Priority Lien Debt Pledge and Security Agreement



 Exhibit 10.3 
 PRIORITY LIEN DEBT 
 PLEDGE AND SECURITY AGREEMENT 
 dated as of December 21, 2007 
 between 
 EACH OF THE GRANTORS PARTY HERETO 
 and 
 THE BANK OF NEW YORK 
 as Priority Lien Collateral Trustee 







 TABLE OF CONTENTS 
  


							
	 	  	PAGE
	SECTION 1. DEFINITIONS; GRANT OF SECURITY.	  	1
		 	1.1	  	General Definitions	  	1
		 	1.2	  	Definitions; Interpretation	  	9
		
	SECTION 2. GRANT OF SECURITY.	  	10
		 	2.1	  	Grant of Security	  	10
		 	2.2	  	Certain Limited Exclusions	  	11
		 	2.3	  	Intercreditor Agreement	  	11
		
	SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE.	  	11
		 	3.1	  	Security for Obligations	  	11
		 	3.2	  	Continuing Liability Under Collateral	  	12
		
	SECTION 4. REPRESENTATIONS AND WARRANTIES AND COVENANTS.	  	12
		 	4.1	  	Generally.	  	12
		 	4.2	  	Equipment and Inventory	  	15
		 	4.3	  	Receivables	  	17
		 	4.4	  	Investment Related Property.	  	19
		 	4.5	  	Material Contracts	  	26
		 	4.6	  	Letter of Credit Rights	  	27
		 	4.7	  	Intellectual Property.	  	27
		 	4.8	  	Commercial Tort Claims	  	32
		
	SECTION 5. ACCESS; RIGHT OF INSPECTION AND FURTHER ASSURANCES; ADDITIONAL GRANTORS	  	32
		 	5.1	  	Access; Right of Inspection	  	32
		 	5.2	  	Further Assurances	  	32
		 	5.3	  	Additional Grantors	  	33
		
	SECTION 6. COLLATERAL TRUSTEE APPOINTED ATTORNEY-IN-FACT.	  	34
		 	6.1	  	Power of Attorney	  	34
		 	6.2	  	No Duty on the Part of Priority Lien Collateral Trustee or Secured Parties	  	35
		
	SECTION 7. REMEDIES.	  	35
		 	7.1	  	Generally.	  	35
		 	7.2	  	Application of Proceeds	  	36
		 	7.3	  	Sales on Credit	  	37
		 	7.4	  	Deposit Accounts.	  	37
		 	7.5	  	Investment Related Property.	  	37
		 	7.6	  	Intellectual Property.	  	37
		
	SECTION 8. COLLATERAL TRUSTEE.	  	39
		
	SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS.	  	40
		
	SECTION 10. STANDARD OF CARE; COLLATERAL TRUSTEE MAY PERFORM.	  	40

  

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	SECTION 11. MISCELLANEOUS.	  	41
		
	SCHEDULE 4.1 — GENERAL INFORMATION	  	
		
	SCHEDULE 4.2 — LOCATION OF EQUIPMENT AND INVENTORY	  	
		
	SCHEDULE 4.4 — INVESTMENT RELATED PROPERTY	  	
		
	SCHEDULE 4.5 — MATERIAL CONTRACTS	  	
		
	SCHEDULE 4.6 — DESCRIPTION OF LETTERS OF CREDIT	  	
		
	SCHEDULE 4.7 — INTELLECTUAL PROPERTY—EXCEPTIONS	  	
		
	SCHEDULE 4.8 — COMMERCIAL TORT CLAIMS	  	
		
	EXHIBIT A — PLEDGE SUPPLEMENT	  	
		
	EXHIBIT B — UNCERTIFICATED SECURITIES CONTROL AGREEMENT	  	
		
	EXHIBIT C — SECURITIES ACCOUNT CONTROL AGREEMENT	  	
		
	EXHIBIT D — DEPOSIT ACCOUNT CONTROL AGREEMENT	  	
		
	EXHIBIT E — TRADEMARK SECURITY AGREEMENT	  	
		
	EXHIBIT F — COPYRIGHT SECURITY AGREEMENT	  	
		
	EXHIBIT G — PATENT SECURITY AGREEMENT	  	

  

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 This PRIORITY LIEN DEBT PLEDGE AND SECURITY AGREEMENT, dated as of December 21, 2007 (this
“Agreement”), between EACH OF THE UNDERSIGNED, whether as an original signatory hereto or as an Additional Grantor (as herein defined) (each, a “Grantor”), and THE BANK OF NEW YORK, a New York banking
corporation, as collateral trustee for the Secured Parties (as herein defined) (in such capacity as collateral trustee, the “Priority Lien Collateral Trustee”). 
 RECITALS: 
 WHEREAS, reference is made to that certain Term Loan Credit
and Guaranty Agreement, dated as of the date hereof (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among NEWPAGE CORPORATION, a Delaware
corporation, as Borrower (“NewPageCo”), NEWPAGE HOLDING CORPORATION, a Delaware corporation (“NewPageHoldCo”), and CERTAIN SUBSIDIARIES OF NEWPAGECO, as Guarantors, the various lenders party
thereto from time to time (the “Lenders”), GOLDMAN SACHS CREDIT PARTNERS, L.P. (“GSCP”), as Sole Lead Arranger, Sole Bookrunner, and as Administrative Agent (in such capacity, the “Administrative
Agent”), UBS SECURITIES LLC, as Syndication Agent, and BARCLAYS BANK PLC, as Documentation Agent; 
 WHEREAS,
subject to the terms and conditions of the Credit Agreement, certain Grantors may enter into one or more Hedge Agreements with one or more Lender Counterparties; 
 WHEREAS, in consideration of the extensions of credit and other accommodations of Lenders and Lender Counterparties as set forth in the Credit Agreement and the Hedge Agreements, respectively, each Grantor has
agreed to secure such Grantor’s obligations under the Credit Documents and the Hedge Agreements as set forth herein; 
 WHEREAS,
reference is made to that certain Collateral Trust Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Collateral Trust Agreement”) dated as of May 2, 2005 by and among NewPageCo, the
Grantors from time to time party thereto, The Bank of New York, its successors and assigns, as Collateral Trustee, the Senior Secured Floating Rate Notes Trustee under the Senior Secured Floating Rate Notes, the Senior Secured Fixed Rate Notes
Trustee under the Senior Secured Fixed Rate Notes, and GSCP (as Administrative Agent under the Original First Lien Term Loan Agreement); and 
 WHEREAS, in addition to the obligations under the Credit Agreement and the Hedge Agreements referred to above, the Grantors may incur additional “Priority Lien Obligations” (as defined in the Collateral Trust
Agreement) and each Grantor has agreed to secure such Grantor’s Priority Lien Obligations as set forth herein. 
 NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, each Grantor and the Priority Lien Collateral Trustee agree as follows: 
 SECTION 1. DEFINITIONS; GRANT OF SECURITY. 
  

	 	1.1	General Definitions. In this Agreement, the following terms shall have the following meanings: 








 “Account Debtor” shall mean each Person who is obligated on a Receivable or any
Supporting Obligation related thereto. 
 “Accounts” shall mean all “accounts” as defined in Article 9 of the UCC,
including Health-Care Insurance Receivables. 
 “Additional Grantors” shall have the meaning assigned in Section 5.3.

 “Agreement” shall have the meaning set forth in the preamble. 
 “Assigned Agreements” shall mean, as to each Grantor, all agreements and contracts to which such Grantor is a party as of the date
hereof, or to which such Grantor becomes a party after the date hereof, including, without limitation, each Material Contract, as each such agreement may be amended, supplemented or otherwise modified from time to time. 
 “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect (or any
similar or equivalent legislation as in effect in any applicable jurisdiction), or any successor statutes. 
 “Chattel
Paper” shall mean all “chattel paper” as defined in Article 9 of the UCC, including, without limitation, “electronic chattel paper” or “tangible chattel paper”, as each term is defined in Article 9 of the UCC.

 “Closing Date” shall mean the date of this Agreement. 
 “Collateral” shall have the meaning assigned in Section 2.1. 
 “Collateral Account” shall mean any account established by the Priority Lien Collateral Trustee. 
 “Collateral Trust Agreement” shall have the meaning set forth in the recitals. 
 “Collateral Records” shall mean books, records, ledger cards, files, correspondence, customer lists, blueprints, technical
specifications, manuals, computer software, computer printouts, tapes, disks and related data processing software and similar items that at any time evidence or contain information relating to any of the Collateral or are otherwise necessary or
helpful in the collection thereof or realization thereupon. 
 “Collateral Support” shall mean all property (real or
personal) assigned, hypothecated or otherwise securing any Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property. 
 “Commercial Tort Claims” shall mean all “commercial tort claims” as defined in Article 9 of the UCC, including, without
limitation, all commercial tort claims listed on Schedule 4.8 (as such schedule may be amended or supplemented from time to time). 
 “Commodities Accounts” (i) shall mean all “commodity accounts” as defined in Article 9 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.4 under the heading
“Commodities Accounts” (as such schedule may be amended or supplemented from time to time). 
  

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 “Controlled Foreign Corporation” shall mean “controlled foreign corporation”
as defined in the Tax Code. 
 “Copyright Licenses” shall mean any and all written agreements containing the express grant
of any right in or to Copyrights (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.7(B) (as such schedule may be amended or supplemented from time to time). 

“Copyrights” shall mean all United States, Canadian and foreign copyrights (including European Union Community designs), including
but not limited to copyrights in software and databases, whether registered or unregistered, and, with respect to any and all of the foregoing: (i) all registrations and applications therefor including, without limitation, the registrations and
applications referred to in Schedule 4.7(A) (as such schedule may be amended or supplemented from time to time), (ii) all extensions and renewals thereof, (iii) all rights corresponding thereto throughout the world, (iv) all rights to
sue for past, present and future infringements thereof, and (v) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages and proceeds of suit. 
 “Credit Agreement” shall have the meaning set forth in the recitals. 
 “Deposit Account Control Agreement” shall have the meaning assigned in Section 4.4.4(c). 
 “Deposit Accounts” (i) shall mean all “deposit accounts” as defined in Article 9 of the UCC and (ii) shall include,
without limitation, all of the accounts listed on Schedule 4.4 under the heading “Deposit Accounts” (as such schedule may be amended or supplemented from time to time). 
 “Discharge of Priority Lien Obligations” shall have the meaning set forth in the Collateral Trust Agreement. 
 “Documents” shall mean all “documents” as defined in Article 9 of the UCC. 
 “Equipment” shall mean: (i) all “equipment” as defined in Article 9 of the UCC, (ii) all machinery, manufacturing
equipment, data processing equipment, computers, office equipment, furnishings, furniture, appliances, fixtures and tools (in each case, regardless of whether characterized as equipment under the UCC) and (iii) all accessions or additions
thereto, all parts thereof, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements therefor, wherever located, now or hereafter existing, including any fixtures. 
 “Event of Default” means an “Event of Default” as defined in the Credit Agreement or any other Priority Lien Documents which
is no longer subject to any cure or notice period. 
 “General Intangibles” (i) shall mean all “general
intangibles” as defined in Article 9 of the UCC, including “payment intangibles” also as defined in Article 9 of the UCC and (ii) shall include, without limitation, all interest rate or currency protection or hedging
arrangements, all tax refunds, all licenses, permits, concessions and authorizations, all Assigned Agreements and all Intellectual Property (in each case, regardless of whether characterized as general intangibles under the UCC). 
  

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 “Goods” (i) shall mean all “goods” as defined in Article 9 of the UCC and
(ii) shall include, without limitation, all Inventory and Equipment (in each case, regardless of whether characterized as goods under the UCC). 
 “Grantors” shall have the meaning set forth in the preamble. 
 “GSCP”
shall have the meaning set forth in the recitals. 
 “Health-Care Insurance Receivable” shall mean all
“health-care-insurance receivable” as defined in Article 9 of the UCC. 
 “Instruments” shall mean all
“instruments” as defined in Article 9 of the UCC. 
 “Insurance” shall mean (i) all insurance policies
covering any or all of the Collateral (regardless of whether the Priority Lien Collateral Trustee is the loss payee thereof) and (ii) any key man life insurance policies. 
 “Intellectual Property” shall mean, collectively, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the
Trademarks, the Trademark Licenses, the Trade Secrets, and the Trade Secret Licenses. 
 “Intercreditor Agreement” means the
Intercreditor Agreement dated as of May 2, 2005, among NewPageCo, the Guarantors thereunder, JPMorgan Chase Bank, N.A., as collateral agent under the Original Revolving Credit Agreement (including its successors and assigns from time to time,
the “Revolving Credit Agent”), and The Bank of New York, as Priority Lien Collateral Trustee under the Original First Lien Term Loan Agreement, including its successors and assigns from time to time, which includes The Bank of New
York as Priority Lien Collateral Trustee under this Agreement and The Bank of New York, as Collateral Trustee (as defined in the Collateral Trust Agreement), as it may be amended, supplemented or otherwise modified from time to time. 
 “Inventory” shall mean (i) all “inventory” as defined in Article 9 of the UCC and (ii) all goods held for sale or
lease or to be furnished under contracts of service or so leased or furnished, all raw materials, work in process, finished goods, and materials used or consumed in the manufacture, packing, shipping, advertising, selling, leasing, furnishing or
production of such inventory or otherwise used or consumed in any Grantor’s business; all such goods in which any Grantor has an interest in mass or a joint or other interest or right of any kind; and all such goods which are returned to or
repossessed by any Grantor, all computer programs embedded in any such goods and all accessions thereto and products thereof (in each case, regardless of whether characterized as inventory under the UCC). 
 “Investment Accounts” shall mean the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts. 
 “Investment Related Property” shall mean: (i) all “investment property” (as such term is defined in Article 9 of the UCC)
and (ii) all of the following (regardless of whether classified as investment property under the UCC): all Pledged Equity Interests, Pledged Debt, the Investment Accounts and certificates of deposit. 
 “Lenders” shall have the meaning set forth in the recitals. 
  

