Exhibit 10.2


 


EXECUTION VERSION


 


 





 



 


SECURITY AGREEMENT


among


CURO GROUP HOLDINGS CORP.,


CERTAIN SUBSIDIARIES OF CURO
GROUP HOLDINGS CORP.


and


TMI TRUST COMPANY,


as COLLATERAL AGENT


 




 


Dated as of July 30, 2021


 




 


 






    	 		 



     


    

TABLE OF CONTENTS


Page




	ARTICLE I. SECURITY INTERESTS	2
	1.1   
    Grant of Security Interests	2
	1.2   
    Power of Attorney	4
	ARTICLE II. GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS	4
	2.1   
    Necessary Filings	4
	2.2   
    No Liens	4
	2.3   
    Other Financing Statements	4
	2.4   
    Chief Executive Office, Record Locations	5
	2.5   
    Location of Inventory and Equipment	5
	2.6   
    Legal Names; Type of Organization (and Whether a Registered Organization); Jurisdiction of Organization; Location; Federal Employer
    Identification Number; Changes Thereto; etc.	5
	2.7   
    Trade Names; Etc.	5
	2.8   
    Certain Significant Transactions	6
	2.9   
    Non-UCC Property	6
	2.10  As-Extracted Collateral; Timber-to-be-Cut	6
	2.11  Collateral in the Possession of a Bailee	6
	2.12  Recourse	6
	ARTICLE III. SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; INSTRUMENTS; CHATTEL PAPER AND CERTAIN OTHER COLLATERAL	7
	3.1   
    Additional Representations and Warranties	7
	3.2   
    Maintenance of Records	7
	3.3   
    Direction to Account Debtors; Contracting Parties; etc.	7
	3.4   
    Modification of Terms; etc.	8
	3.5   
    Collection	8
	3.6   
    Instruments	8
	3.7   
    Assignors Remain Liable Under Accounts	9
	3.8   
    Assignors Remain Liable Under Contracts	9
	3.9   
    Deposit Accounts; Etc.	9
	3.10  Letter-of-Credit Rights	10
	3.11  Commercial Tort Claims	10
	3.12  Chattel Paper	11
	3.13  Further Actions	11
	ARTICLE IV. SPECIAL PROVISIONS CONCERNING TRADEMARKS AND DOMAIN NAMES	11
	4.1   
    Additional Representations and Warranties	11
	4.2   
    Licenses and Assignments	12
	




    	 	i	 



     


    


	4.3   
    Infringements	12
	4.4   
    Preservation of Marks and Domain Names	12
	4.5   
    Maintenance of Registration	12
	4.6   
    Future Registered Marks and Domain Names	12
	4.7   
    Remedies	13
	ARTICLE V. SPECIAL PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND TRADE SECRETS	13
	5.1   
    Additional Representations and Warranties	13
	5.2   
    Licenses and Assignments	13
	5.3   
    Infringements	13
	5.4   
    Maintenance of Patents or Copyrights	14
	5.5   
    Prosecution of Patent or Copyright Applications	14
	5.6   
    Other Patents and Copyrights	14
	5.7   
    Remedies	14
	ARTICLE VI. PROVISIONS CONCERNING ALL COLLATERAL	15
	6.1   
    Protection of Collateral Agent’s Security	15
	6.2   
    Warehouse Receipts Non-Negotiable	15
	6.3   
    Additional Information	15
	6.4   
    Further Actions	15
	6.5   
    Financing Statements	16
	ARTICLE VII. REMEDIES UPON OCCURRENCE OF AN EVENT OF DEFAULT	16
	7.1   
    Remedies; Obtaining the Collateral Upon Default	16
	7.2   
    Remedies; Disposition of the Collateral	17
	7.3   
    Waiver of Claims	18
	7.4   
    Application of Proceeds	19
	7.5   
    Remedies Cumulative	19
	7.6   
    Discontinuance of Proceedings	20
	ARTICLE VIII. INDEMNITY	20
	8.1   
    Indemnity	20
	8.2   
    Indemnity Obligations Secured by Collateral; Survival	20
	ARTICLE IX. DEFINITIONS	20
	ARTICLE X. MISCELLANEOUS	25
	10.1  
    Notices	25
	10.2  
    Waiver; Amendment	25
	10.3  
    Obligations Absolute	26
	10.4  
    Successors and Assigns	26
	10.5  
    Headings Descriptive	26
	




    	 	ii	 



     


    


	10.6   GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL	26
	10.7   Assignor’s Duties	27
	10.8   Termination; Release	27
	10.9   Counterparts	28
	10.10  Severability	28
	10.11  The Collateral Agent and the other Secured Parties	28
	10.12  Additional Assignors	28
	10.13  Intercreditor Agreement	29
	10.14  Pari Passu Payment Lien Obligations	29


 





	ANNEX A	 	Schedule of
Chief Executive Offices Address(es) of Chief Executive Office
	ANNEX B	 	Schedule of
Inventory and Equipment Locations
	ANNEX C	 	Schedule of
Legal Names, Type of Organization (and Whether a Registered Organization), Jurisdiction of Organization, Location and Federal Employer
Identification Numbers
	ANNEX D	 	Schedule of
Trade and Fictitious Names
	ANNEX E	 	Description of
Certain Significant Transactions Occurring Within One Year Prior to the Date of the Security Agreement
	ANNEX F	 	Schedule
of Concentration Accounts
	ANNEX G	 	 Form of
Control Agreement Regarding Deposit Accounts
	ANNEX H	 	Schedule
of Commercial Tort Claims
	ANNEX I	 	Schedule
of Marks and Applications; Internet Domain Name Registrations
	ANNEX J	 	Schedule
of Patents
	ANNEX K	 	Schedule
of Copyrights
	ANNEX L	 	Trademark Security Agreement
	ANNEX M	 	Grant of
Security Interest in United States Patents
	ANNEX N	 	Grant of
Security Interest in United States Copyrights
	ANNEX O	 	Form of
Security Agreement Joinder
	ANNEX P	 	Form of
Accession Agreement













    	 	iii	 



     


    

SECURITY AGREEMENT


SECURITY AGREEMENT, dated
as of July 30, 2021, made by each of the undersigned assignors (each, an “Assignor” and, together with any other entity
that becomes an assignor hereunder pursuant to Section 10.12 hereof, the “Assignors”) in favor of TMI Trust Company,
as collateral agent (together with any successor collateral agent or assign and any co-collateral agents, in such capacity, the “Collateral
Agent”), for the benefit of the Secured Parties (as defined below). Certain capitalized terms as used herein are defined in
Article IX hereof. Except as otherwise defined herein, all capitalized terms used herein and defined in the Indenture (as defined below)
shall be used herein as therein defined.


W I T N E S S E T H:


WHEREAS, CURO Group Holdings
Corp. (the “Company”), the guarantors from time to time party thereto (the “Guarantors”), and the
Collateral Agent and Trustee, have entered into an Indenture, dated as of July 30, 2021 (as amended, modified, restated and/or supplemented
from time to time, the “Indenture”) for the benefit of each other and for the equal and ratable benefit of the Holders
of the 7.500% Senior Secured Notes due 2028, together with any Additional Notes (the “Senior Secured Notes”);


WHEREAS, pursuant to the
Indenture, each Guarantor has jointly and severally guaranteed to the Trustee, the Collateral Agent and the Holders (collectively, the
“Notes Secured Parties” and, together with the Pari Passu Indebtedness Secured Parties (the “Secured Parties”)
the payment when due of all Indenture Obligations as described (and defined) therein;


WHEREAS, in order to induce
(i) each Holder to hold the Notes, (ii) any future Pari Passu Indebtedness Secured Party to make extensions of credit to one or more of
the Assignors and (iii) the Collateral Agent to act as trustee and as collateral agent, the Assignors have agreed to grant to the
Collateral Agent a continuing security interest in and to the Collateral in order to secure the prompt and complete payment, observance
and performance of, among other things, their respective Secured Obligations (as defined herein);


WHEREAS, the Intercreditor
Agreement governs the relative rights and priorities of the Secured Parties (as defined herein), the Pari Passu Indebtedness Secured Parties
and the First Lien Lenders in respect of all of the Collateral; and


WHEREAS, the Assignors
will obtain benefits from the issuance of the Notes under the Indenture and the incurrence of Pari Passu Indebtedness, if any, and, accordingly,
the Assignors desire to grant a security interest in the Collateral to the Collateral Agent for its benefit and for the benefit of the
Secured Parties under the terms and conditions set forth herein.


NOW, THEREFORE, in consideration
of the benefits accruing to each Assignor, the receipt and sufficiency of which are hereby acknowledged, each Assignor hereby makes the
following representations and warranties to the Collateral Agent for the benefit of the Secured Parties and hereby covenants and agrees
with the Collateral Agent for the benefit of the Secured Parties as follows:






    	 	1	 



     


    

Article
I.


SECURITY INTERESTS


1.1           
Grant of Security Interests. (a) As security for the prompt and complete payment and performance when due of all of its
Secured Obligations, each Assignor does hereby assign and transfer unto the Collateral Agent, and does hereby pledge and grant to the
Collateral Agent, for the benefit of the Secured Parties, a continuing security interest in and a lien on all of the right, title and
interest of such Assignor in, to and under all of the following personal property and fixtures (and all rights therein) of such Assignor,
or in which or to which such Assignor has any rights, in each case whether now existing or hereafter from time to time acquired:


		(i)	each and every Account;



		(ii)	all cash;



		(iii)	the Cash Collateral Account and all monies, securities, Instruments and other investments deposited or
required to be deposited in the Cash Collateral Account;



		(iv)	all Chattel Paper (including, without limitation, all Tangible Chattel Paper and all Electronic Chattel
Paper);



		(v)	all Commercial Tort Claims;



		(vi)	all computer programs of such Assignor and all intellectual property rights therein and all other proprietary
information of such Assignor, including but not limited to Domain Names and Trade Secret Rights;



		(vii)	all Contracts, together with all Contract Rights arising thereunder;



		(viii)	all Copyrights;



		(ix)	all Equipment;



		(x)	all Deposit Accounts and all other demand, deposit, time, savings, cash management, passbook and similar
accounts maintained by such Assignor with any Person and all monies, securities, Instruments and other investments deposited or required
to be deposited in any of the foregoing;



		(xi)	all Documents;



		(xii)	all General Intangibles;



		(xiii)	all Goods;



		(xiv)	all Instruments;



		(xv)	all Inventory;




    	 	2	 



     


    
		(xvi)	all Investment Property;



		(xvii)	all Letter-of-Credit Rights (whether or not the respective letter of credit is evidenced by a writing);



		(xviii)	all Marks, together with the registrations and right to all renewals thereof, the goodwill of the business
of such Assignor symbolized by the Marks and all causes of action arising prior to or after the date hereof for infringement of any of
the Marks or unfair competition regarding the same;



		(xix)	all Patents, together with all causes of action arising prior to or after the date hereof for infringement
of any of the Patents or unfair competition regarding the same;



		(xx)	all Permits;



		(xxi)	all Software and all Software licensing rights, all writings, plans, specifications and schematics, all
engineering drawings, customer lists, goodwill and licenses, and all recorded data of any kind or nature, regardless of the medium of
recording;



		(xxii)	all Supporting Obligations; and



		(xxiii)	all Proceeds and products of any and all of the foregoing and all accessions to, substitutions and replacements
for, and rents, profits and products of, each of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty
payable to such Assignors from time to time with respect to any of the foregoing



(all of the above, the “Collateral”).


