EX-10.02



 Exhibit 10.02 
  

 
  

SECURITY AGREEMENT 
 dated as of

 June 17, 2016 
 AMONG
WEST CORPORATION, 
 THE OTHER GRANTORS IDENTIFIED HEREIN 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Collateral Agent 
  

 
  







 TABLE OF CONTENTS 

 

							
	 ARTICLE I Definitions
	  	 	1	  
			
	 SECTION 1.01.
	 	 Indenture
	  	 	1	  
			
	 SECTION 1.02.
	 	 Other Defined Terms
	  	 	2	  
		
	 ARTICLE II Pledge of Securities
	  	 	4	  
			
	 SECTION 2.01.
	 	 Pledge
	  	 	4	  
			
	 SECTION 2.02.
	 	 Delivery of the Pledged Collateral
	  	 	5	  
			
	 SECTION 2.03.
	 	 Representations, Warranties and Covenants
	  	 	6	  
			
	 SECTION 2.04.
	 	 Certification of Limited Liability Company and Limited Partnership Interests
	  	 	7	  
			
	 SECTION 2.05.
	 	 Registration in Nominee Name: Denominations
	  	 	7	  
			
	 SECTION 2.06.
	 	 Voting Rights; Dividends and Interest
	  	 	8	  
		
	 ARTICLE III Security Interests in Personal Property
	  	 	9	  
			
	 SECTION 3.01.
	 	 Security Interest
	  	 	9	  
			
	 SECTION 3.02.
	 	 Representations and Warranties
	  	 	11	  
			
	 SECTION 3.03.
	 	 Covenants
	  	 	13	  
			
	 SECTION 3.04.
	 	 Other Actions
	  	 	14	  
			
	 SECTION 3.05.
	 	 Post-Closing Actions
	  	 	15	  
		
	 ARTICLE IV Remedies
	  	 	15	  
			
	 SECTION 4.01.
	 	 Remedies Upon Default
	  	 	15	  
			
	 SECTION 4.02.
	 	 Application of Proceeds
	  	 	17	  
		
	 ARTICLE V Indemnity, Subrogation and Subordination
	  	 	17	  
			
	 SECTION 5.01.
	 	 Indemnity
	  	 	17	  
			
	 SECTION 5.02.
	 	 Contribution and Subrogation
	  	 	18	  
			
	 SECTION 5.03.
	 	 Subordination
	  	 	18	  
		
	 ARTICLE VI Miscellaneous
	  	 	18	  
			
	 SECTION 6.01.
	 	 Notices
	  	 	18	  
			
	 SECTION 6.02.
	 	 Waivers, Amendment
	  	 	18	  
			
	 SECTION 6.03.
	 	 Collateral Agent’s Fees and Expenses; Indemnification
	  	 	19	  
			
	 SECTION 6.04.
	 	 Successors and Assigns
	  	 	19	  
			
	 SECTION 6.05.
	 	 Survival of Agreement
	  	 	19	  
			
	 SECTION 6.06.
	 	 Counterparts; Effectiveness; Several Agreement
	  	 	19	  
			
	 SECTION 6.07.
	 	 Severability
	  	 	20	  
			
	 SECTION 6.08.
	 	 [Reserved]
	  	 	20	  


  
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	 SECTION 6.09.
	 	 GOVERNING LAW
	  	 	20	  
			
	 SECTION 6.10.
	 	 WAIVER OF RIGHT TO TRIAL BY JURY
	  	 	21	  
			
	 SECTION 6.11.
	 	 Headings
	  	 	21	  
			
	 SECTION 6.12.
	 	 Security Interest Absolute
	  	 	21	  
			
	 SECTION 6.13.
	 	 Termination or Release
	  	 	21	  
			
	 SECTION 6.14.
	 	 Intercreditor Agreements Govern
	  	 	22	  
			
	 SECTION 6.15.
	 	 Additional Grantors
	  	 	22	  
			
	 SECTION 6.16.
	 	 Collateral Agent Appointed Attorney-in-Fact
	  	 	23	  
			
	 SECTION 6.17.
	 	 General Authority of the Collateral Agent
	  	 	23	  
			
	 SECTION 6.18.
	 	 Rights of Collateral Agent in Respect of Collateral
	  	 	24	  
			
	 SECTION 6.19.
	 	 FCC Licenses
	  	 	24	  


  
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	 Schedules

		
	 Schedule I
	 	 Subsidiary Parties

	 Schedule II
	 	 Pledged Equity, Pledged Debt

	 Schedule III
	 	 Commercial Tort Claims

	
	 Exhibits

		
	 Exhibit I
	 	 Form of Security Agreement Supplement

	 Exhibit II
	 	 Form of Perfection Certificate



  
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 SECURITY AGREEMENT, dated as of June 17, 2016, among WEST CORPORATION (the
“Company”), the other Grantors identified herein, including Grantors that become party hereto pursuant to Section 6.15, and U.S. BANK, NATIONAL ASSOCIATION, as Collateral Agent for the Secured Parties (as defined below) (in
such capacity, the “Collateral Agent”). 
 Reference is made to the Indenture, dated as of June 17, 2016 (as amended,
supplemented or otherwise modified from time to time, the “Indenture”), among the Company, the Guarantors from time to time party thereto, the Collateral Agent and U.S. Bank National Association, as trustee (in such capacity, the
“Trustee”). 
 W I T N E S S E T H: 

WHEREAS, pursuant to the Indenture, the Company has issued or will issue $400,000,000 principal amount of its 4.750% senior secured notes due
2021 (together with any Additional Notes issued pursuant to the Indenture, the “Notes”) upon the terms and subject to the conditions set forth therein; 

WHEREAS, pursuant to the Indenture, each Guarantor party thereto has unconditionally and irrevocably guaranteed, as primarily obligor and not
merely as surety, to the Trustee, for the benefit of the Secured Parties, the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations; 

WHEREAS, U.S. Bank National Association has been appointed to serve as Collateral Agent under the Indenture and, in such capacity, to enter
into this Agreement on behalf of the Secured Parties; 
 WHEREAS, each Grantor will derive substantial benefits from the issuance of the
Notes, and each is, therefore, willing to enter into this Agreement; and 
 WHEREAS, this Agreement is made by the Grantors in favor of the
Collateral Agent for the benefit of the Secured Parties to secure the payment and performance in full when due of the Secured Obligations. 