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 “Letter of Credit” shall mean “letter of credit” as defined in Article 9 of
the UCC. 
 “Letter of Credit Rights” shall mean “letter-of-credit right” as defined in Article 9 of the UCC.

 “Money” shall mean “money” as defined in the UCC. 
 “NewPageCo” shall have the meaning set forth in the recitals. 
 “NewPageHoldCo” shall have the meaning set forth in the recitals. 
 “Non-Assignable Contract” shall mean any agreement, contract or license to which any Grantor is a party that by its terms purports to
restrict or prevent the assignment or granting of a security interest therein (either by its terms or by any federal, state or provincial statutory prohibition or otherwise irrespective of whether such prohibition or restriction is enforceable under
Sections 9-406 through 409 of the UCC). 
 “Original First Lien Term Loan Agreement” shall mean that certain Term Loan
Credit and Guaranty Agreement, dated as of May 2, 2005, as amended, by and among the NewPageCo, NewPageHoldCo and certain subsidiaries of NewPageCo, as Guarantors, the financial institutions from time to time party thereto and GSCP, as
Administrative Agent, Joint Lead Arranger, Joint Bookrunner and Co-Syndication Agent. 
 “Original Revolving Credit
Agreement” shall mean that certain Revolving Credit and Guaranty Agreement, dated as of May 2, 2005, as amended, by and among NewPageCo, NewPageHoldCo and certain subsidiaries of NewPageCo, as Guarantors, the financial institutions
from time to time party thereto and GSCP, as Administrative Agent, Joint Lead Arranger, Joint Bookrunner and Co-Syndication Agent. 
 “Patent Licenses” shall mean all written agreements containing the express grant of any right in or to Patents (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred
to in Schedule 4.7(D) (as such schedule may be amended or supplemented from time to time). 
 “Patents” shall mean all
United States, Canadian and foreign patents and certificates of invention, or similar industrial property rights, and applications for any of the foregoing, including, but not limited to: (i) each patent and patent application referred to in
Schedule 4.7(C) hereto (as such schedule may be amended or supplemented from time to time), (ii) all reissues, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (iii) all rights
corresponding thereto throughout the world, (iv) all inventions and improvements described therein, (v) all rights to sue for past, present and future infringements thereof, (vi) all licenses, claims, damages, and proceeds of suit
arising therefrom, and (vii) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
 “Person” shall mean and include natural persons, corporations, limited partnerships, general partnerships, limited liability companies,
limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities.

  

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 “Pledge Supplement” shall mean any supplement to this agreement in substantially the
form of Exhibit A. 
 “Pledged Debt” shall mean all Indebtedness owed to such Grantor, including, without limitation, all
Indebtedness described on Schedule 4.4(A) under the heading “Pledged Debt” (as such schedule may be amended or supplemented from time to time), issued by the obligors named therein, the instruments evidencing such Indebtedness, and all
interest, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such Indebtedness. 
 “Pledged Equity Interests” shall mean all Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust
Interests. 
 “Pledged LLC Interests” shall mean all interests in any limited liability company including, without
limitation, all limited liability company interests listed on Schedule 4.4(A) under the heading “Pledged LLC Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such
limited liability company interests and any interest of such Grantor on the books and records of such limited liability company or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions,
cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such limited liability company interests.

 “Pledged Partnership Interests” shall mean all interests in any general partnership, limited partnership, limited
liability partnership or other partnership including, without limitation, all partnership interests listed on Schedule 4.4(A) under the heading “Pledged Partnership Interests” (as such schedule may be amended or supplemented from time to
time) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership or on the books and records of any securities intermediary pertaining to such interest and all
dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such partnership
interests. 
 “Pledged Stock” shall mean all shares of capital stock owned by such Grantor, including, without limitation,
all shares of capital stock described on Schedule 4.4(A) under the heading “Pledged Stock” (as such schedule may be amended or supplemented from time to time), and the certificates, if any, representing such shares and any interest of such
Grantor in the entries on the books of the issuer of such shares or on the books of any securities intermediary pertaining to such shares, and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property
or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares. 
 “Pledged Trust Interests” shall mean all interests in a Delaware business trust or other trust including, without limitation, all trust interests listed on Schedule 4.4(A) under the heading “Pledged Trust
Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such trust interests and any interest of such Grantor on the books and records of such trust or on the books and records
of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such trust interests. 
  

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 “Priority Lien Collateral Trustee” shall have the meaning set forth in the preamble.

 “Priority Lien Documents” shall have the meaning set forth in the Intercreditor Agreement. 
 “Priority Lien Obligations” shall mean, without duplication, (i) all Priority Lien Obligations (as defined in the Collateral Trust
Agreement), and (ii) all Obligations (as defined in the Credit Agreement). 
 “Priority Lien Representative” shall have
the meaning set forth in the Collateral Trust Agreement. 
 “Proceeds” shall mean: (i) all “proceeds” as
defined in Article 9 of the UCC, (ii) payments or distributions made with respect to any Investment Related Property and (iii) whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected or otherwise
disposed of, whether such disposition is voluntary or involuntary. 
 “Receivables” shall mean all rights to payment,
whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services rendered or to be rendered, including, without limitation all such rights constituting or evidenced by any
Account, Chattel Paper, Instrument, General Intangible or Investment Related Property, together with all of Grantor’s rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting
Obligations related thereto and all Receivables Records. 
 “Receivables Records” shall mean (i) all original copies of
all documents, instruments or other writings or electronic records or other Records evidencing the Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers relating to
Receivables, including, without limitation, all tapes, cards, computer tapes, computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the control of Grantor
or any computer bureau or agent from time to time acting for Grantor or otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments, supplements or other
modifications thereto, notices to other creditors or secured parties, and certificates, acknowledgments, or other writings, including, without limitation, lien search reports, from filing or other registration officers, (iv) all credit
information, reports and memoranda relating thereto and (v) all other written or nonwritten forms of information related in any way to the foregoing or any Receivable. 
 “Record” shall have the meaning specified in Article 9 of the UCC. 
 “Revolving Credit Agent” shall have the meaning set forth in the Intercreditor Agreement. 
 “Secured Obligations” shall have the meaning assigned in Section 3.1. 
  

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 “Secured Parties” shall mean each holder of a Priority Lien Obligations, including,
without limitation, Priority Lien Representatives, the Agents, Lenders and the Lender Counterparties and shall include, without limitation, all former Agents, Lenders and Lender Counterparties to the extent that any Priority Lien Obligations owing
to such Persons were incurred while such Persons were Agents, Lenders or Lender Counterparties and such Priority Lien Obligations have not been paid or satisfied in full. 
 “Securities” shall mean any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options,
warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or
participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 
 “Securities Accounts” (i) shall mean all “securities accounts” as defined in Article 8 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule
4.4(A) under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time). 
 “Supporting Obligation” shall mean all “supporting obligations” as defined in Article 9 of the UCC. 
 “Tax Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to time. 
 “Trademark Licenses” shall mean any and all written agreements containing express grant of any right in or to Trademarks (whether such Grantor is licensee or licensor thereunder) including, without limitation, each
agreement referred to in Schedule 4.7(F) (as such schedule may be amended or supplemented from time to time). 
 “Trademarks” shall mean all United States, Canadian and foreign trademarks, trade names, corporate names, company names, business names, fictitious business names, Internet domain names, service marks, certification marks,
collective marks, logos, other source or business identifiers, designs and general intangibles of a like nature, all registrations and applications for any of the foregoing including, but not limited to: (i) the registrations and applications
referred to in Schedule 4.7(E) (as such schedule may be amended or supplemented from time to time), (ii) all extensions or renewals of any of the foregoing, (iii) all of the goodwill of the business connected with the use of and symbolized
by the foregoing, (iv) the right to sue for past, present and future infringement or dilution of any of the foregoing or for any injury to goodwill, and (v) all Proceeds of the foregoing, including, without limitation, licenses, royalties,
income, payments, claims, damages, and proceeds of suit. 
 “Trade Secret Licenses” shall mean any and all written
agreements containing the express grant of any right in or to Trade Secrets (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.7(G) (as such schedule may be amended or
supplemented from time to time). 
 “Trade Secrets” shall mean all trade secrets and all other confidential or proprietary
information and know-how whether or not such trade secret has been reduced to a writing or other tangible form, including all documents and things embodying, incorporating, or 

  

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referring in any way to such trade secret, including but not limited to: (i) the right to sue for past, present and future misappropriation or other
violation of any Trade Secret, and (ii) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit. 
 “UCC” shall mean the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction and
the Personal Property Security Act (Nova Scotia), as applicable. 
 “United States” shall mean the United States of
America. 
 1.2 Definitions; Interpretation. All capitalized terms used herein (including the preamble and recitals hereto) and not
otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement as in effect on the date hereof without giving effect to any amendments or modifications thereto or, if not defined therein, in the UCC, which for greater
certainty shall mean such other similar or equivalent legislation as is in effect from time to time in any other applicable jurisdiction, as applicable, provided that where such defined terms have similar or analogous meanings or where parallel or
like concepts for such defined terms exist in such other similar or equivalent legislation to the UCC, then such defined terms or parallel or like concepts shall import the meanings and usages ascribed thereto in such other similar or equivalent
legislation. References to “Sections,” “Exhibits” and “Schedules” shall be to Sections, Exhibits and Schedules, as the case may be, of this Agreement unless otherwise specifically provided, and in particular references
to “Articles” and/or “Sections” which make reference to any particular piece of legislation or statute, including without limitation, the Bankruptcy Code and/or the UCC shall for greater certainty mean the equivalent section in
the applicable piece of legislation to the extent that the context implies reference to such other similar or equivalent legislation as is in effect from time to time in any other applicable jurisdiction, as applicable. Section headings in this
Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. Any of the terms defined herein may, unless the context otherwise requires,
be used in the singular or the plural, depending on the reference. The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or
matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar
import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. If any conflict or inconsistency exists between this
Agreement and any Priority Lien Document, with respect to the parties thereto only, the Priority Lien Document shall govern. Any references in this Agreement to “Articles” and/or “Sections” which make reference to any particular
piece of legislation or statute, including without limitation, Bankruptcy Code and/or UCC shall for greater certainty mean the equivalent section in the applicable piece of legislation to the extent that the context implies reference to such other
similar or equivalent legislation as is in effect from time to time in any other applicable jurisdiction, as applicable. Furthermore, where any such reference is meant to apply to such other similar or equivalent legislation where such other similar
or equivalent legislation has parallel or like concepts, then such references shall import such parallel or like concepts from such other similar or equivalent legislation, as applicable. 
  

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 SECTION 2. GRANT OF SECURITY. 
 2.1 Grant of Security. Each Grantor hereby grants to the Priority Lien Collateral Trustee a security interest in and continuing lien on all of such Grantor’s right, title and interest in, to and under all
personal property of such Grantor, subject to the limitations set forth in Section 2.2, including, but not limited to the following, in each case whether now owned or existing or hereafter acquired or arising and wherever located (all of which
being hereinafter collectively referred to as the “Collateral”) and a security interest is taken by the Priority Lien Collateral Trustee for its benefit and for the benefit of the Secured Parties in all of such Grantor’s
present and after-acquired personal property: 
 (a) Accounts; 
 (b) Chattel Paper; 
 (c) Documents; 
 (d) General Intangibles; 
 (e) Goods;

 (f) Instruments; 
 (g)
Insurance; 
 (h) Intellectual Property; 
 (i) Investment Related Property; 
 (j) Letters of Credit and Letter of Credit Rights; 
 (k) Money; 
 (l) Receivables and Receivable
Records; 
 (m) Commercial Tort Claims; 
 (n) to the extent not otherwise included above, all Collateral Records, Collateral Support and Supporting Obligations relating to any of the foregoing; and 
 (o) to the extent not otherwise included above, all Proceeds, products, accessions, rents and profits of or in respect of any of the foregoing. 
 Notwithstanding anything herein to the contrary, in no event shall any Priority Lien Obligations that constitutes a “security” for purposes of
the Securities Act of 1933, as amended, be secured by any Separate Collateral (as defined in the Collateral Trust Agreement). 
 In addition
to the foregoing, Stora Enso Port Hawkesbury Limited (“SEPH”), as a Grantor hereunder, hereby grants to BNY Trust Company of Canada, as subagent and co-collateral trustee for The Bank of New York, as the Priority Lien Collateral
Trustee, a security interest in and continuing lien on all of such Grantor’s right, title and interest in, to and under the Collateral, in each case whether now owned or existing or hereafter acquired or arising and wherever located, and a
security interest is taken by BNY Trust Company of Canada, as subagent and co-collateral trustee for The Bank of New York, as the Priority Lien Collateral Trustee, for its 

  

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benefit and for the benefit of the Secured Parties in all of such Grantor’s present and after-acquired personal property, as security for the prompt and
complete payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay
under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof)), of all Priority Lien Obligations with respect to every Grantor. 
 2.2 Certain Limited Exclusions. Notwithstanding anything herein to the contrary, in no event shall the Collateral include or the security interest
granted under Section 2.1 hereof attach to (a) any lease, license, contract, Intellectual Property, property rights or agreement to which any Grantor is a party or any of its rights or interests thereunder if and for so long as the grant
of such security interest shall constitute or result in (i) the abandonment, invalidation or unenforceability of any right, title or interest of any Grantor therein or (ii) in a breach or termination pursuant to the terms of, or a default
under, any such lease, license, contract, property rights or agreement (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions)
of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); provided, however that the Collateral shall include and such security interest shall attach immediately at such time as the condition
causing such abandonment, invalidation or unenforceability shall be remedied and to the extent severable, shall attach immediately to any portion of such lease, license, contract, property rights or agreement that does not result in any of the
consequences specified in (i) or (ii) above; (b) any of the outstanding capital stock of a Controlled Foreign Corporation in excess of 65% of the voting power of all classes of capital stock of such Controlled Foreign Corporation
entitled to vote; provided that immediately upon the amendment of the Tax Code to allow the pledge of a greater percentage of the voting power of capital stock in a Controlled Foreign Corporation without adverse tax consequences, the Collateral
shall include, and the security interest granted by each Grantor shall attach to, such greater percentage of capital stock of each Controlled Foreign Corporation; provided further that such exclusion provided in this clause (b) shall not apply
to the capital stock of Stora Enso Port Hawkesbury Limited, a Nova Scotia company all of which capital stock is hereby pledged as security for the Priority Lien Obligations; or (c) any Intellectual Property identified in Schedule 4.7(I).

