

 

(ii)            Except
as otherwise expressly specified herein, none of the terms or provisions of this Agreement may be waived, altered, modified or amended
except by an instrument in writing, duly executed by the Agent and Grantors. Upon the execution and delivery by any Person of a security
agreement supplement in substantially the form of Exhibit A hereto (each a “Security Agreement Supplement”),
such Person shall be referred to as an “Additional Grantor” and shall be and become a Grantor hereunder, and each
reference in this Agreement and the other Loan Documents to “Grantor” shall also mean and be a reference to such Additional
Grantor, each reference in this Agreement and the other Loan Documents to the “Collateral” shall also mean and be
a reference to the Collateral granted by such Additional Grantor and each reference in this Agreement to a Schedule shall also mean and
be a reference to the schedules attached to such Security Agreement Supplement.

 

    19 

     

    

 

(e)            Limitation
by Law. All rights, remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof
does not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable
mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Agreement
invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable
law.

 

(f)             Termination
of this Agreement; Releases.

 

(i)             Subject
to Section 23(a) hereof, this Agreement and all security interests and Liens granted hereby shall automatically terminate
and be released upon Full Payment of the Obligations.

 

(ii)            The
Agent shall release, subject to the satisfaction of all conditions to release (if any) set forth in the Credit Agreement, including the
continuance of the applicable Agent’s Lien in any proceeds of released Collateral, any such Agent’s Liens upon any applicable
Collateral pursuant to the terms of Section 13.11 of the Credit Agreement.

 

(iii)            Upon
any Collateral being or becoming an Excluded Asset, the Lien created hereby on such Collateral shall automatically terminate and be released
without further actions by any Person. In connection therewith, the Agent, at the request and sole expense of the applicable Grantor,
shall promptly execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable to evidence such
termination and release in accordance with Section 13.11 of the Credit Agreement.

 

(g)            Successors
and Assigns. This Agreement and all obligations of each Grantor hereunder shall be binding upon and inure to the benefit of the successors
and assigns of such Grantor (including any debtor-in-possession on behalf of such Grantor) and shall, together with the rights, remedies
and obligations of the Agent hereunder, inure to the benefit of and be binding upon the Secured Parties, all future holders of any instrument
evidencing any of the Secured Obligations and their respective successors and assigns. No sales of participations, other sales, assignments,
transfers or other dispositions of any agreement governing or instrument evidencing the Secured Obligations or any portion thereof or
interest therein shall in any manner affect the Lien granted to the Agent, for the benefit of the Secured Parties, hereunder. Except
as expressly permitted by the terms of the Credit Agreement, no Grantor may assign, sell, hypothecate or otherwise transfer any interest
in or obligation under this Agreement.

 

(h)            Counterparts.
This Agreement may be executed in any number of counterparts, and by the Agent and each of the Grantors hereto in separate counterparts,
each of which shall be an original, but all of which shall together constitute one and the same agreement; signature pages may be
detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached
to the same document. This Agreement may be executed by facsimile or other electronic communication and the effectiveness of this Agreement
and signatures thereon shall have the same force and effect as manually signed originals and shall be binding on all parties thereto.
The Agent may require that any such documents and signatures be confirmed by a manually signed original thereof, provided that
the failure to request or deliver the same shall not limit the effectiveness of any facsimile signature. The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to this Agreement shall
be deemed to include electronic signatures, contract formations on electronic platforms approved by the Agent, or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other
similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to
the contrary the Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly
agreed to by the Agent pursuant to procedures approved by it.

 

    20 

     

    

 

(i)             Governing
Law.

 

(i)            THIS
AGREEMENT SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK; PROVIDED, THAT TO THE EXTENT THE LAWS OF ANY JURISDICTION OTHER THAN NEW YORK SHALL GOVERN IN REGARD TO THE VALIDITY,
PERFECTION OR EFFECT OF PERFECTION OF ANY LIEN OR IN REGARD TO PROCEDURAL MATTERS AFFECTING ENFORCEMENT OF ANY LIENS ON COLLATERAL, SUCH
LAWS OF SUCH OTHER JURISDICTIONS SHALL CONTINUE TO APPLY TO THAT EXTENT.

 

(ii)            ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF
NEW YORK OR OF THE UNITED STATES OF AMERICA LOCATED IN NEW YORK COUNTY, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE
GRANTORS AND THE AGENT CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF
THE GRANTORS AND THE AGENT IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS
OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN
RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. NOTWITHSTANDING THE FOREGOING: (x) THE AGENT SHALL HAVE THE RIGHT TO BRING
ANY ACTION OR PROCEEDING AGAINST ANY GRANTOR OR ANY PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION THE AGENT DEEMS NECESSARY OR APPROPRIATE
IN ORDER TO REALIZE ON THE COLLATERAL OR OTHER SECURITY FOR THE SECURED OBLIGATIONS AND (y) EACH OF THE PARTIES HERETO ACKNOWLEDGES
THAT ANY APPEALS FROM THE COURTS DESCRIBED IN THE IMMEDIATELY PRECEDING SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE
THOSE JURISDICTIONS.

 

    21 

     

    

 

(iii)            SECTIONS
5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK SHALL APPLY TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.
EACH GRANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE
MADE BY REGISTERED MAIL (RETURN RECEIPT REQUESTED) DIRECTED TO THE COMPANY AT ITS ADDRESS SET FORTH IN SECTION 14.8 OF THE CREDIT
AGREEMENT AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN SO DEPOSITED IN THE U.S. MAILS
POSTAGE PREPAID. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF THE AGENT TO SERVE LEGAL PROCESS BY ANY OTHER MANNER PERMITTED BY
LAW.

 

(j)            Waiver
of Jury Trial. THE GRANTORS AND THE AGENT EACH IRREVOCABLY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY
AGENT-RELATED PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE GRANTORS AND THE
AGENT EACH AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING,
THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS Section 23(j) AS
TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF
THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

 

(k)            Intercreditor
Agreements. REFERENCE IS HEREBY MADE TO EACH APPLICABLE INTERCREDITOR AGREEMENT. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY,
THE EXERCISE OF ANY RIGHT OR REMEDY HEREUNDER IS SUBJECT TO THE LIMITATIONS AND PROVISIONS OF ANY APPLICABLE INTERCREDITOR AGREEMENT.
IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF ANY APPLICABLE INTERCREDITOR AGREEMENT AND THE TERMS OF THIS AGREEMENT, THE TERMS OF
SUCH APPLICABLE INTERCREDITOR AGREEMENT SHALL GOVERN. THE AGENT, FOR ITSELF AND ON BEHALF OF EACH OF THE SECURED PARTIES, HEREBY AGREES
THAT ANY PROVISION OF THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING, NO GRANTOR SHALL BE REQUIRED TO ACT OR REFRAIN FROM ACTING IN A
MANNER THAT IS INCONSISTENT WITH THE TERMS AND PROVISIONS OF SUCH APPLICABLE INTERCREDITOR AGREEMENT. WITHOUT LIMITATION OF THE FOREGOING
AND IN ANY EVENT, NO GRANTOR SHALL BE REQUIRED TO TAKE ANY ACTION HEREUNDER IF TAKING OF SUCH ACTION (I) WOULD BE INCONSISTENT WITH
THE TERMS OF SUCH APPLICABLE INTERCREDITOR AGREEMENT OR (II) WOULD IMPAIR THE ABILITY OF THE AGENT TO PERFECT OR ENFORCE ITS INTEREST
IN ANY COLLATERAL OR TO OBTAIN POSSESSION OR CONTROL (WITHIN THE MEANING OF THE UCC) OF ANY COLLATERAL IN ORDER TO ASSURE THE LIEN THEREIN
OF THE AGENT OR THE SECURED PARTIES AGAINST ANY OTHER PERSON.

 

    22 

     

    

 

(l)             Section Titles.
The Section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and
are not a part of the agreement between the parties hereto.

 

(m)            No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event
an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of
this Agreement.

 

(n)            Advice
of Counsel. Each of the parties represents to each other party hereto that it has discussed this Agreement and, specifically, the
provisions of Section 23(i) and Section 23(j), with its counsel.

 

(o)            Benefit
of the Secured Parties. All Liens granted or contemplated hereby shall be for the benefit of the Secured Parties, and all proceeds
or payments realized from the Collateral in accordance herewith shall be applied to the Secured Obligations in accordance with the terms
of the Credit Agreement and the other Loan Documents.

  

Section 24.    Amendment
and Restatement. On the date hereof, the Existing Security Agreement is hereby amended, restated and superseded in its entirety by
this Agreement. The parties hereto acknowledge and agree that (i) this Agreement and the other Loan Documents executed and delivered
in connection herewith do not constitute a novation, payment and reborrowing, or termination of the “Obligations” (as defined
under the Existing Credit Agreement) or the “Secured Obligations” (as defined under the Existing Security Agreement) or any
of the other Loan Documents; (ii) such “Obligations” and “Secured Obligations” are in all respects continuing
(as amended and restated on the date hereof); and (iii) the security interests, Lien and pledge granted under the Existing Security
Agreement and the other Loan Documents are in all respects continuing and in full force and effect and are hereby fully ratified and
affirmed in favor of the Agent, for the benefit of the Secured Parties. Without limiting the foregoing, each of the Grantors hereby fully
and unconditionally ratifies and affirms this Agreement and agrees that all security interests, Liens and pledges granted hereunder and
under the Existing Security Agreement shall from and after the date hereof secure all Secured Obligations hereunder and under the other
Loan Documents.

 

[Remainder of page intentionally left blank]

 

    23 

     

    

 

IN WITNESS WHEREOF, each of
the parties hereto has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth
above.

 

	 	GRANTORS:
	 	 
	 	 
	 	UNITED RENTALS, INC.
	 	 
	 	 
	 	By:	/s/ Irene Moshouris
	 	 	Name: 	Irene Moshouris
	 	 	Title: 	Senior Vice President, Treasurer
	 	 
	 	UNITED RENTALS
    (NORTH AMERICA), INC.
	 	 
	 	 
	 	By:	/s/ Irene Moshouris
	 	 	Name: 	Irene Moshouris
	 	 	Title:	Senior Vice President, Treasurer
	 	 
	 	UNITED RENTALS
    (DELAWARE), INC.
	 	 
	 	 
	 	By:	/s/ Irene Moshouris
	 	 	Name: 	Irene Moshouris
	 	 	Title:	Vice President, Treasurer
	 	 
	 	UNITED RENTALS
    HIGHWAY TECHNOLOGIES GULF, LLC
	 	 
	 	 
	 	By:	/s/ Irene Moshouris
	 	 	Name: 	Irene Moshouris
	 	 	Title:	Vice President, Treasurer
	 	 
	 	UNITED RENTALS
    REALTY, LLC
	 	 
	 	 
	 	By:	/s/ Irene Moshouris
	 	 	Name: 	Irene Moshouris
	 	 	Title:	Vice President, Treasurer

 

[SIGNATURE PAGE TO FOURTH AMENDED AND RESTATED
U.S. SECURITY AGREEMENT]

 

    

     

    

 

	 	AGENT:
	 	 
	 	 
	 	BANK OF AMERICA,
    N.A., as Agent
	 	 
	 	 
	 	By:	/s/ Cynthia G Stannard
	 	 	Name:	Cynthia G Stannard
	 	 	Title:	Sr. Vice President

 

[SIGNATURE PAGE TO FOURTH
AMENDED AND RESTATED U.S. SECURITY AGREEMENT]

 

    

     

    

 

SCHEDULE I

to

THIRD AMENDED AND RESTATED U.S. SECURITY AGREEMENT

 

PLEDGED EQUITY AND PLEDGED DEBT

 

PART I

 

Issued and Outstanding Stock

 

Partnership and Membership Interests

 

PART II

 

Pledged Debt

 

    

     

    

 

SCHEDULE II

to

THIRD AMENDED AND RESTATED U.S. SECURITY AGREEMENT

 

JURISDICTIONS OF ORGANIZATION

 

	Grantor	State/Province
    of 

Organization	Type
    of Entity	Organizational
    I.D.
	 	 	 	 