NOW, THEREFORE, in consideration of the premises and to induce the Holders to purchase the Notes, the Grantors hereby agree with the
Collateral Agent, for the benefit of the Secured Parties, as follows: 
 ARTICLE I 

Definitions 

SECTION 1.01. Indenture. (a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified
in the Indenture. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement have the meanings specified therein; the term “instrument” shall have the meaning specified in Article 9 of the New York UCC (the
“UCC”; provided that, if perfection or the effect of perfection or non-perfection 







 
or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means
the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority). 

(b) The rules of construction specified in Section 1.04 of the Indenture also apply to this Agreement. 

SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“Account Debtor” means any Person who is or who may become obligated to any Grantor under, with respect to or on account of
an Account. 
 “Accounts” has the meaning specified in Article 9 of the New York UCC. 

“Agreement” means this Security Agreement. 

“Article 9 Collateral” has the meaning assigned to such term in Section 3.01. 

“Claiming Party” has the meaning assigned to such term in Section 5.02. 

“Collateral” means the Article 9 Collateral and the Pledged Collateral. 

“Collateral Agent” has the meaning assigned to such term in the preliminary statement of this Agreement and includes any
permitted successor collateral agent. 
 “Contributing Party” has the meaning assigned to such term in Section 5.02.

 “Excluded Equity” has the meaning assigned to such term in Section 2.01. 

“Existing Senior Credit Facilities” means the Credit Facilities under the Amended and Restated Credit Agreement dated as of
October 5, 2010 (as amended by Amendment No. 1 to Amended and Restated Credit Agreement, dated as of August 15, 2012, Amendment No. 2 to Amended and Restated Credit Agreement, dated as of October 24, 2012, Amendment
No. 3 to Amended and Restated Credit Agreement; Amendment No. 1 to Guarantee Agreement, dated as of February 20, 2013, Amendment No. 4 to Amended and Restated Credit Agreement, dated as of January 24, 2014, Amendment
No. 5 to Amended and Restated Credit Agreement, dated as of July 1, 2014, Amendment No. 6 to Amended and Restated Credit Agreement, dated as of November 24, 2015 and Amendment No. 7 to Amended and Restated Credit Agreement,
to be dated on or about the Issue Date), by and among the Company, the lenders party thereto in their capacities as lenders thereunder and Wells Fargo Bank, National Association, as Administrative Agent and Swing Line Lender, the other agents,
arrangers and bookrunners from time to time party thereto, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals,
restatements, refundings, refinancings or replacements thereof and any one or more indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors, whether or not secured, that


  
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replace, refund, supplement or refinance any part of the loans, accordion facilities, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or
refinancing facility or indenture that increases the amount borrowable or issuable thereunder or alters the maturity thereof (provided that such increase in borrowings or issuances is permitted under Section 4.09 of the Indenture) or
adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders.. Any agreement which is the “Credit Agreement” for purposes of the
Pari Passu Intercreditor Agreement shall be deemed Existing Senior Credit Facilities for the purposes of Section 2.02 hereof. 

“FCC Licenses” has the meaning assigned to such term in Section 3.01. 

“General Intangibles” has the meaning specified in Article 9 of the New York UCC. 

“Grantor” means the Company and each Subsidiary Party. 

“Indenture” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Notes Documents” means the Notes, the Indenture, the Guarantees, the Security Documents and the Intercreditor Agreements.

 “Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and supplemented with
the schedules and attachments contemplated thereby, and duly executed by the Company. 
 “Pledged Collateral” has the
meaning assigned to such term in Section 2.01. 
 “Pledged Debt” has the meaning assigned to such term in
Section 2.01. 
 “Pledged Equity” has the meaning assigned to such term in Section 2.01. 

“Pledged Securities” means any promissory notes, stock certificates or other securities now or hereafter included in the
Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 

“Secured Obligations” means any principal, premium, interest, fees, expenses (including any interest, fees and expenses
accruing after the commencement of any bankruptcy, reorganization or similar proceeding by or against any Grantor, whether or not such interest, fees or expenses are an allowed or allowable claim in such proceeding), penalties, indemnifications,
reimbursements, damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities (including any fees or expenses owed to the Trustee or the
Collateral Agent, in their respective capacities as such) by any Grantor, payable or arising under any of the Indenture, the Notes, this Agreement and the other Notes Documents. 

  
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 “Secured Parties” means, collectively, (i) the Holders, (ii) the
Trustee, (iii) the Collateral Agent and (iv) any successors, indorsees, transferees and assigns of any of the foregoing. 

“Security Agreement Supplement” means an instrument in the form of Exhibit I hereto. 

“Security Interest” has the meaning assigned to such term in Section 3.01(a). 

“Subsidiary Parties” means (a) the Restricted Subsidiaries identified on Schedule I and (b) each other
Guarantor that is a Restricted Subsidiary that becomes a party to this Agreement as a Subsidiary Party after the Issue Date. 
 ARTICLE II

 Pledge of Securities 

SECTION 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the Secured Obligations, including the
Guarantees, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured
Parties, a security interest in, all of such Grantor’s right, title and interest in, to and under: 
 (i) all Equity
Interests held by it and listed on Schedule II and any other Equity Interests obtained in the future by such Grantor and the certificates representing all such Equity Interests (the “Pledged Equity”); provided that the
Pledged Equity shall not include (A) more than 65% of the issued and outstanding Equity Interests of any Foreign Subsidiary or FSHCO, (B) Equity Interests of Immaterial Subsidiaries, (C) Equity Interests of Unrestricted Subsidiaries,
(D) Equity Interests of Excluded Receivables Management Subsidiaries pledged to secure Indebtedness permitted under Section 4.09(b)(21) of the Indenture or if the creation of a Lien on the Equity Interests of such Excluded Receivables
Management Subsidiary is not permitted or would (including upon foreclosure thereof) result in a change of control (or similar event), default, termination, payment, purchase or repurchase obligation pursuant to the terms of any Receivables
Management Financing, any service agreement (or similar arrangement) required by or entered into in connection with such Receivables Management Financing or any credit support provided by it in favor of any financier of such Receivables Management
Financing, (E) Equity Interests of any Person that is not a direct or indirect Wholly-Owned Subsidiary of the Company (F) Equity Interests of any Restricted Subsidiary pledged to secure Indebtedness permitted under Section 7.03(g) of
the Senior Credit Facilities as in effect on the date hereof, (G) Equity Interests of any Subsidiary with respect to which the Company and the Senior Credit Facilities Agent have determined in writing, confirmed in a notice delivered to the
Collateral Agent, where the costs or other consequences (including adverse tax 

  
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consequences) of providing a pledge of its Equity Interests is excessive in view of the benefits afforded thereby (the assets described in clauses (A) through (G) of this proviso being
the “Excluded Equity”); 
 (ii) (A) the debt securities owned by it and listed opposite the name of such
Grantor on Schedule II, (B) any debt securities obtained in the future by such Grantor and (C) the promissory notes and any other instruments evidencing such debt securities (the “Pledged Debt”); 

(iii) all other property that may be delivered to and held by the Collateral Agent pursuant to the terms of this
Section 2.01; 
 (iv) subject to Section 2.06, all payments of principal or interest, dividends, cash, instruments
and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses (i) and
(ii) above; 
 (v) subject to Section 2.06, all rights and privileges of such Grantor with respect to the
securities and other property referred to in clauses (i), (ii), (iii) and (iv) above; and 
 (vi) all Proceeds of
any of the foregoing (the items referred to in clauses (i) through (vi) above being collectively referred to as the “Pledged Collateral”). 

TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or
incidental thereto, unto the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth. 

SECTION 2.02. Delivery of the Pledged Collateral. (a) Subject to Section 2.09 of the Pari Passu Intercreditor Agreement, each
Grantor agrees to promptly deliver or cause to be delivered to the Collateral Agent, for the benefit of the Secured Parties, any and all Pledged Securities (other than any uncertificated securities, but only for so long as such securities remain
uncertificated) to the extent such Pledged Securities, in the case of promissory notes or other instruments evidencing Indebtedness, are required to be delivered pursuant to paragraph (b) of this Section 2.02. 

(b) Subject to Section 2.09 of the Pari Passu Intercreditor Agreement, each Grantor will cause any Indebtedness for
borrowed money having an aggregate principal amount in excess of $5,000,000 owed to such Grantor by any Person that is evidenced by a duly executed promissory note to be pledged and delivered to the Collateral Agent, for the benefit of the Secured
Parties, pursuant to the terms hereof. 
 (c) Subject to Section 2.09 of the Pari Passu Intercreditor Agreement, upon
delivery to the Collateral Agent, (i) any Pledged Securities shall be accompanied by stock powers duly executed in blank or other instruments of transfer reasonably satisfactory to the Collateral Agent and by such other instruments and
documents as the 

  
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Collateral Agent may reasonably request and (ii) all other property comprising part of the Pledged Collateral shall be accompanied by proper instruments of assignment duly executed by the
applicable Grantor and such other instruments or documents as the Collateral Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached hereto as
Schedule II and made a part hereof; provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so
delivered. 
 SECTION 2.03. Representations, Warranties and Covenants. Each Grantor jointly and severally represents, warrants and
covenants, as to itself and the other Grantors, to and with the Collateral Agent, for the benefit of the Secured Parties, that: 

(a) As of the date hereof, Schedule II correctly sets forth the percentage of the issued and outstanding units of each class of
the Equity Interests of the issuer thereof represented by the Pledged Equity and includes all Equity Interests, debt securities and promissory notes outstanding on the date hereof, other than any excluded from the Collateral pursuant to the proviso
to Section 2.01(i) or proviso to Section 3.01(a), required to be pledged hereunder; 
 (b) the Pledged Equity and
Pledged Debt (solely with respect to Pledged Debt issued by a Person other than the Company or a Subsidiary of the Company, to the best of such Grantor’s knowledge) have been duly and validly authorized and issued by the issuers thereof and
(i) in the case of Pledged Equity, are fully paid and nonassessable and (ii) in the case of Pledged Debt (solely with respect to Pledged Debt issued by a Person other than the Company or a Subsidiary of the Company, to the best of the such
Grantor’s knowledge), are legal, valid and binding obligations of the issuers thereof; 
 (c) except for the security
interests granted hereunder and subject to the Pari Passu Intercreditor Agreement, each of the Grantors (i) is and, subject to any transfers made in compliance with the Indenture, will continue to be the direct owner, beneficially and of
record, of the Pledged Securities indicated on Schedule II as owned by such Grantors, (ii) holds the same free and clear of all Liens, other than (A) Liens created by the Security Documents and (B) Liens expressly permitted pursuant
to Section 4.12 of the Indenture, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than (A) Liens created by the
Security Documents and (B) Liens expressly permitted pursuant to Section 4.12 of the Indenture and (C) transfers made in compliance with the Indenture, (iv) will defend its title or interest thereto or therein against any and all
Liens (other than the Liens permitted pursuant to this Section 2.03(c)), however arising, of all Persons whomsoever; 

(d) except for restrictions and limitations imposed by (i) the Notes Documents, (ii) securities laws generally,
(iii) customary provisions in joint venture agreements relating to purchase options, rights of first refusal, tag, drag, call or similar rights of a third party that owns Equity Interests in such joint venture or (iv) rules and regulations
promulgated by the Federal Communications Commission and other similar 

  
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federal and state laws, rules and regulations relating to the telecommunications industry and except (A) as described in the Perfection Certificate and (B) transactions otherwise
permitted by Sections 4.08 and 4.12 of the Indenture, the Pledged Collateral is and will continue to be freely transferable and assignable, and none of the Pledged Collateral is or will be subject to any option, right of first refusal, shareholders
agreement, charter or by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge of such Pledged Collateral hereunder, the
sale or disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and remedies hereunder; 
 (e)
each of the Grantors has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or contemplated; 

(f) by virtue of the execution and delivery by the Grantors of this Agreement, when any Pledged Securities are delivered to the
Collateral Agent in accordance with this Agreement (subject to Section 2.09 of the Pari Passu Intercreditor Agreement) or to the Collateral Agent’s bailee pursuant to the Pari Passu Intercreditor Agreement, the Collateral Agent will obtain
a legal, valid and perfected lien upon and security interest in such Pledged Securities as security for the payment and performance of the Secured Obligations; and 

(g) the pledge effected hereby is effective to vest in the Collateral Agent, for the benefit of the Secured Parties, the rights
of the Collateral Agent in the Pledged Collateral as set forth herein (subject to Section 2.09 of the Pari Passu Intercreditor Agreement). 

SECTION 2.04. Certification of Limited Liability Company and Limited Partnership Interests. Subject to Section 2.09 of the Pari
Passu Intercreditor Agreement, no interest in any limited liability company or limited partnership controlled by any Grantor that constitutes Pledged Equity shall be represented by a certificate unless (i) the limited liability company
agreement or partnership agreement expressly provides that such interests shall be a “security” within the meaning of Article 8 of the UCC of the applicable jurisdiction, and (ii) such certificate shall be delivered to the Collateral
Agent in accordance with Section 2.02 hereof. 
 SECTION 2.05. Registration in Nominee Name: Denominations. Subject to
Section 2.09 of the Pari Passu Intercreditor Agreement, if an Event of Default shall occur and be continuing and the Collateral Agent shall give the Company notice of its intent to exercise such rights, (a) the Collateral Agent, on behalf
of the Secured Parties, shall have the right (acting at the written direction of the majority of Holders) to hold the Pledged Securities in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the applicable
Grantor, endorsed or assigned in blank or in favor of the Collateral Agent and each Grantor will promptly give to the Collateral Agent copies of any notices or other communications received by it with respect to Pledged Securities registered in the
name of such Grantor and (b) the Collateral Agent shall have the right to exchange the certificates representing Pledged Securities for certificates of smaller or larger denominations for any purpose consistent with this Agreement. 