(b)            
The security interest of the Collateral Agent under this Agreement extends to all Collateral which any Assignor may acquire, or
with respect to which any Assignor may obtain rights, at any time during the term of this Agreement. Notwithstanding anything to the contrary
contained herein, the term “Collateral” shall not include, and the security interest granted under this Agreement shall not
attach to any Excluded Asset.


Notwithstanding anything
herein to the contrary, the lien and security interest granted pursuant to this Agreement and the exercise of any right or remedy hereunder
are subject to the provisions of the Intercreditor Agreement at any time the Intercreditor Agreement is in effect. 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 at any time the Intercreditor Agreement is in effect. In the event of any conflict or inconsistency between the provisions of
the Indenture and this Agreement relating to the duties of the Collateral Agent the provisions of the Indenture shall govern and control.






    	 	3	 



     


    

1.2           
Power of Attorney. Each Assignor hereby constitutes and appoints the Collateral Agent its true and lawful attorney, irrevocably,
with full power after the occurrence of and during the continuance of an Event of Default (in the name of such Assignor or otherwise)
to act, require, demand, receive, compound and give acquittance for any and all moneys and claims for moneys due or to become due to such
Assignor under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file
any claims or take any action or institute any proceedings which is or may be reasonably necessary to protect the interests of the Secured
Parties, which appointment as attorney is coupled with an interest.


Article
II.


GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS


Each Assignor represents,
warrants and covenants, which representations, warranties and covenants shall survive execution and delivery of this Agreement, as follows:


2.1           
Necessary Filings. All filings, registrations, recordings and other actions necessary or appropriate to create, preserve
and perfect the security interest granted by such Assignor to the Collateral Agent hereby in respect of the Collateral have been (or,
within 15 days after the date hereof (or 90 days after the date hereof in the case of Deposit Accounts, as such date may be extended in
accordance with Section 3.9 hereof), will be) accomplished and the security interest granted to the Collateral Agent pursuant to this
Agreement in and to the Collateral creates a valid and, together with all such filings, registrations, recordings and other actions, a
perfected security interest therein prior to the rights of all other Persons therein and subject to no other Liens (other than Permitted
Liens) and is entitled to all the rights, priorities and benefits afforded by the Uniform Commercial Code or other relevant law as enacted
in any relevant jurisdiction to perfected security interests, in each case to the extent that the Collateral consists of the type of property
in which a security interest may be perfected by possession or control (within the meaning of the UCC as in effect on the date hereof
in the State of New York), by filing a financing statement under the Uniform Commercial Code as enacted in any relevant jurisdiction or
by a filing of a Grant of Security Interest in the respective form attached hereto in the United States Patent and Trademark Office or
in the United States Copyright Office.


2.2           
No Liens. Such Assignor is, and as to all Collateral acquired by it from time to time after the date hereof such Assignor
will be, the owner of, or has rights in, all Collateral free from any Lien or other right, title or interest of any Person (other than
Permitted Liens), and such Assignor shall defend the Collateral against all claims and demands of all Persons at any time claiming the
same or any interest therein adverse to the Collateral Agent.


2.3           
Other Financing Statements. As of the date hereof, there is no financing statement (or similar statement or instrument of
registration under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Collateral (other than
financing statements filed in respect of Permitted Liens), and so long as the Termination Date has not occurred, such Assignor will not
execute or authorize to be filed in any public office any financing statement (or similar statement or instrument of registration under
the law of any jurisdiction) or statements relating to the Collateral, except financing statements filed or to be filed in respect of
and covering the security interests granted hereby by such Assignor or in connection with Permitted Liens.






    	 	4	 



     


    

2.4           
Chief Executive Office, Record Locations. The chief executive office of such Assignor is, on the date of this Agreement,
located at the address indicated on Annex A hereto for such Assignor. During the period of the four calendar months preceding the date
of this Agreement, the chief executive office of such Assignor has not been located at any address other than that indicated on Annex
A in accordance with the immediately preceding sentence, in each case unless each such other address is also indicated on Annex A hereto
for such Assignor.


2.5           
Location of Inventory and Equipment. All Inventory and Equipment held on the date hereof, or held at any time during the
four calendar months prior to the date hereof, by each Assignor is located at one of the locations shown on Annex B hereto for such Assignor.


2.6           
Legal Names; Type of Organization (and Whether a Registered Organization); Jurisdiction of Organization; Location; Federal Employer
Identification Number; Changes Thereto; etc. The exact legal name of each Assignor, the type of organization of such Assignor, whether
or not such Assignor is a Registered Organization, the jurisdiction of organization of such Assignor, such Assignor’s Location,
the Location of such Assignor and the Federal Employer Identification Number (if any), is listed on Annex C hereto for such Assignor.
Such Assignor shall not change its legal name, its type of organization, its status as a Registered Organization (in the case of a Registered
Organization), its jurisdiction of organization, its Location or its Federal Employer Identification Number (if any) from that used on
Annex C hereto, except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Secured
Documents and so long as same do not involve (x) a Registered Organization ceasing to constitute same or (y) such Assignor changing its
jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the
case may be, outside the United States or a State thereof) if (i) it shall have given to the Collateral Agent not less than 5 days’
prior written notice of each change to the information listed on Annex C (as adjusted for any subsequent changes thereto previously made
in accordance with this sentence), together with a supplement to Annex C which shall correct all information contained therein for such
Assignor, and (ii) in connection with each change or changes, it shall have taken all action reasonably necessary to maintain the security
interests of the Collateral Agent in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect.
In addition, such Assignor shall take all actions reasonably necessary to maintain the security interest of the Collateral Agent in the
Collateral intended to be granted hereby fully perfected and in full force and effect.


2.7           
Trade Names; Etc. Such Assignor has or operates in any jurisdiction under, or in the preceding five years has had or has
operated in any jurisdiction under, no trade names, fictitious names or other names except its legal name as specified in Annex C and
such other trade or fictitious names as are listed on Annex D hereto for such Assignor. Such Assignor shall not assume or operate in any
jurisdiction under any new trade, fictitious or other name until (i) it shall have given to the Collateral Agent not less than 15 days’
prior written notice of its intention to do so, clearly describing such new name and the jurisdictions in which such new name will be
used and providing such other information in connection therewith as the Collateral Agent may reasonably request and (ii) with respect
to such new name, it shall have taken all actions reasonably necessary to maintain the security interest of the Collateral Agent in the
Collateral intended to be granted hereby at all times fully perfected and in full force and effect.






    	 	5	 



     


    

2.8           
Certain Significant Transactions. During the one year period preceding the date of this Agreement, no Person shall have
merged, amalgamated or consolidated with or into any Assignor, and no Person shall have liquidated into, or transferred all or substantially
all of its assets to, any Assignor, in each case except as described in Annex E hereto. With respect to any transactions so described
in Annex E hereto, the respective Assignor shall have furnished such information with respect to the Person (and the assets of the Person
and locations thereof) which merged with or into, amalgamated with or consolidated with such Assignor, or was liquidated into or transferred
all or substantially all of its assets to such Assignor, and shall have furnished to the Collateral Agent such UCC lien searches as may
have been requested with respect to such Person and its assets, to establish that no security interest (excluding Permitted Liens) continues
perfected on the date hereof with respect to any Person described above (or the assets transferred to the respective Assignor by such
Person), including without limitation pursuant to Section 9-316(a)(3) of the UCC.


2.9           
Non-UCC Property. The aggregate fair market value (as determined by the Assignors in good faith) of all property of the
Assignors of the types described in clauses (1), (2) and (3) of Section 9-311(a) of the UCC and constituting Collateral does not exceed
$1,000,000. If the aggregate value of all such property at any time owned by all Assignors and constituting Collateral exceeds $1,000,000,
the Assignors shall provide prompt written notice thereof to the Collateral Agent and the Assignors shall promptly (and in any event within
30 days after acquiring knowledge thereof) take such actions (at their own cost and expense) as may be required under the respective United
States, State or other laws referenced in Section 9-311(a) of the UCC to perfect the security interests granted herein in any Collateral
where the filing of a financing statement does not perfect the security interest in such property in accordance with the provisions of
Section 9-311(a) of the UCC.


2.10        
As-Extracted Collateral; Timber-to-be-Cut. On the date hereof, such Assignor does not own, or expect to acquire, any property
which constitutes, or would constitute, As-Extracted Collateral or Timber-to-be-Cut. If at any time after the date of this Agreement such
Assignor owns, acquires or obtains rights to any As-Extracted Collateral or Timber-to-be-Cut, such Assignor shall furnish the Collateral
Agent with prompt written notice thereof (which notice shall describe in reasonable detail the As-Extracted Collateral and/or Timber-to-be-Cut
and the locations thereof) and shall take all actions reasonably necessary to perfect the security interest of the Collateral Agent therein.


2.11        
Collateral in the Possession of a Bailee. If any Inventory or other Goods are at any time in the possession of a bailee,
such Assignor shall promptly notify the Collateral Agent thereof and, if requested by the Collateral Agent, shall use its commercially
reasonable efforts to promptly obtain an acknowledgment from such bailee, in form and substance reasonably satisfactory to the Collateral
Agent, that the bailee holds such Collateral for the benefit of the Collateral Agent and shall act upon the instructions of the Collateral
Agent, without the further consent of such Assignor. The Collateral Agent agrees with such Assignor that the Collateral Agent shall not
give any such instructions unless an Event of Default has occurred and is continuing or would occur after taking into account any action
by the respective Assignor with respect to any such bailee.