 2.3 Intercreditor Agreement. Notwithstanding anything herein to the contrary, the lien and security interest granted to the
Priority Lien Collateral Trustee pursuant to this Agreement and the exercise of any right or remedy by the Priority Lien Collateral Trustee hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between
the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. Any reference in this Agreement to a “first priority lien” or words of similar effect in describing the
security interests created hereunder shall be understood to refer to such priority as set forth in the Intercreditor Agreement. All representations, warranties and covenants in this Agreement shall be subject to the provisions and qualifications set
forth in this Section 2.3. 
 SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE. 
 3.1 Security for Obligations. This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment or performance
in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the 

  

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automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provisions thereof)), of all Priority Lien
Obligations with respect to every Grantor (the “Secured Obligations”). 
 3.2 Continuing Liability Under Collateral.
Notwithstanding anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Priority Lien Collateral Trustee
or any Secured Party, (ii) each Grantor shall remain liable under each of the agreements included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform
all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and neither the Priority Lien Collateral Trustee nor any Secured Party shall have any obligation or liability under any of
such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the Priority Lien Collateral Trustee nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any
payment received by it or have any obligation to take any action to collect or enforce any rights under any agreement included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC
Interests, and (iii) the exercise by the Priority Lien Collateral Trustee of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral.

 SECTION 4. REPRESENTATIONS AND WARRANTIES AND COVENANTS. 
 4.1 Generally. 
 (a) Representations and Warranties. Each Grantor hereby represents and
warrants, on the Closing Date, that: 
 (i) it owns the Collateral purported to be owned by it or otherwise has the rights it
purports to have in each item of Collateral free and clear of any and all Liens, rights or claims of all other Persons other than Permitted Liens; 
 (ii) it has indicated on Schedule 4.1(A)(as such schedule may be amended or supplemented from time to time): (w) the type of organization of such Grantor, (x) the jurisdiction of organization of such
Grantor, (y) its organizational identification number and (z) the jurisdiction where the chief executive office or its sole place of business is, and for the one-year period preceding the date hereof has been, located; 
 (iii) the full legal name of such Grantor is as set forth on Schedule 4.1(A) and it has not done in the last five (5) years, and does
not do, business under any other name (including any trade-name or fictitious business name) except for those names set forth on Schedule 4.1(B) (as such schedule may be amended or supplemented from time to time); 
 (iv) except as provided on Schedule 4.1(C), it has not changed its name, jurisdiction of organization, chief executive office or sole
place of business (or principal residence if such Grantor is a natural person) or its corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) within the past five (5) years; 
  

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 (v) other than in connection with Permitted Liens, it has not within the last five
(5) years become bound (whether as a result of merger or otherwise) as debtor under a security agreement entered into by another Person, which has not heretofore been terminated other than the agreements identified on Schedule 4.1(D) hereof (as
such schedule may be amended or supplemented from time to time); 
 (vi) with respect to each agreement identified on Schedule
4.1(D), it has indicated on Schedule 4.1 (A) and Schedule 4.1(B) the information required pursuant to Section 4.1(a)(ii), (iii) and (iv) with respect to the debtor under each such agreement; 
 (vii)(u) upon the filing of all UCC financing statements naming each Grantor as “debtor” and the Priority Lien Collateral
Trustee as “secured party” and describing the Collateral in the filing offices set forth opposite such Grantor’s name on Schedule 4.1(E) hereof (as such schedule may be amended or supplemented from time to time) and other filings
delivered by each Grantor, (v) upon delivery of all Instruments, Chattel Paper and certificated Pledged Equity Interests and Pledged Debt, (w) upon sufficient identification of Commercial Tort Claims, (x) upon execution of a control
agreement establishing the Priority Lien Collateral Trustee’s “control” (within the meaning of Section 8-106, 9-106 or 9-104 of the UCC, as applicable) with respect to any Investment Account, (y) upon consent of the issuer
with respect to Letter of Credit Rights, and (z) to the extent not solely subject to Article 9 of the UCC, upon recordation of the security interests granted hereunder in Patents, Trademarks and registered Copyrights in the applicable
intellectual property registries, including but not limited to the United States Patent and Trademark Office and the United States Copyright Office, the security interests granted to the Priority Lien Collateral Trustee hereunder constitute valid
and perfected first priority Liens (subject in the case of priority only to Permitted Liens and to the rights of the United States government (including any agency or department thereof) with respect to United States government Receivables) on all
of the Collateral; 
 (viii) after giving effect to the actions described in subsection (vii) above, except as may be
required, in connection with the disposition of any Investment Related Property, by laws generally affecting the offering and sale of Securities, all actions and consents, including all filings, notices, registrations and recordings necessary or
desirable for the exercise by the Priority Lien Collateral Trustee of the voting or other rights provided for in this Agreement or the exercise of remedies in respect of the Collateral have been made or obtained; 
 (ix) other than the financing statements filed in favor of the Priority Lien Collateral Trustee, no effective UCC financing statement,
fixture filing or other instrument similar in effect under any applicable law covering all or any part of the Collateral is on file in any filing or recording office except for (x) financing statements for which proper termination statements
have been delivered to the Priority Lien Collateral Trustee for filing and (y) financing statements filed in connection with Permitted Liens; 
 (x) no authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body (other than those which have been obtained) is required for either (i) the pledge
or grant by any Grantor of the Liens purported to be created in favor of the Priority Lien Collateral Trustee hereunder or 

  

 13 








 
(ii) the exercise by Priority Lien Collateral Trustee of any rights or remedies in respect of any Collateral (whether specifically granted or created
hereunder or created or provided for by applicable law), except (A) for the filings contemplated by clause (vii) above and (B) as may be required, in connection with the disposition of any Investment Related Property, by laws
generally affecting the offering and sale of Securities; 
 (xi) all written information supplied by any Grantor with respect
to any of the Collateral (in each case taken as a whole with respect to any particular Collateral) is accurate and complete in all material respects; 
 (xii) none of the Collateral constitutes, or is the Proceeds of, “farm products” (as defined in the UCC); 
 (xiii) it does not own any “As-extracted collateral” (as defined in the UCC) or any timber to be cut other than the “As-extracted collateral” and the timber located on the real property as
described on Schedule 4.1(F) hereof; 
 (xiv) except as described on Schedule 4.1(D), such Grantor has not become bound as a
debtor, either by contract or by operation of law, by a security agreement previously entered into by another Person; and 
 (xv) such Grantor has been duly organized as an entity of the type as set forth opposite such Grantor’s name on Schedule 4.1(A) solely under the laws of the jurisdiction as set forth opposite such Grantor’s name on Schedule 4.1(A)
and remains duly existing as such. Such Grantor has not filed any certificates of domestication, transfer or continuance in any other jurisdiction. 
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that: 
 (i) except for the security
interest created by this Agreement, it shall not create or suffer to exist any Lien upon or with respect to any of the Collateral, except Permitted Liens, and such Grantor shall defend the Collateral against all Persons at any time claiming any
interest therein; 
 (ii) it shall not produce, use or permit any Collateral to be used unlawfully or in violation of any
provision of this Agreement or any applicable statute, regulation or ordinance or any policy of insurance covering the Collateral if such violation could reasonably be expected to have a Material Adverse Effect; 
 (iii) it shall not change such Grantor’s name, identity, corporate structure (e.g., by merger, consolidation, change in corporate
form or otherwise), sole place of business, chief executive office, type of organization or jurisdiction of organization or establish any trade names unless it shall have (a) notified the Priority Lien Collateral Trustee in writing, by
executing and delivering to the Priority Lien Collateral Trustee a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, at least fifteen (15) days prior to any
such change or establishment, identifying such new proposed name, identity, corporate structure, sole place of business, chief executive office or jurisdiction of organization or trade name and providing such other information in connection
therewith as the Priority Lien Collateral Trustee may reasonably request and (b) taken all actions 

  

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necessary or advisable to maintain the continuous validity, perfection and the same or better priority of the Priority Lien Collateral Trustee’s
security interest in the Collateral intended to be granted and agreed to hereby; 
 (iv) if the Priority Lien Collateral
Trustee or any other Secured Party gives value to enable Grantor to acquire rights in or the use of any Collateral, it shall use such value for such purposes and such Grantor further agrees that repayment of any Obligation shall apply on a
“first-in, first-out” basis so that the portion of the value used to acquire rights in any Collateral shall be paid in the chronological order such Grantor acquired rights therein; 
 (v) it shall pay promptly when due all property and other taxes, assessments and governmental charges or levies imposed upon, and all
claims (including claims for labor, materials and supplies) against, the Collateral, except to the extent the validity thereof is being contested in good faith and as otherwise provided in the Priority Lien Documents; provided, such Grantor shall in
any event pay such taxes, assessments, charges, levies or claims not later than five (5) days prior to the date of any proposed sale under any judgment, writ or warrant of attachment entered or filed against such Grantor or any of the
Collateral as a result of the failure to make such payment; 
 (vi) upon such Grantor or any Senior Officer of such Grantor
obtaining actual knowledge thereof, it shall promptly notify the Priority Lien Collateral Trustee in writing of any event that would reasonably be expected to have a Material Adverse Effect on the value of the Collateral or any material portion
thereof, the ability of any Grantor or the Priority Lien Collateral Trustee to dispose of the Collateral or any material portion thereof, or the rights and remedies of the Priority Lien Collateral Trustee in relation thereto, including, without
limitation, the levy of any legal process against the Collateral or any portion thereof; 
 (vii) it shall not take or permit
any action which would reasonably be expected to materially impair the Priority Lien Collateral Trustee’s rights in the Collateral; and 
 (viii) it shall not sell, transfer or assign (by operation of law or otherwise) any Collateral except as otherwise permitted in accordance with each of the Priority Lien Documents. 
 4.2 Equipment and Inventory. 
 (a)
Representations and Warranties. Each Grantor represents and warrants, on the Closing Date, that: 
 (i) all of the
Equipment and Inventory (other than Equipment and Inventory in transit) included in the Collateral is kept for the past four (4) years only at the locations specified in Schedule 4.2 (as such schedule may be amended or supplemented from time to
time); 
 (ii) any Goods now or hereafter produced by any Grantor included in the Collateral have been and will be produced in
compliance with the requirements of the Fair Labor Standards Act, as amended; and 
  

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 (iii) except as set forth in Schedule 4.2, none of the Inventory or Equipment is in the
possession of an issuer of a negotiable document (as defined in Section 7-104 of the UCC) therefor or otherwise in the possession of a bailee or a warehouseman. 
 (b) Covenants and Agreements. Each Grantor covenants and agrees that: 
 (i) other than
Inventory and Equipment in transit or sold to customers in the ordinary course of business, it shall keep the Equipment, Inventory and any Documents evidencing any Equipment and Inventory in the locations specified on Schedule 4.2 (as such schedule
may be amended or supplemented from time to time) unless, with respect to any location at which Equipment or Inventory having a value in excess of $500,000 is located, it shall have (a) notified the Priority Lien Collateral Trustee in writing,
by executing and delivering to the Priority Lien Collateral Trustee an Officer’s Certificate (as defined in the Collateral Trust Agreement), and a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together
with all Supplements to Schedules thereto, at least fifteen (15) days prior to any change in locations, identifying such change in the location of and the new location of such Collateral, and providing such other information in connection
therewith as the Priority Lien Collateral Trustee may reasonably request and (b) taken all actions necessary or advisable to maintain the continuous validity, perfection and the same or better priority of the Priority Lien Collateral
Trustee’s security interest in the Collateral intended to be granted and agreed to hereby, or to enable the Priority Lien Collateral Trustee to exercise and enforce its rights and remedies hereunder, with respect to such Equipment and
Inventory; 
 (ii) it shall keep correct and accurate records of the Inventory, as is customarily maintained under similar
circumstances by Persons of established reputation engaged in a similar business, and in any event in conformity with GAAP; 
 (iii) it shall not deliver any Document evidencing any Equipment and Inventory to any Person other than the issuer of such Document (or to a shipper or freight forwarder acting on such Grantor’s behalf in the ordinary course of
business) to claim the Goods evidenced therefor or the Priority Lien Collateral Trustee; 
 (iv) if any Equipment or Inventory
having a value in excess of (x) $500,000 in the case of Equipment or (y) 750,000 in the case of Inventory in the aggregate is in possession or control of any third party (other than Equipment and Inventory in transit and customers
purchasing inventory in the ordinary course of business), each Grantor shall join with the Priority Lien Collateral Trustee in notifying the third party of the Priority Lien Collateral Trustee’s security interest and obtaining an acknowledgment
from the third party that it is holding the Equipment and Inventory for the benefit of the Priority Lien Collateral Trustee; and 
 (v) with respect to any item of Equipment having a value in excess of $100,000 individually or any items of Equipment having a value in excess of $500,000 in the aggregate, which is covered by a certificate of title under a statute of any
jurisdiction under the law of which indication of a security interest on such certificate is required as a condition of perfection thereof, upon the reasonable request of the Priority Lien Collateral Trustee, (A) provide information with
respect to any such Equipment, (B) execute and file with the registrar of motor vehicles or other appropriate authority in such 