  
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 SECTION 2.06. Voting Rights; Dividends and Interest. (a) Unless and until an Event of
Default shall have occurred and be continuing and the Collateral Agent shall have notified the Company, that the rights of the Grantors under this Section 2.06 are being suspended: 

(i) Each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner
of Pledged Securities or any part thereof for any purpose consistent with the terms of this Agreement, the Indenture and the other Notes Documents. 

(ii) The Collateral Agent shall execute and deliver to each Grantor, or cause to be executed and delivered to such Grantor, all
such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph
(i) above. 
 (iii) Each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and
other distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance
with, the terms and conditions of the Indenture, the other Notes Documents and applicable laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity or Pledged Debt, whether
resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of
any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall not be commingled by such Grantor with
any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent and the Secured Parties and shall be forthwith delivered to the Collateral Agent in the same form as so
received (with any necessary endorsement reasonably requested by the Collateral Agent). 
 (b) Upon the occurrence and during
the continuance of an Event of Default, after the Collateral Agent shall have notified the Company of the suspension of the rights of the Grantors under paragraph (a)(iii) of this Section 2.6, subject to the Pari Passu Intercreditor Agreement,
then all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become
vested in the Collateral Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends, interest, principal or other distributions received by any
Grantor contrary to the provisions of this Section 2.06 shall be held in trust for the benefit of the Collateral Agent, shall be segregated from other property or funds of such Grantor and shall be forthwith delivered to the Collateral Agent
upon demand in the 

  
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same form as so received (with any necessary endorsement reasonably requested by the Collateral Agent). Subject to the Pari Passu Intercreditor Agreement, any and all money and other property
paid over to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon receipt of such money or other property and
shall be applied in accordance with the provisions of Section 4.02 hereof. After all Events of Default have been cured or waived, the Collateral Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or
other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.06 and that remain in such account. 

(c) Upon the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have notified the
Company of the suspension of the rights of the Grantors under paragraph (a)(i) of this Section 2.06, then all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i)
of this Section 2.06, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.06, shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive
right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the majority of Holders, the Collateral Agent shall have the right from time to time following and during the
continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, each Grantor shall have the exclusive right to exercise the voting and/or consensual rights and powers that
such Grantor would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above. 
 (d) Any notice given
by the Collateral Agent to the Company suspending the rights of the Grantors under paragraph (a) of this Section 2.06 (i) shall be given in writing, (ii) may be given with respect to one or more of the Grantors at the same or
different times and (iii) may suspend the rights of the Grantors under paragraph (a)(i) or paragraph (a)(iii) in part without suspending all such rights (as specified by the Collateral Agent acting at the direction of a majority of Holders) and
without waiving or otherwise affecting the Collateral Agent’s rights to give additional notices from time to time suspending other rights so long as an Event of Default has occurred and is continuing. 

ARTICLE III 

Security Interests in Personal Property 

SECTION 3.01. Security Interest. (a) As security for the payment or performance, as the case may be, in full of the Secured
Obligations, including the Guarantees of the Grantors, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and
assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in, all right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired
by such Grantor or in which such Grantor now has 

  
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or at any time in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 

(i) all Accounts; 

(ii) all Chattel Paper; 

(iii) all Documents; 

(iv) all Equipment; 

(v) all General Intangibles; 

(vi) all Instruments; 

(vii) all Inventory; 

(viii) all Investment Property; 

(ix) all Letter-of-Credit Rights; 

(x) the Commercial Tort Claims described on Schedule III and on any supplement thereto received by the Collateral Agent
pursuant to Section 3.04(c) hereof; 
 (xi) all books and records pertaining to the Article 9 Collateral; and 

(xii) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the foregoing; 
 provided that notwithstanding anything to the contrary in this
Agreement, this Agreement shall not constitute a grant of a security interest in (A) motor vehicles or other assets subject to certificates of title, (B) deposit accounts or securities accounts (other than any Proceeds of other
Collateral), (C) Receivables Management Assets owned by, or owing to, any Person (other than the Company or a Restricted Subsidiary) or held in trust for the benefit of any such Person, and the Equity Interests of Excluded Receivables
Management Subsidiaries, (D) any Excluded Equity, (E) any asset with respect to which the Senior Credit Facilities Agent has confirmed in writing to the Company confirmed in a notice delivered to the Collateral Agent by the Company, its
determination that the costs or other consequences (including any adverse tax consequences) of providing a security interest in is excessive in view of the benefits to be obtained by the holders of First Lien Obligations, (F) any General
Intangible, Investment Property or other property or rights of a Grantor arising under or evidenced by any contract, lease, instrument, license or other document if (but only to the extent that) the grant of a security interest therein would
(x) constitute a violation of a valid and enforceable restriction in respect of such General Intangible, Investment Property or other property or rights in favor of a third party or under any law, regulation, permit, order or decree of any
Governmental Authority, unless and until all required consents shall have been obtained (for the avoidance of doubt, the restrictions described 

  
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herein are not negative pledges or similar undertakings in favor of a lender or other financial counterparty) or (y) expressly give any other party in respect of any such contract, lease,
instrument, license or other document, the right to terminate its obligations thereunder, provided, however, that the limitation set forth in clause (F) above shall not affect, limit, restrict or impair the grant by a Grantor of a
security interest pursuant to this Agreement in any such Collateral to the extent that an otherwise applicable prohibition or restriction on such grant is rendered ineffective by any applicable law, including the UCC, (G) any license, permit,
franchise, authorization, consent, registration or other approval issued by the Federal Communications Commission (or any equivalent state agency) (collectively, the “FCC Licenses”) held by any Grantor to the extent that any
requirement of law applicable thereto prohibits the creation of a Lien thereon, but only to the extent, and for so long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed ineffective by any applicable law, including
the UCC, (H) Margin Stock unless the applicable requirements of Regulations T, U and X of the Board of Governors of the Federal Reserve have been satisfied, (I) any asset with respect to which the Company and the Senior Credit Facilities
Agent have determined, in writing, confirmed in a notice delivered to the Collateral Agent by the Company, where the costs, burden or other consequences (including any mortgage, stamp, intangibles, or other similar tax, titles insurance or similar
items) of obtaining or perfecting a security interest in such assets is excessive in view of the benefits afforded thereby or (J) those assets that would constitute Collateral but as to which the Senior Credit Facilities Agent shall not have
required a Lien or a security interest for so long as the Obligations under the Senior Credit Facilities are outstanding. 