2.12        
Recourse. This Agreement is made with full recourse to each Assignor and pursuant to and upon all the warranties, representations,
covenants and agreements on the part of 



    	 	6	 



     


    

such Assignor contained herein, in the Secured Documents and otherwise in writing in connection
herewith or therewith.


Article
III.


SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS;


INSTRUMENTS; CHATTEL PAPER AND CERTAIN OTHER COLLATERAL


3.1           
Additional Representations and Warranties. As of the time when each of its Accounts arises, each Assignor shall be deemed
to have represented and warranted that each such Account, and all of Assignor’s records, papers and documents relating thereto (if
any) are genuine and what they purport to be, and that all papers and documents (if any) relating thereto (i) will, to the knowledge of
such Assignor, represent the genuine, legal, valid and binding obligation of the account debtor evidencing indebtedness unpaid and owed
by the respective account debtor arising out of the performance of labor or services or the sale, lease, assignment or other disposition
and delivery of the property listed therein, or both, (ii) will be the only original writings evidencing and embodying such obligation
of the account debtor named therein (other than copies created for general accounting purposes), (iii) will, to the knowledge of such
Assignor, evidence true and valid obligations, enforceable in accordance with their respective terms, and (iv) will be in compliance and
will conform in all material respects with all applicable federal, state and local laws and applicable laws of any relevant foreign jurisdiction.


3.2           
Maintenance of Records. Each Assignor will keep and maintain at its own cost and expense accurate records of its Accounts
and Contracts, including, but not limited to, originals of all documentation (including each Contract) with respect thereto, records of
all payments received, all credits granted thereon, all merchandise returned and all other dealings therewith, and such Assignor will
make the same available on such Assignor’s premises to the Collateral Agent for inspection, at such Assignor’s own cost and
expense, at any and all reasonable times, but not more than two (2) such inspections per calendar year, upon prior notice to such Assignor.
Upon the occurrence and during the continuance of an Event of Default and at the request of the Collateral Agent (acting on the instructions
of the requisite percentage of Holders in accordance with the Indenture), such Assignor shall, at its own cost and expense, deliver all
tangible evidence of its Accounts and Contract Rights (including, without limitation, all documents evidencing the Accounts and all Contracts)
and such books and records to the Collateral Agent or to its representatives (copies of which evidence and books and records may be retained
by such Assignor). Upon the occurrence and during the continuance of an Event of Default and if the Collateral Agent so directs, such
Assignor shall legend, in form and manner satisfactory to the Collateral Agent, the Accounts and the Contracts, as well as books, records
and documents (if any) of such Assignor evidencing or pertaining to such Accounts and Contracts with an appropriate reference to the fact
that such Accounts and Contracts have been assigned to the Collateral Agent and that the Collateral Agent has a security interest therein.


3.3           
Direction to Account Debtors; Contracting Parties; etc. Upon the occurrence and during the continuance of an Event of Default,
if the Collateral Agent so directs (acting on the instructions of the requisite percentage of Holders in accordance with the Indenture)
any Assignor, such Assignor agrees (x) to cause all payments on account of the Accounts and Contracts to be made directly to the Cash
Collateral Account, (y) that the Collateral Agent may, but has no obligation to, directly notify the obligors with respect to any Accounts
and/or under any Contracts 



    	 	7	 



     


    

to make payments with respect thereto as provided in the preceding clause (x), and (z) that the Collateral
Agent may enforce collection of any such Accounts and Contracts and may adjust, settle or compromise the amount of payment thereof, in
the same manner and to the same extent as such Assignor. Without notice to or assent by any Assignor, the Collateral Agent may, upon the
occurrence and during the continuance of an Event of Default, apply any or all amounts then in, or thereafter deposited in, the Cash Collateral
Account toward the payment of the Secured Obligations in the manner provided in Section 7.4 of this Agreement. The reasonable costs and
expenses of collection (including reasonable attorneys’ fees), whether incurred by an Assignor or the Collateral Agent, shall be
borne solely by the relevant Assignor. The Collateral Agent shall deliver a copy of each notice referred to in the preceding clause (y)
to the relevant Assignor, provided that (x) the failure by the Collateral Agent to so notify such Assignor shall not affect the
effectiveness of such notice or the other rights of the Collateral Agent created by this Section 3.3 and (y) no such notice shall be required
if an Event of Default of the type described in Section 7.01(i) or (j) of the Indenture has occurred and is continuing.


3.4           
Modification of Terms; etc. Except in accordance with such Assignor’s ordinary course of business and consistent with
reasonable business judgment or as permitted by Section 3.5 hereof, no Assignor shall rescind or cancel any indebtedness evidenced
by any Account or under any Contract, or modify any material term thereof or make any material adjustment with respect thereto, or extend
or renew the same, or compromise or settle any material dispute, claim, suit or legal proceeding relating thereto, or sell any Account
or Contract, or interest therein, without the prior written consent of the Collateral Agent (acting on the instructions of the requisite
percentage of Holders in accordance with the Indenture). No Assignor will do anything to impair the rights of the Collateral Agent in
the Accounts or Contracts.


3.5           
Collection. Each Assignor shall endeavor in accordance with reasonable business practices to cause to be collected from
the account debtor named in each of its Accounts or obligor under any Contract, as and when due (including, without limitation, amounts
which are delinquent, such amounts to be collected in accordance with generally accepted lawful collection procedures) any and all amounts
owing under or on account of such Account or Contract, and apply promptly upon receipt thereof all such amounts as are so collected to
the outstanding balance of such Account or under such Contract. Except as otherwise directed by the Collateral Agent after the occurrence
and during the continuation of an Event of Default, any Assignor may allow in the ordinary course of business as adjustments to amounts
owing under its Accounts and Contracts (i) an extension or renewal of the time or times of payment, or settlement for less than the
total unpaid balance, which such Assignor finds appropriate in accordance with reasonable business judgment and (ii) a refund or credit
due as a result of returned or damaged merchandise or improperly performed services or for other reasons which such Assignor finds appropriate
in accordance with reasonable business judgment. The reasonable costs and expenses (including, without limitation, reasonable attorneys’
fees) of collection, whether incurred by an Assignor or the Collateral Agent, shall be borne solely by the relevant Assignor.


3.6           
Instruments. If any Assignor owns or acquires any Instrument in excess of $500,000 constituting Collateral (other than (x)
checks and other payment instruments received and collected in the ordinary course of business and (y) any Instrument subject to pledge
pursuant to the Pledge Agreement), such Assignor will within 30 days notify the Collateral Agent thereof 



    	 	8	 



     


    

in writing, and upon request
by the Collateral Agent will promptly deliver such Instrument to the Collateral Agent appropriately endorsed to the order of the Collateral
Agent.


3.7           
Assignors Remain Liable Under Accounts. Anything herein to the contrary notwithstanding, the Assignors shall remain liable
under each of the Accounts to observe and perform all of the conditions and obligations to be observed and performed by it thereunder,
all in accordance with the terms of any agreement giving rise to such Accounts. Neither the Collateral Agent nor any other Secured Party
shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this Agreement
or the receipt by the Collateral Agent or any other Secured Party of any payment relating to such Account pursuant hereto, nor shall the
Collateral Agent or any other Secured Party be obligated in any manner to perform any of the obligations of any Assignor under or pursuant
to any Account (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of
any payment received by them or as to the sufficiency of any performance by any party under any Account (or any agreement giving rise
thereto), to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may
have been assigned to them or to which they may be entitled at any time or times.


3.8           
Assignors Remain Liable Under Contracts. Anything herein to the contrary notwithstanding, the Assignors shall remain liable
under each of the Contracts to observe and perform all of the conditions and obligations to be observed and performed by them thereunder,
all in accordance with and pursuant to the terms and provisions of each Contract. Neither the Collateral Agent nor any other Secured Party
shall have any obligation or liability under any Contract by reason of or arising out of this Agreement or the receipt by the Collateral
Agent or any other Secured Party of any payment relating to such Contract pursuant hereto, nor shall the Collateral Agent or any other
Secured Party be obligated in any manner to perform any of the obligations of any Assignor under or pursuant to any Contract, to make
any payment, to make any inquiry as to the nature or the sufficiency of any performance by any party under any Contract, to present or
file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to
them or to which they may be entitled at any time or times.


3.9           
Deposit Accounts; Etc. (a) No Assignor maintains, or at any time after the date of this Agreement shall establish or maintain,
any demand, time, savings, passbook or similar account, except for such accounts maintained with a bank (as defined in Section 9-102 of
the UCC) whose jurisdiction (determined in accordance with Section 9-304 of the UCC) is within a State of the United States. Annex F hereto
accurately sets forth, as of the date of this Agreement, for each Assignor, each Deposit Account that is a Concentration Account maintained
by such Assignor (including a description thereof and the respective account number), the name of the respective bank with which such
Deposit Account is maintained, and the jurisdiction of the respective bank with respect to such Deposit Account. For each Deposit Account
that is a Concentration Account (other than any Concentration Account maintained with the Collateral Agent), the respective Assignor shall
cause the bank with which such Deposit Account is maintained to execute and deliver to the Collateral Agent, within 90 days after the
date of this Agreement (as such date may be extended by the First Lien Agent (as defined in the Intercreditor Agreement) in its sole discretion)
or, if later, at the time of the establishment of the respective Deposit Account, a “control agreement” in the form of Annex
G hereto (appropriately completed), with such changes thereto, 



    	 	9	 



     


    

or in such other form, as may be reasonably satisfactory to the First Lien
Agent. If any bank with which a Deposit Account that is a Concentration Account is maintained refuses to, or does not, enter into such
a “control agreement”, then the respective Assignor shall promptly (and in any event within 90 days after the date of this
Agreement (as such date may be extended by the First Lien Agent in its sole discretion) or, if later, 90 days after the establishment
of such account) or in such other form, as may be reasonably satisfactory to the First Lien Agent close the respective Deposit Account
and transfer all balances therein to the Cash Collateral Account or another Concentration Account meeting the requirements of this Section
3.9. If any bank with which a Deposit Account that is a Concentration Account is maintained refuses to subordinate its claims with respect
to such Deposit Account to the Collateral Agent’s security interest therein on reasonably satisfactory terms, then the respective
Assignor shall terminate such Deposit Account and transfer all balances therein to the Cash Collateral Account or another Concentration
Account in accordance with the immediately preceding sentence.