 

    

     

    

 

SCHEDULE III

to

THIRD AMENDED AND RESTATED U.S. SECURITY AGREEMENT

 

PATENTS, TRADEMARKS AND COPYRIGHTS

 

Patents:

 

	Grantor	Country	Title	Application

    or Patent

    No.	Filing
    Date	Issue
    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

 

Trademarks:

 

	Grantor	Country	Trademark	Application
    or 

    Registration No.	Filing
    Date	Registration
    

    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

 

Copyrights:

 

	Grantor	Country	Copyright	Registration
    No.	Filing
    Date	Registration
    

    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

 

    

     

    

 

Exhibit A to the

Security Agreement

 

FORM OF SECURITY AGREEMENT SUPPLEMENT

 

[Date of Security Agreement Supplement]

 

To: Bank of America, N.A., as Agent

 

Ladies and Gentlemen:

 

Reference is made to (i) Fourth
Amended and Restated Credit Agreement, dated as of June 30, 2022 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Credit Agreement”), among United Rentals, Inc., a Delaware corporation
(“Holdings”), United Rentals (North America), Inc., a Delaware corporation (the “Company”),
United Rentals of Canada, Inc., a corporation amalgamated under the laws of the Province of Ontario, the other Borrowers from time
to time party thereto, the Guarantors, the Lenders from time to time party thereto, and Bank of America, N.A., as Agent and (ii) the
Fourth Amended and Restated Security Agreement dated as of June 30, 2022 (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Security Agreement”) made by the Grantors from time to time party thereto
in favor of the Agent for the benefit of the Secured Parties. Capitalized terms used but not otherwise defined herein are used herein
as defined in the Credit Agreement or the Security Agreement, as applicable.

 

SECTION 1.      Grant of
Lien. (a) As security for the due and prompt payment and performance when due (whether at the stated maturity, by acceleration
or otherwise) by the undersigned of all of its present and future Obligations, the undersigned hereby grants to the Agent, its successors
and assigns, for the ratable benefit of the Secured Parties, a security interest (the “Security Interest”) in and
continuing lien on all of the undersigned’s right, title and interest in or to any and all of the following properties and assets
of the undersigned and all powers and rights of the undersigned in all of the following (including the power to transfer rights in the
following), whether now owned or existing or at any time hereafter acquired or arising, regardless of where located (collectively, the
 “Collateral”):

 

(i)             all
Accounts;

 

(ii)            all
Inventory, including all Rental Equipment;

 

(iii)           all
leases of Inventory, Equipment and other Goods (whether or not in the form of a lease agreement), including all Leases;

 

(iv)           all
documentation evidencing rights in any Inventory or Equipment, including all certificates, certificates of title, manufacturer’s
statements of origin, and other collateral instruments;

 

    A - 1

     

    

 

(v)           all
contract rights, including contract rights in respect of any Like-Kind Exchange;

 

(vi)          all
Chattel Paper;

 

(vii)         all
Documents;

 

(viii)        all
Instruments;

 

(ix)           all
Supporting Obligations and Letter-of-Credit Rights;

 

(x)            all
General Intangibles (including Payment Intangibles and Software);

 

(xi)           all
Goods;

 

(xii)          all
Equipment;

 

(xiii)         all
Investment Property, including the Security Collateral of the undersigned;

 

(xiv)         all
money, cash, cash equivalents, securities and other property of any kind of the undersigned held directly or indirectly by the Agent,
any Lender, the Collateral Agent (as defined in the Notes Security Agreement), the Agent (as defined in the TLB Security Agreement),
any Lender (as defined in the TLB Credit Agreement), any Second Lien Agent (as defined in the Notes Security Agreement) or any of their
Affiliates;

 

(xv)          all
of the undersigned’s Material Accounts, credits, and balances with and other claims against the Agent, any Lender, the Collateral
Agent (as defined in the Notes Security Agreement), the Agent (as defined in the TLB Security Agreement), any Lender (as defined in the
TLB Credit Agreement), any Second Lien Agent (as defined in the Notes Security Agreement) or any of their Affiliates or any other financial
institution with which the undersigned maintains deposits, including all Payment Accounts;

 

(xvi)         all
books, records and other property related to or referring to any of the foregoing, including books, records, account ledgers, data processing
records, computer software and other property; and

 

(xvii)        all
accessions to, substitutions for and replacements, products and proceeds of any of the foregoing, including, but not limited to, proceeds
of any insurance policies, claims against third parties, and condemnation or requisition payments with respect to all or any of the foregoing;

 

provided,
however, the “Collateral” shall not include any asset that is an Excluded Asset.

 

Subject to any limitations set forth in the Security Agreement, all
of the Secured Obligations of the undersigned shall be secured by all of the Collateral of the undersigned and any other property of
the undersigned that secures any of the Secured Obligations.

 

    A - 2

     

    

 

SECTION 2.      Representations
and Warranties. (a)  The undersigned represents and warrants to the Agent and the other Secured Parties that as of the date
hereof: (i) Schedule I hereto identifies (A) the undersigned’s name as of the date hereof as it appears in official filings
in the state or other jurisdiction of its incorporation or other organization, (B) the type of entity of the undersigned (including
corporation, partnership, limited partnership or limited liability company), (C) the organizational identification number issued
by the undersigned’s state, province or territory of incorporation or organization or a statement that no such number has been
issued, and (D) the jurisdiction in which the undersigned is incorporated or organized; and (ii) the undersigned has only one
state, province or territory of incorporation or organization.

 

(b)            The
undersigned hereby makes each other representation and warranty set forth in the Security Agreement with respect to itself and the Collateral
owned by it. The undersigned hereby represents and warrants to the Agent and the other Secured Parties that the attached Schedule II
contains all information with respect to itself and the Collateral owned by it that is required to be set forth in Schedule II to the
Security Agreement with respect to the Grantors and their Collateral and Schedule III contains all information with respect to itself
and the Security Collateral owned by it that is required to be set forth in Schedule I to the Security Agreement with respect to the
Grantors and their Security Collateral.

 

(c)            The
undersigned hereby makes each representation and warranty set forth in the Credit Agreement that is made with respect to any U.S. Obligor.

 

SECTION 3.      Obligations
Under the Security Agreement. The undersigned hereby agrees, as of the date first above written, to be bound as a Grantor by all
of the terms and provisions of the Security Agreement to the same extent as each of the other Grantors. The undersigned further agrees,
as of the date first above written, that each reference in the Security Agreement to an “Additional Grantor” or a “Grantor”
shall also mean and be a reference to the undersigned, that each reference to the “Collateral” or any part thereof shall
also mean and be a reference to the undersigned’s Collateral or part thereof, as the case may be, and that each reference in the
Security Agreement to a Schedule shall also mean and be a reference to the schedules attached hereto.

 

SECTION 4.      Obligations
under the Credit Agreement. The undersigned hereby agrees, as of the date first above written, to be bound as an Obligor, Secured
Obligor, U.S. Obligor, Guarantor and U.S. Guarantor by all of the terms and provisions of the Credit Agreement to the same extent as
though the undersigned were a party to the Credit Agreement in each such capacity from and after the date hereof. The undersigned further
agrees, as of the date first above written, that each reference in the Credit Agreement to an “Obligor”, “Secured Obligor”
or a “U.S. Obligor” or a “Guarantor” or “U.S. Guarantor” shall also mean and be a reference to the
undersigned.

 

SECTION 5.      Governing
Law. This Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

    A - 3

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF ADDITIONAL
    GRANTOR]
	 	 
	 	By	 
	 	 	Title:	 
	 	 
	 	 	 	Address for notices: 
	 	 	 	 
	 	 	 	 
	 	 	 	 	 

 

 

    A - 4

     

    

 

SCHEDULE I

to

SECURITY AGREEMENT SUPPLEMENT

 

JURISDICTIONS OF ORGANIZATION

 

	Grantor	State/Province
    of

    Organization	Type
    of Entity	Organizational
    I.D.
	 	 	 	 

 

    A - 5

     

    

 

SCHEDULE II

to

SECURITY AGREEMENT SUPPLEMENT

 

PATENTS, TRADEMARKS AND COPYRIGHTS

 

Patents:

 

	Grantor	Country	Title	Application

    or Patent 

    No.	Filing
    Date	Issue
    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

 

Trademarks:

 

	Grantor	Country	Trademark	Application
    or 

    Registration No.	Filing
    Date	Registration

    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

 

Copyrights:

 

	Grantor	Country	Copyright	Registration
    No.	Filing
    Date	Registration
    

    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

    A - 6

     

    

 

SCHEDULE III

to

SECURITY AGREEMENT SUPPLEMENT

 

PLEDGED EQUITY AND PLEDGED DEBT

 

PART I

 

Issued and Outstanding Stock

 

Partnership and Membership Interests

 

PART II

 

Pledged Debt

 

    A - 7Exhibit 10.3

 

 

Execution Version

CONFIDENTIAL

 

 

FOURTH AMENDED AND RESTATED

CANADIAN SECURITY AGREEMENT

 

dated as of June 30, 2022

 

among

 

UNITED RENTALS OF CANADA, INC.,

as a Grantor,

 

and

 

BANK OF AMERICA, N.A.,

as Agent

 

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	Section 1.	Defined Terms	2
	 	 	 
	Section 2.	Grant of Lien	3
	 	 	 
	Section 3.	Perfection and Protection of Security Interest	7
	 	 	 
	Section 4.	[Reserved]	10
	 	 	 
	Section 5.	Jurisdiction of Organization	10
	 	 	 
	Section 6.	Title to, Liens on, and Sale and Use of Collateral	10
	 	 	 
	Section 7.	Access and Examination	10
	 	 	 
	Section 8.	[Reserved]	10
	 	 	 
	Section 9.	[Reserved]	10
	 	 	 
	Section 10.	Inventory; Perpetual Inventory	10
	 	 	 
	Section 11.	Leases and Other Chattel Paper	10
	 	 	 
	Section 12.	Right to Cure	11
	 	 	 
	Section 13.	Power of Attorney	11
	 	 	 
	Section 14.	The Agent’s and the Other Secured Parties’ Rights, Duties and Liabilities	12
	 	 	 
	Section 15.	Patent, Industrial Designs, Trademark and Copyright Collateral	13
	 	 	 
	Section 16.	Voting Rights; Dividends; Etc.	14
	 	 	 
	Section 17.	Indemnification	15
	 	 	 
	Section 18.	Limitation on Liens on Collateral	15
	 	 	 
	Section 19.	Extensions	15
	 	 	 
	Section 20.	Remedies; Rights Upon Default	16
	 	 	 
	Section 21.	Grant of License to Use Proprietary Rights	18

 

     

     

    

 

	Section 22.	Limitation on the Agent’s and the Other Secured Parties’ Duty in Respect of Collateral	18
	 	 	 
	Section 23.	Miscellaneous	19
	 	 	 
	Section 24.	Amendment and Restatement	23

 

	Schedules	 	 
	 	 	 
	Schedule I	 	Pledged Equity and Pledged Debt
	 	 	 
	Schedule II	-	Jurisdictions of Organization
	 	 	 
	Schedule III	-	Patents, Industrial Designs, Trademarks and Copyrights
	 	 	 
	Exhibits	 	 
	 	 	 
	Exhibit A	-	Security Agreement Supplement

 

     

     

    

 

FOURTH AMENDED AND RESTATED CANADIAN SECURITY
AGREEMENT

 

This Fourth Amended and Restated
Canadian Security Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),
is dated as of June 30, 2022, among UNITED RENTALS OF CANADA, INC., a company amalgamated under the laws of the Province of
Ontario (the “Company”), and each Additional Grantor (as defined in Section 23(d)(ii) below) (each
such Additional Grantor, together with the Company, the “Grantors”), and BANK OF AMERICA, N.A., as Agent (the “Agent”).