(b) Each Grantor hereby irrevocably authorizes the Collateral Agent for the benefit of the Secured Parties at any time and from
time to time to file in any relevant jurisdiction any initial financing statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof and amendments thereto that (i) indicate the Collateral as all assets of
such Grantor or words of similar effect as being of an equal or lesser scope or with greater detail and (ii) contain the information required by Article 9 of the Uniform Commercial Code or the analogous legislation of each applicable
jurisdiction for the filing of any financing statement or amendment, including (A) whether such Grantor is an organization, the type of organization and any organizational identification number issued to such Grantor and (B) in the case of
a financing statement filed as a fixture filing, a sufficient description of the real property to which such Article 9 Collateral relates. Each Grantor agrees to provide such information to the Collateral Agent promptly upon request. 

(c) The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to,
or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Article 9 Collateral. 

SECTION 3.02. Representations and Warranties. Each Grantor jointly and severally represents and warrants, as to itself and the other
Grantors, to the Collateral Agent and the Secured Parties that: 
 (a) Subject to Liens permitted by Section 4.12 of the
Indenture, each Grantor has good and valid rights in and title to the Article 9 Collateral with respect to which it 

  
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has purported to grant a Security Interest hereunder and has full power and authority to grant to the Collateral Agent the Security Interest in such Article 9 Collateral pursuant hereto and to
execute, deliver and perform its obligations in accordance with the terms of this Agreement. 
 (b) The Perfection
Certificate has been duly prepared, completed and executed and the information set forth therein is correct and complete in all material respects (except the information therein with respect to the exact legal name of each Grantor shall be correct
and complete in all respects) as of the Issue Date. The Uniform Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations based upon the information in the Perfection
Certificate for filing in each governmental, municipal or other office specified in Schedule 2 to the Perfection Certificate (or specified by notice from the Company to the Collateral Agent after the Issue Date), are all the filings, recordings and
registrations that are necessary to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be
perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is
necessary in any such jurisdiction, except as provided under applicable law with respect to the filing of continuation statements. 

(c) The Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the
payment and performance of the Secured Obligations and (ii) subject to the filings described in Section 3.02(b) hereof, a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing,
recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code. The Security Interest is and shall be prior
to any other Lien on any of the Article 9 Collateral, other than (i) any Lien that is expressly permitted pursuant to Section 4.12 of the Indenture and has priority as a matter of law and (ii) Liens expressly permitted pursuant to
Section 4.12 of the Indenture. 
 (d) The Article 9 Collateral is owned by the Grantors free and clear of any Lien,
except for Liens expressly permitted pursuant to Section 4.12 of the Indenture. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial Code or any other
applicable laws covering any Article 9 Collateral or (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental,
municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 4.12 of the Indenture.


  
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 (e) The only Commercial Tort Claims of any Grantor existing on the Issue Date in
excess of $5,000,000 are those listed on Schedule III which sets forth such information separately for each Grantor. 
 SECTION 3.03.
Covenants. (a) The Company agrees to notify the Collateral Agent in writing promptly, but in any event within ten (10) Business Days, after any change (i) in the legal name of any Grantor, (ii) in the identity or type of
organization or corporate structure of any Grantor or (iii) in the jurisdiction of organization of any Grantor and take all actions, including the filing of UCC financing statement amendments, required to continue the perfection of the
Collateral Agent’s security interest in the Collateral of such Grantor at all times following such change. 
 (b) Each
Grantor shall, at its own expense, take any and all commercially reasonable actions necessary to defend title to the Article 9 Collateral against all Persons and to defend the Security Interest of the Collateral Agent in the Article 9 Collateral and
the priority thereof against any Lien not expressly permitted pursuant to Section 4.12 of the Indenture; provided that, nothing in this Agreement shall prevent any Grantor from discontinuing the operation or maintenance of any of its
assets or properties if such discontinuance is (x) determined by such Grantor to be desirable in the conduct of its business and (y) permitted by the Indenture. 

(c) Each year, at the time of delivery of annual financial statements with respect to the preceding fiscal year pursuant to
Section 4.03 of the Indenture, the Company shall deliver to the Collateral Agent a certificate executed by the Company setting forth the information required pursuant to Schedules 1(a), 1(c), 1(e), 1(f) and 2(b) of the Perfection Certificate or
confirming that there has been no change in such information since the date of such certificate or the date of the most recent certificate delivered pursuant to this Section 3.03(c). 

(d) Each Grantor agrees, on its own behalf and on behalf of each other Grantor, at its own expense, to execute, acknowledge,
deliver and cause to be duly filed all such further instruments and documents and take all such actions necessary or as the Collateral Agent (acting at the direction of a majority of Holders) may from time to time reasonably request to better
assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the
Security Interest and the filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith. If any amount payable under or in connection with any of the Article 9 Collateral that is in excess of
$5,000,000 shall be or become evidenced by any promissory note or other instrument, subject to Section 2.09 of the Pari Passu Intercreditor Agreement, such note or instrument shall be promptly pledged and delivered to the Collateral Agent, for
the benefit of the Secured Parties, duly endorsed. 
 (e) At its option, subject to the Pari Passu Intercreditor Agreement,
the Collateral Agent (acting at the written direction of a majority of Holders) may discharge past due taxes, assessments, charges, fees, Liens, security interests or other 

  
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encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 4.12 of the Indenture, and may pay for the maintenance and preservation of the
Article 9 Collateral to the extent any Grantor fails to do so as required by the Indenture or this Agreement and within a reasonable period of time after the Collateral Agent has requested that it do so, and each Grantor jointly and severally agrees
to reimburse the Collateral Agent within ten (10) days after demand for any payment made or any reasonable expense incurred by the Collateral Agent pursuant to the foregoing authorization. Nothing in this paragraph shall be interpreted as
excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens,
security interests or other encumbrances and maintenance as set forth herein or in the other Notes Documents. 
 (f) If at
any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person the value of which is in excess of $5,000,000 to secure payment and performance of an Account, such Grantor shall promptly assign such
security interest to the Collateral Agent for the benefit of the Secured Parties. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from
the Account Debtor or other Person granting the security interest. 
 (g) Each Grantor (rather than the Collateral Agent or
any Secured Party) shall remain liable (as between itself and any relevant counterparty) to observe and perform all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the
Article 9 Collateral, all in accordance with the terms and conditions thereof, and each Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such
performance. 
 SECTION 3.04. Other Actions. In order to further insure the attachment, perfection and priority of, and the ability
of the Collateral Agent to enforce, the Security Interest, each Grantor agrees, in each case at such Grantor’s own expense, to take the following actions with respect to the following Article 9 Collateral: 