(b)            
After the date of this Agreement, no Assignor shall establish any new demand, time, savings, passbook or similar account, except
for (x) Deposit Accounts that are established and maintained with banks and meeting the requirements of preceding clause (a) and (y) Excluded
Accounts. At the time any such Deposit Account that is a Concentration Account is established, the appropriate “control agreement”
shall be entered into in accordance with the requirements of preceding clause (a) and the respective Assignor shall furnish to the Collateral
Agent a supplement to Annex F hereto containing the relevant information with respect to the respective Deposit Account and the bank with
which same is established.


(c)            
Notwithstanding anything to the contrary herein, no Assignor shall be required to take any action to cause the Collateral Agent
to obtain control (“Control”) in accordance with Section 9¬ 104 or 9-106(c), as the case may be, of the UCC with respect
to (i) any Deposit Account or Securities Account of such Assignor, that when taken together with all of the other Deposit Accounts
(other than any Excluded Deposit Account) and Securities Accounts of such Assignor and all other Assignors, has an average five day closing
balance that does not exceed $5,000,000 or (ii) any Excluded Deposit Account; provided, that if such Assignor shall cause the First
Lien Agent to have Control over any such Deposit Account or Securities Account, such Assignor will ensure that the security interest granted
by it in favor of the Collateral Agent hereunder to secure the Secured Obligations is also perfected by Control as contemplated by Section
4.7 of the Intercreditor Agreement.


3.10        
Letter-of-Credit Rights. If any Assignor is at any time a beneficiary under a letter of credit with a stated amount of $1,000,000
or more, such Assignor shall promptly notify the Collateral Agent thereof and such Assignor shall, pursuant to an agreement, use its commercially
reasonable efforts to (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral
Agent of the proceeds of any drawing under such letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary
of such letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit
are to be applied as provided in this Agreement after the occurrence and during the continuance of an Event of Default.


3.11        
Commercial Tort Claims. All Commercial Tort Claims of each Assignor asserted in a judicial proceeding in existence on the
date of this Agreement are described in Annex H hereto. 



    	 	10	 



     


    

If any Assignor shall at any time after the date of this Agreement acquire a Commercial
Tort Claim asserted in a judicial proceeding in an amount (taking the greater of the aggregate claimed damages thereunder or the reasonably
estimated value thereof) of $1,000,000 or more, such Assignor shall promptly notify the Collateral Agent thereof in a writing signed by
such Assignor and describing the details thereof and shall grant to the Collateral Agent in such writing a security interest therein and
in the proceeds thereof, all upon the terms of this Agreement.


3.12        
Chattel Paper. Upon the request of the Collateral Agent made at any time or from time to time, each Assignor shall promptly
furnish to the Collateral Agent a list of all Electronic Chattel Paper held or owned by such Assignor. Furthermore, each Assignor shall
promptly take all actions which are reasonably practicable so that the Collateral Agent has “control” of all Electronic Chattel
Paper with a face amount in excess of $1,000,000 in accordance with the requirements of Section 9-105 of the UCC. Each Assignor will promptly
(and in any event within 30 days) following any reasonable request by the Collateral Agent, deliver all of its Tangible Chattel Paper
to the Collateral Agent.


3.13        
Further Actions. Each Assignor will, at its own expense, make, execute, endorse, acknowledge, file and/or deliver to the
Collateral Agent from time to time such vouchers, invoices, schedules, confirmatory assignments, conveyances, financing statements, transfer
endorsements, certificates, reports and other assurances or instruments and take such further steps, including any and all actions as
may be reasonably necessary or required under the Federal Assignment of Claims Act, relating to its Accounts, Contracts, Instruments and
other property or rights covered by the security interest hereby granted, as the Collateral Agent may reasonably require, to the extent
otherwise required herein, and not otherwise inconsistent with the provisions of Section 1.1(b).


Article
IV.


SPECIAL PROVISIONS CONCERNING TRADEMARKS AND DOMAIN NAMES


4.1           
Additional Representations and Warranties. Each Assignor represents and warrants that it is the true and lawful owner of
or otherwise has the right to use the registered Marks and Domain Names listed in Annex I hereto for such Assignor and that said listed
Marks and Domain Names include all United States marks and applications for United States marks registered in the United States Patent
and Trademark Office and all Domain Names that such Assignor owns or uses in connection with its business as of the date hereof. Each
Assignor represents and warrants that it owns, is licensed to use or otherwise has the right to use, all Marks and Domain Names that it
uses. Each Assignor further warrants that it has no knowledge of any third party claim received by it that any aspect of such Assignor’s
present or contemplated business operations infringes or will infringe any trademark, service mark or trade name of any other Person other
than as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Assignor represents
and warrants that it is the true and lawful owner of or otherwise has the right to use all U.S. trademark registrations and applications
and Domain Name registrations listed in Annex I hereto and that said registrations are valid, subsisting, have not been canceled and that
such Assignor is not aware of any third-party claim that any of said registrations is invalid or unenforceable, and is not aware that
there is any reason that any of said registrations is invalid or unenforceable, and is not aware that there is any reason that any of
said applications will not mature into registrations. Each Assignor hereby grants to the Collateral Agent an absolute power of attorney
to sign, upon the occurrence and during the continuance of an Event of Default, 



    	 	11	 



     


    

any document which may be required by the United States
Patent and Trademark Office or similar registrar in order to effect an absolute assignment of all right, title and interest in each Mark
and/or Domain Name, and record the same.


4.2           
Licenses and Assignments. Except as otherwise permitted by the Indenture Documents, each Assignor hereby agrees not to divest
itself of any right under any Mark or Domain Name absent prior written approval of the Collateral Agent (acting on the instructions of
the requisite percentage of Holders in accordance with the Indenture).


4.3           
Infringements. Each Assignor agrees, promptly upon learning thereof, to notify the Collateral Agent in writing of the name
and address of, and to furnish such pertinent information that may be available with respect to, any party who such Assignor believes
is, or may be, infringing or diluting or otherwise violating any of such Assignor’s rights in and to any Mark or Domain Name in
any manner that could reasonably be expected to have a Material Adverse Effect, or with respect to any party claiming that such Assignor’s
use of any Mark or Domain Name material to such Assignor’s business violates in any material respect any property right of that
party. Each Assignor further agrees to prosecute diligently in accordance with reasonable business practices any Person infringing any
Mark or Domain Name in any manner that could reasonably be expected to have a Material Adverse Effect.


4.4           
Preservation of Marks and Domain Names. Each Assignor agrees to use its Marks and Domain Names which are material to such
Assignor’s business in interstate commerce during the time in which this Agreement is in effect and to take all such other actions
as are reasonably necessary to preserve such Marks as trademarks or service marks under the laws of the United States (other than any
such Marks which are no longer used or useful in its business or operations).


4.5           
Maintenance of Registration. Each Assignor shall, at its own expense, diligently process all documents reasonably required
to maintain all Mark and/or Domain Name registrations, including but not limited to affidavits of use and applications for renewals of
registration in the United States Patent and Trademark Office for all of its material registered Marks, and shall pay all fees and disbursements
in connection therewith and shall not abandon any such filing of affidavit of use or any such application of renewal prior to the exhaustion
of all administrative and judicial remedies without prior written consent of the Collateral Agent (acting on the instructions of the requisite
percentage of Holders in accordance with the Indenture) (other than with respect to registrations and applications deemed by such Assignor
in its reasonable business judgment to be no longer prudent to pursue).


4.6           
Future Registered Marks and Domain Names. If any Mark registration is issued hereafter to any Assignor as a result of any
application now or hereafter pending before the United States Patent and Trademark Office or any Domain Name is registered by Assignor,
within 30 days after receipt of such certificate or similar indicia of ownership, such Assignor shall deliver to the Collateral Agent
a copy of such registration certificate or similar indicia of ownership, and a grant of a security interest in such Mark and/or Domain
Name, to the Collateral Agent and at the expense of such Assignor, confirming the grant of a security interest in such Mark and/or Domain
Name to the Collateral Agent hereunder, the form of such security to be substantially in the form of Annex L hereto.






    	 	12	 



     


    

4.7           
Remedies. If an Event of Default shall occur and be continuing, the Collateral Agent may, by written notice to the relevant
Assignor, take any or all of the following actions: (i) declare the entire right, title and interest of such Assignor in and to each
of the Marks and Domain Names, together with all trademark rights and rights of protection to the same, vested in the Collateral Agent
for the benefit of the Secured Parties, in which event such rights, title and interest shall immediately vest, in the Collateral Agent
for the benefit of the Secured Parties, and the Collateral Agent shall be entitled to exercise the power of attorney referred to in Section
4.1 hereof to execute, cause to be acknowledged and notarized and record said absolute assignment with the applicable agency or registrar;
(ii) take and use or sell the Marks or Domain Names and the goodwill of such Assignor’s business symbolized by the Marks or Domain
Names and the right to carry on the business and use the assets of such Assignor in connection with which the Marks or Domain Names have
been used; and (iii) direct such Assignor to refrain, in which event such Assignor shall refrain, from using the Marks or Domain Names
in any manner whatsoever, directly or indirectly, and such Assignor shall execute such further documents that the Collateral Agent may
reasonably request to further confirm this and to transfer ownership of the Marks or Domain Names and registrations and any pending trademark
applications in the United States Patent and Trademark Office or applicable Domain Name registrar to the Collateral Agent.


Article
V.


SPECIAL PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND TRADE SECRETS


5.1           
Additional Representations and Warranties. Each Assignor represents and warrants that it is the true and lawful owner of
all rights in (i) all Trade Secret Rights, (ii) the Patents listed in Annex J hereto for such Assignor and that said Patents include all
the United States patents and applications for United States patents that such Assignor owns as of the date hereof and (iii) the Copyrights
listed in Annex K hereto for such Assignor and that said Copyrights include all the United States copyrights registered with the United
States Copyright Office and applications to United States copyrights that such Assignor owns as of the date hereof. Each Assignor further
warrants that it has no knowledge of any third party claim that any aspect of such Assignor’s present or contemplated business operations
infringes or will infringe any patent of any other Person or such Assignor has misappropriated any Trade Secret or proprietary information
which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Each Assignor hereby grants
to the Collateral Agent an absolute power of attorney to sign, upon the occurrence and during the continuance of any Event of Default,
any document which may be required by the United States Patent and Trademark Office or the United States Copyright Office in order to
effect an absolute assignment of all right, title and interest in each Patent or Copyright, and to record the same.