  

 16 








 
jurisdiction an application or other document requesting the notation or other indication of the security interest created hereunder on such certificate of
title, and (C) deliver to the Priority Lien Collateral Trustee copies of all such applications or other documents filed during such calendar quarter and copies of all such certificates of title issued during such calendar quarter indicating the
security interest created hereunder in the items of Equipment covered thereby. 
 4.3 Receivables. 
 (a) Representations and Warranties. Each Grantor represents and warrants, on the Closing Date, that: 
 (i) each Receivable (a) is the legal, valid and binding obligation of the Account Debtor in respect thereof, representing an
unsatisfied obligation of such Account Debtor, (b) is enforceable in accordance with its terms except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, (c) is not subject to any
setoffs, defenses, taxes or counterclaims that have not been disclosed to the Priority Lien Collateral Trustee (except with respect to refunds, returns and allowances in the ordinary course of business) and (d) is in compliance in all material
respects with all applicable laws, whether federal, state, provincial, local or foreign; 
 (ii) none of the Account Debtors
in respect of any Receivable in excess of $1,000,000 individually or $2,000,000 in the aggregate is the government of the United States, any agency or instrumentality thereof, any state, province or municipality or any foreign sovereign; and

 (iii) no Receivable is evidenced by, or constitutes, an Instrument or Chattel Paper which has not been delivered to, or
otherwise subjected to the control of, the Priority Lien Collateral Trustee to the extent required by, and in accordance with Section 4.3(c). 
 (b) Covenants and Agreements: Each Grantor hereby covenants and agrees that: 
 (i) it shall keep and maintain
at its own cost and expense satisfactory and complete records of the Receivables, including, but not limited to, the originals of all documentation with respect to all Receivables and records of all payments received and all credits granted on the
Receivables, all merchandise returned and all other dealings therewith; 
 (ii) it shall mark conspicuously, in form and
manner reasonably satisfactory to the Priority Lien Collateral Trustee, all Chattel Paper and Instruments (other than any delivered to the Priority Lien Collateral Trustee (or its agent or designee) as provided herein), as well as the Receivables
Records with an appropriate reference to the fact that the Priority Lien Collateral Trustee has a security interest therein; 
 (iii) it shall perform in all material respects all of its obligations with respect to the Receivables, except to the extent being contested in good faith, so long as adequate reserve or other appropriate provision, as shall be required in
conformity with GAAP, shall have been made therefor; 
  

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 (iv) other than in the ordinary course of business as generally conducted by it on and
prior to the date hereof, and except as otherwise provided in subsection (v) below, following an Event of Default, such Grantor shall not (w) grant any extension or renewal of the time of payment of any Receivable, (x) compromise or
settle any dispute, claim or legal proceeding with respect to any Receivable for less than the total unpaid balance thereof, (y) release, wholly or partially, any Person liable for the payment thereof, or (z) allow any credit or discount
thereon; 
 (v) except as otherwise provided in this subsection, each Grantor shall continue to collect all amounts due or to
become due to such Grantor under the Receivables and any Supporting Obligation and diligently exercise each material right it may have under any Receivable, any Supporting Obligation or Collateral Support, in each case, at its own expense, and in
connection with such collections and exercise, such Grantor shall take such action as such Grantor may deem necessary or advisable. Notwithstanding the foregoing, the Priority Lien Collateral Trustee shall have the right following an Event of
Default to notify, or require any Grantor to notify, any Account Debtor of the Priority Lien Collateral Trustee’s security interest in the Receivables and any Supporting Obligation and, in addition, at any time following the occurrence and
during the continuation of an Event of Default, the Priority Lien Collateral Trustee may: (1) direct the Account Debtors under any Receivables to make payment of all amounts due or to become due to such Grantor thereunder directly to the
Priority Lien Collateral Trustee; (2) notify, or require any Grantor to notify, each Person maintaining a lockbox or similar arrangement to which Account Debtors under any Receivables have been directed to make payment to remit all amounts
representing collections on checks and other payment items from time to time sent to or deposited in such lockbox or other arrangement directly to the Priority Lien Collateral Trustee; and (3) enforce, at the expense of such Grantor, collection
of any such Receivables and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done. If the Priority Lien Collateral Trustee notifies any Grantor that it has elected to
collect the Receivables in accordance with the preceding sentence, any payments of Receivables received by such Grantor shall be forthwith (and in any event within two (2) Business Days) deposited by such Grantor in the exact form received,
duly indorsed by such Grantor to the Priority Lien Collateral Trustee if required, in the Collateral Account maintained under the sole dominion and control of the Priority Lien Collateral Trustee, and until so turned over, all amounts and proceeds
(including checks and other instruments) received by such Grantor in respect of the Receivables, any Supporting Obligation or Collateral Support shall be received in trust for the benefit of the Priority Lien Collateral Trustee hereunder and shall
be segregated from other funds of such Grantor and such Grantor shall not adjust, settle or compromise the amount or payment of any Receivable, or release wholly or partly any Account Debtor or obligor thereof, or allow any credit or discount
thereon; and 
 (vi) it shall use its best efforts to keep in full force and effect any Supporting Obligation or Collateral
Support relating to any Receivable. 
 (c) Delivery and Control of Receivables. With respect to any Receivables in excess of $500,000
individually or $1,000,000 in the aggregate that is evidenced by, or constitutes, Chattel Paper or Instruments, each Grantor shall cause each originally executed copy thereof to be delivered to the Priority Lien Collateral Trustee (or its agent or
designee) appropriately indorsed to the Priority Lien Collateral Trustee or indorsed in blank: (i) with respect to any such Receivables in existence on the date hereof, on or prior to the date hereof and 

  

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(ii) with respect to any such Receivables hereafter arising, within ten (10) days of such Grantor acquiring rights therein. With respect to any
Receivables in excess of $500,000 individually or $1,000,000 in the aggregate which would constitute “electronic chattel paper” under Article 9 of the UCC, each Grantor shall take all steps necessary to give the Priority Lien Collateral
Trustee (or its agent or designee) control over such Receivables (within the meaning of Section 9-105 of the UCC): (i) with respect to any such Receivables in existence on the date hereof, on or prior to the date hereof and (ii) with
respect to any such Receivables hereafter arising, within ten (10) days of such Grantor acquiring rights therein. Any Receivable not otherwise required to be delivered or subjected to the control of the Priority Lien Collateral Trustee (or its
agent or designee) in accordance with this subsection (c) shall be delivered or subjected to such control upon request of the Priority Lien Collateral Trustee. 
 4.4 Investment Related Property. 
 4.4.1 Investment Related Property Generally 
 (a) Covenants and Agreements. Each Grantor hereby covenants and agrees that: 
 (i) in the event it acquires rights in any Investment Related Property after the date hereof, it shall deliver to the Priority Lien
Collateral Trustee a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, reflecting such new Investment Related Property and all other Investment Related Property.
Notwithstanding the foregoing, it is understood and agreed that the security interest of the Priority Lien Collateral Trustee shall attach to all Investment Related Property immediately upon any Grantor’s acquisition of rights therein and shall
not be affected by the failure of any Grantor to deliver a supplement to Schedule 4.4 as required hereby; 
 (ii) except as
provided in the next sentence, in the event such Grantor receives any dividends, interest or distributions on any Investment Related Property, or any securities or other property upon the merger, consolidation, liquidation or dissolution of any
issuer of any Investment Related Property, then (a) such dividends, interest or distributions and securities or other property shall be included in the definition of Collateral without further action and (b) such Grantor shall immediately
take all steps, if any, necessary or advisable to ensure the validity, perfection, priority and, if applicable, control of the Priority Lien Collateral Trustee over such Investment Related Property (including, without limitation, delivery thereof to
the Priority Lien Collateral Trustee) and pending any such action such Grantor shall be deemed to hold such dividends, interest, distributions, securities or other property in trust for the benefit of the Priority Lien Collateral Trustee and shall
segregate such dividends, distributions, Securities or other property from all other property of such Grantor. Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be continuing, the Priority Lien Collateral Trustee
authorizes each Grantor to retain all ordinary cash dividends and distributions paid by the issuer and all scheduled payments of interest and principal; and 
 (iii) each Grantor consents to the grant by each other Grantor of a Security Interest in all Investment Related Property to the Priority
Lien Collateral Trustee. 
  

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 (b) Delivery and Control. 
 (i) Unless prohibited by the Organizational Documents of the issuer of any Investment Related Property with respect to a joint venture of
such Grantor, each Grantor agrees that with respect to any Investment Related Property in which it currently has rights it shall comply with the provisions of this Section 4.4.1(b) on or before the Closing Date and with respect to any
Investment Related Property hereafter acquired by such Grantor it shall comply with the provisions of this Section 4.4.1(b) promptly upon acquiring rights therein, in each case in form and substance satisfactory to the Priority Lien Collateral
Trustee. With respect to any Investment Related Property in a principal amount in excess of $5,000 individually that is represented by a certificate or that is an “instrument” (other than any Investment Related Property credited to a
Securities Account), subject to the terms of the Intercreditor Agreement, it shall cause such certificate or instrument to be delivered to the Priority Lien Collateral Trustee, indorsed in blank by an “effective indorsement” (as defined in
Section 8-107 of the UCC), regardless of whether such certificate constitutes a “certificated security” for purposes of the UCC. With respect to any Investment Related Property that is an “uncertificated security” for
purposes of the UCC (other than any “uncertificated securities” credited to a Securities Account), it shall cause the issuer of such uncertificated security to either, subject to the terms of the Intercreditor Agreement, (i) register
the Priority Lien Collateral Trustee as the registered owner thereof on the books and records of the issuer or (ii) execute an agreement substantially in the form of Exhibit B hereto, pursuant to which such issuer agrees to comply with the
Priority Lien Collateral Trustee’s instructions with respect to such uncertificated security without further consent by such Grantor. 
 (c) Voting and Distributions. 
 (i) So long as no Event of Default shall have occurred and be continuing:

  

	 	(1)	except as otherwise provided under the covenants and agreements relating to Investment Related Property in this Agreement or elsewhere herein or in the Priority Lien Documents, each
Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Investment Related Property or any part thereof for any purpose not inconsistent with the terms of this Agreement or
the Priority Lien Documents; provided, no Grantor shall exercise or refrain from exercising any such right if the Priority Lien Collateral Trustee shall have notified such Grantor (such notice to be given by the Priority Lien Collateral Trustee upon
receipt of a written instruction from the Requisite Lenders or the Administrative Agent) that, in the Priority Lien Collateral Trustee’s reasonable judgment, such action would have a Material Adverse Effect on the value of the Investment
Related Property or any part thereof; and provided further, such Grantor shall give the Priority Lien Collateral Trustee at least five (5) Business Days prior written notice of the manner in which it intends to exercise, or the reasons for
refraining from exercising, any such right; it being understood, however, that neither the voting by such Grantor of any Pledged Stock for, or such Grantor’s consent to, the election of directors (or similar governing body) at a regularly
scheduled annual or other meeting of stockholders or with respect to routine matters at any such meeting, nor such Grantor’s consent to or approval of any action otherwise permitted under this Agreement and the Priority Lien Documents, shall be
deemed inconsistent with the terms of this Agreement or the Priority Lien Documents within the meaning of this Section 4.4(c)(i)(1), and no notice of any such voting or consent need be given to the Priority Lien Collateral Trustee; and


  

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	 	(2)	the Priority Lien Collateral Trustee shall promptly execute and deliver (or cause to be executed and delivered) to each Grantor all proxies, and other instruments as such Grantor
may from time to time reasonably request for the purpose of enabling such Grantor to exercise the voting and other consensual rights when and to the extent which it is entitled to exercise pursuant to clause (1) above; 


 

	 	(3)	Upon the occurrence and during the continuation of an Event of Default and any Grantors’ receipt of notice of exercise by the Priority Lien Collateral Trustee of any powers,
rights, privileges and remedies available upon the occurrence and during the continuance of an Event of Default, subject to the terms of the Intercreditor Agreement: 

  

	 	(A)	all rights of each Grantor to exercise or refrain from exercising the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease
and all such rights shall thereupon become vested in the Priority Lien Collateral Trustee who shall thereupon have the sole right to exercise such voting and other consensual rights; and 

  

	 	(B)	in order to permit the Priority Lien Collateral Trustee to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all
dividends and other distributions which it may be entitled to receive hereunder: (1) each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Priority Lien Collateral Trustee all proxies, dividend payment
orders and other instruments as the Priority Lien Collateral Trustee may from time to time reasonably request and (2) each Grantor acknowledges that the Priority Lien Collateral Trustee may utilize the power of attorney set forth in
Section 6.1. 