(a) Instruments. If any Grantor shall at any time hold or acquire any Instruments constituting Collateral and evidencing
an amount in excess of $5,000,000, such Grantor shall forthwith, subject to Section 2.09 of the Parri Passu Intercreditor Agreement, endorse, assign and deliver the same to the Collateral Agent for the benefit of the Secured Parties,
accompanied by such instruments of transfer or assignment duly executed in blank. 
 (b) Investment Property. Except
to the extent otherwise provided in Article II hereof, if any Grantor shall at any time hold or acquire any certificated securities that constitute Collateral, such Grantor shall forthwith, subject to Section 2.09 of the Parri Passu
Intercreditor Agreement, endorse, assign and deliver the same to the Collateral Agent for the benefit of the Secured Parties, accompanied by such instruments of transfer or assignment duly executed in blank. 

  
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 (c) Commercial Tort Claims. If any Grantor shall at any time commence a
suit, action or proceeding with respect to any Commercial Tort Claim held by it with a value which such Grantor reasonably believes to be of $5,000,000 or more, such Grantor shall, within forty-five (45) days after the end of the fiscal quarter
in which such complaint was filed, notify the Collateral Agent thereof in a writing signed by such Grantor and describing the details thereof and shall grant to the Collateral Agent for the benefit of the Secured Parties in such writing a security
interest therein and in the proceeds thereof, all upon the terms of this Agreement. 
 SECTION 3.05. Post-Closing Actions. Within 10
Business Days (or such later date acceptable to the Senior Credit Facilities Agent in its sole discretion) after receipt by the Company of a “Lost Stock Affidavit” executed by the Senior Credit Facilities Agent, the Company shall deliver
to the Senior Credit Facilities Agent all original certificated Equity Interests (as defined in the Existing Senior Credit Facilities) required to be delivered to the Senior Credit Facilities Agent pursuant to the provisions of the Existing Senior
Credit Facilities, together with transfer powers duly executed in blank; provided that the Company shall deliver a list of all original certificated Equity Interests it has delivered to the Administrative Agent prior to the date hereof within 10
Business Days after the Issue Date. For the avoidance of doubt, this Section 3.05 shall in no event alter or modify the Company’s obligations under Section 6.11 of the Existing Senior Credit Facilities with respect to any new direct
or indirect wholly owned Domestic Restricted Subsidiary (as defined therein). 
 ARTICLE IV 

Remedies 
 SECTION
4.01. Remedies Upon Default. Subject to the terms of the Pari Passu Intercreditor Agreement, upon the occurrence and during the continuance of an Event of Default, it is agreed that the Collateral Agent shall have the right to exercise any
and all rights afforded to a secured party with respect to the Secured Obligations under the Uniform Commercial Code or other applicable law and also may (i) require each Grantor to, and each Grantor agrees that it will at its expense and upon
request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place and time to be designated by the Collateral Agent that is reasonably
convenient to both parties; (ii) occupy any premises owned or, to the extent lawful and permitted, leased by any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate its
rights and remedies hereunder or under law, without obligation to such Grantor in respect of such occupation; provided that the Collateral Agent shall provide the applicable Grantor with notice thereof prior to or promptly after such
occupancy; (iii) exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect of the Collateral; provided that the Collateral Agent shall provide the applicable
Grantor with notice thereof prior to or promptly after such exercise; and (iv) subject to the mandatory requirements of applicable law and the notice requirements described below, sell or otherwise dispose of all or any part of the Collateral
securing the Secured Obligations at a 

  
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public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. The Collateral
Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the Collateral for their own account for
investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each
such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay and appraisal
which such Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
 The
Collateral Agent shall give the applicable Grantors ten (10) days’ written notice (which each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the
Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state
the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary
business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels,
as the Collateral Agent may determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The
Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at
the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the
purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold
again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation
or appraisal on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due
and payable to such Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor
therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be
entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured
Obligations paid in full. As an alternative to exercising the power of sale herein 

  
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conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or
decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as
provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 
 Each Grantor irrevocably makes,
constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) during the continuance of an Event of Default and after
notice to the Company of its intent to exercise such rights, for the purpose of (i) making, settling and adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft,
instrument or other item of payment for the proceeds of such policies if insurance, (ii) making all determinations and decisions with respect thereto and (iii) obtaining or maintaining the policies of insurance required by
Section 11.02 of the Indenture or to pay any premium in whole or in part relating thereto. All sums disbursed by the Collateral Agent in connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other
charges relating thereto, shall be payable, within 10 days of demand, by the Grantors to the Collateral Agent and shall be additional Secured Obligations secured hereby. 

SECTION 4.02. Application of Proceeds. Subject to the Pari Passu Intercreditor Agreement, the Collateral Agent shall apply the proceeds
of any collection or sale of Collateral, including any Collateral consisting of cash, in accordance with the Indenture. 
 The Collateral
Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by
statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be
obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 

ARTICLE V 

Indemnity, Subrogation and Subordination 

SECTION 5.01. Indemnity. In addition to all rights of indemnity and subrogation as the Grantors may have under applicable law (but
subject to Section 5.03 hereof), the Company agrees that, in the event any assets of any Grantor (other than the Company) shall be sold pursuant to this Agreement or any other Security Document to satisfy in whole or in part an Obligation owed
to any Secured Party, the Company shall indemnify such Grantor in an amount equal to the greater of the book value or the fair market value of the assets so sold. 

SECTION 5.02. Contribution and Subrogation. Each Subsidiary Party (a “Contributing Party”) agrees (subject to
Section 5.03 hereof) that, in the event assets of any 

  
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other Subsidiary Party shall be sold pursuant to any Security Document to satisfy any Secured Obligation owed to any Secured Party and such other Subsidiary Party (the “Claiming
Party”) shall not have been fully indemnified by the Company as provided in Section 5.01 hereof, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of
such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net
worth of the Claiming Party on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.14 hereof, the date of the Security Agreement Supplement hereto executed and delivered by such Grantor). Any
Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment. 

