SEC Contract Filing

Filing Date: 2022-12-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>e618094_ex10-3.htm
<DESCRIPTION>FIRST AMENDMENT TO INTERCREDITOR AGREEMENT
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FIRST AMENDMENT TO<BR>
INTERCREDITOR AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS FIRST AMENDMENT TO
INTERCREDITOR AGREEMENT </B>(this &ldquo;<U>Amendment</U>&rdquo;) is made and entered into as of December 2, 2022, by and among PNC BANK,
NATIONAL ASSOCIATION, successor to BBVA USA, in its capacity as agent under the ABL Documents (including its permitted successors an assigns
in such capacity from time to time, the &ldquo;<U>ABL Agent</U>&rdquo;), and <FONT STYLE="text-transform: uppercase">Monroe Capital Management
Advisors, LLC,</FONT> in its capacity as agent under the Term Loan Documents (including its permitted successors and assigns in such capacity
from time to time, the &ldquo;<U>Term Loan Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT>Quest Resource Management Group, LLC, a Delaware limited liability company (&ldquo;<U>Quest</U>&rdquo;), Landfill Diversion Innovations,
L.L.C., a Delaware limited liability company (&ldquo;<U>Landfill</U>&rdquo;), RWS Facility Services, LLC, a Delaware limited liability
company (&ldquo;<U>RWS</U>&rdquo;), Sustainable Solutions Group, LLC, a Delaware limited liability company (&ldquo;<U>SSG</U>&rdquo;,
and together Quest, Landfill, and RWS, jointly and severally, each as a &ldquo;<U>Borrower</U>&rdquo; and collectively the &ldquo;<U>Borrowers</U>&rdquo;),
the lenders party thereto, and ABL Agent, have entered into that certain Loan, Security and Guaranty Agreement, dated as of August 5,
2020 (as amended, supplemented or otherwise modified from time to time, the &ldquo;<U>ABL Credit Agreement</U>&rdquo;). The obligations
of Borrowers to repay such loans and other financial accommodations under the ABL Credit Agreement are guaranteed by Quest Resource Holding
Corporation, a Nevada corporation (&ldquo;<U>Holdings</U>&rdquo;), Quest Sustainability Services, Inc., a Delaware corporation (F/K/A
Earth911, Inc.) (&ldquo;<U>Parent</U>&rdquo;), Youchange, Inc., an Arizona corporation (&ldquo;<U>Youchange</U>&rdquo;), Quest Vertigent
Corporation, a Nevada corporation (&ldquo;<U>Vertigent</U>&rdquo;), Quest Vertigent One, LLC, a Delaware limited liability company (&ldquo;<U>Vertigent
One</U>&rdquo;), Global Alerts, LLC, a Delaware limited liability company (&ldquo;<U>Global Alerts</U>&rdquo;), and Sequoia Waste Management
Solutions, LLC, a Delaware limited liability company (&ldquo;<U>Sequoia</U>&rdquo;, and together with Holdings, Parent, Youchange, Vertigent,
Vertigent One, and Global Alerts, jointly and severally, each a &ldquo;<U>Guarantor</U>&rdquo; and collectively, the &ldquo;<U>Guarantors</U>&rdquo;,
and together with the Borrowers, the &ldquo;<U>Loan Parties</U>&rdquo; and each a &ldquo;<U>Loan Party</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B. The Loan Parties, the
lenders party thereto, and Term Loan Agent have entered into that certain Credit Agreement, dated as of October 19, 2020 (as
amended, supplemented, or otherwise modified from time to time, the &ldquo;<U>Term Loan Agreement</U>&rdquo;), pursuant to which
such lenders have agreed to make loans and financial accommodations to certain of the Loan Parties. The obligations of such Loan
Parties to repay such notes and other amounts under the Term Loan Agreement are guaranteed by all other Loan Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT>ABL Agent and Term Loan Agent are parties to that certain Intercreditor Agreement, dated as of October 19, 2020 (the &ldquo;<U>Intercreditor
Agreement</U>&rdquo;), relating to the ABL Credit Agreement and Term Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D. On or about the date
of this Amendment, the ABL Agent and Loan Parties are entering into that certain Third Amendment to Loan, Security and Guaranty
Agreement (the &ldquo;<U>ABL Amendment</U>&rdquo;) that will, among other things, increase the size of the revolving credit facility
available to the Borrowers under the ABL Credit Agreement. On or about the date of this Amendment, the Term Loan Agent, the lenders
party thereto and the Loan Parties are entering