 

W I T N E S S E T H :

 

WHEREAS, United Rentals, Inc.,
United Rentals (North America), Inc., certain of their Subsidiaries, the Company, the Agent and the lenders party thereto are party
to a credit agreement dated as of June 9, 2008, as amended and restated as of October 14, 2011 and as further amended and restated
as of March 31, 2015 and February 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified prior
to the date hereof, the “Existing Credit Agreement”);

 

WHEREAS, as of the date hereof,
the Existing Credit Agreement is being amended and restated, without constituting a novation, pursuant to the Fourth Amended and Restated
Credit Agreement, dated as of even date herewith (as amended, restated, amended and restated, supplemented or otherwise modified from
time to time, including any such amendment, restatement, amendment and restatement, supplement or other modification that extends the
maturity of, restructures, refunds, refinances or increases any Indebtedness under such agreement (in whole or in part), the “Credit
Agreement”), among, United Rentals, Inc., United Rentals (North America), Inc., the Company, the other Borrowers party
thereto, the Guarantors, Bank of America, N.A., as Agent, and the lenders party thereto;

 

WHEREAS, in connection with
the Existing Credit Agreement, the Company (and certain other grantors party thereto) entered into a Canadian Security Agreement, dated
as of June 9, 2008, as amended and restated as of October 14, 2011 and as further amended and restated as of March 31,
2015 and February 15, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified in writing prior to the
date hereof, the “Existing Security Agreement”);

 

WHEREAS, in order to induce
the Agent and the Lenders to amend and restate the Existing Credit Agreement by the entering into of the Credit Agreement, to induce the
Lenders to maintain and make loans and issue letters of credit as provided for in the Credit Agreement, and to induce the Lenders and
their Affiliates to provide certain Bank Products, each Grantor is entering into this Agreement in favour of the Agent, and pursuant hereto
is granting to the Agent, for the benefit of the Secured Parties, a security interest in and lien upon such Grantor’s Collateral
(as defined below) to secure such Grantor’s Secured Obligations (as defined below);

 

WHEREAS, each Grantor is the
owner of the shares of stock or other equity interests (the “Initial Pledged Equity”) set forth opposite such Grantor’s
name on and as otherwise described in Schedule I hereto and issued by the Persons named therein and of the indebtedness (the
 “Initial Pledged Debt”) set forth opposite such Grantor’s name on and as otherwise described in Part II
of Schedule I hereto and issued by the obligors named therein;

 

    	 	1	 

     

    

 

WHEREAS, it is a condition precedent
to the amendment and restatement of the Existing Credit Agreement by the entering into of the Credit Agreement, the Agent and Lenders’
willingness to maintain and make loans and extend other financial accommodations under the Credit Agreement and the provision of certain
Bank Products by the Lenders or their Affiliates that each Grantor grant to the Agent, for the benefit of the Secured Parties, a security
interest in and lien upon all of the Collateral of such Grantor to secure such Grantor’s Secured Obligations; and

 

WHEREAS, in consideration for,
among other things, the amendment and restatement of the Existing Credit Agreement by the execution and delivery of the Credit Agreement
by the Agent and the Lenders, and to secure the full and prompt payment and performance of all of the Secured Obligations, each Grantor
agrees to grant to the Agent, for the benefit of the Secured Parties, a security interest in the Collateral, in order to ensure and secure
the prompt payment and performance of the Secured Obligations.

 

NOW, THEREFORE, in consideration
of the promises and mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree that the Existing Security Agreement shall be amended and restated as follows:

 

Section 1.           Defined
Terms. (a) Except as set out in Section 1(b), all capitalized terms used but not otherwise defined herein have the meanings
given to them in the Credit Agreement. All other undefined terms contained in this Agreement, unless the context indicates otherwise,
have the meanings provided for by the PPSA or the Securities Transfer Act, 2006 (Ontario) (or, to the extent applicable, similar
legislation of any other jurisdiction, as amended from time to time, collectively, the “STA”), as applicable, to the
extent the same are used or defined therein. All references to any asset described in the definition of the term “Collateral”,
or to any proceeds thereof, shall be deemed to be references thereto except to the extent such asset is an Excluded Asset.

 

(b)            As
used herein, the following terms have the following meanings:

 

“Letter of
Credit Rights” shall mean all rights to payment or performance under a letter of credit, whether or not the beneficiary has
demanded or is at the relevant time entitled to demand payment or performance.

 

“Payment
Intangible” shall mean a General Intangible under which the Account Debtor's principal obligation is a monetary obligation.

 

“Software"
shall mean a computer program and any supporting information provided in connection with a transaction relating to the program.

 

    	 	2	 

     

    

 

“Supporting
Obligations” shall mean all Letter-of-Credit-Rights or secondary obligations that support the payment or performance of an
Account, Chattel Paper, Document, General Intangible, Instrument, or Investment Property.

 

Section 2.           Grant
of Lien. (a)  As security for the due and prompt payment and performance when due (whether at the stated maturity, by acceleration
or otherwise) by each Grantor of all of its present and future Canadian Obligations (such Obligations, as to any Grantor, being the “Secured
Obligations” of such Grantor), each Grantor hereby grants to the Agent, its successors and assigns, for the ratable benefit
of the applicable Secured Parties, a security interest (the “Security Interest”) in and continuing lien on all of
such Grantor’s right, title and interest in or to any and all of the personal property, assets and undertakings of such Grantor
and all powers and rights of such Grantor in all of the following (including the power to transfer rights in the following), whether
now owned or existing or at any time hereafter acquired or arising, regardless of where located (collectively, the “Collateral”):

 

(i)             all
Accounts;

 

(ii)           all
Inventory, including all Rental Equipment;

 

(iii)          all
leases of Inventory, Equipment and other Goods (whether or not in the form of a lease agreement), including all Leases;

 

(iv)          all
documentation evidencing rights in any Inventory or Equipment, including all certificates and other collateral instruments;

 

(v)           all
contract rights, including contract rights in respect of any Like-Kind Exchange;

 

(vi)          all
Chattel Paper;

 

(vii)         all
Documents;

 

(viii)        all
Instruments;

 

(ix)           all
Supporting Obligations and Letter-of-Credit Rights;

 

(x)            all
General Intangibles (including Payment Intangibles and Software);

 

(xi)           all
Goods (excluding “Consumer Goods” as such term is defined in the PPSA);

 

(xii)         all
Equipment;

 

(xiii)        all
Investment Property, including the following (the “Security Collateral”):

 

(A)           the
Initial Pledged Equity and the certificates, if any, representing the Initial Pledged Equity, and all dividends, distributions, return
of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange
for any or all of the Initial Pledged Equity and all subscription warrants, rights or options issued thereon or with respect thereto;

 

    	 	3	 

     

    

 

(B)           all
additional shares of stock and other equity interests of or in any issuer of the Initial Pledged Equity, any successor entity or any other
entity from time to time organized, created or acquired by such Grantor in any manner (such equity interests, together with the Initial
Pledged Equity, being the “Pledged Equity”), and the certificates, if any, representing such additional shares or other
equity interests, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all of such shares or other equity interests and all subscription
warrants, rights or options issued thereon or with respect thereto;

 

(C)           the
Initial Pledged Debt and the instruments, if any, evidencing the Initial Pledged Debt, and all interest, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Debt;
and

 

(D)           all
additional indebtedness from time to time owed to such Grantor (such indebtedness, together with the Initial Pledged Debt, being the “Pledged
Debt”) and the instruments, if any, evidencing such indebtedness, and all interest, cash, instruments and other property from
time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness;

 

(xiv)         all
money, cash, cash equivalents, securities and other property of any kind of such Grantor held directly or indirectly by the Agent or any
Lender or any of their Affiliates;

 

(xv)          all
of such Grantor’s Material Accounts, credits and balances with and other claims against the Agent or any Lender or any of their
Affiliates or any other financial institution with which such Grantor maintains deposits, including all Payment Accounts;

 

(xvi)         all
books, records and other property related to or referring to any of the foregoing, including books, records, account ledgers, data processing
records, computer software and other property; and

 

(xvii)        all
accessions to, substitutions for and replacements, products and proceeds of any of the foregoing, including, but not limited to, proceeds
of any insurance policies, claims against third parties and condemnation or requisition payments with respect to all or any of the foregoing;

 

    	 	4	 

     

    

 

provided, however, the “Collateral” shall
not include the following (collectively, the “Excluded Assets”):

 

(b)            any
rights, titles or interests of a Grantor in any instrument, permit, General Intangible, Lease, license or agreement to which such Grantor
is a party (other than any of the foregoing with or by any other Grantor or any Subsidiary or other controlled Affiliate of a Grantor)
or any of its right, title or interest thereunder to the extent, but only to the extent, that a grant of a security interest therein to
the Agent would, under the terms of such instrument, permit, General Intangible, Lease, license or agreement, result in a breach of the
terms of, or constitute a default under, or result in the abandonment, invalidation or unenforceability of or create a right of termination
in favour of or require the consent (which has not been obtained or waived) of any other party under, such instrument, permit, General
Intangible, Lease, license or agreement; provided that the foregoing exclusion shall not be construed to apply to the extent any
such term is ineffective or unenforceable under the Uniform Commercial Code (as in effect from time to time in the applicable jurisdiction,
the “UCC”) (including Sections 9-406, 9-407, 9-408 or 9-409), the comparable provisions of the PPSA, or any other applicable
law so that no breach, default, abandonment, invalidity or unenforceability would occur;

 

(c)            any
asset to the extent the granting of a security interest therein to the Agent is prohibited by applicable law or would require the consent,
approval, license or authorization of any Governmental Authority or, except with respect to any Rental Equipment, Merchandise and Consumables
Inventory, any proceeds of any of the foregoing, any Material Accounts into which any such proceeds are deposited, or any books or records
related to any of the foregoing, other third party (except a Grantor or any Subsidiary or other controlled Affiliate of a Grantor) that
has not been obtained or waived; provided that the foregoing exclusion shall not be construed to apply to the extent any such prohibition
or requirement for consent, approval, license or authorization is ineffective or unenforceable under the UCC (including Sections 9-406,
9-407, 9-408 or 9-409), the comparable provisions of the PPSA, or any other applicable law;

 

(d)            [Reserved.]

 

(e)            [Reserved.]