5.2           
Licenses and Assignments. Except as otherwise permitted by the Indenture Documents, each Assignor hereby agrees not to divest
itself of any right under any Patent or Copyright absent prior written approval of the Collateral Agent (acting on the instructions of
the requisite percentage of Holders in accordance with the Indenture).


5.3           
Infringements. Each Assignor agrees, promptly upon learning thereof, to furnish the Collateral Agent in writing with all
pertinent information available to such Assignor with respect to any infringement, contributing infringement or active inducement to infringe
or other violation of such Assignor’s rights in any Patent or Copyright or to any claim that the practice of 



    	 	13	 



     


    

any Patent or use of
any Copyright violates any property right of a third party, or with respect to any misappropriation of any Trade Secret Right or any claim
that practice of any Trade Secret Right violates any property right of a third party, in each case, in any manner which, either individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Each Assignor further agrees, absent direction of
the Collateral Agent (acting on the instructions of the requisite percentage of Holders in accordance with the Indenture) to the contrary,
to diligently prosecute, in accordance with its reasonable business judgment, any Person infringing any Patent or Copyright or any Person
misappropriating any Trade Secret Right, in each case to the extent that such infringement or misappropriation, either individually or
in the aggregate, could reasonably be expected to have a Material Adverse Effect.


5.4           
Maintenance of Patents or Copyrights. At its own expense, each Assignor shall make timely payment of all post-issuance fees
required to maintain in force its rights under each Patent or Copyright, absent prior written consent of the Collateral Agent (acting
on the instructions of the requisite percentage of Holders in accordance with the Indenture) to the contrary (other than any such Patents
or Copyrights which are no longer used or are deemed by such Assignor in its reasonable business judgment to no longer be useful in its
business or operations).


5.5           
Prosecution of Patent or Copyright Applications. At its own expense, each Assignor shall diligently prosecute all material
applications for (i) United States Patents listed in Annex J hereto and (ii) Copyrights listed on Annex K hereto, in each case for such
Assignor and shall not abandon any such application prior to exhaustion of all administrative and judicial remedies (other than applications
that are deemed by such Assignor in its reasonable business judgment to no longer be necessary in the conduct of the Assignor’s
business), absent written consent of the Collateral Agent (acting on the instructions of the requisite percentage of Holders in accordance
with the Indenture).


5.6           
Other Patents and Copyrights. Within 30 days after the acquisition or issuance of a United States Patent, registration of
a Copyright, or acquisition of a registered Copyright, or of filing of an application for a United States Patent or Copyright, the relevant
Assignor shall deliver to the Collateral Agent a copy of said Copyright or Patent, or certificate or registration of, or application therefor,
as the case may be, with a grant of a security interest as to such Patent or Copyright, as the case may be, to the Collateral Agent and
at the sole expense of such Assignor, confirming the grant of a security interest, the form of such grant of a security interest to be
substantially in the form of Annex M or N hereto, as appropriate.


5.7           
Remedies. If an Event of Default shall occur and be continuing, the Collateral Agent may, by written notice to the relevant
Assignor, take any or all of the following actions: (i) declare the entire right, title, and interest of such Assignor in each of
the Patents and Copyrights vested in the Collateral Agent for the benefit of the Secured Parties, in which event such right, title, and
interest shall immediately vest in the Collateral Agent for the benefit of the Secured Parties, in which case the Collateral Agent shall
be entitled to exercise the power of attorney referred to in Section 5.1 hereof to execute, cause to be acknowledged and notarized and
to record said absolute assignment with the applicable agency; (ii) take and practice or sell the Patents and Copyrights; and (iii) direct
such Assignor to refrain, in which event such Assignor shall refrain, from practicing the Patents and using the Copyrights directly or
indirectly, and such Assignor shall execute such further documents as the Collateral Agent may reasonably request further to confirm 



    	 	14	 



     


    

this
and, to the extent permitted by applicable law, to transfer ownership of the Patents and Copyrights to the Collateral Agent for the benefit
of the Secured Parties.


Article
VI.


PROVISIONS CONCERNING ALL COLLATERAL


6.1           
Protection of Collateral Agent’s Security. Except as otherwise permitted by the Secured Documents, each Assignor will
do nothing to impair the rights of the Collateral Agent in the Collateral. Each Assignor will at all times maintain insurance, at such
Assignor’s own expense to the extent and in the manner provided in the Secured Documents. Except to the extent otherwise permitted
to be retained by such Assignor or applied by such Assignor pursuant to the terms of the Secured Documents, the Collateral Agent shall,
at the time any proceeds of such insurance are distributed to the Secured Parties, apply such proceeds in accordance with Section 7.4
hereof. Each Assignor assumes all liability and responsibility in connection with the Collateral acquired by it and the liability of such
Assignor to pay the Secured Obligations shall in no way be affected or diminished by reason of the fact that such Collateral may be lost,
destroyed, stolen, damaged or for any reason whatsoever unavailable to such Assignor.


6.2           
Warehouse Receipts Non-Negotiable. To the extent practicable, each Assignor agrees that if any warehouse receipt or receipt
in the nature of a warehouse receipt is issued with respect to any of its Inventory, such Assignor shall request that such warehouse receipt
or receipt in the nature thereof shall not be “negotiable” (as such term is used in Section 7-104 of the Uniform Commercial
Code as in effect in any relevant jurisdiction or under other relevant law).


6.3           
Additional Information. Each Assignor will, at its own expense, from time to time upon the reasonable request of the Collateral
Agent, promptly (and in any event within 10 Business Days after its receipt of the respective request) furnish to the Collateral Agent
such information with respect to the Collateral (including the identity of the Collateral or such components thereof as may have been
requested by the Collateral Agent, the value and location of such Collateral, etc.) as may be requested by the Collateral Agent. Without
limiting the forgoing, each Assignor agrees that it shall promptly (and in any event within 10 Business Days after its receipt of the
respective request) furnish to the Collateral Agent such updated Annexes hereto as may from time to time be reasonably requested by the
Collateral Agent; provided, however, that the Collateral Agent shall have no duty to so request unless directed to do so by the
requisite holders of the Notes.


6.4           
Further Actions. Each Assignor will, at its own expense and upon the reasonable request of the Collateral Agent, make, execute,
endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such lists, descriptions and designations of its Collateral,
warehouse receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules,
confirmatory assignments, conveyances, financing statements, transfer endorsements, certificates, reports and other assurances or instruments
and take such further steps relating to the Collateral and other property or rights covered by the security interest hereby granted, which
are or may be necessary to perfect, preserve or protect its security interest in the Collateral to the extent otherwise required herein
and not otherwise inconsistent with the provisions of Section 1.1(b); provided, however, that the Collateral Agent shall have no duty
to so request unless directed to do so by the requisite holders of the Notes.






    	 	15	 



     


    

6.5           
Financing Statements. Each Assignor agrees to execute and deliver to the Collateral Agent such financing statements as the
Collateral Agent may from time to time reasonably request or as are reasonably necessary to establish and maintain a valid, enforceable,
perfected security interest in the Collateral as provided herein and the other rights and security contemplated hereby. Each Assignor
will pay any applicable filing fees, recordation taxes and related expenses relating to its Collateral. Each Assignor hereby authorizes
the Collateral Agent to file any such financing statements without the signature of such Assignor where permitted by law (and such authorization
includes describing the Collateral as “all assets” of such Assignor); provided, however, that the Collateral Agent
shall have no duty to make any such filings unless directed to do so by the requisite holders of the Notes.


Article
VII.


REMEDIES UPON OCCURRENCE OF AN EVENT OF DEFAULT


7.1           
Remedies; Obtaining the Collateral Upon Default. Each Assignor agrees that, if any Event of Default shall have occurred
and be continuing, then and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable
law and under the other provisions of this Agreement, shall have all rights as a secured creditor under any UCC, and such additional rights
and remedies to which a secured creditor is entitled under the laws in effect in all relevant jurisdictions and may (acting on the instructions
of the requisite percentage of Holders in accordance with the Indenture):


(i)             
personally, or by agents or attorneys, immediately take possession of the Collateral or any part thereof, from such Assignor or
any other Person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter
upon such Assignor’s premises where any of the Collateral is located and remove the same and use in connection with such removal
any and all services, supplies, aids and other facilities of such Assignor;


(ii)           
instruct the obligor or obligors on any agreement, instrument or other obligation (including, without limitation, the Accounts
and the Contracts) constituting the Collateral to make any payment required by the terms of such agreement, instrument or other obligation
directly to the Collateral Agent and may exercise any and all remedies of such Assignor in respect of such Collateral;


(iii)         
instruct all banks which have entered into a control agreement with the Collateral Agent to transfer all monies, securities and
instruments held by such depositary bank to the Cash Collateral Account;


(iv)          
sell, assign or otherwise liquidate any or all of the Collateral or any part thereof in accordance with Section 7.2 hereof, or
direct such Assignor to sell, assign or otherwise liquidate any or all of the Collateral or any part thereof, and, in each case, take
possession of the proceeds of any such sale or liquidation;


(v)            
take possession of the Collateral or any part thereof, by directing such Assignor in writing to deliver the same to the Collateral
Agent at any 



    	 	16	 



     


    

reasonable place or places designated by the Collateral Agent, in which event such Assignor shall at its own expense:


(x)       forthwith
cause the same to be moved to the place or places so designated by the Collateral Agent and there delivered to the Collateral Agent;


(y)       store
and keep any Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent as
provided in Section 7.2 hereof; and


(z)       while
the Collateral shall be so stored and kept, provide such security and maintenance services as shall be reasonably necessary to protect
the same and to preserve and maintain it in good condition;


(vi)          
license or sublicense, whether on an exclusive or nonexclusive basis, any Marks, Domain Names, Patents or Copyrights included in
the Collateral for such term and on such conditions and in such manner as the Collateral Agent shall determine (acting on the instructions
of the requisite percentage of Holders in accordance with the Indenture);


(vii)        
apply any monies constituting Collateral or proceeds thereof in accordance with the provisions of Section 7.4; and


(viii)      
take any other action as specified in clauses (1) through (5), inclusive, of Section 9-607(a) of the UCC;


it being understood that
each Assignor’s obligation so to deliver the Collateral is of the essence of this Agreement and that, accordingly, upon application
to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by such Assignor
of said obligation. By accepting the benefits of this Agreement and each other Collateral Document, the Secured Parties expressly acknowledge
and agree that this Agreement and each other Collateral Document may be enforced only by the action of the Collateral Agent acting upon
the instructions of the requisite percentage of Holders in accordance with the Indenture and that no other Secured Party shall have any
right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood
and agreed that such rights and remedies may be exercised by the Collateral Agent for the benefit of the Secured Parties upon the terms
of this Agreement and the other Collateral Documents.