 4.4.2 Pledged Equity Interests 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date and after giving effect to the Stora Enso
Acquisition, that: 
 (i) Schedule 4.4(A) (as such schedule may be amended or supplemented from time to time) sets forth under
the headings “Pledged Stock,” “Pledged LLC Interests,” “Pledged Partnership Interests” and “Pledged Trust Interests,” respectively, all of the Pledged Stock, Pledged LLC Interests, Pledged Partnership
Interests and Pledged Trust Interests owned by any Grantor and such Pledged Equity Interests constitute the percentage of issued and outstanding shares of stock, percentage of membership interests, percentage of partnership interests or percentage
of beneficial interest of the respective issuers thereof indicated on such Schedule; 
 (ii) except as set forth on Schedule
4.4(B), it has not acquired any equity interests of another entity or substantially all the assets of another entity within the past five (5) years; 
  

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 (iii) it is the record and beneficial owner of the Pledged Equity Interests free of all
Liens, rights or claims of other Persons other than Permitted Liens and there are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or property that is
convertible into, or that requires the issuance or sale of, any Pledged Equity Interests; 
 (iv) without limiting the
generality of Section 4.1(a)(v), no consent of any Person including any other general or limited partner, any other member of a limited liability company, any other shareholder or any other trust beneficiary is necessary or desirable in
connection with the creation, perfection or first priority status of the security interest of the Priority Lien Collateral Trustee in any Pledged Equity Interests or the exercise by the Priority Lien Collateral Trustee of the voting or other rights
provided for in this Agreement or the exercise of remedies in respect thereof; 
 (v) none of the Pledged LLC Interests nor
Pledged Partnership Interests are or represent interests in issuers that: (a) are registered as investment companies or (b) are dealt in or traded on securities exchanges or markets; and 
 (vi) except as otherwise set forth on Schedule 4.4(C), all of the Pledged LLC Interests and Pledged Partnership Interests are or represent
interests in issuers that have opted to be treated as securities under the uniform commercial code of any jurisdiction. 
 (b) Covenants
and Agreements. Each Grantor hereby covenants and agrees that: 
 (i) without the prior written consent of the Priority
Lien Collateral Trustee, it shall not vote to enable or take any other action to: (a) amend or terminate any partnership agreement, limited liability company agreement, certificate of incorporation, by-laws or other organizational documents in
any way that materially changes the rights of such Grantor with respect to any Investment Related Property or adversely affects the validity, perfection or priority of the Priority Lien Collateral Trustee’s security interest, (b) permit
any issuer of any Pledged Equity Interest to issue any additional stock, partnership interests, limited liability company interests or other equity interests of any nature or to issue securities convertible into or granting the right of purchase or
exchange for any stock or other equity interest of any nature of such issuer, except to another Grantor who has caused such property to become subjected to a perfected Lien thereon in favor of the Priority Lien Collateral Trustee, and except as
otherwise permitted under the Priority Lien Documents, (c) other than as permitted under the Priority Lien Documents, permit any issuer of any Pledged Equity Interest to dispose of all or a material portion of their assets, (d) waive any
default under or breach of any terms of organizational document relating to the issuer of any Pledged Equity Interest or the terms of any Pledged Debt, or (e) cause any issuer of any Pledged Partnership Interests or Pledged LLC Interests which
are not securities (for purposes of the UCC) on the date hereof to elect or otherwise take any action to cause such Pledged Partnership Interests or Pledged LLC Interests to be treated as securities for purposes of the UCC; provided, however,
notwithstanding the foregoing, if any issuer of any Pledged Partnership Interests or Pledged LLC Interests takes any such action in violation of the foregoing in this clause (e), such Grantor shall promptly notify the Priority Lien Collateral
Trustee in writing of any such election or action and, in such event, shall take all steps necessary or advisable to establish the Priority Lien Collateral Trustee’s “control” thereof; 
  

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 (ii) it shall comply with all of its obligations under any partnership agreement or
limited liability company agreement relating to Pledged Partnership Interests or Pledged LLC Interests except to the extent being contested in good faith, so long as adequate reserve or other appropriate provision, as shall be required in GAAP,
shall have been made therefore, and shall enforce all of its material rights with respect to any Investment Related Property; 
 (iii) unless otherwise permitted under the Priority Lien Documents, without the prior written consent of the Priority Lien Collateral Trustee, it shall not permit any issuer of any Pledged Equity Interest to merge or consolidate unless
(i) such issuer creates a security interest that is perfected by a filed financing statement (that is not effective solely under section 9-508 of the UCC) in collateral in which such new debtor has or acquires rights, and (ii) all the
outstanding Capital Stock or other equity interests of the surviving or resulting corporation, limited liability company, partnership or other entity owned by a Grantor is, upon such merger or consolidation, pledged hereunder and no cash, securities
or other property is distributed in respect of the outstanding equity interests of any other constituent Grantor; provided that if the surviving or resulting issuer upon any such merger or consolidation is a Controlled Foreign Corporation, then such
Grantor shall only be required to pledge equity interests in accordance with Section 2.2; and 
 (iv) each Grantor
consents to the grant by each other Grantor of a security interest in all Investment Related Property to the Priority Lien Collateral Trustee and, without limiting the foregoing, consents to the transfer of any Pledged Partnership Interest and any
Pledged LLC Interest to the Priority Lien Collateral Trustee or its nominee following an Event of Default and to the substitution of the Priority Lien Collateral Trustee or its nominee as a partner in any partnership or as a member in any limited
liability company with all the rights and powers related thereto. 
 4.4.3 Pledged Debt 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the date of this Agreement, that Schedule 4.4 (as such schedule
may be amended or supplemented from time to time) sets forth under the heading “Pledged Debt” all of the Pledged Debt owned by any Grantor (other than Pledged Debt owned by another Grantor or one of its Subsidiaries), all of such Pledged
Debt has been duly authorized, authenticated or issued, and delivered and is the legal, valid and binding obligation of the issuers thereof and is not in default; and 
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that it shall notify the Priority Lien Collateral Trustee of any default under any Pledged Debt that has caused, either in any individual
case or in the aggregate, a Material Adverse Effect. 
 4.4.4 Investment Accounts 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date, that: 
  

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 (i) Schedule 4.4 hereto (as such schedule may be amended or supplemented from time to
time) sets forth under the headings “Securities Accounts” and “Commodities Accounts,” respectively, all of the Securities Accounts and Commodities Accounts in which each Grantor has an interest. Each Grantor is the sole
entitlement holder of each such Securities Account and Commodity Account on Schedule 4.4, and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Priority Lien Collateral Trustee pursuant hereto or the
Revolving Credit Agent) having “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or Commodity Account or securities or other property credited thereto;

 (ii) Schedule 4.4 hereto (as such schedule may be amended or supplemented from time to time) sets forth under the heading
“Deposit Accounts” all of the Deposit Accounts in which each Grantor has an interest. Each Grantor is the sole account holder of each such Deposit Account on Schedule 4.4 and such Grantor has not consented to, and is not otherwise
aware of, any Person (other than the Priority Lien Collateral Trustee pursuant hereto or the Revolving Credit Agent) having either sole dominion and control (within the meaning of common law) or “control” (within the meanings of
Section 9-104 of the UCC) over, or any other interest in, any such Deposit Account or any money or other property deposited therein; and 
 (iii) Each Grantor has taken all actions necessary or desirable, including those specified in Section 4.4.4(c), to: (a) establish Priority Lien Collateral Trustee’s “control” (within the
meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the Investment Related Property constituting Certificated Securities, Uncertificated Securities, Securities Accounts, Securities Entitlements or Commodities Accounts (each as
defined in the UCC); (b) establish the Priority Lien Collateral Trustee’s “control” (within the meaning of Section 9-104 of the UCC) over all Deposit Accounts (other than those Deposit Accounts not subject to such
requirement under Section 4.4.4(c)); and (c) deliver all Instruments to the Priority Lien Collateral Trustee. 
 (b) Covenants
and Agreements. Each Grantor hereby covenants and agrees with the Priority Lien Collateral Trustee and each other Secured Party that it shall not close or terminate any Investment Account without prior notice to the Priority Lien Collateral
Trustee or establish any additional Investment Accounts unless a control agreement has been entered into by the appropriate Grantor, Priority Lien Collateral Trustee and securities intermediary or depository institution at which such additional
account is to be maintained in accordance with the provisions of Section 4.4.4(c). 
 (c) Delivery and Control 
 (i) With respect to any Investment Related Property consisting of Securities Accounts or Securities Entitlements, it shall cause the
securities intermediary maintaining such Securities Account or Securities Entitlement to enter into an agreement substantially in the form of Exhibit C hereto (or otherwise reasonably acceptable to the Priority Lien Collateral Trustee) pursuant to
which it shall agree to comply with the Priority Lien Collateral Trustee’s “entitlement orders” without further consent by such Grantor. With respect to any Investment Related Property that is a “Deposit Account,” it shall
cause the depositary institution maintaining such account to enter into an agreement substantially in the form of Exhibit D hereto (or otherwise reasonably acceptable to the Priority Lien Collateral Trustee) (a “Deposit Account 

  

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Control Agreement”), pursuant to which the Priority Lien Collateral Trustee shall have both sole dominion and control over such Deposit Account
(within the meaning of the common law), subject to the terms of the Intercreditor Agreement, and “control” (within the meaning of Section 9-104 of the UCC) over such Deposit Account; provided that the Grantors shall not be required to
comply with this sentence with respect to Deposit Accounts that (A) are used exclusively to fund payroll or (B) have an aggregate balance for all such Deposit Accounts of $5,000,000 or less. Subject to the proviso to the immediately
preceding sentence, each Grantor shall have entered into such control agreement or agreements with respect to: (i) subject to clause (iii) below, any Securities Accounts, Securities Entitlements or Deposit Accounts that exist on the
Closing Date, as of or prior to the Closing Date, (ii) any Securities Accounts, Securities Entitlements or Deposit Accounts that are created or acquired after the Closing Date, as of or prior to the deposit or transfer of any such Securities
Entitlements or funds, whether constituting moneys or investments, into such Securities Accounts or Deposit Accounts and (iii) no later than ninety (90) days after the Closing Date (as such date may be extended by the Administrative
Agent), any Securities Accounts, Securities Entitlements or Deposit Accounts to the extent held at a financial institution located in Canada. If any Grantor fails to comply with this covenant with respect to Deposit Accounts, such Grantor shall have
ten (10) days to either (x) transfer funds in an amount sufficient to bring such Grantor into compliance with this covenant from Deposit Accounts not covered by Deposit Account Control Agreements to Deposit Accounts covered by Deposit
Account Control Agreements or (y) enter into one or more Deposit Account Control Agreements with the Priority Lien Collateral Trustee and the depository institutions at which such Deposit Accounts are not covered by Deposit Account Control
Agreements maintained in accordance with the provisions of this Section 4.4.4(c) such that Grantors will then be in compliance with this covenant. Failure to comply within such ten (10) day period shall constitute an Event of Default.
Reference is hereby made to that certain Blocked Account Control Agreement, dated as of May 2, 2005, by and among NewPageCo, JPMorgan Chase Bank, N.A., in its capacity as Collateral Agent for the Revolving Credit Claimholders (as defined in the
Intercreditor Agreement), including its successors and assigns from time to time (the “Revolving Credit Agent”), and The Bank of New York, in its capacity as Priority Lien Collateral Trustee for the Priority Lien Claimholders (as defined
in the Intercreditor Agreement), including its successors and assigns from time to time (the “Priority Lien Collateral Trustee”; and together with the Revolving Credit Agent, the “Collateral Lien Holders”) and JPMorgan Chase
Bank, N.A as the Depository, entered into with respect to the post office box and Deposit Accounts identified therein (the “2005 Deposit Account Control Agreement”). NewPageCo and the other Grantors party hereto hereby agree and
acknowledge that the 2005 Deposit Account Control Agreement shall be deemed to constitute a “Deposit Account Control Agreement” that has been executed and delivered in connection with this Agreement in order to perfect the security
interest granted to the Priority Lien Collateral Trustee (for the benefit of itself and the other Secured Parties) hereunder. 
 (ii) In addition to the foregoing, if any issuer of any Investment Related Property is located in a jurisdiction outside of the United States, each Grantor shall take such additional actions, including, without limitation, causing the
issuer to register the pledge on its books and records or making such filings or recordings, in each case as may be necessary or advisable, under the laws of such issuer’s jurisdiction to insure the validity, perfection and priority of the
security interest of the Priority Lien Collateral Trustee, unless the Priority Lien Collateral Trustee (acting upon the written direction of the Requisite Lenders or the Administrative Agent), determines that the cost 

  

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of such actions is excessive relative to the value of such Investment Related Property or that such actions would materially interfere with the
Grantor’s ability to use a Securities Account or Deposit Account in the ordinary course of business. Upon the occurrence and during the continuation of an Event of Default, the Priority Lien Collateral Trustee shall have the right, without
notice to any Grantor, to transfer all or any portion of the Investment Related Property to its name or the name of its nominee or agent. In addition, the Priority Lien Collateral Trustee shall have the right at any time, without notice to any
Grantor, to exchange any certificates or instruments representing any Investment Related Property for certificates or instruments of smaller or larger denominations. 
 4.5 Material Contracts. 
 (a) Representations and Warranties. Each Grantor hereby represents
and warrants, on the Closing Date, that: 
 (i) Schedule 4.5 (as such schedule may be amended or supplemented from time to
time) sets forth all of the Material Contracts to which such Grantor has rights; 
 (ii) the Material Contracts, true and
complete copies (including any amendments or supplements thereof) of which have been furnished to the Priority Lien Collateral Trustee, have been duly authorized, executed and delivered by Grantors and all other parties thereto, are in full force
and effect and are binding upon and enforceable against all parties thereto in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws. There exists no
material default under any Material Contract by any Grantor or any other party thereto and neither such Grantor, nor to its knowledge, any other Person party thereto is likely to become in default thereunder and no Person party thereto has any
defenses, counterclaims or right of set-off with respect to any Material Contract; and 
 (iii) no Material Contract prohibits
assignment or requires consent of or notice to any Person in connection with the assignment to the Priority Lien Collateral Trustee hereunder, except such as has been given or made or which such Grantor is using its commercially reasonable efforts
to obtain. 
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that: 
 (i) After the occurrence and during the continuance of an Event of Default, in addition to any rights under the Section of this Agreement
relating to Receivables, the Priority Lien Collateral Trustee may at any time notify, or require any Grantor to so notify, the counterparty on any Material Contract of the security interest of the Priority Lien Collateral Trustee therein and may
upon written notice to the applicable Grantor, notify, or require any Grantor to notify, the counterparty to make all payments under the Material Contracts directly to the Priority Lien Collateral Trustee; 
 (ii) each Grantor shall deliver promptly to the Priority Lien Collateral Trustee notice of any Material Contract as required pursuant to
Section 5.1 of the Credit Agreement; 
  