 

(f)            any
property that is subject to a Lien securing purchase money obligations, Capital Lease Obligations or sale/leaseback Indebtedness permitted
under the Credit Agreement pursuant to documents that prohibit such Grantor from granting any other Liens in such property, and such prohibition
has not been or is not waived or the consent of the other party to such contract has not been or is not otherwise obtained or under Requirements
of Law such prohibition cannot be waived, and only for so long as such Indebtedness remains outstanding;

 

(g)            (i) any
assets subject to a Securitization Transaction or (ii) Accounts, Leases, contractual rights or any other assets subject to any Like-Kind
Exchange;

 

    	 	5	 

     

    

 

(h)            (i) the
equity interests, and any certificates or instruments in respect thereof, in any unlimited liability company organized under the laws
of Nova Scotia, (ii) equity interests in Immaterial Subsidiaries and (iii) equity interests in Unrestricted Subsidiaries, provided
that for each of clauses (ii)-(iii), such equity interests will only be Excluded Assets to the extent such equity interests do not constitute
 “Collateral” (or words of like import) securing Indebtedness or other obligations incurred under Section 8.1(c) of
the Credit Agreement and are not otherwise subject to any Liens incurred under Section 8.2(c) of the Credit Agreement, provided
further, that if such equity interests cease to constitute “Collateral” (or words of like import) in respect of any Indebtedness
incurred under Section 8.1(c) of the Credit Agreement automatically upon their ceasing to constitute Collateral under the Credit
Agreement, then those such equity interests would still constitute Excluded Assets;

 

(i)             the
equity interests, and any certificates or instruments in respect thereof, in any joint venture or non-wholly owned Subsidiary, the governing
agreements of which prohibit the pledge or other granting of security over equity interests in such Subsidiary and such prohibition has
not been or is not waived or the consent of the other party to such contract has not been or is not otherwise obtained or under Requirements
of Law such prohibition cannot be waived;

 

(j)             any
real property or any fee interest or leasehold interest in real property, including fixtures affixed or attached thereto;

 

(k)            any
Titled Goods (other than Merchandise and Consumables Inventory and Rental Equipment);

 

(l)             any
Letter-of-Credit Rights not constituting Supporting Obligations in respect of any Collateral, to the extent any of the Grantors is required
by applicable law or contract to apply the proceeds of a drawing of such letter of credit for a specified purpose (other than a payment
to a Grantor);

 

(m)           any
right, title or interest in or to any copyrights, copyright licenses, patents, patent applications, patent licenses, trade secrets, trade
secret licenses, trademarks, service marks, trademark and service mark applications, trade names, trade dress, trademark licenses, technology,
know-how and processes or any other intellectual property, in each case, governed by or arising or existing under, pursuant to or by virtue
of the laws of any jurisdiction other than the United States of America or any state thereof or Canada; and

 

(n)            any
asset with respect to which the Agent and the Company have reasonably agreed that the cost, tax consequences or any legal or regulatory
consequences of creating and/or perfecting a security interest therein is excessive in relation to the benefit to the Secured Parties
of the security to be afforded thereby, or where the Agent and the Company have otherwise agreed that such assets need not be included
as Collateral.

 

    	 	6	 

     

    

 

Subject to any limitations set forth herein, all
of the Secured Obligations of any Grantor shall be secured by all of the Collateral of such Grantor and any other property of such Grantor
that secures any such Secured Obligations.

 

Each Grantor acknowledges that (i) value has been given, (ii) it
has rights in the Collateral (other than after-acquired Collateral), and (iii) it has not agreed to postpone the time for attachment
of the security interest granted hereunder.

 

Section 3.           Perfection
and Protection of Security Interest.

 

(a)            Except as explicitly
set forth herein or in the Credit Agreement, each Grantor shall, at its expense, perform all steps reasonably requested in writing by
the Agent to perfect, maintain or protect the Agent’s Liens, including: (i) executing and filing financing or continuation
statements, and amendments thereof; (ii) executing, delivering and/or filing and recording in all appropriate offices any intellectual
property security agreements (to the extent required under the Credit Agreement or any other Loan Documents to which such Grantor is
a party); (iii) [reserved]; (iv) when a Specified Default has occurred and is continuing, at the reasonable request of the
Agent, transferring Inventory to warehouses or other locations designated by the Agent; (v) when an Event of Default has occurred
and is continuing, placing notations on such Grantor’s books of account to disclose the Agent’s Liens; (vi) taking such
other steps reasonably requested by the Agent to maintain and protect the Agent’s Liens in the Collateral; and (vii) in the
case of the Security Collateral, (A) if any Pledged Debt shall be evidenced by a promissory note or other instrument with an individual
amount in excess of $50,000,000, deliver and pledge to the Agent such note or instrument duly indorsed and accompanied by duly executed
instruments of transfer or assignment, all in form and substance reasonably satisfactory to the Agent and (B) deliver and pledge
to the Agent, for the benefit of the Secured Parties, certificates representing Pledged Equity that constitutes certificated securities,
accompanied by undated stock powers executed in blank; provided that notwithstanding any other provision of this Agreement, none
of the Grantors will be required to (I) take any action in any jurisdiction other than Canada (including any province or territory
thereof) or the United States of America (including any state thereof), or required by the laws of any such other jurisdiction, or enter
into any security agreement or pledge agreement governed by the laws of any such other jurisdiction, in order to either create any security
interests (or other Liens) in assets located or titled outside of Canada (including any province or territory thereof) and the United
States of America (including any state thereof) or to perfect any security interests (or other Liens) in any non-Canadian or non-U.S.
Collateral, (II) deliver landlord lien waivers, estoppels or collateral access letters, (III) file any fixture filing with
respect to any security interest in fixtures affixed to or attached to any real property or (IV) take any action to perfect any
Liens in any intellectual property created, registered or applied-for in any jurisdiction other than Canada and the United States of
America.

 

(b)            Unless
the Agent shall otherwise consent in writing (which consent may be revoked at any time and from time to time), each Grantor shall deliver
to the Agent all the Collateral consisting of negotiable Documents, Chattel Paper and Instruments (other than cheques received and processed
in the ordinary course), in each case, with an individual value in excess of $50,000,000, promptly after such Grantor receives the same,
and shall do everything reasonably requested by the Agent to ensure that the Agent obtains “Control” (as such term is defined
in the STA) of said documents and rights, but if any Event of Default has occurred and is continuing, each Grantor agrees to deliver to
the Agent all such Collateral (regardless of value) upon the Agent’s request.

 

    	 	7	 

     

    

 

(c)            Upon
obtaining an interest therein (subject to the time period specified in Section 7.17(a) or any comparable provision of the Credit
Agreement), unless waived by the Agent in writing (which waiver may be revoked at any time and from time to time), each Grantor shall
obtain control or blocked account agreements in form and substance reasonably satisfactory to the Agent (provided that such control or
blocked account agreements shall be deemed to be in form and substance reasonably satisfactory to the Agent if such control or blocked
account agreements are substantially consistent with any control or blocked account agreements in effect as of the date hereof) executed
and delivered by (i) each securities intermediary, futures intermediary, and commodities intermediary issuing or holding any financial
assets, futures or commodities to or for such Grantor, except for securities, futures and commodities accounts of the Grantors that are
not Material Accounts, and (ii) each depository bank at which such Grantor maintains a Material Account.

 

(d)            If
any Grantor is or becomes the beneficiary of a letter of credit with an individual face amount in excess of $50,000,000, other than a
letter of credit not constituting Supporting Obligations in respect of any Collateral pursuant to which such Grantor is required by applicable
law or contract to apply the proceeds of a drawing of such letter of credit for a specified purpose (other than a payment to a Grantor),
such Grantor shall promptly notify the Agent thereof and, upon the written request of the Agent, use its commercially reasonable efforts
to enter into a tri-party agreement with the Agent and the issuer and/or confirming bank with respect to Letter-of-Credit Rights, whereby
such Grantor assigns such Letter-of-Credit Rights to the Agent and directs all payments thereunder to the Payment Account, all in form
and substance reasonably satisfactory to the Agent.

 

(e)            [Reserved.]

 

(f)             Each
Grantor hereby irrevocably authorizes the Agent at any time and from time to time to file in any PPSA, UCC, Quebec Civil Code (“CCQ”)
or other applicable filing office any financing statements or amendments thereto that (i) indicate the Collateral (A) as all
assets of such Grantor or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within
the scope of the PPSA, the CCQ or the personal property security legislation of any other jurisdiction, or (B) as being of an equal
or lesser scope or with greater detail, and (ii) contain any other information required by such jurisdiction for the sufficiency
or filing office acceptance of any financing statement or amendment, including where applicable whether such Grantor is an organization,
the type of organization and any organization identification number issued to such Grantor. Each Grantor agrees to furnish any such information
to the Agent promptly upon request. Each Grantor also ratifies its authorization for the Agent to have filed in any UCC, PPSA, CCQ or
other applicable filing office any like financing statements or amendments thereto if filed prior to the date hereof.

 

(g)            [Reserved.]

 

    	 	8	 

     

    

 

 

(h)            Until
Full Payment of all Secured Obligations, the Agent’s Liens shall continue in full force and effect in all the Collateral (whether
or not deemed eligible for the purpose of calculating the Availability or as the basis for any advance, loan, extension of credit, or
other financial accommodation), provided that, the Agent agrees to release its Lien in any Collateral that is sold or disposed
of by a Grantor as permitted pursuant to the Credit Agreement subject to the satisfaction of any conditions to release (if any) set forth
in the Credit Agreement, including the continuance of the Agent’s Lien in any proceeds of such released Collateral.

 

(i)            Each
Grantor will give prompt written notice to the Agent of any change in its name, legal form or jurisdiction of organization (whether by
merger, amalgamation or otherwise) (and in any event, within 30 days of such change); provided that, promptly after receiving a
written request therefor from the Agent, such Grantor shall deliver to the Agent all additional financing statements and other documents
reasonably necessary or desirable to maintain the validity, perfection and priority of the security interests created hereunder and other
documents reasonably requested by the Agent to maintain the validity, perfection and priority of the security interests as and to the
extent provided for herein and upon receipt of such additional financing statements the Agent shall either promptly file such additional
financing statements or approve the filing of such additional financing statements by such Grantor. Upon any such approval such Grantor
shall proceed with the filing of the additional financing statements and deliver copies (or other evidence of filing) of the additional
filed financing statements to the Agent.

 

(j)            No
Grantor shall enter into any contract or agreement that restricts or prohibits the grant of a security interest in Accounts, Chattel Paper,
Leases, Instruments or Payment Intangible or the proceeds of the foregoing to the Agent, except for any agreement permitted pursuant
to Section 8.8 of the Credit Agreement.

 

(k)            Each
Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement or financing change
statement with respect to any financing statement filed by or in favour of the Agent without the prior written consent of the Agent and
agrees that it will not do so without the prior written consent of the Agent, subject to such Grantor’s rights under Section 23(f) hereof.

 

(l)            With
respect to any Security Collateral in which any Grantor has any right, title or interest and that constitutes an uncertificated security,
such Grantor shall, upon written request to the Agent, to the extent the issuer thereof is a controlled Affiliate of the Grantor, or otherwise
use its commercially reasonable efforts to, cause the issuer thereof either (i) to register the Agent as the registered owner of
such security or (ii) to agree in an authenticated record with such Grantor and the Agent that such issuer will comply with instructions
with respect to such security originated by the Agent in accordance with this Agreement and the Credit Agreement without further consent
of such Grantor.

 

(m)            Each
Grantor agrees that it will pledge hereunder, promptly following its acquisition thereof, any and all additional Security Collateral (subject
to any limitations contained herein with respect thereto) and deliver to the Agent for the benefit of the Secured Parties, certificates
or instruments representing any such Security Collateral that constitutes certificated securities, accompanied by undated stock or bond
powers executed in blank.

 

    	 	9	 

     

    

 

Section 4.    [Reserved].

 

Section 5.    Jurisdiction
of Organization. Each Grantor represents and warrants to the Agent and the other Secured Parties that as of the date hereof: (a) Schedule I
hereto identifies (i) such Grantor’s name as of the date hereof as it appears in official filings in the province, territory
or other jurisdiction of its incorporation or other organization, (ii) the type of entity of such Grantor (including corporation,
partnership, limited partnership, unlimited liability corporation or limited liability company), (iii) the organizational identification
number issued by such Grantor’s jurisdiction of incorporation or organization or a statement that no such number has been issued,
and (iv) the jurisdiction in which such Grantor is incorporated or organized; and (b) such Grantor has only one jurisdiction
of incorporation or organization.

 

Section 6.    Title
to, Liens on, and Sale and Use of Collateral. Each Grantor represents and warrants to the Agent and the other Secured Parties and
agrees with the Agent and the other Secured Parties that such Grantor has rights in and the power to transfer all of the Collateral
free and clear of all Liens whatsoever, except for Permitted Liens.