7.2           
Remedies; Disposition of the Collateral. If any Event of Default shall have occurred and be continuing, then any Collateral
repossessed by the Collateral Agent under or pursuant to Section 7.1 hereof and any other Collateral whether or not so repossessed by
the Collateral Agent, may be sold, assigned, leased or otherwise disposed of under one or more contracts or as an entirety, and without
the necessity of gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at such
place or places and on such terms as are commercially reasonable. Any of the Collateral may be sold, leased or otherwise disposed of,
in the condition in which the same existed when taken by the Collateral Agent or after any overhaul or repair at the expense of the relevant
Assignor. Any such sale, lease or other 



    	 	17	 



     


    

disposition may be effected by means of a public disposition or private disposition, effected
in accordance with the applicable requirements (in each case if and to the extent applicable) of Sections 9-610 through 9-613 of the UCC
and/or such other mandatory requirements of applicable law as may apply to the respective disposition. The Collateral Agent may, without
notice or publication, adjourn any public or private disposition or cause the same to be adjourned from time to time by announcement at
the time and place fixed for the disposition, and such disposition may be made at any time or place to which the disposition may be so
adjourned. To the extent permitted by any such requirement of law, the Collateral Agent may bid for and become the purchaser (and may
pay all or any portion of the purchase price by crediting Secured Obligations against the purchase price) of the Collateral or any item
thereof, offered for disposition in accordance with this Section 7.2 without accountability to the relevant Assignor. If, under applicable
law, the Collateral Agent shall be permitted to make disposition of the Collateral within a period of time which does not permit the giving
of notice to the relevant Assignor as hereinabove specified, the Collateral Agent need give such Assignor only such notice of disposition
as shall be required by such applicable law. Each Assignor agrees to do or cause to be done all such other acts and things as may be reasonably
necessary to make such disposition or dispositions of all or any portion of the Collateral valid and binding and in compliance with any
and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental
instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at such Assignor’s expense.


7.3           
Waiver of Claims. Except as otherwise provided in this Agreement, EACH ASSIGNOR HEREBY WAIVES, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, NOTICE AND JUDICIAL HEARING IN CONNECTION WITH THE COLLATERAL AGENT’S TAKING POSSESSION OR THE COLLATERAL AGENT’S
DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR
REMEDIES, and each Assignor hereby further waives, to the extent permitted by law:


(i)             
all damages occasioned by such taking of possession or any such disposition except any damages which are the direct result of the
Collateral Agent’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable
decision);


(ii)           
all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Collateral
Agent’s rights hereunder; and


(iii)         
all rights of redemption, appraisement, valuation, stay, extension or moratorium now or hereafter in force under any applicable
law in order to prevent or delay the enforcement of this Agreement or the absolute sale of the Collateral or any portion thereof, and
each Assignor, for itself and all who may claim under it, insofar as it or they now or hereafter lawfully may, hereby waives the benefit
of all such laws.


Any sale of, or the grant
of options to purchase, or any other realization upon, any Collateral shall operate to divest all right, title, interest, claim and demand,
either at law or in equity, of the relevant 



    	 	18	 



     


    

Assignor therein and thereto, and shall be a perpetual bar both at law and in equity against
such Assignor and against any and all Persons claiming or attempting to claim the Collateral so sold, optioned or realized upon, or any
part thereof, from, through and under such Assignor.


7.4           
Application of Proceeds. (a) Subject to the terms of the Intercreditor Agreement, all monies and other property and assets
collected or received by the Collateral Agent or any other Secured Party upon any sale or other disposition of the Collateral pursuant
to the terms of this Agreement, together with all other monies and other property and assets collected or received by the Collateral Agent
hereunder or upon any distribution of (or on account of) Collateral (whether or not characterized as such) in connection with any case,
proceeding or other action of the type described in Sections 7.01(i) and (j) of the Indenture, shall be applied (1) first, to any
amounts owed to the Collateral Agent hereunder and (2) second, to the holders of the Indenture Obligations and the holders of any
Pari Passu Payment Lien Obligations, in each case, that are then due, on a pro rata basis. Such monies and other property and assets
shall be applied (x) in the case of Indenture Obligations, in the manner provided in the Section 7.10 of the Indenture and (y) in the
case of Pari Passu Payment Lien Obligations, in accordance with the relevant Pari Passu Payment Lien Documents that evidence or govern
such Pari Passu Payment Lien Obligations.


(b)            
It is understood that the Assignors shall remain jointly and severally liable to the extent of any deficiency between the amount
of the proceeds of the Collateral and the aggregate amount of the Secured Obligations.


(c)            
If any Secured Party collects or receives any distribution to which it is not entitled under Section 7.4(a) hereof, Secured Party
shall hold the same in trust for the Secured Parties and shall forthwith deliver the same to the Trustee or the Collateral Agent, for
the account of the Secured Parties, to be applied in accordance with Section 7.4(a) hereof.


7.5           
Remedies Cumulative. Each and every right, power and remedy hereby specifically given to the Collateral Agent shall be in
addition to every other right, power and remedy specifically given to the Collateral Agent under this Agreement, the other Secured Documents
or now or hereafter existing at law, in equity or by statute and each and every right, power and remedy whether specifically herein given
or otherwise existing may be exercised from time to time or simultaneously and as often and in such order as may be deemed expedient by
the Collateral Agent. All such rights, powers and remedies shall be cumulative and the exercise or the beginning of the exercise of one
shall not be deemed a waiver of the right to exercise any other or others. No delay or omission of the Collateral Agent in the exercise
of any such right, power or remedy and no renewal or extension of any of the Secured Obligations shall impair any such right, power or
remedy or shall be construed to be a waiver of any Default or Event of Default or an acquiescence thereof. No notice to or demand on any
Assignor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver
of any of the rights of the Collateral Agent to any other or further action in any circumstances without notice or demand. In the event
that the Collateral Agent shall bring any suit to enforce any of its rights hereunder and shall be entitled to judgment, then in such
suit the Collateral Agent may recover reasonable expenses, including reasonable attorneys’ fees, and the amounts thereof shall be
included in such judgment.






    	 	19	 



     


    

7.6           
Discontinuance of Proceedings. In case the Collateral Agent shall have instituted any proceeding to enforce any right, power
or remedy under this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned
for any reason or shall have been determined adversely to the Collateral Agent, then and in every such case the relevant Assignor, the
Collateral Agent and each holder of any of the Secured Obligations shall be restored to their former positions and rights hereunder with
respect to the Collateral subject to the security interest created under this Agreement, and all rights, remedies and powers of the Collateral
Agent shall continue as if no such proceeding had been instituted.


Article
VIII.


INDEMNITY


8.1           
Indemnity.


Section 13.11 of the Indenture
(Compensation and Indemnity) is hereby incorporated by reference as if fully set forth herein mutatis mutandis.


8.2           
Indemnity Obligations Secured by Collateral; Survival. Any amounts paid by any Collateral Agent or any co-collateral agent
as to which such Collateral Agent or any co-collateral agent has the right to reimbursement shall constitute Secured Obligations secured
by the Collateral. The indemnity obligations of each Assignor contained in this Article VIII shall continue in full force and effect notwithstanding
the full payment of all of the other Secured Obligations and notwithstanding the full payment of all the Notes issued pursuant to the
Indenture and the payment of all other Secured Obligations and notwithstanding the discharge thereof and the occurrence of the Termination
Date.


Article
IX.


DEFINITIONS


The following terms shall
have the meanings herein specified. Such definitions shall be equally applicable to the singular and plural forms of the terms defined.


“Accession Agreement”
means an accession agreement, if any, to this Agreement, in substantially the form of Annex P hereto, entered into by the Assignors, the
trustee, agent, or other representative for the holders of any Pari Passu Indebtedness and the Collateral Agent from time to time.


“Account”
shall mean any “account” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State
of New York, and in any event shall include but shall not be limited to, all rights to payment of any monetary obligation, whether or
not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned or otherwise disposed of, (ii)
for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract,
(vii) arising out of the use of a credit or charge card or information contained on or for use with the card, or (viii) as winnings
in a lottery or other game of chance operated or sponsored by a State, governmental unit 



    	 	20	 



     


    

of a State, or person licensed or authorized
to operate the game by a State or governmental unit of a State.


“Agreement”
shall mean this Security Agreement, as the same may be amended, modified, restated and/or supplemented from time to time in accordance
with its terms.


“As-Extracted
Collateral” shall mean “as-extracted collateral” as such term is defined in the Uniform Commercial Code as in effect
on the date hereof in the State of New York.


“Assignor”
shall have the meaning provided in the first paragraph of this Agreement.


“Cash Collateral
Account” shall mean a non-interest bearing cash collateral account established following the occurrence of an Event of Default
and maintained with, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Parties.


“Chattel Paper”
shall mean “chattel paper” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State
of New York. Without limiting the foregoing, the term “Chattel Paper” shall in any event include all Tangible Chattel Paper
and all Electronic Chattel Paper.


“Commercial Tort
Claims” shall mean “commercial tort claims” as such term is defined in the Uniform Commercial Code as in effect
on the date hereof in the State of New York.


“Concentration
Account” shall mean each of those accounts listed on Annex F hereto and designated as a “Concentration Account”
thereon, along with any replacement accounts in respect thereof established in accordance with the terms of Section 3.9 hereof.


“Contract Rights”
shall mean all rights of any Assignor under each Contract, including, without limitation, (i) any and all rights to receive and demand
payments under any or all Contracts, (ii) any and all rights to receive and compel performance under any or all Contracts and (iii) any
and all other rights, interests and claims now existing or in the future arising in connection with any or all Contracts.


“Contracts”
shall mean all contracts between any Assignor and one or more additional parties (including, without limitation, any Interest Rate Protection
Agreements, Other Hedging Agreements, licensing agreements and any partnership agreements, joint venture agreements and limited liability
company agreements).


“Copyrights”
shall mean any United States or foreign copyright now or hereafter owned by any Assignor, including any registrations of any copyrights
in the United States Copyright Office or any foreign equivalent office, as well as any application for a copyright registration now or
hereafter made with the United States Copyright Office or any foreign equivalent office by any Assignor.