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 (iii) each Grantor shall deliver promptly to the Priority Lien Collateral Trustee
(1) information with respect to any Material Contract of such Grantor that is terminated or amended in a manner that is materially adverse to such Grantor or (2) any new Material Contract that is entered into by such Grantor, as required
by Section 5.1 of the Credit Agreement; 
 (iv) it shall perform in all material respects all of its obligations with
respect to the Material Contracts except to the extent contested in good faith, so long as adequate reserve or other appropriate provision, as shall be required in conformity with GAAP, shall have been made therefor; 
 (v) it shall promptly and diligently exercise each material right it may have under any Material Contract, any Supporting Obligation or
Collateral Support, in each case, at its own expense, and in connection with such collections and exercise, such Grantor shall take such action as such Grantor may deem necessary or advisable; and 
 (vi) it shall use its best efforts to keep in full force and effect any Supporting Obligation or Collateral Support relating to any
Material Contract, except where, in its business judgment, it concludes that loss or relinquishment will not have a Material Adverse Effect. 
 4.6 Letter of Credit Rights. 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the
Closing Date, that: 
 (i) all material letters of credit to which such Grantor has rights are listed on Schedule 4.6 (as such
schedule may be amended or supplemented from time to time) hereto; and 
 (ii) it has obtained the consent of each issuer of
any letter of credit in an undrawn face amount of $250,000 or more in the aggregate to the assignment of the proceeds of the letter of credit to the Priority Lien Collateral Trustee. 
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that with respect to any letter of credit hereafter arising in an undrawn
face amount of $250,000 or more in the aggregate it shall obtain the consent of the issuer thereof to the assignment of the proceeds of the letter of credit to the Priority Lien Collateral Trustee and shall deliver to the Priority Lien Collateral
Trustee a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto. 
 4.7 Intellectual Property. 
 (a) Representations and Warranties. Except as disclosed in Schedule 4.7(H) (as such
schedule may be amended or supplemented from time to time), each Grantor hereby represents and warrants, on the Closing Date, that: 
 (i) Schedule 4.7 (as such schedule may be amended or supplemented from time to time) sets forth a true and complete list of (i) all United States, Canadian, state and foreign registrations of and applications for Patents, 

  

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Trademarks, and Copyrights owned by each Grantor and (ii) all Patent Licenses, Trademark Licenses, Trade Secret Licenses and Copyright Licenses material
to the business of such Grantor; 
 (ii) it is the sole and exclusive owner of the entire right, title, and interest in and to
all Intellectual Property listed on Schedule 4.7 (as such schedule may be amended or supplemented from time to time), and owns or has the valid right to use all other Intellectual Property necessary to conduct its business, free and clear of all
Liens, claims, encumbrances and licenses, except for Permitted Liens and the licenses set forth on Schedule 4.7(B), (D), (F) and (G) (as each may be amended or supplemented from time to time); 
 (iii) all Intellectual Property that is material to the conduct of the business of any Grantor is subsisting and has not been adjudged
invalid or unenforceable, in whole or in part, and each Grantor has performed all acts and has paid all renewal, maintenance, and other fees and taxes required to maintain each and every registration and application of Copyrights, Patents and
Trademarks in full force and effect; 
 (iv) to the best of Grantor’s knowledge, all Intellectual Property that is
material to the conduct of the business of any Grantor is valid and enforceable; no holding, decision, or judgment has been rendered in any action or proceeding to which a Grantor is a party before any court or administrative authority challenging
the validity of, such Grantor’s right to register, or such Grantor’s rights to own or use, any such Intellectual Property and no such action or proceeding is pending or, to the best of such Grantor’s knowledge, threatened in writing;

 (v) as of the execution of this Agreement, the registrations and applications for the Copyrights, Patents and Trademarks
that are material to the conduct of the business of any Grantor are standing in the name of the party listed on Schedule 4.7 as the record owner thereof, and none of the Trademarks, Patents, Copyrights or Trade Secrets owned by or licensed to a
Grantor has been licensed by any Grantor to any Affiliate or third party, except as disclosed in Schedule 4.7(B), (D), (F), or (G) (as each may be amended or supplemented from time to time); 
 (vi) except as could not reasonably be expected to have a Material Adverse Effect, each Grantor has been using appropriate statutory
notice of registration in connection with its use of registered Trademarks, proper marking practices in connection with the use of Patents, and appropriate notice of copyright in connection with the publication of Copyrights material to the business
of such Grantor; 
 (vii) each Grantor uses adequate standards of quality in the manufacture, distribution, and sale of all
products sold and in the provision of all services rendered under or in connection with all Trademark Collateral and has taken all commercially reasonable action necessary to insure that all licensees of the Trademark Collateral owned by such
Grantor use such adequate standards of quality; 
 (viii) to the best of each Grantor’s knowledge, the conduct of such
Grantor’s business does not infringe upon or otherwise violate in any material respect any trademark, patent, copyright, trade secret or other intellectual property right owned or controlled by a third party; no written claim has been received
by a Grantor asserting that the use of any Intellectual Property owned or used by Grantor (or any of its respective licensees) violates the asserted rights of any third party; 
  

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 (ix) to the best of each Grantor’s knowledge, no third party is infringing upon or
otherwise violating any rights in any material Intellectual Property owned or used by such Grantor, or any of its respective licensees in any material respect; 
 (x) no settlement or consents, covenants not to sue, nonassertion assurances, or releases have been entered into by Grantor or to which
Grantor is bound that adversely affect Grantor’s rights to own or use any material Intellectual Property; and 
 (xi) no
Grantor has made a previous assignment, sale, transfer or agreement constituting a present or future assignment, sale or transfer of any Intellectual Property that has not been terminated or released. There is no effective financing statement or
other document or instrument now executed, or on file or recorded in any public office, granting a security interest in or otherwise encumbering any part of the Intellectual Property, other than in favor of the Priority Lien Collateral Trustee.

 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees as follows: 
 (i) it shall (a) within thirty (30) days of the Closing Date, file with the United States Patent and Trademark Office, the
United States Copyright Office and the Canadian counterpart of such offices documents sufficient to ensure that all U.S. and Canadian registrations and applications for Copyrights, Patents and Trademarks listed on Schedule 4.7 stand in the name of a
Grantor and shall immediately provide the Priority Lien Collateral Trustee with copies of such filings; and (b) within one hundred eight (180) days of the Closing Date, file with all other foreign counterparts to the United States Patent
and Trademark Office and the United States Copyright Office documents sufficient to ensure that all other foreign registrations and applications for Copyrights, Patents and Trademarks listed on Schedule 4.7 stand in the name of a Grantor and shall
immediately provide Priority Lien Collateral Trustee with copies of such filings; 
 (ii) it shall not do any act or omit to
do any act whereby any Intellectual Property owned by a Grantor which is material to the business of a Grantor could reasonably be expected to lapse, or become abandoned, dedicated to the public, or unenforceable, or which would adversely affect the
validity, grant, or enforceability of the security interest granted therein; 
 (iii) it shall not, with respect to any
Trademarks owned by or licensed to a Grantor which are material to the business of any Grantor, cease the use of any of such Trademarks or fail to maintain the level of the quality of products sold and services rendered under any of such Trademark
at a level at least substantially consistent with the quality of such products and services as of the date hereof, and each Grantor shall take such commercially reasonable steps as are necessary to insure that licensees of such Trademarks use the
standards of quality set by such Grantor; 
 (iv) within thirty (30) days of the date hereof with respect to any
Copyrights set forth on Schedule 4.7(A) that were not standing in the name of any Grantor upon the effectiveness of the Closing Date and, in all other cases, within sixty 

  

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(60) days of the creation or acquisition by a Grantor of any Copyrightable work which is material to the business of Grantor, apply to register the Copyright
in the United States Copyright Office and record therein all documents necessary to effectuate such acquisition; 
 (v) it
shall promptly notify the Priority Lien Collateral Trustee if it knows or has reason to know that any item of Intellectual Property owned by or licensed to a Grantor that is material to the business of any Grantor may become (a) abandoned or
dedicated to the public or placed in the public domain, (b) invalid or unenforceable, or (c) subject to any adverse determination or development (including the institution of proceedings) in any action or proceeding in the United States
Patent and Trademark Office, the United States Copyright Office, any state registry, any foreign counterpart of the foregoing, or any court; 
 (vi) it shall take commercially reasonable steps in the United States Patent and Trademark Office, the United States Copyright Office, any state registry or any foreign counterpart of the foregoing, to pursue any
application and maintain any registration of each Trademark, Patent, and Copyright owned by any Grantor and material to its business which is now or shall become included in the Intellectual Property including, but not limited to, those items on
Schedule 4.7(A), (C) and (E) (as each may be amended or supplemented from time to time); 
 (vii) in the event that
any material Intellectual Property owned by or exclusively licensed to any Grantor is infringed, or misappropriated by a third party and Grantor becomes aware of such infringement or misappropriation, such Grantor shall promptly take all
commercially reasonable actions to stop such infringement or misappropriation and protect its rights in such Intellectual Property including, but not limited to, the initiation of a suit for injunctive relief and to recover damages; 
 (viii) it shall promptly (but in no event more than thirty (30) days after any Grantor obtains knowledge thereof) report to the
Priority Lien Collateral Trustee the filing by or on behalf of a Grantor of any application to register any Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office, or any state registry or
foreign counterpart of the foregoing (whether such application is filed by such Grantor or through any agent, employee, licensee, or designee thereof); 
 (ix) it shall promptly (but in no event more than thirty (30) days after any Grantor obtains knowledge thereof) notify the Priority Lien Collateral Trustee the registration by or on behalf of a Grantor of any
Intellectual Property by any such office, in each case by executing and delivering to the Priority Lien Collateral Trustee a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to
Schedules thereto; 
 (x) it shall, promptly upon the reasonable request of the Priority Lien Collateral Trustee, execute and
deliver to the Priority Lien Collateral Trustee any document required to acknowledge, confirm, register, record, or perfect the Priority Lien Collateral Trustee’s interest in any part of the Intellectual Property, whether now owned or hereafter
acquired; 
  

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 (xi) except with the prior consent of the Priority Lien Collateral Trustee (to be given
at the written direction of the Requisite Lenders or the Administrative Agent) or as permitted under the each of the Priority Lien Documents, each Grantor shall not execute, and there will not be on file in any public office, any financing statement
or other document or instruments, except financing statements or other documents or instruments filed or to be filed in favor of the Priority Lien Collateral Trustee and each Grantor shall not sell, assign, transfer, license, grant any option, or
create or suffer to exist any Lien upon or with respect to the Intellectual Property, except for the Lien created by and under this Agreement and the other Credit Documents and Permitted Liens; 
 (xii) it shall hereafter use reasonable best efforts so as not to permit the inclusion in any contract to which it hereafter becomes a
party of any provision that could or might in any way materially impair or prevent the creation of a security interest in, or the assignment of, such Grantor’s rights and interests in any property included within the definitions of any
Intellectual Property acquired under such contracts; 
 (xiii) it shall take commercially reasonable steps to protect the
secrecy of all Trade Secrets; 
 (xiv) it shall use proper statutory notice in connection with its use of any of the material
Intellectual Property owned by a Grantor; and 
 (xv) it shall continue to collect, at its own expense, all amounts due or to
become due to such Grantor in respect of the Intellectual Property owned by a Grantor or any portion thereof. In connection with such collections, each Grantor may take (and, at the Priority Lien Collateral Trustee’s reasonable direction, shall
take) such action as such Grantor or the Priority Lien Collateral Trustee may deem reasonably necessary or advisable to enforce collection of such amounts. Notwithstanding the foregoing, the Priority Lien Collateral Trustee shall have the right at
any time after an Event of Default has occurred and is continuing, to notify, or require any Grantor to notify, any obligors with respect to any such amounts of the existence of the security interest created hereby, and following and during the
continuation of an Event of Default, may take such action as the Priority Lien Collateral Trustee may deem reasonably necessary to enforce collection of such amounts. 
 (c) Certain Limited Exclusions. Notwithstanding anything herein to the contrary, so long as no Event of Default has occurred and is continuing, no Grantor shall have an obligation to use or to maintain any
Trademark, Patent or Copyright (A) that relates solely to any product, brand or work that in such Grantor’s reasonable business judgment has been, or is in the process of being, discontinued, abandoned or terminated, (B) that is being
replaced with a Trademark, Patent or Copyright substantially similar to the Trademark, Patent or Copyright that may be abandoned or otherwise become invalid, so long as the failure to use or maintain such Trademark, Patent or Copyright does not
materially adversely affect the validity of such replacement Trademark, Patent or Copyright, and so long as such replacement Trademark, Patent or Copyright, is subject to the Lien and security interest created by this Agreement, (C) that is
substantially the same as another Trademark, Patent or Copyright, that is in full force, so long as the failure to use or maintain such Trademark, Patent or Copyright does not materially adversely affect the validity of such other Trademark, Patent
or Copyright, and so long as such other Trademark, Patent or Copyright is subject to the Lien and security interest created by this 

  