SECTION 5.03. Subordination. (a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Grantors under
Sections 5.01 and 5.02 hereof and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Secured Obligations. No failure on the part
of the Grantors to make the payments required by Sections 5.01 and 5.02 hereof (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Grantor with respect to its
obligations hereunder, and each Grantor shall remain liable for the full amount of the obligations of such Grantor hereunder. 

(b) Each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default and after notice
from the Collateral Agent (which notice states that it is delivered pursuant to this Section 5.03(b)), all Indebtedness owed by it to any Subsidiary that is not a Grantor shall be fully subordinated to the indefeasible payment in full in cash
of the Secured Obligations. 
 ARTICLE VI 

Miscellaneous 

SECTION 6.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing
and given as provided in Section 13.02 of the Indenture. All communications and notices hereunder to any Grantor shall be given to it in care of the Company as provided in Section 13.02 of the Indenture. 

SECTION 6.02. Waivers, Amendment. (a) No failure or delay by the Collateral Agent in exercising any right or power hereunder or
under any other Notes Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the Collateral Agent and under the other Notes Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or consent to any departure by any Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 6.02, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given. No notice or demand on any Grantor in any case shall entitle any Grantor to any other or further notice or demand in similar or other circumstances. 

  
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 (b) Neither this Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in
accordance with Section 9.02 of the Indenture. 
 SECTION 6.03. Collateral Agent’s Fees and Expenses; Indemnification.
(a) The parties hereto agree that the Collateral Agent shall be reimbursed of its reasonable out-of-pocket expenses incurred hereunder as provided in the Indenture. 

(b) Without limitation of its indemnification obligations under the other Notes Documents, each Grantor agrees to indemnify and
hold harmless the Collateral Agent in accordance with Section 7.07 of the Indenture. 
 (c) Any such amounts payable as
provided hereunder shall be additional Secured Obligations secured hereby and by the other Security Documents. The provisions of this Section 6.03 shall remain operative and in full force and effect regardless of the termination of this
Agreement or any other Notes Document, the consummation of the transactions contemplated hereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Notes
Document, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under this Section 6.03 shall be payable within 10 days of written demand therefor. 

SECTION 6.04. Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the Collateral Agent that are contained in this Agreement shall bind and inure to the benefit of their
respective successors and assigns. 
 SECTION 6.05. Survival of Agreement. All covenants, agreements, representations and warranties
made by the Grantors hereunder and in the other Notes Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Notes Document shall be considered to have been relied
upon by the Holders and shall survive the execution and delivery of the Notes Documents, regardless of any investigation made by any Holder or on its behalf and notwithstanding that the Collateral Agent may have had notice or knowledge of any
Default or incorrect representation or warranty, and shall continue in full force and effect as long as the principal of or any accrued interest on any Note or any fee or any other amount payable under any Notes Document is outstanding and unpaid
(other than contingent indemnification obligations to the extent not asserted). 
 SECTION 6.06. Counterparts; Effectiveness; Several
Agreement. This Agreement may be executed in one or more counterparts, each of which shall be deemed an 

  
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original, but all of which together shall constitute one and the same instrument. Delivery by telecopier of an executed counterpart of a signature page to this Agreement shall be effective as
delivery of an original executed counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Collateral Agent and a counterpart
hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such Grantor and the Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Grantor, the
Collateral Agent and the other Secured Parties and their respective successors and assigns, except that no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any
such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Indenture. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented, waived
or released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

SECTION 6.07. Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality, validity
and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions. 
 SECTION 6.08. [Reserved]. 

SECTION 6.09. GOVERNING LAW. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 
 (b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY NOTES DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY NOTES DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK
SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH GRANTOR CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE
COURTS. EACH GRANTOR IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH
JURISDICTION IN RESPECT OF ANY NOTES DOCUMENT OR OTHER DOCUMENT RELATED THERETO. 

  
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 SECTION 6.10. WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT HEREBY
EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY NOTES DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
ANY NOTES DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 6.10 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 SECTION 6.11. Headings. Article and Section headings and the Table of Contents used herein
are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 6.12. Security Interest Absolute. All rights of the Collateral Agent hereunder, the Security Interest, the grant of a security
interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Indenture, any other Notes Document, any agreement with
respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any
other amendment or waiver of or any consent to any departure from the Indenture, any other Notes Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or
amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any
Grantor in respect of the Secured Obligations or this Agreement. 
 SECTION 6.13. Termination or Release. 

(a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate with respect to all
Secured Obligations when all the outstanding Secured Obligations under the Notes Documents (other than contingent indemnification obligations to the extent not asserted) have been paid in full. 

(b) A Subsidiary Party shall automatically be released from its obligations hereunder and the Security Interest in the
Collateral of such Subsidiary Party shall be automatically released upon the release of a Subsidiary Party from its Guarantee in accordance with the provisions of the Indenture; provided that such portion of the Holders as shall be required
by the terms of the Indenture to have consented to such transaction (to the extent such consent is required by the Indenture) shall have consented thereto and the terms of such consent did not provide otherwise. 

  
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 (c) Upon any sale or other transfer by any Grantor of any Collateral (other than
to another Grantor) that is permitted under Section 4.10 of the Indenture and the Security Documents, or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to the
Indenture, the security interest in such Collateral shall be automatically released; provided, that such portion of the Holders as shall be required by the terms of the Indenture to have consented to such transaction (to the extent such
consent is required by the Indenture) shall have consented thereto and the terms of such consent did not provide otherwise. 

(d) In connection with any termination or release pursuant to paragraph (a), (b) or (c), the Collateral Agent shall
execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such termination or release and shall perform such other actions reasonably requested by such Grantor to effect
such release, including delivery of certificates, securities and instruments. Any execution and delivery of documents pursuant to this Section 6.13 or pursuant to the Indenture shall be without recourse to or warranty by the Collateral Agent.