 

Section 7.    Access
and Examination. During the continuance of an Event of Default, the Agent may, without expense to the Agent, use such of each Grantor’s
respective personnel, supplies, and Real Estate as may be reasonably necessary for maintaining or enforcing the Agent’s Liens. Subject
to the terms of the Credit Agreement, during the continuance of an Event of Default, the Agent shall have the right, in the Agent’s
name or in the name of a nominee of the Agent, to verify the validity, amount or any other matter relating to the Accounts, Inventory,
Leases, or other Collateral, by mail, telephone, or otherwise.

 

Section 8.    [Reserved].

 

Section 9.    [Reserved].

 

Section 10.    Inventory;
Perpetual Inventory. Each Grantor represents and warrants to the Agent and the other Secured Parties and agrees with the Agent and
the other Secured Parties that all of the Inventory owned by such Grantor is and will be held for sale or lease in the ordinary course
of such Grantor’s business, and is and will be fit (ordinary wear and tear and casualty events excepted) for such purposes, except,
in each case, to the extent as would not reasonably be expected to result in a Material Adverse Effect.

 

Section 11.    Leases
and Other Chattel Paper. Each Grantor hereby represents and warrants to the Agent and the other Secured Parties and agrees with the
Agent and the other Secured Parties, with respect to such Grantor’s Leases, that (except, in each case, as would not be reasonably
expected to have a Material Adverse Effect): (i) each Lease represents a bona fide lease of equipment by such Grantor in the ordinary
course of such Grantor’s business; (ii) all amounts described as being payable by a lessee in any existing Lease are for a
liquidated amount payable by such lessee thereon on the terms set forth in such Lease, without any offset, deduction, defense, or counterclaim
except in the ordinary course of business; (iii) each copy of a Lease delivered to the Agent by such Grantor will be a genuine copy
of the original of such Lease; and (iv) (except in the case of Progress Billings) all equipment described in any Lease that has been
delivered to the Agent shall be or will have been delivered to and accepted by the lessee thereunder (subject to the terms of such Lease).

 

    	 	10	 

     

    

 

Section 12.    Right
to Cure. The Agent may, in its reasonable discretion, and shall, at the direction of the Required Lenders, pay any amount or do any
act required of any Grantor hereunder or under any other Loan Document in order to preserve, protect, maintain or enforce the Secured
Obligations, any material portion of the Collateral or the Agent’s Liens therein, and which any Grantor fails to pay or do following
notice by the Agent to Grantors (unless an Event of Default has occurred or is continuing, or unless the Agent, acting reasonably, believes
exigent circumstances may exist, in which events, no such notice shall be required), including payment of any judgment against any Grantor,
any insurance premium, any warehouse charge, any finishing or processing charge, any landlord’s or bailee’s claim, and any
other Lien upon or with respect to the Collateral. Upon the occurrence and during the continuance of an Event of Default: (a) each
Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be filed all such further instruments and documents
and take all such actions as the Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Agent’s
Lien in the Collateral and the rights and remedies created hereby, including the payment of any fees and Taxes required in connection
with the execution and delivery of this Agreement, the granting of the Agent’s Lien and the filing of any PPSA financing statements
(including fixture filings) or other documents in connection herewith or therewith, to the extent required hereunder or under the other
Loan Documents; and (b) the Agent may discharge past due Taxes, assessments, charges, fees, Liens, security interests or other encumbrances
at any time levied or placed on the Collateral and not permitted pursuant to Section 8.2 of the Credit Agreement, and may pay for
the maintenance and preservation of the Collateral to the extent any Grantor fails to do so as required by the Credit Agreement, this
Agreement or any other Loan Document. All payments that the Agent makes in accordance with this Section 12 and all documented
out-of-pocket costs and expenses that the Agent pays or incurs in connection with any action taken by it hereunder shall be charged as
a Canadian Revolving Loan, and the Agent agrees to notify the Company thereof; provided that neither the Agent’s right to
make any such payments and charge the same as a Canadian Revolving Loan, nor the Canadian Borrowers’ obligation to repay any such
Canadian Revolving Loan, shall be conditioned in any way upon the Agent’s providing such notification. Any payment made or other
action taken by the Agent under this Section 12 shall be without prejudice to any right to assert an Event of Default hereunder
and to proceed thereafter as herein provided.

 

Section 13.    Power
of Attorney. Each Grantor hereby appoints the Agent and the Agent’s designee or bailee as such Grantor’s attorney, with
power exercisable upon the occurrence and during the continuance of an Event of Default: (a) to endorse such Grantor’s name
on any cheques, notes, acceptances, money orders, or other forms of payment or security that come into the Agent’s or any of the
other Secured Parties’ possession; (b) to sign such Grantor’s name on any invoice, bill of lading, warehouse receipt
or other negotiable or non-negotiable Document constituting the Collateral, on drafts against customers, on assignments of Accounts, on
notices of assignment, financing statements and other public records and to file any such financing statements by electronic means with
or without a signature as authorized or required by applicable law or filing procedure; (c) to notify the post office authorities
to change the address for delivery of such Grantor’s mail to an address designated by the Agent and to receive, open and dispose
of all mail addressed to such Grantor; (d) in consultation with the Company (such consultation not to be required when a Specified
Default has occurred and is continuing) to send requests for verification of Accounts and Leases (other than Accounts and Leases subject
to any Securitization Transactions) to Account Debtors and lessees; (e) to complete in such Grantor’s name or the Agent’s
name, any order, sale, lease or transaction, obtain the necessary Documents in connection therewith, and collect the proceeds thereof;
(f) to clear Inventory through customs in such Grantor’s name, the Agent’s name or the name of the Agent’s designee
or bailee, and to sign and deliver to customs officials powers of attorney in such Grantor’s name for such purpose; (g) to
the extent that such Grantor’s authorization given in Section 3(d) of this Agreement is not sufficient, to file
such PPSA financing statements as are required under this Agreement; and (h) to do all things necessary to carry out the Credit Agreement,
this Agreement and the other Loan Documents in accordance with the terms thereof. Each Grantor ratifies and approves all acts of such
attorney. This power, being coupled with an interest, is irrevocable until the Credit Agreement has been terminated and Full Payment of
the Obligations has occurred.

 

    	 	11	 

     

    

 

Section 14.    The
Agent’s and the Other Secured Parties’ Rights, Duties and Liabilities. (a) As between the Grantors and the Secured
Parties, each Grantor assumes all responsibility and liability arising from or relating to the use, sale, lease, license or other disposition
of the Collateral. None of the Secured Obligations shall be affected by any failure of the Agent or any of the other Secured Parties to
take any steps to perfect the Agent’s Liens or to collect or realize upon the Collateral, nor shall loss of or damage to the Collateral
release any Grantor from any of the Secured Obligations. Following the occurrence and during the continuation of an Event of Default,
the Agent may (but shall not be required to), and at the direction of the Required Lenders shall, without notice to (except as required
under the Credit Agreement or under any applicable law) or consent from any Grantor, sue upon or otherwise collect, extend the time for
payment of, modify or amend the terms of, compromise or settle for cash, credit, or otherwise upon any terms, grant other indulgences,
extensions, renewals, compositions, or releases, and take or omit to take any other action with respect to the Collateral, any security
therefor, any agreement relating thereto, any insurance applicable thereto, or any Person liable directly or indirectly in connection
with any of the foregoing, without discharging or otherwise affecting the liability of Grantors for the Secured Obligations, or any other
agreement now or hereafter existing between any of the Secured Parties and any Grantor.

 

(b)            It
is expressly agreed by each Grantor that, anything herein to the contrary notwithstanding, such Grantor shall remain liable under each
Lease and each of its other contracts, agreements and licenses to observe and perform all the conditions and obligations to be observed
and performed by it thereunder. Neither the Agent nor any of the other Secured Parties shall have any obligation or liability under any
Lease, contract, agreement or license by reason of or arising out of this Agreement or the granting herein of a Lien thereon or the receipt
by the Agent or any of the other Secured Parties of any payment relating to any Lease, contract, agreement or license pursuant hereto.
Neither the Agent nor any of the other Secured Parties shall be required or obligated in any manner to perform or fulfill any of the obligations
of any Grantor under or pursuant to any Lease, contract, agreement or license, or to make any payment, or to make any inquiry as to the
nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any Lease, contract,
agreement or license, or to present or file any claims, or to take any action to collect or enforce any performance or the payment of
any amounts which may have been assigned to it or to which it may be entitled at any time or times.

 

    	 	12	 

     

    

 

(c)            With
respect to Accounts and Leases, in each case not subject to any Securitization Transaction or Like-Kind Exchange, the Agent may, at any
time after an Event of Default shall have occurred and be continuing (or if any rights of set-off (other than set offs against an Account
arising under the contract giving rise to the same Account) or contra accounts may be asserted with respect to the following), without
prior notice to any Grantor, notify Account Debtors, parties to Leases and other Persons obligated on the Collateral that the Agent has
a security interest therein, and that payments shall be made directly to the Agent, for the benefit of the Secured Parties. Upon the request
of the Agent, each Grantor shall so notify Account Debtors and other Persons obligated on such Collateral. Once any such notice has been
given to any Account Debtor or other Person obligated on such Collateral and while any Event of Default exists and is continuing, no Grantor
shall give any contrary instructions to such Account Debtor or other Person without the Agent’s prior written consent.

 

Section 15.    Patent, Industrial
Designs, Trademark and Copyright Collateral. (a) Each Grantor represents and warrants to the Agent and the other Secured Parties
that (i) as of the date hereof, such Grantor does not have any ownership interest in, or title to, any material issued or applied-for
patents, industrial designs, registered or applied-for trademarks or registered or applied for copyrights (collectively, “Registered
Intellectual Property”) except as set forth in Schedule III hereto, and (ii) this Agreement, together with
the filing of the financing statements referred to in Section 3(d) of this Agreement, the recording of any intellectual
property security agreement with the Canadian Intellectual Property Office and subsequent filings for any hereafter acquired Registered
Intellectual Property are, to the extent that a valid, perfected and continuing Lien in patents, industrial designs, trademarks and/or
issued or applied for copyrights, as applicable, can be created upon filing and recording documents of such type and nature, effective
to create valid, perfected, first priority (subject to Permitted Liens) and continuing Liens in favour of the Agent on such material Registered
Intellectual Property.

 

(b)            Each
Grantor shall notify the Agent within a reasonable amount of time if it knows that any application or registration relating to any material
Registered Intellectual Property (now or hereafter existing) owned or licensed by such Grantor will become abandoned or dedicated, or
of any material and adverse determination or development (including the institution of, or any such determination or development in, any
proceeding in the Canadian Intellectual Property Office, or any court) regarding such Grantor’s ownership of any material Registered
Intellectual Property, its right to register the same, or to keep and maintain the same.

 

(c)            If,
before Full Payment of the Obligations, any Grantor shall obtain ownership of any additional Registered Intellectual Property with respect
to goods sold in such Grantor’s business, the Agent shall have a Lien in, and the provisions of Section 2 shall automatically
apply to, such Registered Intellectual Property, and such Grantor shall give to the Agent written notice of such ownership at the time
of delivery of the annual financial statements pursuant to Section 7.2(a) of the Credit Agreement and the related Compliance
Certificate pursuant to Section 7.2(d) (the “Annual Compliance Certificate”) (or such later date as the Agent
may agree) in which such Grantor obtains ownership of such patent, industrial design, trademark, or copyright. This Section 15(c) shall
not apply to any Collateral which is owned by others and licensed to any Grantor.

 

    	 	13	 

     

    

 

(d)            Each
Grantor authorizes the Agent to modify this Agreement by amending Schedule III to include any additional Registered Intellectual
Property owned by such Grantor that is Collateral and not included in Schedule III at the time of delivery of the Annual Compliance
Certificate (or such later date as the Agent may agree). The Agent shall provide notice to the Grantors of any amendment or modification
to be effected pursuant to this Section 15(d).