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Agreement or (D) that is or becomes the subject of any formal or informal dispute and/or any administrative or legal proceeding (whether ex parte or
inter partes) or other circumstances such that the Grantors, using good faith business judgment, reasonably determine it to be imprudent to maintain or continue use of such Trademark, Patent or Copyright. Notwithstanding anything to the contrary
contained in this Agreement, the Credit Agreement or any other Collateral Document, the Grantor that owns the assets identified in Schedule 4.7(I) shall be permitted to surrender or otherwise dispose of such assets in accordance with its contractual
obligations in connection therewith and set forth on Schedule 4.7(I). 
 4.8 Commercial Tort Claims 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date, that Schedule 4.8 (as such schedule may be
amended or supplemented from time to time) sets forth all Commercial Tort Claims of each Grantor in excess of $500,000 in the aggregate; and 
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that with respect to any Commercial Tort Claim in excess of $500,000 in the aggregate hereafter arising it shall deliver to the Priority Lien Collateral Trustee a
completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, identifying such new Commercial Tort Claims. 
 SECTION 5. ACCESS; RIGHT OF INSPECTION AND FURTHER ASSURANCES; ADDITIONAL GRANTORS. 
 5.1 Access;
Right of Inspection. The Priority Lien Collateral Trustee shall at all times have full and free access during normal business hours and upon reasonable prior notice to all the books, correspondence and records of each Grantor, and the Priority
Lien Collateral Trustee and its representatives may examine the same, take extracts therefrom and make photocopies thereof, and each Grantor agrees to render to the Priority Lien Collateral Trustee, at such Grantor’s cost and expense, such
clerical and other assistance as may be reasonably requested with regard thereto. The Priority Lien Collateral Trustee and its representatives shall at all times also have the right to enter any premises of each Grantor during normal business hours
and upon reasonable prior notice and inspect any property of each Grantor where any of the Collateral of such Grantor granted pursuant to this Agreement is located for the purpose of inspecting the same, observing its use or otherwise protecting its
interests therein. 
 5.2 Further Assurances. 
 (a) Each Grantor agrees that from time to time, at the expense of such Grantor, that it shall promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary, or
that the Priority Lien Collateral Trustee may reasonably request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted hereby or to enable the Priority Lien Collateral Trustee to
exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, each Grantor shall: 
 (i) file such financing or continuation statements, or amendments thereto, and execute and deliver such other agreements, instruments,
endorsements, powers of attorney or notices, as may be necessary, or as the Priority Lien Collateral Trustee may reasonably request, in order to perfect and preserve the security interests granted or purported to be granted hereby; 
  

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 (ii) take all actions necessary to ensure the recordation of appropriate evidence of the
liens and security interest granted hereunder in the Intellectual Property with any intellectual property registry in which said Intellectual Property is registered or in which an application for registration is pending including, without
limitation, the United States Patent and Trademark Office, the United States Copyright Office, the various Secretaries of State, and the foreign counterparts on any of the foregoing; 
 (iii) at any reasonable time, upon prior written notice and upon request by the Priority Lien Collateral Trustee, and subject to Sections
5.6 and 9.2 of the Credit Agreement, allow inspection of the Collateral by the Priority Lien Collateral Trustee, or persons designated by the Priority Lien Collateral Trustee; and 
 (iv) at the Priority Lien Collateral Trustee’s reasonable request, appear in and defend any action or proceeding that may affect such
Grantor’s title to or the Priority Lien Collateral Trustee’s security interest in all or any part of the Collateral. 
 (b) Each
Grantor hereby authorizes the Priority Lien Collateral Trustee to file a Record or Records, including, without limitation, financing or continuation statements, and amendments thereto, in any jurisdictions and with any filing offices as the Priority
Lien Collateral Trustee may determine, in its sole discretion, are necessary or advisable to perfect the security interest granted to the Priority Lien Collateral Trustee herein. Such financing statements may describe the Collateral in the same
manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Priority Lien Collateral Trustee may determine, in its sole discretion, is necessary, advisable or customary
to ensure the perfection of the security interest in the Collateral granted to the Priority Lien Collateral Trustee herein, including, without limitation, describing such property as “all assets” or “all personal property, whether now
owned or hereafter acquired.” Each Grantor shall furnish to the Priority Lien Collateral Trustee from time to time the statements and schedules further identifying and describing the Collateral and the other reports in connection with the
Collateral as are provided in Section 5.15 of the Credit Agreement. 
 (c) Each Grantor hereby authorizes the Priority Lien Collateral
Trustee to modify this Agreement after obtaining such Grantor’s approval of or signature to such modification by amending Schedule 4.7 (as such schedule may be amended or supplemented from time to time) to include reference to any right, title
or interest in any existing Intellectual Property or any Intellectual Property acquired or developed by any Grantor after the execution hereof or to delete any reference to any right, title or interest in any Intellectual Property in which any
Grantor no longer has or claims any right, title or interest. 
 5.3 Additional Grantors. From time to time subsequent to the date
hereof, additional Persons may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a Counterpart Agreement. Upon delivery of any such counterpart agreement to the Priority Lien Collateral
Trustee, notice of which is hereby waived by Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if the Additional Grantor were an original signatory hereto. Each Grantor expressly agrees that its obligations
arising hereunder shall not be affected or diminished by the addition or release of any other Grantor hereunder, nor by any election of Priority Lien Collateral Trustee not to cause any 

  

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Subsidiary of NewPageCo to become an Additional Grantor hereunder. This Agreement shall be fully effective as to any Grantor that is or becomes a party
hereto regardless of whether any other Person becomes or fails to become or ceases to be a Grantor hereunder. 
 SECTION 6. COLLATERAL TRUSTEE APPOINTED
ATTORNEY-IN-FACT. 
 6.1 Power of Attorney. Each Grantor hereby irrevocably appoints the Priority Lien Collateral Trustee (such
appointment being coupled with an interest) as such Grantor’s attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor, the Priority Lien Collateral Trustee or otherwise, from time to time in
the Priority Lien Collateral Trustee’s discretion to take any action and to execute any instrument that the Priority Lien Collateral Trustee may deem reasonably necessary or advisable to accomplish the purposes of this Agreement, including,
without limitation, the following: 
 (a) upon the occurrence and during the continuance of any Event of Default, to obtain and adjust
insurance required to be maintained by such Grantor or paid to the Priority Lien Collateral Trustee pursuant to the Priority Lien Documents; 
 (b) upon the occurrence and during the continuance of any Event of Default, to ask for, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of
the Collateral; 
 (c) upon the occurrence and during the continuance of any Event of Default, to receive, endorse and collect any drafts or
other instruments, documents and chattel paper in connection with clause (b) above; 
 (d) upon the occurrence and during the
continuance of any Event of Default, to file any claims or take any action or institute any proceedings that the Priority Lien Collateral Trustee may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the
rights of the Priority Lien Collateral Trustee with respect to any of the Collateral; 
 (e) to prepare and file any UCC financing statements
against such Grantor as debtor; 
 (f) to prepare, sign, and file for recordation in any intellectual property registry, appropriate evidence
of the lien and security interest granted herein in the Intellectual Property in the name of such Grantor as debtor; 
 (g) to take or cause
to be taken all actions necessary to perform or comply or cause performance or compliance with the terms of this Agreement, including, without limitation, access to pay or discharge taxes or Liens (other than Permitted Liens) levied or placed upon
or threatened against the Collateral, and which the applicable Grantor has not paid or discharged when required hereunder, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Priority Lien
Collateral Trustee (in consultation with the Requisite Lenders), any such payments made by the Priority Lien Collateral Trustee to become obligations of such Grantor to the Priority Lien Collateral Trustee, due and payable immediately without
demand; and 
 (h) upon the occurrence and during the continuance of an Event of Default, generally to sell, transfer, pledge, make any
agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Priority Lien Collateral Trustee were the 

  

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absolute owner thereof for all purposes, and to do, at the Priority Lien Collateral Trustee’s option and such Grantor’s expense, all acts and
things that the Priority Lien Collateral Trustee deems reasonably necessary to protect, preserve or realize upon the Collateral and the Priority Lien Collateral Trustee’s security interest therein in order to effect the intent of this
Agreement, all as fully and effectively as such Grantor might do. 
 6.2 No Duty on the Part of Priority Lien Collateral Trustee or
Secured Parties. The powers conferred on the Priority Lien Collateral Trustee hereunder are solely to protect the interests of the Secured Parties in the Collateral and shall not impose any duty upon the Priority Lien Collateral Trustee or any
Secured Party to exercise any such powers. The Priority Lien Collateral Trustee and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their
officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 
 SECTION 7. REMEDIES. 
 7.1 Generally. 
 (a) If any Event of Default shall have occurred and be continuing, the Priority Lien Collateral Trustee may exercise in respect of the Collateral, in
addition to all other rights and remedies provided for herein or otherwise available to it at law or in equity, all the rights and remedies of the Priority Lien Collateral Trustee on default under the UCC (whether or not the UCC applies to the
affected Collateral) to collect, enforce or satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and also may pursue any of the following separately, successively or simultaneously: 
 (i) require any Grantor to, and each Grantor hereby agrees that it shall at its expense and promptly upon request of the Priority Lien
Collateral Trustee forthwith, assemble all or part of the Collateral as directed by the Priority Lien Collateral Trustee and make it available to the Priority Lien Collateral Trustee at a place to be designated by the Priority Lien Collateral
Trustee that is reasonably convenient to both parties; 
 (ii) enter onto the property where any Collateral is located and
take possession thereof with or without judicial process; 
 (iii) prior to the disposition of the Collateral, store, process,
repair or recondition the Collateral or otherwise prepare the Collateral for disposition in any manner to the extent the Priority Lien Collateral Trustee deems appropriate; and 
 (iv) without notice except as specified below or under the UCC, sell, assign, lease, license (on an exclusive or nonexclusive basis) or
otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Priority Lien Collateral Trustee’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times
and at such price or prices and upon such other terms as the Priority Lien Collateral Trustee may deem commercially reasonable. 
 (b) The
Priority Lien Collateral Trustee or any Secured Party may be the purchaser of any or all of the Collateral at any public or private (to the extent to the portion of the Collateral being privately sold is of a kind that is customarily sold on a
recognized market or the 

  

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subject of widely distributed standard price quotations) sale in accordance with the UCC and the Priority Lien Collateral Trustee, as collateral trustee for
and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale made in accordance with the UCC, to use
and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Priority Lien Collateral Trustee at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from
any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or
statute now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days notice to such Grantor (or such greater minimum amount if prescribed by an applicable law) of the
time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Priority Lien Collateral Trustee shall not be obligated to make any sale of Collateral regardless of notice of
sale having been given. The Priority Lien Collateral Trustee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to
which it was so adjourned. Each Grantor agrees that it would not be commercially unreasonable for the Priority Lien Collateral Trustee to dispose of the Collateral or any portion thereof by using internet sites that provide for the auction of assets
of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets. Each Grantor hereby waives any claims against the Priority Lien Collateral Trustee and each Secured Party arising
by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Priority Lien Collateral Trustee accepts the first offer
received and does not offer such Collateral to more than one offeree. If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations, Grantors shall be liable for the deficiency and the fees of
any attorneys employed by the Priority Lien Collateral Trustee to collect such deficiency. Each Grantor further agrees that a breach of any of the covenants contained in this Section will cause irreparable injury to the Priority Lien Collateral
Trustee, that the Priority Lien Collateral Trustee has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically enforceable against such Grantor, and such
Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no default has occurred giving rise to the Secured Obligations becoming due and payable prior to their
stated maturities. Nothing in this Section shall in any way alter the rights of the Priority Lien Collateral Trustee hereunder. 
 (c) The
Priority Lien Collateral Trustee may sell the Collateral without giving any warranties as to the Collateral. The Priority Lien Collateral Trustee may specifically disclaim or modify any warranties of title or the like. This procedure will not be
considered to adversely affect the commercial reasonableness of any sale of the Collateral. 
 (d) The Priority Lien Collateral Trustee shall
have no obligation to marshal any of the Collateral. 
 7.2 Application of Proceeds. Except as expressly provided elsewhere in this
Agreement, all proceeds received by the Priority Lien Collateral Trustee in respect of any sale, any collection from, or other realization upon all or any part of the Collateral shall be applied in full or in part by the Priority Lien Collateral
Trustee as provided in the Collateral Trust Agreement. 
  

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 7.3 Sales on Credit. If Priority Lien Collateral Trustee sells any of the Collateral upon credit,
Grantor will be credited only with payments actually made by purchaser and received by Priority Lien Collateral Trustee and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Priority Lien
Collateral Trustee may resell the Collateral and Grantor shall be credited with proceeds of the sale. 
 7.4 Deposit Accounts.