“Default”
shall mean a “Default” or similar term as such defined in the Indenture or any Pari Passu Lien Document, so long as any such
agreement is in effect.






    	 	21	 



     


    

“Deposit Accounts”
shall mean all “deposit accounts” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in
the State of New York.


“Distribution”
shall have the meaning provided in Section 7.4(a) of this Agreement.


“Documents”
shall mean “documents” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State
of New York.


“Domain Names”
shall mean all Internet domain names and associated URL addresses in or to which any Assignor now or hereafter has any right, title or
interest.


“Electronic Chattel
Paper” shall mean “electronic chattel paper” as such term is defined in the Uniform Commercial Code as in effect
on the date hereof in the State of New York.


“Equipment”
shall mean any “equipment” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State
of New York, and in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, fixtures and vehicles
now or hereafter owned by any Assignor and any and all additions, substitutions and replacements of any of the foregoing and all accessions
thereto, wherever located, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto.


“Event of Default”
shall mean an “Event of Default” or similar term as such term is defined in the Indenture or any Pari Passu Lien Document,
so long as any such agreement is in effect.


“Excluded Deposit
Accounts” shall mean any Deposit Account that is an Excluded Asset described in clause (6) of the definition the term of Excluded
Assets.


“First Lien Lenders”
shall have the meaning provided in the Intercreditor Agreement.


“General Intangibles”
shall mean “general intangibles” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in
the State of New York.


“Goods”
shall mean “goods” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of
New York.


“Instructing Group”
shall mean the holders of the majority in aggregate principal amount of the then outstanding Indenture Obligations and the Pari Passu
Payment Lien Obligations, if any; provided that that any Notes held by the Company or an Affiliate of the Company and any Pari Passu Indebtedness
held by the Company or an Affiliate of the Company shall be deemed not to be outstanding for purposes of determining the Instructing Group,
except that in determining whether the Collateral Agent shall be protected in relying upon such direction, only those Notes and Pari Passu
Indebtedness that the Collateral Agent actually knows to be so held shall be so disregarded.


“Instrument”
shall mean “instruments” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State
of New York.






    	 	22	 



     


    

“Interest Rate
Protection Agreement” shall mean any interest rate swap agreement, interest rate cap agreement, interest collar agreement, interest
rate hedging agreement or other similar agreement or arrangement.


“Inventory”
shall mean merchandise, inventory and goods, and all additions, substitutions and replacements thereof and all accessions thereto, wherever
located, together with all goods, supplies, incidentals, packaging materials, labels, materials and any other items used or usable in
manufacturing, processing, packaging or shipping same, in all stages of production from raw materials through work in process to finished
goods, and all products and proceeds of whatever sort and wherever located any portion thereof which may be returned, rejected, reclaimed
or repossessed by the Collateral Agent from any Assignor’s customers, and shall specifically include all “inventory”
as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York.


“Investment Property”
shall mean “investment property” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in
the State of New York.


“Letter-of-Credit
Rights” shall mean “letter-of-credit rights” as such term is defined in the Uniform Commercial Code as in effect
on the date hereof in the State of New York.


“Location”
of any Assignor, shall mean such Assignor’s “location” as determined pursuant to Section 9-307 of the UCC.


“Marks”
shall mean all right, title and interest in and to any trademarks, service marks and trade names now held or hereafter acquired by any
Assignor, including any registration or application for registration of any trademarks and service marks now held or hereafter acquired
by any Assignor, which are registered or filed in the United States Patent and Trademark Office or the equivalent thereof in any state
of the United States or any equivalent foreign office or agency, as well as any unregistered trademarks and service marks used by an Assignor
and any trade dress including logos, designs, fictitious business names and other business identifiers used by any Assignor.


“Material Adverse
Effect” shall mean (i) a material adverse effect on the business, operations, property, assets, liabilities, condition (financial
or otherwise) or operating results of Company and its Restricted Subsidiaries taken as a whole, or (ii) a material adverse effect (x)
on the rights or remedies of the Collateral Agent hereunder or under any other Secured Document, (y) on the ability of any Assignor to
perform its obligations to the Collateral Agent hereunder or under any other Secured Document or (z) the legality, validity, binding effect
or enforceability of this Agreement or any of the other Secured Documents.


“Other Hedging
Agreements” shall mean any foreign exchange contracts, currency swap agreements, commodity agreements or other similar arrangements,
or arrangements designed to protect against fluctuations in currency values or commodity prices.


“Patents”
shall mean any patent in or to which any Assignor now or hereafter has any right, title or interest therein, and any divisions, continuations
(including, but not limited to, continuations-in-parts) and improvements thereof, as well as any application for a patent now or hereafter
made by any Assignor.






    	 	23	 



     


    

“Permits”
shall mean, to the extent permitted to be assigned by the terms thereof or by applicable law, all licenses, permits, rights, orders, variances,
franchises or authorizations of or from any governmental authority or agency.


“Proceeds”
shall mean all “proceeds” as such term is defined in the Uniform Commercial Code as in effect in the State of New York on
the date hereof and, in any event, shall also include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty
or guaranty payable to the Collateral Agent or any Assignor from time to time with respect to any of the Collateral, (ii) any and all
payments (in any form whatsoever) made or due and payable to any Assignor from time to time in connection with any requisition, confiscation,
condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or any person acting under color
of governmental authority) and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the
Collateral.


“Registered Organization”
shall have the meaning provided in the Uniform Commercial Code as in effect in the State of New York.


“Secured Documents”
shall mean, collectively, the Indenture Documents and the Pari Passu Payment Lien Documents, if any.


“Secured Obligations”
shall mean, collectively, the Indenture Obligations and any Pari Passu Payment Lien Obligations, if any.


“Securities Accounts”
shall mean all “securities accounts” as such term is defined in the Uniform Commercial Code as in effect on the date hereof
in the State of New York.


“Software”
shall mean “software” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State
of New York.


“Supporting Obligations”
shall mean any “supporting obligation” as such term is defined in the Uniform Commercial Code as in effect on the date hereof
in the State of New York, now or hereafter owned by any Assignor, or in which any Assignor has any rights, and, in any event, shall include,
but shall not be limited to all of such Assignor’s rights in any Letter-of-Credit Right or secondary obligation that supports the
payment or performance of, and all security for, any Account, Chattel Paper, Document, General Intangible, Instrument or Investment Property.


“Tangible Chattel
Paper” shall mean “tangible chattel paper” as such term is defined in the Uniform Commercial Code as in effect on
the date hereof in the State of New York.


“Termination Date”
shall mean the date upon which (i) (A) a Legal Defeasance or Covenant Defeasance shall have been consummated pursuant to Sections 9.02
or 9.03, respectively, of the Indenture or (B) the Indenture shall have been discharged pursuant to Article 4 thereof, and (ii) if
any Pari Passu Payment Lien Obligations are then outstanding, such Pari Passu Payment Lien Obligations shall have been paid in full in
accordance with the Pari Passu Payment Lien Documents evidencing or governing such Pari Passu Payment Lien Obligations.


“Timber-to-be-Cut”
shall mean “timber-to-be-cut” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the
State of New York.






    	 	24	 



     


    

“Trade Secret
Rights” shall mean the rights of an Assignor in any Trade Secret it holds.


“Trade Secrets”
shall mean any secretly held existing engineering or other data, information, production procedures and other know-how relating to the
design manufacture, assembly, installation, use, operation, marketing, sale and/or servicing of any products or business of an Assignor
worldwide whether written or not.


“UCC”
shall mean the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction.


Article
X.


MISCELLANEOUS


10.1        
Notices. Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective
parties hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications
shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by courier, be effective when deposited in the mails, delivered
to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices
and communications to the Collateral Agent or any Assignor shall not be effective until received by the Collateral Agent or such Assignor,
as the case may be. All notices and other communications shall be in writing and addressed as follows:


(a)            
if to any Assignor, c/o:


CURO Group Holdings Corp.


3527 North Ridge Road


Wichita, Kansas 67205


Telecopier No.: 316.722.7751


Attention: Vin Thomas, Chief
Legal Officer


 


(b)            
if to the Collateral Agent, at:


TMI Trust Company, as Trustee


1100 Abernathy Road NE, Suite 480


Atlanta, Georgia 30328


Phone: (678) 221-5898





Attn: Debra Schachel, Vice
President


 


or at such other address
or addressed to such other individual as shall have been furnished in writing by any Person described above to the party required to give
notice hereunder.


10.2        
Waiver; Amendment. Except as provided in Sections 10.8 and 10.12 hereof (or as provided in the other Collateral Documents),
none of the terms and conditions of this Agreement or any other Collateral Document may be changed, waived, modified or varied in any
manner whatsoever unless in writing duly signed by each Assignor directly affected thereby (it being 



    	 	25	 



     


    

understood that the addition or release
of any Assignor hereunder shall not constitute a change, waiver, discharge or termination affecting any Assignor other than the Assignor
so added or released) and the Collateral Agent (with the written consent of the requisite percentage of Holders in accordance with the
Indenture).


10.3        
Obligations Absolute. The obligations of each Assignor hereunder shall remain in full force and effect without regard to,
and shall not be impaired by, (a) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the
like of such Assignor; (b) any exercise or non-exercise, or any waiver of, any right, remedy, power or privilege under or in respect of
this Agreement or any other Indenture Document; or (c) any amendment to or modification of any Secured Document or any security for any
of the Secured Obligations; whether or not such Assignor shall have notice or knowledge of any of the foregoing.


10.4        
Successors and Assigns. This Agreement shall create a continuing security interest in the Collateral and shall (i) remain
in full force and effect, subject to release and/or termination as set forth in Section 10.8 hereof, (ii) be binding upon each Assignor,
its successors and assigns; provided, however, that no Assignor shall assign any of its rights or obligations hereunder without the prior
written consent of the Collateral Agent (with the prior written consent of the requisite percentage of Holders in accordance with the
Indenture) or as otherwise permitted by the Secured Documents, and (iii) inure, together with the rights and remedies of the Collateral
Agent hereunder, to the benefit of the Collateral Agent, the other Secured Parties and their respective successors, transferees and assigns.
All agreements, statements, representations and warranties made by each Assignor herein or in any certificate or other instrument delivered
by such Assignor or on its behalf under this Agreement shall be considered to have been relied upon by the Secured Parties and shall survive
the execution and delivery of this Agreement and the other Secured Documents regardless of any investigation made by the Secured Parties
or on their behalf.