 

(e)            At
the time of delivery of the Annual Compliance Certificate (or such later date as the Agent may agree), each Grantor shall sign and deliver
to the Agent for filing or recordation with the Canadian Intellectual Property Office one or more intellectual property security agreements,
or supplements or amendments thereto, with respect to any Registered Intellectual Property acquired after the date hereof and which is
Collateral, solely to the extent that such Collateral is not covered by any previous intellectual property security agreement or supplement
or amendment thereto so signed and delivered by it.

 

(f)            Each
Grantor shall take all commercially reasonable actions to maintain and protect each item of Registered Intellectual Property that is material
to the business of the Company, taken as a whole, unless such Grantor shall determine that such item of Registered Intellectual Property
is not material to the conduct of its business.

 

(g)            In
the event that any Grantor has knowledge of any material Registered Intellectual Property constituting Collateral being infringed upon
or diluted by a third party, such Grantor shall, to the extent such Grantor deems commercially reasonable, take actions to protect such
material Registered Intellectual Property.

 

Section 16.    Voting
Rights; Dividends; Etc.

 

(a)            So
long as no Event of Default shall have occurred and be continuing, each Grantor (i) shall be entitled to exercise any and all voting
and other consensual rights pertaining to the Security Collateral of such Grantor or any part thereof for any purpose; provided,
however, that such Grantor will not exercise or refrain from exercising any such right if such action would have a material adverse
effect on the rights and remedies of the Agent or the other Secured Parties under this Agreement or any other Loan Document and (ii) shall
be entitled to receive and retain any and all dividends, interest and other distributions paid in respect of the Security Collateral of
such Grantor if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Loan Documents; provided
that such Grantor shall deliver and pledge to the Agent any such dividends or distributions that would constitute Pledged Equity to the
extent required hereunder.

 

(b)            Upon
the occurrence and during the continuance of an Event of Default, all rights of each Grantor (i) to exercise or refrain from exercising
the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 16(a)(i) shall,
upon written notice to such Grantor by the Agent, cease and (ii) to receive the dividends, interest and other distributions that
it would otherwise be authorized to receive and retain pursuant to Section 16(a)(ii) shall automatically cease, and all
such rights shall thereupon become vested in the Agent, which shall thereupon have the sole right to exercise or refrain from exercising
such voting and other consensual rights and to receive and hold as Security Collateral such dividends, interest and other distributions.

 

    	 	14	 

     

    

 

Section 17.    Indemnification.
In any suit, proceeding or action brought by the Agent or any of the other Secured Parties relating to any Collateral for any sum owing
with respect thereto or to enforce any rights or claims with respect thereto, each Grantor jointly and severally agrees to save, indemnify
and keep the Agent and the other Secured Parties harmless from and against all expense (including reasonable and documented legal fees
and expenses), loss or damage suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever
of the Account Debtor or other Person obligated on the Collateral, arising out of a breach by any Grantor of any obligation thereunder
or arising out of any other agreement, indebtedness or liability at any time owing to, or in favour of, such obligor or its successors
from any Grantor, except in the case of the Agent or any of the other Secured Parties, to the extent such expense, loss, or damage is
attributable to the gross negligence, bad faith or willful misconduct of the Agent or such other Secured Party. All such obligations of
Grantors shall be and remain enforceable against and only against Grantors and shall not be enforceable against the Agent or any of the
other Secured Parties.

 

Section 18.    Limitation
on Liens on Collateral. Each Grantor shall, at its own expense, take any and all commercially reasonable actions necessary (a) to
defend title to the Collateral owned by it against all Persons claiming an interest therein (other than with respect to Permitted Liens)
that is adverse to the interests hereunder of the Agent or other Secured Party, except with respect to Collateral that such Grantor determines
in its reasonable business judgment is immaterial or no longer necessary to the conduct of the business, taken as a whole, and (b) to
defend the Security Interest of the Agent in the Collateral and the priority thereof against any Lien that is not a Permitted Lien.

 

Section 19.    Extensions.
The Agent may grant extensions of time for the creation and perfection of security interests in, or obtaining a delivery of documents
or other deliverables with respect to, particular assets of any Grantor where it determines that (i) such action cannot be accomplished
without undue effort or expense by the time or times at which it would otherwise be required to be accomplished by this Agreement or any
other Security Documents or (ii) such an extension is otherwise reasonably appropriate.

 

    	 	15	 

     

    

 

Section 20.    Remedies;
Rights Upon Default. (a) In addition to all other rights and remedies granted to it under this Agreement, the Credit Agreement,
the other Loan Documents and under any other instrument or agreement securing, evidencing or relating to any of the Secured Obligations
or pursuant to any other applicable law, if any Event of Default shall have occurred and be continuing, the Agent may exercise all rights
and remedies of a secured party under the PPSA or STA. Without limiting the generality of the foregoing, each Grantor expressly agrees
that, if any Event of Default shall have occurred and be continuing, the Agent, without demand of performance or other demand, advertisement
or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other
Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the PPSA
or STA), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process,
without first obtaining a final judgment or giving such Grantor or any other Person notice and opportunity for a hearing on the Agent’s
claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any part thereof, and may
forthwith sell, lease, license, assign, give an option or options to purchase, or sell or otherwise dispose of and deliver said Collateral
(or contract to do so), or any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices
as it may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. If any Collateral is sold
on terms other than payment in full at the time of sale, no credit shall be given against the Obligations until the Agent or the other
Secured Parties receive payment, and if the buyer defaults in payment, the Agent may resell the Collateral without further notice to any
Grantor. The Agent or any of the other Secured Parties 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 for the benefit of the Agent and the other Secured Parties, the whole or any
part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby releases. Such
sales may be adjourned and continued from time to time with or without notice. The Agent shall have the right to conduct such sales on
premises of any Grantor or elsewhere and shall have the right to use any Grantor’s premises without charge for such time or times
as the Agent deems necessary or advisable.

 

(b)            Each
Grantor further agrees, at the Agent’s request following the occurrence and during the continuance of an Event of Default, to assemble
the Collateral and make it available to the Agent at a place or places designated by the Agent which are reasonably convenient to the
Agent and such Grantor, whether at such Grantor’s premises or elsewhere. Until the Agent is able to effect a sale, lease, or other
disposition of the Collateral, the Agent shall have the right to hold or use the Collateral, or any part thereof, to the extent that it
deems appropriate for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate by the Agent.
The Agent shall have no obligation to any Grantor to maintain or preserve the rights of such Grantor as against third parties with respect
to the Collateral while the Collateral is in the possession of the Agent or marshal any Collateral for the benefit of any Person. In the
event the Agent seeks to take possession of all or any portion of the Collateral by judicial process, each Grantor irrevocably waives
(i) any demand for possession prior to the commencement of any suit or action to recover the Collateral and (ii) any requirement
that the Agent retain possession and not dispose of any Collateral until after trial or final judgment. The Agent shall apply the net
proceeds of any collection, recovery, receipt, appropriation, realization or sale to the Secured Obligations first to all expenses of
collection, recovery, receipt, appropriation, realization or sale, including reasonable legal fees, and then as provided in the Credit
Agreement, and only after so paying over such net proceeds, and after the payment by the Agent of any other amount required by any provision
of law, need the Agent account for the surplus, if any, to the applicable Grantor. To the maximum extent permitted by applicable law,
each Grantor waives all claims, damages, and demands against the Agent or any of the other Secured Parties arising out of the repossession,
retention or sale of the Collateral except such as arise solely out of the gross negligence, bad faith or willful misconduct of the Agent
or such Secured Party as finally determined by a court of competent jurisdiction. Each Grantor agrees that 10 days’ prior notice
by the Agent of the time and place of any public sale or of the time after which a private sale may take place is reasonable notification
of such matters. Each Grantor shall remain liable, jointly and severally with the other Grantors, for any deficiency if the proceeds of
any sale or disposition of the Collateral are insufficient to pay all Secured Obligations, including any legal fees or other expenses
(to the extent provided for herein or in the Credit Agreement) incurred by the Agent or any of the other Secured Parties to collect such
deficiency.

 

    	 	16	 

     

    

 

(c)            Except
as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent
permitted by applicable law) of any kind in connection with this Agreement or any Collateral.

 

(d)            To
the extent that applicable law imposes duties on the Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges
and agrees that it is not commercially unreasonable for the Agent (i) to fail to incur expenses reasonably deemed significant by
the Agent to prepare the Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other
finished products for disposition, (ii) to fail to obtain third party consents for access to the Collateral to be disposed of, or
to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of
the Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons
obligated on the Collateral or to remove Liens on or any adverse claims against the Collateral, (iv) to exercise collection remedies
against Account Debtors and other Persons obligated on the Collateral directly or through the use of collection agencies and other collection
specialists, (v) to advertise dispositions of the Collateral through publications or media of general circulation, whether or not
the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as any Grantor, for
expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to
assist in the disposition of the Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of the Collateral
by utilizing Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable
capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets,
(x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements
to insure the Agent against risks of loss, collection or disposition of the Collateral or to provide to the Agent a guaranteed return
from the collection or disposition of the Collateral, (xii) to dispose of Leases, Inventory and related Collateral in one or
more portfolio sales or in individual sale transactions, or (xiii) to the extent deemed appropriate by the Agent, to obtain the services
of other brokers, investment bankers, consultants and other professionals to assist the Agent in the collection or disposition of any
of the Collateral. Each Grantor acknowledges that the purpose of this Section 20(d) is to provide non-exhaustive indications
of what actions or omissions by the Agent would not be commercially unreasonable in the Agent’s exercise of remedies against the
Collateral and that other actions or omissions by the Agent shall not be deemed commercially unreasonable solely on account of not being
indicated in this Section 20(d). Without limitation upon the foregoing, nothing contained in this Section 20(d) shall
be construed to grant any rights to any Grantor or to impose any duties on the Agent that would not have been granted or imposed by this
Agreement or by applicable law in the absence of this Section 20(d).

 

    	 	17	 

     

    

 

(e)            Each
Grantor hereby acknowledges that the Secured Obligations arise out of a commercial transaction, and agrees that if an Event of Default
shall occur and be continuing the Agent, if it so elects, shall have the right to seek the appointment of a receiver, interim receiver,
receiver-manager, or a receiver and manager or keeper (each a “Receiver”) to take possession of Collateral and to enforce
any of the Agent’s remedies, or may institute proceedings in any court of competent jurisdiction for the appointment of such Receiver
and each Grantor hereby consents to such rights and such appointment and hereby waives any objection such Grantor may have thereto or
the right to have a bond or other security posted by the Agent. Any such Receiver shall have the same powers and rights and exclusions
and limitations of liability as the Agent has under this Agreement, at law or in equity. To the extent permitted by applicable law, any
Receiver appointed by the Agent shall (for purposes relating to responsibility for the Receiver’s acts or omissions) be considered
to be the agent of any such Grantor and not of the Agent. The Agent may from time to time fix the Receiver’s remuneration and the
Grantors shall pay the amount of such remuneration to the Agent. The Agent may appoint one or more Receivers hereunder and may remove
any such Receiver or Receivers and appoint another or others in his or their stead from time to time. Any Receiver so appointed may be
an officer or employee of the Agent. A court need not appoint, ratify the appointment by the Agent, or otherwise supervise in any manner
the actions, of any Receiver. Upon a Grantor receiving notice from the Agent of the taking of possession of the Collateral or the appointment
of a Receiver, all powers, functions, rights and privileges of each of the directors and officers of the Grantors with respect to the
Collateral shall cease, unless specifically continued by the written consent of the Agent.