 If any Event of Default shall have occurred and be continuing, the Priority Lien Collateral Trustee may apply the balance from any
Deposit Account or instruct the bank at which any Deposit Account is maintained to pay the balance of any Deposit Account to or for the benefit of the Priority Lien Collateral Trustee. 
 7.5 Investment Related Property. 
 Each Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state and provincial securities laws, the Priority Lien Collateral Trustee may be compelled, with respect to any sale of all or
any part of the Investment Related Property conducted without prior registration or qualification of such Investment Related Property under the Securities Act and/or such state and/or such provincial securities laws, to limit purchasers to those who
will agree, among other things, to acquire the Investment Related Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges that any such private sale may be at prices and on
terms less favorable than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such circumstances, each Grantor agrees
that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Priority Lien Collateral Trustee shall have no obligation to engage in public sales and no obligation to delay the sale of any Investment
Related Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state or provincial securities laws, even if such issuer
would, or should, agree to so register it. If the Priority Lien Collateral Trustee determines to exercise its right to sell any or all of the Investment Related Property, upon written request, each Grantor shall and shall cause each issuer of any
Pledged Stock to be sold hereunder, each partnership and each limited liability company from time to time to furnish to the Priority Lien Collateral Trustee all such information as the Priority Lien Collateral Trustee may request in order to
determine the number and nature of interest, shares or other instruments included in the Investment Related Property which may be sold by the Priority Lien Collateral Trustee in exempt transactions under the Securities Act and the rules and
regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 
 7.6 Intellectual
Property. 
 (a) Anything contained herein to the contrary notwithstanding, upon the occurrence and during the continuation of an Event of
Default: 
 (i) the Priority Lien Collateral Trustee shall have the right (but not the obligation) to bring suit or otherwise
commence any action or proceeding in the name of any Grantor, the Priority Lien Collateral Trustee or otherwise, in the Priority Lien Collateral Trustee’s sole discretion, to enforce any Intellectual Property owned by a Grantor, in which event
such Grantor shall, at the request of the Priority Lien Collateral 

  

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Trustee, do any and all lawful acts and execute any and all documents required by the Priority Lien Collateral Trustee in aid of such enforcement and such
Grantor shall promptly, upon demand, reimburse and indemnify the Priority Lien Collateral Trustee as provided in the Collateral Trust Agreement or in the Priority Lien Documents, as applicable, in connection with the exercise of its rights under
this Section, and, to the extent that the Priority Lien Collateral Trustee shall elect not to bring suit to enforce any Intellectual Property owned by a Grantor as provided in this Section, each Grantor agrees to use commercially reasonable
measures, whether by action, suit, proceeding or otherwise, to prevent the infringement or other violation of any of such Grantor’s rights in the Intellectual Property by others and for that purpose agrees to diligently maintain any action,
suit or proceeding against any Person so infringing as shall be necessary to prevent such infringement or violation; 
 (ii)
upon written demand from the Priority Lien Collateral Trustee, each Grantor shall grant, assign, convey or otherwise transfer to the Priority Lien Collateral Trustee or such Priority Lien Collateral Trustee’s designee all of such Grantor’s
right, title and interest in and to the Intellectual Property and shall execute and deliver to the Priority Lien Collateral Trustee such documents as are reasonably necessary to carry out the intent and purposes of this Agreement; 
 (iii) each Grantor agrees that such an assignment and/or recording shall be applied to reduce the Secured Obligations outstanding only to
the extent that the Priority Lien Collateral Trustee (or any Secured Party) receives cash proceeds in respect of the sale of, or other realization upon, the Intellectual Property; 
 (iv) within five (5) Business Days after written notice from the Priority Lien Collateral Trustee, each Grantor shall make available
to the Priority Lien Collateral Trustee, to the extent within such Grantor’s power and authority, such personnel in such Grantor’s employ on the date of such Event of Default as the Priority Lien Collateral Trustee may reasonably
designate, by name, title or job responsibility, to permit such Grantor to continue, directly or indirectly, to produce, advertise and sell the products and services sold or delivered by such Grantor under or in connection with the Trademarks and
Trademark Licenses owned or entered into by a Grantor, such persons to be available to perform their prior functions on the Priority Lien Collateral Trustee’s behalf and to be compensated by the Priority Lien Collateral Trustee at such
Grantor’s expense on a per diem, pro-rata basis consistent with the salary and benefit structure applicable to each as of the date of such Event of Default; and 
 (v) the Priority Lien Collateral Trustee shall have the right to notify, or require each Grantor to notify, any obligors with respect to
amounts due or to become due to such Grantor in respect of the Intellectual Property owned by a Grantor, of the existence of the security interest created herein, to direct such obligors to make payment of all such amounts directly to the Priority
Lien Collateral Trustee, and, upon such notification and at the expense of such Grantor, to enforce collection of any such amounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such
Grantor might have done; 
  

	 	(1)	 all amounts and proceeds (including checks and other instruments) received by Grantor in respect of amounts due to such Grantor in respect of the Collateral or any
portion thereof shall be received in trust for the benefit of the Priority Lien Collateral Trustee hereunder, shall be segregated from other funds of such 



  

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Grantor and shall be forthwith paid over or delivered to the Priority Lien Collateral Trustee in the same form as so received (with any necessary
endorsement) to be held as cash Collateral and applied in accordance with the Credit Agreement; and 


  

	 	(2)	Grantor shall not adjust, settle or compromise the amount or payment of any such amount or release wholly or partly any obligor with respect thereto or allow any credit or discount
thereon. 

 (b) If (i) an Event of Default shall have occurred and, by reason of cure, waiver, modification, amendment or
otherwise, no longer be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment or other transfer to the Priority Lien Collateral Trustee of any rights, title and interests in and to the
Intellectual Property shall have been previously made and shall have become absolute and effective, and (iv) the Secured Obligations shall not have become immediately due and payable, upon the written request of any Grantor, the Priority Lien
Collateral Trustee shall promptly execute and deliver to such Grantor, at such Grantor’s sole cost and expense, such assignments or other transfer as may be necessary to reassign to such Grantor any such rights, title and interests as may have
been assigned to the Priority Lien Collateral Trustee as aforesaid, subject to any disposition thereof that may have been made by the Priority Lien Collateral Trustee; provided, after giving effect to such reassignment, the Priority Lien Collateral
Trustee’s security interest granted pursuant hereto, as well as all other rights and remedies of the Priority Lien Collateral Trustee granted hereunder, shall continue to be in full force and effect; and provided further, the rights, title and
interests so reassigned shall be free and clear of any other Liens granted by or on behalf of the Priority Lien Collateral Trustee and the Secured Parties. 
 (c) For the purpose of enabling the Priority Lien Collateral Trustee, during the continuance of an Event of Default, to exercise rights and remedies herein at such time as the Priority Lien Collateral Trustee shall be
lawfully entitled to exercise such rights and remedies, and for no other purpose, each Grantor hereby grants to the Priority Lien Collateral Trustee, to the extent assignable, an irrevocable, non-exclusive license (exercisable without payment of
royalty or other compensation to such Grantor) to use, assign, license or sublicense any of the Intellectual Property Collateral now owned or hereafter acquired by such Grantor, wherever the same may be located, including in such license access to
all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout thereof. 
 SECTION 8. COLLATERAL TRUSTEE. 
 The Priority Lien Collateral Trustee has been appointed to act as Priority Lien Collateral
Trustee hereunder by each Priority Lien Representative and, by their acceptance of the benefits hereof, the other Secured Parties. The Priority Lien Collateral Trustee shall be obligated, and shall have the right hereunder, to make demands, to give
notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Collateral Trust
Agreement; provided, the Priority Lien Collateral Trustee shall, exercise, or refrain from exercising, any remedies provided for herein in accordance with the terms of the Collateral Trust Agreement and the Intercreditor Agreement. In furtherance of
the foregoing provisions of this Section, each Secured Party, by its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Collateral hereunder, it being understood and agreed by such Secured
Party that all rights and remedies hereunder may be exercised solely by the Priority Lien Collateral Trustee for the benefit of Secured Parties in 

  

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accordance with the terms of this Section. The rights, privileges, protections and immunities in the Collateral Trust Agreement for the benefit of the
Collateral Trustee are hereby incorporated herein for the benefit of the Priority Lien Collateral Trustee. Priority Lien Collateral Trustee may resign at any time by giving thirty (30) days’ prior written notice thereof to each Priority
Lien Representative and the Grantors, and Priority Lien Collateral Trustee may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to the Grantors and Priority Lien Collateral Trustee and
approved pursuant to the terms of the Collateral Trust Agreement. Upon any such notice of resignation or any such removal, a successor Priority Lien Collateral Trustee shall be appointed as provided in the Collateral Trust Agreement. Upon the
acceptance of any appointment as Priority Lien Collateral Trustee hereunder by a successor Priority Lien Collateral Trustee, that successor Priority Lien Collateral Trustee shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring or removed Priority Lien Collateral Trustee under this Agreement, and the retiring or removed Priority Lien Collateral Trustee under this Agreement, upon payment of its charges (including, but not limited to,
reasonable attorneys’ fees and expenses), shall promptly (i) transfer to such successor Priority Lien Collateral Trustee all sums, Securities and other items of Collateral held hereunder, together with all records and other documents
necessary or appropriate in connection with the performance of the duties of the successor Priority Lien Collateral Trustee under this Agreement, and (ii) execute and deliver to such successor Priority Lien Collateral Trustee or otherwise
authorize the filing of such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Priority Lien Collateral Trustee of the security interests created
hereunder, whereupon such retiring or removed Priority Lien Collateral Trustee shall be discharged from its duties and obligations under this Agreement. After any retiring or removed Priority Lien Collateral Trustee’s resignation or removal
hereunder as the Priority Lien Collateral Trustee, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Priority Lien Collateral Trustee hereunder.

 SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. 
 This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the Discharge of Priority Lien Obligations, be binding upon each Grantor, its successors and
assigns, and inure, together with the rights and remedies of the Priority Lien Collateral Trustee hereunder, to the benefit of the Priority Lien Collateral Trustee and its successors, transferees and assigns. Upon the Discharge of Priority Lien
Obligations, the security interest granted hereby shall terminate hereunder and of record and all rights to the Collateral shall revert to Grantors. Upon any such termination the Priority Lien Collateral Trustee shall, at Grantors’ expense,
execute and deliver to Grantors or otherwise authorize the filing of such documents as Grantors shall reasonably request, including financing statement amendments to evidence such termination. 
 SECTION 10. STANDARD OF CARE; COLLATERAL TRUSTEE MAY PERFORM. 
 The powers conferred on the Priority Lien Collateral Trustee hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the
custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Priority Lien Collateral Trustee shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights
against prior parties or any other rights pertaining to any Collateral. The Priority Lien Collateral Trustee shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if such Collateral is
accorded treatment 

  

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substantially equal to that which the Priority Lien Collateral Trustee accords its own property. Neither the Priority Lien Collateral Trustee nor any of its
directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral
upon the request of any Grantor or otherwise. If any Grantor fails to perform any agreement contained herein, the Priority Lien Collateral Trustee may, but shall not be required to, itself perform, or cause performance of, such agreement, and the
expenses of the Priority Lien Collateral Trustee incurred in connection therewith shall be payable by each Grantor under the Collateral Trust Agreement. 
 SECTION 11. MISCELLANEOUS. 
 Any notice required or permitted to be given under this Agreement shall be given in accordance
with the Collateral Trust Agreement. No failure or delay on the part of the Priority Lien Collateral Trustee in the exercise of any power, right or privilege hereunder or under the Collateral Trust Agreement shall impair such power, right or
privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. All
rights and remedies existing under this Agreement and the Collateral Trust Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. In case any provision in or obligation under this Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of,
another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. This Agreement shall be binding upon and inure to the benefit of the Priority Lien Collateral Trustee and Grantors and
their respective successors and assigns. No Grantor shall, without the prior written consent of the Priority Lien Collateral Trustee given in accordance with the Collateral Trust Agreement, assign any right, duty or obligation hereunder. This
Agreement and the Collateral Trust Agreement embody the entire agreement and understanding between Grantors and the Priority Lien Collateral Trustee and supersede all prior agreements and understandings between such parties relating to the subject
matter hereof and thereof. Accordingly, the Collateral Trust Agreement may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. This
Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and
the same instrument; 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 AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAWS). 
  

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 EACH PARTY TO THIS AGREEMENT WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING UNDER THIS AGREEMENT OR ANY OF THE OTHER COLLATERAL DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE INTENTS AND PURPOSES OF THE OTHER COLLATERAL DOCUMENTS. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE OTHER SECURITY DOCUMENTS, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HERETO HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS
AGREEMENT, AND THAT EACH PARTY HERETO WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS
SECTION 11 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF OR TO THIS AGREEMENT OR ANY OF THE OTHER SECURITY DOCUMENTS OR TO ANY OTHER DOCUMENTS OR
AGREEMENTS RELATING THERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 In
no event shall the Collateral Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Collateral Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

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 IN WITNESS WHEREOF, each Grantor and the Priority Lien Collateral Trustee have caused this Agreement to
be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	NEWPAGE CORPORATION
		
	By:	 	 /s/ Jason Bixby

	Name:	 	Jason Bixby
	Title:	 	Chief Financial Officer
	
	NEWPAGE HOLDING CORPORATION
		
	By:	 	 /s/ Jason Bixby

	Name:	 	Jason Bixby
	Title:	 	Chief Financial Officer
	
	CHILLICOTHE PAPER INC.
	NEWPAGE ENERGY SERVICES LLC
	UPLAND RESOURCES, INC.
	RUMFORD COGENERATION, INC.
	RUMFORD FALLS POWER COMPANY
	ESCANABA PAPER COMPANY
	LUKE PAPER COMPANY
	RUMFORD PAPER COMPANY
	WICKLIFFE PAPER COMPANY LLC
	STORA ENSO NORTH AMERICA INC.
	STORA ENSO NORTH AMERICA CORP.
	STORA ENSO PORT HAWKESBURY LIMITED
	STORA ENSO NORTH AMERICA CANADIAN SALES, LLC
		
	By:	 	 /s/ Jason Bixby

	Name:	 	Jason Bixby
	Title:	 	Chief Financial Officer










			
	THE BANK OF NEW YORK,
	as the Priority Lien Collateral Trustee
		
	By:	 	 /s/ Carlos R. Luciano

	Name:	 	Carlos R. Luciano
	Title:	 	Vice President










			
	BNY TRUST COMPANY OF CANADA,
	as subagent for The Bank of New York,
	as the Priority Lien Collateral Trustee
		
	By:	 	 /s/ George A. Bragg

	Name:	 	George A. Bragg
	Title:	 	Vice President