10.5        
Headings Descriptive. The headings of the several sections of this Agreement are inserted for convenience only and shall
not in any way affect the meaning or construction of any provision of this Agreement.


10.6        
GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER SECURED DOCUMENT SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF
THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH ASSIGNOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH ASSIGNOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK
PERSONAL JURISDICTION OVER SUCH ASSIGNOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT
OR ANY OTHER SECURED DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL 



    	 	26	 



     


    

JURISDICTION OVER SUCH ASSIGNOR.
EACH ASSIGNOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING
BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ANY SUCH ASSIGNOR AT ITS ADDRESS FOR NOTICES AS
PROVIDED IN SECTION 10.1 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH ASSIGNOR HEREBY IRREVOCABLY WAIVES ANY
OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED
HEREUNDER OR UNDER ANY OTHER SECURED DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN, HOWEVER,
SHALL AFFECT THE RIGHT OF THE COLLATERAL AGENT UNDER THIS AGREEMENT, OR ANY SECURED PARTY, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY ASSIGNOR IN ANY OTHER JURISDICTION.


(b)            
EACH ASSIGNOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID
ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER INDENTURE DOCUMENT BROUGHT IN THE COURTS REFERRED
TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.


(c)            
EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER SECURED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.


10.7        
Assignor’s Duties. It is expressly agreed, anything herein contained to the contrary notwithstanding, that each Assignor
shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the Collateral Agent shall
not have any obligations or liabilities with respect to any Collateral by reason of or arising out of this Agreement, nor shall the Collateral
Agent be required or obligated in any manner to perform or fulfill any of the obligations of any Assignor under or with respect to any
Collateral.


10.8        
Termination; Release. (a) After the Termination Date, this Agreement shall terminate (provided that all indemnities
set forth herein including, without limitation in Section 8.1 hereof, shall survive such termination) and the Collateral Agent, at
the written request and expense of the respective Assignor, will promptly execute and deliver to such Assignor a proper instrument or
instruments (including Uniform Commercial Code termination statements on form UCC-3) acknowledging the satisfaction and termination of
this Agreement, and will duly assign, transfer and deliver to such Assignor (without recourse and without any representation or warranty)
such of the Collateral as may be in the possession of the Collateral Agent and as has not theretofore been sold or otherwise applied or
released pursuant to this Agreement.






    	 	27	 



     


    

(b)            
The Liens securing the Collateral may be released from time to time in accordance with Article 13 of the Indenture. Furthermore,
upon the release of any Guarantor from its Notes Guarantee in accordance with the provisions of the Indenture, such Assignor (and the
Collateral at such time assigned by the respective Assignor pursuant hereto) shall be released from this Agreement.


(c)            
The Collateral Agent shall have no liability whatsoever to any other Secured Party as the result of any release of Collateral by
it in accordance with (or which the Collateral Agent in good faith believes to be in accordance with) this Section 10.8.


10.9        
Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate
counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the
same instrument. A set of counterparts executed by all the parties hereto shall be lodged with the Company and the Collateral Agent.


10.10    
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.


10.11    
The Collateral Agent and the other Secured Parties. The Collateral Agent will hold in accordance with this Agreement all
items of the Collateral at any time received under this Agreement. It is expressly understood and agreed that the obligations of the Collateral
Agent as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement,
are only those expressly set forth in this Agreement and in the Indenture. The Collateral Agent shall act hereunder on the terms and conditions
set forth herein and in the Indenture. The provisions of Article 13 of the Indenture shall inure to the benefit of the Collateral Agent,
and shall be binding upon all Assignors and all Secured Parties, in connection with this Agreement and the other Collateral Documents.
Without limiting the generality of the foregoing, (i) the Collateral Agent shall not be subject to any fiduciary or other implied duties,
regardless of whether an Event of Default has occurred and is continuing and (ii) the Collateral Agent shall not have any duty to take
any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Collateral
Documents that the Collateral Agent is required in writing to exercise by the Instructing Group. Notwithstanding anything to the contrary
in this Agreement, in no event shall the Collateral Agent be responsible for, or have any duty or obligation with respect to, the recording,
filing registering, perfection, protection or maintenance of the security interests or Liens intended to be created by this Agreement
(including the preparation, filing or continuation of any Uniform Commercial Code financing or continuation statements or similar documents
or instruments), nor shall the Collateral Agent be responsible for, and the Collateral Agent makes no representation regarding, the validity,
enforceability, effectiveness or priority of this Agreement or the security interests or Liens intended to be created hereby.


10.12    
Additional Assignors. It is understood and agreed that any Guarantor that desires to become an Assignor hereunder, or is
required to execute a counterpart of this Agreement after 



    	 	28	 



     


    

the date hereof pursuant to the requirements of the Indenture or any other Indenture
Document or Pari Passu Payment Lien Document, shall become an Assignor hereunder by (x) executing a joinder agreement in the form of Annex
O hereto and delivering same to the Collateral Agent, in each case as may be requested by (and in form and substance reasonably satisfactory
to) the Collateral Agent, (y) delivering supplements to Annexes A through F, inclusive, and H through K, inclusive, hereto as are necessary
to cause such Annexes to be complete and accurate with respect to such additional Assignor on such date and (z) taking all actions as
specified in this Agreement as would have been taken by such Assignor had it been an original party to this Agreement, in each case with
all documents required above to be delivered to the Collateral Agent and with all documents and actions required above to be taken.


10.13    
Intercreditor Agreement. Without limiting the generality of the final paragraph of Section 1.1(b): (a) the Liens granted
hereunder in favor of the Collateral Agent for the benefit of the Secured Parties in respect of the Collateral and the exercise of any
right related thereto thereby shall be subject, in each case, to the terms of the Intercreditor Agreement; and (b) notwithstanding anything
to the contrary herein, any provision hereof that requires (or any representation or warranty hereunder to the extent that it would have
the effect of requiring) any Assignor to (i) deliver any Collateral to the Collateral Agent, or (ii) provide that the Collateral
Agent have control over such Collateral (or, in the case of any representation or warranty hereunder, shall be deemed to be true) by (A)
with respect to subclause (i) hereof, the delivery of such Collateral by such Assignor to the First Lien Agent for the benefit of the
secured parties under the First Lien Loan Agreement (as defined in the Intercreditor Agreement) and the Secured Parties pursuant to Section
4.6 of the Intercreditor Agreement, and (B) with respect to subclause (ii) hereof, providing that the First Lien Agent be provided with
control with respect to such Collateral of such Assignor for the benefit of the secured parties under the First Lien Loan Agreements and
the Secured Parties pursuant to Section 4.7 of the Intercreditor Agreement.


10.14    
Pari Passu Payment Lien Obligations. (a) If any Assignor incurs any Pari Passu Indebtedness, the agent, trustee or other
representative of the holders of such Pari Passu Payment Lien Obligations shall enter into a supplement to the Intercreditor Agreement
and an Accession Agreement.


(b)            
By accepting the benefits of this Agreement and the other Secured Documents, each holder of Secured Obligations hereby agrees that
notwithstanding anything to the contrary in this Agreement or any other Security Documents:


(i)             
notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens on the Collateral securing
the Indenture Obligations and the Pari Passu Payment Lien Obligations, the Liens securing all such Indebtedness shall be of equal priority;


(ii)           
the Indenture Obligations and the Pari Passu Payment Lien Obligations may be increased, extended, renewed, replaced, restated,
supplemented, restructured, refunded, refinanced or otherwise amended from time to time, in each case, to the extent permitted by the
Secured Documents; and






    	 	29	 



     


    

(iii)         
(A) as between the Holders of the Notes and the holders of Pari Passu Indebtedness, only the Instructing Group shall have the right
to direct the Collateral Agent in conducting foreclosures and in taking other actions with respect to the Collateral, and the authorized
agents, trustees or other representatives of other Indebtedness shall not have any right to take any actions with respect to the Collateral;


(B)          
the Instructing Group will have the sole right to instruct the Collateral Agent to act or refrain from acting with respect to the
Collateral, and the Collateral Agent shall not follow any instructions with respect to such Collateral from any other Person; and


(C)          
no authorized representative of any Indebtedness (other than the Instructing Group) will instruct the Collateral Agent to commence
any judicial or non-judicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official
appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take
any action to enforce its interests in or realize upon, or take any other action available to it in respect of, the Collateral.


 


[Remainder of this page intentionally
left blank; signature pages follow]






    	 	30	 



     


    

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by their duly authorized officers as of the date first written above.








	 	CURO GROUP HOLDINGS CORP.,



	 	 	as an Assignor






		By:	/s/ Donald F. Gayhardt Jr. 
	 	 	Name: Donald F. Gayhardt Jr. 
	 	 	Title: Chief Executive Officer and President





 





 





	 	


A SPEEDY CASH CAR TITLE LOANS, LLC


AD ASTRA RECOVERY SERVICES, INC.


ADVANCE GROUP, INC.


ATTAIN FINANCE, LLC


AVIO CREDIT, INC.


CASH COLORADO, LLC


CONCORD FINANCE, INC.


CURO COLLATERAL SUB, LLC


CURO CREDIT, LLC


CURO FINANCIAL TECHNOLOGIES CORP.


CURO INTERMEDIATE HOLDINGS CORP.


CURO MANAGEMENT LLC


ENNOBLE FINANCE, LLC


EVERGREEN FINANCIAL INVESTMENTS, INC.


FMMR INVESTMENTS, INC.


GALT VENTURES, LLC


PRINCIPAL INVESTMENTS, INC.


SC AURUM, LLC


SC TEXAS MB, INC.


SCIL, INC.


SCIL TEXAS, LLC


SPEEDY CASH


SPEEDY CASH ILLINOIS, INC.


THE MONEY STORE, L.P.


TODD CAR TITLE, INC.


TODD FINANCIAL, INC.









 


 





	 	Each as a Assignor

                                                                                 

	 	By:	/s/ Donald F. Gayhardt Jr. 
	 	 	Name: Donald F. Gayhardt Jr. 
	 	 	Title: Chief Executive Officer and President






















 




 




[Signature Page to Security Agreement]



    	 		 



     


    

Accepted and Agreed to:


TMI TRUST COMPANY,


as Collateral Agent


	By:	/s/
Debra Schachel
	 	Name: Debra Schachel
	 	Title: Vice President



 


 




[Signature Page to Security Agreement]