 

Section 21.    Grant
of License to Use Proprietary Rights. Solely for the purpose of enabling the Agent to exercise rights and remedies under Section 20
hereof (including, without limiting the terms of Section 20 hereof, in order to take possession of, hold, preserve, process,
assemble, prepare for sale, market for sale, sell or otherwise dispose of the Collateral), effective solely upon the occurrence and during
the continuance of an Event of Default and exercisable at such time as the Agent shall be otherwise lawfully entitled to exercise such
rights and remedies, each Grantor hereby grants to the Agent, to the extent such Grantor has the right to grant such right or access without
additional payment or obligation, for the benefit of the Secured Parties, a nonexclusive license (exercisable without payment of royalty
or other compensation to such Grantor) to use, license or sublicense any Proprietary Rights 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. Solely with respect to Proprietary Rights
in or to trademarks or service marks and trade dress, the license granted under this Section 21 shall be made subject to reasonable
quality control obligations reasonably required to maintain the validity and enforceability of such trademarks, service marks, trade dress
or distinguishing guise, as applicable.

 

Section 22.    Limitation
on the Agent’s and the Other Secured Parties’ Duty in Respect of Collateral. The Agent and each other Secured Party shall
use reasonable care with respect to the Collateral in its possession or under its control. Except as required by applicable law, neither
the Agent nor any of the other Secured Parties shall have any other duty as to any Collateral in its possession or control or in the possession
or control of the Agent or nominee of the Agent or such other Secured Party, or any income thereon or as to the preservation of rights
against prior parties or any other rights pertaining thereto.

 

    	 	18	 

     

    

 

Section 23.    Miscellaneous.

 

(a)            Reinstatement.
This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor
for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors
or should a receiver or trustee be appointed for all or any significant part of such Grantor’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.

 

(b)            Notices.
Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration or
other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires
to give and serve upon any other party any communication with respect to this Agreement, each such notice, demand, request, consent, approval,
declaration or other communication shall be in writing and shall be given in the manner, and deemed received, as provided for in the Credit
Agreement.

 

(c)            Severability.
Whenever possible, each provision of this Agreement shall be interpreted in a manner as to be effective and valid under applicable law,
but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to
the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this
Agreement. This Agreement is to be read, construed and applied together with the Credit Agreement and the other Loan Documents which,
taken together, set forth the complete understanding and agreement of the Agent, the other Secured Parties and Grantors with respect to
the matters referred to herein and therein; provided that, in the event of any conflict between the terms of this Agreement and
the Credit Agreement, the terms of the Credit Agreement shall govern.

 

(d)            No
Waiver; Cumulative Remedies; Amendments and Additional Grantors.

 

(i)            Neither
the Agent nor any of the other Secured Parties shall by any act, delay, omission or otherwise be deemed to have waived any of its rights
or remedies hereunder, and no waiver shall be valid unless in writing, signed by the Agent and then only to the extent therein set forth.
A waiver by the Agent of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which
the Agent would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising, on the part of the Agent
or any of the other Secured Parties, any right, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies hereunder provided are cumulative and may be exercised singly or concurrently, and
are not exclusive of any rights and remedies provided by law.

 

    	 	19	 

     

    

 

(ii)            Except
as otherwise expressly specified herein, none of the terms or provisions of this Agreement may be waived, altered, modified or amended
except by an instrument in writing, duly executed by the Agent and Grantors. Upon the execution and delivery by any Person of a security
agreement supplement in substantially the form of Exhibit A hereto (each a “Security Agreement Supplement”), such
Person shall be referred to as an “Additional Grantor” and shall be and become a Grantor hereunder, and each reference
in this Agreement and the other Loan Documents to “Grantor” shall also mean and be a reference to such Additional Grantor,
each reference in this Agreement and the other Loan Documents to the “Collateral” shall also mean and be a reference
to the Collateral granted by such Additional Grantor and each reference in this Agreement to a Schedule shall also mean and be a reference
to the schedules attached to such Security Agreement Supplement.

 

(e)            Limitation
by Law. All rights, remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof does
not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable mandatory
provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Agreement invalid,
unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.

 

(f)            Termination
of this Agreement; Releases.

 

(i)            Subject
to Section 23(a) hereof, this Agreement and all security interests and Liens granted hereby shall automatically terminate
and be released upon Full Payment of the Obligations.

 

(ii)            The
Agent shall release, subject to the satisfaction of all conditions to release (if any) set forth in the Credit Agreement, including the
continuance of the applicable Agent’s Lien in any proceeds of released Collateral, any such Agent’s Liens upon any applicable
Collateral pursuant to the terms of Section 13.11 of the Credit Agreement.

 

(iii)            Upon
any Collateral being or becoming an Excluded Asset, the Lien created hereby on such Collateral shall automatically terminate and be released
without further actions by any Person. In connection therewith, the Agent, at the request and sole expense of the applicable Grantor,
shall promptly execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable to evidence such
termination and release in accordance with Section 13.11 of the Credit Agreement.

 

    	 	20	 

     

    

 

(g)            Successors
and Assigns. This Agreement and all obligations of each Grantor hereunder shall be binding upon and inure to the benefit of the successors
and assigns of such Grantor (including any debtor-in-possession on behalf of such Grantor) and shall, together with the rights, remedies
and obligations of the Agent hereunder, inure to the benefit of and be binding upon the Secured Parties, all future holders of any instrument
evidencing any of the Secured Obligations and their respective successors and assigns. No sales of participations, other sales, assignments,
transfers or other dispositions of any agreement governing or instrument evidencing the Secured Obligations or any portion thereof or
interest therein shall in any manner affect the Lien granted to the Agent, for the benefit of the Secured Parties, hereunder. Except as
expressly permitted by the terms of the Credit Agreement, no Grantor may assign, sell, hypothecate or otherwise transfer any interest
in or obligation under this Agreement.

 

(h)            Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together
shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Agreement to produce
or account for more than one such counterpart. Any signature (including (x) any electronic symbol or process attached to, or associated
with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record and (y) any
facsimile or .pdf signature) hereto through electronic means shall have the same legal validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the UCC, the Personal
Property Security Acts of each common law Province and Territory of Canada, the Québec Register of Personal and Movable Real Rights
in the Province of Québec, Canada, and the parties hereto hereby waive any objection to the contrary.  A set of the copies
of this Agreement signed by all the parties shall be lodged with the Borrowers’ Agent and the Administrative Agent.  Transmission
of a copy of an executed signature page of this Agreement (including any change to this Agreement) by any party hereto to the other
parties to this Agreement by facsimile transmission or e-mail in pdf format shall be as effective as delivery to the other parties hereto
of a manually executed counterpart hereof.

 

(i)            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws
of Canada applicable therein, except as required by mandatory provisions of law and except to the extent that the validity of perfection
of the security interests hereunder, or remedies hereunder, in respect of any particular Collateral are governed by the laws of a jurisdiction
other than the Province of Ontario.

 

(i)            ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE PROVINCE OF ONTARIO AND BY EXECUTION
AND DELIVERY OF THIS AGREEMENT, EACH OF THE GRANTORS AND THE AGENT CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS. EACH OF THE GRANTORS AND THE AGENT IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE
LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT. NOTWITHSTANDING THE FOREGOING: (x) THE AGENT SHALL HAVE THE RIGHT
TO BRING ANY ACTION OR PROCEEDING AGAINST ANY GRANTOR OR ANY PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION THE AGENT DEEMS NECESSARY
OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR OTHER SECURITY FOR THE SECURED OBLIGATIONS AND (y) EACH OF THE PARTIES HERETO
ACKNOWLEDGES THAT ANY APPEALS FROM THE COURTS DESCRIBED IN THE IMMEDIATELY PRECEDING SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED
OUTSIDE THOSE JURISDICTIONS.

 

    	 	21	 

     

    

 

(ii)            EACH
GRANTOR HEREBY WAIVES PERSONAL SERVICE OR ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED
BY THE LAW OF ONTARIO AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (RETURN RECEIPT REQUESTED) DIRECTED
TO THE BORROWERS’ AGENT AT ITS ADDRESS SET FORTH IN SECTION 14.8 OF THE CREDIT AGREEMENT AND SERVICE SO MADE SHALL BE DEEMED
TO BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN SO DEPOSITED POSTAGE PREPAID. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT
OF THE AGENT TO SERVE LEGAL PROCESS BY ANY OTHER MANNER PERMITTED BY LAW.

 

(j)            Waiver
of Jury Trial. THE GRANTORS AND THE AGENT EACH IRREVOCABLY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AGENT-RELATED
PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE GRANTORS AND THE AGENT EACH AGREES
THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER
AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS Section 23(j) AS TO ANY ACTION, COUNTERCLAIM
OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER
LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

 

(k)            Intercreditor
Agreements. REFERENCE IS HEREBY MADE TO EACH APPLICABLE INTERCREDITOR AGREEMENT. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY,
THE EXERCISE OF ANY RIGHT OR REMEDY HEREUNDER IS SUBJECT TO THE LIMITATIONS AND PROVISIONS OF ANY APPLICABLE INTERCREDITOR AGREEMENT.
IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF ANY APPLICABLE INTERCREDITOR AGREEMENT AND THE TERMS OF THIS AGREEMENT, THE TERMS OF
SUCH APPLICABLE INTERCREDITOR AGREEMENT SHALL GOVERN. THE AGENT, FOR ITSELF AND ON BEHALF OF EACH OF THE SECURED PARTIES, HEREBY AGREES
THAT ANY PROVISION OF THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING, NO GRANTOR SHALL BE REQUIRED TO ACT OR REFRAIN FROM ACTING IN A
MANNER THAT IS INCONSISTENT WITH THE TERMS AND PROVISIONS OF SUCH APPLICABLE INTERCREDITOR AGREEMENT. WITHOUT LIMITATION OF THE FOREGOING
AND IN ANY EVENT, NO GRANTOR SHALL BE REQUIRED TO TAKE ANY ACTION HEREUNDER IF TAKING OF SUCH ACTION (I) WOULD BE INCONSISTENT WITH
THE TERMS OF SUCH APPLICABLE INTERCREDITOR AGREEMENT OR (II) WOULD IMPAIR THE ABILITY OF THE AGENT TO PERFECT OR ENFORCE ITS INTEREST
IN ANY COLLATERAL OR TO OBTAIN POSSESSION OR CONTROL (WITHIN THE MEANING OF THE PPSA OR STA, AS APPLICABLE) OF ANY COLLATERAL IN ORDER
TO ASSURE THE LIEN THEREIN OF THE AGENT OR THE SECURED PARTIES AGAINST ANY OTHER PERSON.

 

    	 	22	 

     

    

 

(l)            Section Titles.
The Section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and
are not a part of the agreement between the parties hereto.

 

(m)            No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event
an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto
and no presumption or burden of proof shall arise favouring or disfavouring any party by virtue of the authorship of any provisions of
this Agreement.

 

(n)            Advice
of Counsel. Each of the parties represents to each other party hereto that it has discussed this Agreement and, specifically, the
provisions of Section 23(i) and Section 23(j), with its counsel.

 

(o)            Benefit
of the Secured Parties. All Liens granted or contemplated hereby shall be for the benefit of the Secured Parties, and all proceeds
or payments realized from the Collateral in accordance herewith shall be applied to the Secured Obligations in accordance with the terms
of the Credit Agreement and the other Loan Documents.

 

(p)            Judgment
Currency. If, for the purposes of enforcing judgment in any court or for any other purpose hereunder or in connection herewith, it
is necessary to convert a sum due hereunder in any currency into another currency, such conversion should be carried out to the extent
and in the manner provided in the Credit Agreement

 

Section 24.    Amendment
and Restatement. On the date hereof, the Existing Security Agreement is hereby amended, restated and superseded in its entirety by
this Agreement. The parties hereto acknowledge and agree that (i) this Agreement and the other Loan Documents executed and delivered
in connection herewith do not constitute a novation, payment and reborrowing, or termination of the “Obligations” (as defined
under the Existing Credit Agreement) or the “Secured Obligations” (as defined under the Existing Security Agreement) or any
of the other Loan Documents; (ii) such “Obligations” and “Secured Obligations” are in all respects continuing
(as amended and restated on the date hereof); and (iii) the security interests, Lien and pledge granted under the Existing Security
Agreement and the other Loan Documents are in all respects continuing and in full force and effect and are hereby fully ratified and affirmed
in favour of the Agent, for the benefit of the Secured Parties. Without limiting the foregoing, each of the Grantors hereby fully and
unconditionally ratifies and affirms this Agreement and agrees that all security interests, Liens and pledges granted hereunder and under
the Existing Security Agreement shall from and after the date hereof secure all Secured Obligations hereunder and under the other Loan
Documents.