 SECTION 6.14. Intercreditor Agreements Govern. Notwithstanding anything herein to the contrary, the lien and security interest
granted to the Collateral Agent, for the benefit of the Secured Parties, pursuant to this Agreement and the exercise of any right or remedy by the Collateral Agent and the other Secured Parties hereunder are subject to the provisions of the
Intercreditor Agreements. In the event of any conflict or inconsistency between a provision of the Pari Passu Intercreditor Agreement and this Agreement that relates solely to the rights or obligations of, or relationships between, the Secured
Parties and any other First Lien Secured Parties (as such term is defined in the Pari Passu Intercreditor Agreement), the provisions of the Pari Passu Intercreditor Agreement shall control. So long as the Pari Passu Intercreditor Agreement is in
effect, any requirement in this Agreement to deliver any Collateral to the Collateral Agent shall be satisfied by delivery of Collateral to the Applicable Authorized Representative (as defined in the Pari Passu Intercreditor Agreement). In the event
of a conflict between the Pari Passu Intercreditor Agreement and the other Intercreditor Agreements, the Pari Passu Intercreditor Agreement shall control as between the holders of the First Lien Obligation thereunder and holders of indebtedness
governed by the other Intercreditor Agreements. 
 SECTION 6.15. Additional Grantors. Each Restricted Subsidiary of the Company that
is required to enter into this Agreement pursuant to Section 4.15 of the Indenture shall, upon execution and delivery by the Collateral Agent and such Restricted Subsidiary of a Security Agreement Supplement, become a Grantor hereunder with the
same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in
full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

  
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 SECTION 6.16. Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints
the Collateral Agent the attorney-in-fact of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that may be necessary or advisable to accomplish the purposes hereof at any
time after and during the continuance of an Event of Default, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Collateral Agent shall have the right, upon the occurrence and during
the continuance of an Event of Default and notice by the Collateral Agent to the Company of its intent to exercise such rights, with full power of substitution either in the Collateral Agent’s name or in the name of such Grantor (a) to
receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and
give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of Accounts to any Account Debtor; (e) to
commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral;
(f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the
Collateral Agent; (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as
fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes and (i) to make, settle and adjust claims in respect of Article 9 Collateral under policies of insurance, endorsing the name of such
Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies and to make all determinations and decisions with respect thereto; provided that nothing herein contained shall be construed as requiring or
obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the
Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties shall be indemnified in accordance with the provisions of the Indenture. 

SECTION 6.17. General Authority of the Collateral Agent. Each Secured Party (whether or not a signatory hereto) shall be deemed
irrevocably (a) to consent to the appointment of the Collateral Agent as its agent hereunder and under such other Security Documents, (b) to confirm that the Collateral Agent shall have the authority to act as the exclusive agent of such
Secured Party for the enforcement of any provisions of this Agreement and such other Security Documents against any Grantor, the exercise of remedies hereunder or thereunder and the giving or withholding of any consent or approval hereunder or
thereunder relating to any Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action to enforce any provisions of this Agreement or any other Security Document against any Grantor, to
exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this Agreement or any other Security Document and (d) to agree to be bound by the terms of this Agreement
and any other Security Documents. 

  
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 SECTION 6.18. Rights of Collateral Agent in Respect of Collateral. In acting under this
Agreement, the Collateral Agent is entitled to all rights, privileges, protections, immunities, benefits and indemnities provided to it under the Indenture. As of the Issue Date, the Collateral Agent holds no Collateral in its possession. 

SECTION 6.19. FCC Licenses. Each Grantor agrees that, upon the occurrence and during the continuance of an Event of Default and at the
Collateral Agent request (acting at the written direction of a majority of the Holders), such Grantor will promptly file, or cause to be filed, such applications for approval with the Federal Communications Commission (or any equivalent state
agency) and shall take such other actions as are necessary for the assignment or transfer of control of the FCC Licenses. 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	WEST CORPORATION
		
	By:	 	 /s/ Jan D. Madsen

	Name:	 	Jan D. Madsen
	Title:	 	Chief Financial Officer and Treasurer
	
	CLIENTTELL, INC.
	CORPORATE CARE WORKS, INC.
	HEALTH ADVOCATE, INC.
	HUMAN MANAGEMENT SERVICES, INC.
	NORTHERN CONTACT, INC.
	RELIANCE HOLDING, INC.
	RELIANCE INTERMEDIATE, INC.
	RX ADVOCATE, INC.
	TWENTY FIRST CENTURY COMMUNICATIONS OF CANADA, INC.
	WELLCALL, INC.
	WEST COMMAND SYSTEMS, INC.
	WEST INTERACTIVE CORPORATION
	WEST INTERACTIVE SERVICES CORPORATION
	WEST IP COMMUNICATIONS, INC.
	WEST RECEIVABLE SERVICES, INC.
	WEST SAFETY COMMUNICATIONS OF VIRGINIA INC.
	WEST SAFETY SERVICES, INC.
	WEST SAFETY SOLUTIONS CORP.
	WEST UNIFIED COMMUNICATIONS SERVICES, INC.
		
	By:	 	 /s/ Jan D. Madsen

	Name:	 	Jan D. Madsen
	Title:	 	Chief Financial Officer and Treasurer
	
	ANNEX HOLDINGS HC, LLC
	By: Rubik Acquisition Company, LLC, its Member
	By: West Corporation, its Member
		
	By:	 	 /s/ Jan D. Madsen

	Name:	 	Jan D. Madsen
	Title:	 	Chief Financial Officer and Treasurer









 
			
	CLIENTTELL LAB, LLC
	By: ClientTell, Inc., its Member
		
	By:	 	 /s/ Jan D. Madsen

	Name:	 	Jan D. Madsen
	Title:	 	Chief Financial Officer and Treasurer
	
	RELIANCE COMMUNICATIONS, LLC
	By: Reliance Intermediate, Inc., its Member
		
	By:	 	 /s/ Jan D. Madsen

	Name:	 	Jan D. Madsen
	Title:	 	Chief Financial Officer and Treasurer
	
	RUBIK ACQUISITION COMPANY, LLC
	WEST FACILITIES, LLC
	WEST REVENUE GENERATION SERVICES, LLC
	By: Reliance Intermediate, Inc., its Member
		
	By:	 	 /s/ Jan D. Madsen

	Name:	 	Jan D. Madsen
	Title:	 	Chief Financial Officer and Treasurer
	
	WEST CLAIMS RECOVERY SERVICES, LLC
	By: Reliance Intermediate, Inc., its Member
		
	By:	 	 /s/ Jan D. Madsen

	Name:	 	Jan D. Madsen
	Title:	 	Chief Financial Officer and Treasurer
	
	WEST TELECOM SERVICES HOLDINGS, LLC
	By Rubik Acquisition Company, LLC, its Member
	By West Corporation, its Member
		
	By:	 	 /s/ Jan D. Madsen

	Name:	 	Jan D. Madsen
	Title:	 	Chief Financial Officer and Treasurer









 
			
	By Annex Holdings HC, LLC, its Member
	By Rubik Acquisition Company, LLC, its Member
	By West Corporation, its Member
		
	By:	 	 /s/ Jan D. Madsen

	Name:	 	Jan D. Madsen
	Title:	 	Chief Financial Officer and Treasurer









 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as Collateral Agent
		
	By:	 	 /s/ Richard Prokosch

	Name:	 	Richard Prokosch
	Title:	 	Vice President