 

[Remainder of page intentionally left blank]

 

    	 	23	 

     

    

 

IN WITNESS WHEREOF, each of
the parties hereto has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth
above.

 

	 	GRANTORS:
	 	 	 
	 	UNITED RENTALS OF CANADA, INC.
	 	 	 
	 	By:	/s/ Joli L. Gross
	 	 	Name: Joli L. Gross
	 	 	Title: Vice President, General Counsel and Secretary

 

     Fourth Amended and Restated Canadian Security Agreement

    

    

 

	 	AGENT:
	 	 	 
	 	BANK OF AMERICA, N.A., as Agent
	 	 	 
	 	By:	/s/ Cynthia G Stannard
	 	 	Name:	Cynthia G Stannard
	 	 	Title:	Sr. Vice President

 

     Fourth Amended and Restated Canadian Security Agreement

    

    

 

SCHEDULE I

to

FOURTH AMENDED AND RESTATED CANADIAN SECURITY AGREEMENT

 

PLEDGED EQUITY AND PLEDGED DEBT

 

PART I

 

Issued and Outstanding Stock

 

Nil.

 

Partnership and Membership Interests

 

Nil.

 

    

    

    

 

PART II

 

Pledged Debt

 

None.

 

    

    

    

 

SCHEDULE II

to

FOURTH AMENDED AND RESTATED CANADIAN SECURITY AGREEMENT

 

JURISDICTIONS OF ORGANIZATION

 

	Grantor	State/Province of 

Organization	Type of Entity	Organizational I.D.
	United Rentals of Canada, Inc.	Ontario	Corporation	1870944

 

    

    

    

 

 

SCHEDULE III

to

FOURTH AMENDED AND RESTATED CANADIAN SECURITY AGREEMENT

 

PATENTS, INDUSTRIAL DESIGNS, TRADEMARKS
AND COPYRIGHTS

 

Issued and Applied-for Patents

 

	Reference
    #	Serial
    #	Client
    Reference	Country
    Name	Filed
    Date	Status	Title
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

Registered and Applied-for Trademarks

 

	Reference
    #	Country	Mark	Status	Application
    #	File
    Date	Registration
    #	Description
    Combined	Owner
    Name
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

	Reference #	Country	Mark	Status	Application #	File Date	Registration #	Description Combined	Owner Name
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

	Reference #	Country	Mark	Status	Application
    #	File
    Date	Registration
    #	Description
    Combined	Owner
    Name
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

	Reference #	Country	Mark	Status	Application
    #	File
    Date	Registration
    #	Description
    Combined	Owner
    Name
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

	Reference #	Country	Mark	Status	Application
    #	File
    Date	Registration
    #	Description
    Combined	Owner
    Name
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

	Reference #	Country	Mark	Status	Application
    #	File
    Date	Registration
    #	Description
    Combined	Owner
    Name
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

	Reference #	Country	Mark	Status	Application
    #	File
    Date	Registration
    #	Description
    Combined	Owner
    Name
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

	Reference #	Country	Mark	Status	Application
    #	File
    Date	Registration
    #	Description
    Combined	Owner
    Name
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

	Reference #	Country	Mark	Status	Application
    #	File
    Date	Registration
    #	Description
    Combined	Owner
    Name
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

	Reference #	Country	Mark	Status	Application
    #	File
    Date	Registration
    #	Description
    Combined	Owner
    Name
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

		Copyrights	

 

None.

 

     

     

    

 

Exhibit A to the

Canadian Security Agreement

 

FORM OF CANADIAN SECURITY AGREEMENT SUPPLEMENT

 

[Date of Security Agreement Supplement]

 

To: Bank of America, N.A., as Agent

 

Ladies and Gentlemen:

 

Reference is made to (i) Fourth
Amended and Restated Credit Agreement, dated as of June 30, 2022 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Credit Agreement”), among United Rentals, Inc., a Delaware corporation
(“Holdings”), United Rentals (North America), Inc., a Delaware corporation (the “Company”),
United Rentals of Canada, Inc., a corporation amalgamated under the laws of the Province of Ontario, the other Borrowers from time
to time party thereto, the Guarantors, the Lenders from time to time party thereto, and Bank of America, N.A., as Agent and (ii) the
Fourth Amended and Restated Canadian Security Agreement dated as of June 30, 2022 (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Security Agreement”) made by the Grantors from time to time party
thereto in favour of the Agent for the benefit of the Secured Parties. Capitalized terms used but not otherwise defined herein are used
herein as defined in the Credit Agreement or the Security Agreement, as applicable.

 

SECTION 1. Grant of
Lien. (a) As security for the due and prompt payment and performance when due (whether at the stated maturity, by acceleration
or otherwise) by the undersigned of all of its present and future Canadian Obligations, the undersigned hereby grants to the Agent, its
successors and assigns, for the ratable benefit of the Secured Parties, a security interest (the “Security Interest”)
in and continuing lien on all of the undersigned’s right, title and interest in or to any and all of the following properties and
assets of the undersigned and all powers and rights of the undersigned in all of the following (including the power to transfer rights
in the following), whether now owned or existing or at any time hereafter acquired or arising, regardless of where located (collectively,
the “Collateral”):

 

(i)             all
Accounts;

 

(ii)            all
Inventory, including all Rental Equipment;

 

(iii)           all
leases of Inventory, Equipment and other Goods (whether or not in the form of a lease agreement), including all Leases;

 

(iv)          all
documentation evidencing rights in any Inventory or Equipment, including all certificates and other collateral instruments;

 

(v)           all
contract rights, including contract rights in respect of any Like-Kind Exchange;

 

     

     

    

 

(vi)          all
Chattel Paper;

 

(vii)         all
Documents;

 

(viii)        all
Instruments;

 

(ix)           all
Supporting Obligations and Letter-of-Credit Rights;

 

(x)            all
General Intangibles (including Payment Intangibles and Software);

 

(xi)           all
Goods (excluding “Consumer Goods” as such term is defined in the     PPSA);

 

(xii)          all
Equipment;

 

(xiii)         all
Investment Property, including the Security Collateral of the undersigned;

 

(xiv)         all
money, cash, cash equivalents, securities and other property of any kind of the undersigned held directly or indirectly by the Agent
or any Lender or any of their Affiliates;

 

(xv)          all
of the undersigned’s Material Accounts, credits, and balances with and other claims against the Agent or any Lender or any of their
Affiliates or any other financial institution with which the undersigned maintains deposits, including all Payment Accounts;

 

(xvi)         all
books, records and other property related to or referring to any of the foregoing, including books, records, account ledgers, data processing
records, computer software and other property; and

 

(xvii)        all
accessions to, substitutions for and replacements, products and proceeds of any of the foregoing, including, but not limited to, proceeds
of any insurance policies, claims against third parties, and condemnation or requisition payments with respect to all or any of the foregoing;

 

provided, however, the “Collateral” shall
not include any asset that is an Excluded Asset.

 

Subject to any limitations set forth in the Security Agreement, all
of the Secured Obligations of the undersigned shall be secured by all of the Collateral of the undersigned and any other property of
the undersigned that secures any of the Secured Obligations.

 

SECTION 2. Representations
and Warranties. (a)  The undersigned represents and warrants to the Agent and the other Secured Parties that as of the date
hereof: (i) Schedule I hereto identifies (A) the undersigned’s name as of the date hereof as it appears in official filings
in the province, territory or other jurisdiction of its incorporation or other organization, (B) the type of entity of the undersigned
(including corporation, partnership, limited partnership or limited liability company), (C) the organizational identification number
issued by the undersigned’s province, territory or other jurisdiction of incorporation or organization or a statement that no such
number has been issued, and (D) the jurisdiction in which the undersigned is incorporated or organized; and (ii) the undersigned
has only one province, territory or other jurisdiction of incorporation or organization.

 

     

     

    

 

(b)           The
undersigned hereby makes each other representation and warranty set forth in the Security Agreement with respect to itself and the Collateral
owned by it. The undersigned hereby represents and warrants to the Agent and the other Secured Parties that the attached Schedule II
contains all information with respect to itself and the Collateral owned by it that is required to be set forth in Schedule II to the
Security Agreement with respect to the Grantors and their Collateral and Schedule III contains all information with respect to itself
and the Security Collateral owned by it that is required to be set forth in Schedule I to the Security Agreement with respect to the
Grantors and their Security Collateral.

 

(c)           The
undersigned hereby makes each representation and warranty set forth in the Credit Agreement that is made with respect to any Canadian
Obligor.

 

SECTION 3. Obligations
Under the Security Agreement. The undersigned hereby agrees, as of the date first above written, to be bound as a Grantor by all
of the terms and provisions of the Security Agreement to the same extent as each of the other Grantors. The undersigned further agrees,
as of the date first above written, that each reference in the Security Agreement to an “Additional Grantor” or a “Grantor”
shall also mean and be a reference to the undersigned, that each reference to the “Collateral” or any part thereof shall
also mean and be a reference to the undersigned’s Collateral or part thereof, as the case may be, and that each reference in the
Security Agreement to a Schedule shall also mean and be a reference to the schedules attached hereto.

 

SECTION 4. Obligations
under the Credit Agreement. The undersigned hereby agrees, as of the date first above written, to be bound as an Obligor, Secured
Obligor, Canadian Obligor, Guarantor and Canadian Guarantor by all of the terms and provisions of the Credit Agreement to the same extent
as though the undersigned were a party to the Credit Agreement in each such capacity from and after the date hereof. The undersigned
further agrees, as of the date first above written, that each reference in the Credit Agreement to an “Obligor”, “Secured
Obligor” or a “Canadian Obligor” or a “Guarantor” or “Canadian Guarantor” shall also mean and
be a reference to the undersigned.

 

SECTION 5. Governing
Law. This Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of the Province of Ontario
and the federal laws of Canada applicable therein.

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF ADDITIONAL GRANTOR]

 

	 	By	 
	 	 	Title:

 

	 	Address for notices:
	 	_______________________
	 	_______________________
	 	__________

 

     

     

    

 

SCHEDULE I

to

SECURITY AGREEMENT SUPPLEMENT

 

JURISDICTIONS OF ORGANIZATION

 

	Grantor	State/Province
    of Organization	Type
    of Entity	Organizational
    I.D.
	 	 	 	 

 

     

     

    

 

SCHEDULE II

to

SECURITY AGREEMENT SUPPLEMENT

 

PATENTS, INDUSTRIAL DESIGNS, TRADEMARKS
AND COPYRIGHTS

 

Trademarks:

 

	Grantor	Country	Trademark	Application
    or Registration No.	Filing
    Date	Registration
    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

 

Patents:

 

	Grantor	Country	Title	Application
    or Patent No.	Filing
    Date	Issue
    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

 

Industrial Designs:

 

	Grantor	Country	Title	Application
    or Industrial Design No.	Filing
    Date	Issue
    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

 

Copyrights:

 

	Grantor	Country	Copyright	Registration
    No.	Filing
    Date	Registration
    Date
	 	 	 	 	 	 
	 	 	 	 	 	 

 

     

     

    

 

SCHEDULE III

to

SECURITY AGREEMENT SUPPLEMENT

 

PLEDGED EQUITY AND PLEDGED DEBT

 

PART I

 

PART II

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]