Document:

EX-10.3

 Exhibit 10.3 
  

 
  

CANADIAN SECURITY AGREEMENT 
 By

 NORCRAFT CANADA CORPORATION, 

as Canadian Guarantor, 
 and 

THE OTHER GUARANTORS PARTY HERETO, 

as Guarantors 
 and 

ROYAL BANK OF CANADA, 
 as
Collateral Agent 
  
  

Dated as of December 13, 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	ARTICLE I	 
	DEFINITIONS AND INTERPRETATION	  
			
	SECTION 1.1	 	 Definitions
	  	 	2	  
	SECTION 1.2	 	 Interpretation.
	  	 	10	  
	SECTION 1.3	 	 Resolution of Drafting Ambiguities.
	  	 	10	  
	SECTION 1.4	 	 Perfection Certificate.
	  	 	11	  
	
	ARTICLE II	  
	SECURITY INTEREST IN PERSONAL PROPERTY	  
			
	SECTION 2.1	 	 Grant of Security Interest.
	  	 	11	  
	SECTION 2.2	 	 Filings.
	  	 	12	  
	SECTION 2.3	 	 Financing Statements and Other Filings; Maintenance of Perfected Security Interest.
	  	 	13	  
	SECTION 2.4	 	 Other Actions.
	  	 	13	  
	SECTION 2.5	 	 Joinder of Additional Guarantors.
	  	 	14	  
	SECTION 2.6	 	 Supplements; Further Assurances.
	  	 	15	  
	
	ARTICLE III	  
	PLEDGE OF SECURITIES	  
			
	SECTION 3.1	 	 Pledge.
	  	 	15	  
	SECTION 3.2	 	 Delivery of the Pledged Securities
	  	 	16	  
	SECTION 3.3	 	 Stock Powers.
	  	 	17	  
	SECTION 3.4	 	 Representations, Warranties and Covenants
	  	 	17	  
	SECTION 3.5	 	 Certification of Limited Liability Company and Limited Partnership Interests.
	  	 	19	  
	SECTION 3.6	 	 Registration in Nominee Name; Denominations.
	  	 	19	  
	SECTION 3.7	 	 Voting Rights; Dividends and Interest.
	  	 	19	  
	SECTION 3.8	 	 Defaults, etc.
	  	 	21	  
	SECTION 3.9	 	 Certain Agreements of Pledgors As Issuers and Holders of Equity Interests.
	  	 	21	  
	SECTION 3.10	 	 ULC Shares.
	  	 	22	  
	
	ARTICLE IV	  
	REPRESENTATIONS, WARRANTIES AND COVENANTS	  
			
	SECTION 4.1	 	 Title.
	  	 	23	  
	SECTION 4.2	 	 Validity of Security Interest.
	  	 	23	  
	SECTION 4.3	 	 Defense of Claims; Transferability of General Collateral.
	  	 	23	  
	SECTION 4.4	 	 Other Financing Statements.
	  	 	23	  
	SECTION 4.5	 	 Chief Executive Office; Change of Name; Jurisdiction of Organization.
	  	 	24	  
	SECTION 4.6	 	 Consents, etc.
	  	 	24	  
	SECTION 4.7	 	 General Collateral.
	  	 	24	  

  
 ( i ) 

							
	SECTION 4.8	 	Insurance.	  	 	25	  
	SECTION 4.9	 	 Investment Property
	  	 	25	  
	
	ARTICLE V	  
	 CERTAIN PROVISIONS CONCERNING INTELLECTUAL

PROPERTY COLLATERAL
	   
   

			
	SECTION 5.1	 	 Grant of Intellectual Property License.
	  	 	25	  
	SECTION 5.2	 	 Protection of Collateral Agent’s Security.
	  	 	26	  
	SECTION 5.3	 	 After-Acquired Property.
	  	 	27	  
	SECTION 5.4	 	 Litigation.
	  	 	27	  
	
	ARTICLE VI	  
	TRANSFERS	  
			
	SECTION 6.1	 	 Transfers of Collateral.
	  	 	27	  
	
	ARTICLE VII	  
	REMEDIES	  
			
	SECTION 7.1	 	 Remedies.
	  	 	28	  
	SECTION 7.2	 	 Notice of Sale.
	  	 	30	  
	SECTION 7.3	 	 Waiver of Notice and Claims.
	  	 	30	  
	SECTION 7.4	 	 Certain Sales of Pledged Collateral.
	  	 	30	  
	SECTION 7.5	 	 No Waiver; Cumulative Remedies.
	  	 	31	  
	SECTION 7.6	 	 Certain Additional Actions Regarding Intellectual Property.
	  	 	31	  
	
	ARTICLE VIII	  
	APPLICATION OF PROCEEDS	  
			
	SECTION 8.1	 	 Application of Proceeds.
	  	 	32	  
	
	ARTICLE IX	  
	MISCELLANEOUS	  
			
	SECTION 9.1	 	 Concerning Collateral Agent.
	  	 	32	  
	SECTION 9.2	 	 Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact.
	  	 	33	  
	SECTION 9.3	 	 Continuing Security Interest; Assignment.
	  	 	34	  
	SECTION 9.4	 	 Termination; Release.
	  	 	34	  
	SECTION 9.5	 	 Modification in Writing.
	  	 	35	  
	SECTION 9.6	 	 Notices.
	  	 	35	  
	SECTION 9.7	 	 Governing Law, Consent to Jurisdiction.
	  	 	35	  
	SECTION 9.8	 	 Severability of Provisions.
	  	 	35	  
	SECTION 9.9	 	 Execution in Counterparts.
	  	 	35	  
	SECTION 9.10	 	 Business Days.
	  	 	36	  
	SECTION 9.11	 	 No Claims Against Collateral Agent.
	  	 	36	  
	SECTION 9.12	 	 No Release.
	  	 	36	  
	SECTION 9.13	 	 Obligations Absolute.
	  	 	36	  
	SECTION 9.14	 	 Intercreditor Agreement
	  	 	37	  

  
 ( ii ) 

			
	EXHIBIT 1	  	Form of Joinder Agreement
	EXHIBIT 2	  	Form of Copyright Security Agreement
	EXHIBIT 3	  	Form of Patent Security Agreement
	EXHIBIT 4	  	Form of Trademark Security Agreement

  
 ( iii ) 

 CANADIAN SECURITY AGREEMENT 

This CANADIAN SECURITY AGREEMENT dated as of December 13, 2013 (as amended, amended and restated, supplemented or otherwise modified from
time to time in accordance with the provisions hereof, this “Agreement”) made by NORCRAFT CANADA CORPORATION, a Nova Scotia unlimited liability company (the “Canadian Guarantor”) and THE GUARANTORS FROM TIME TO TIME
PARTY HERETO BY EXECUTION OF A JOINDER AGREEMENT (the “Guarantors”), as pledgors, assignors and debtors (the Canadian Guarantor and the Guarantors, in such capacities and together with any successors in such capacities,
collectively, the “Pledgors,” and each, a “Pledgor”), in favor of ROYAL BANK OF CANADA, in its capacity as collateral agent pursuant to the Term Loan Credit Agreement (as hereinafter defined), as pledgee, assignee
and secured party (in such capacities and together with any successors in such capacities, the “Collateral Agent”). 

R E C I T A L S : 

A. Norcraft Companies, L.P., as Borrower, the Canadian Guarantor, the other guarantors from time to time party thereto, the Collateral Agent
and the lending institutions listed therein (the “Lenders”) have, in connection with the execution and delivery of this Agreement, entered into that certain $150,000,000 term loan credit agreement, dated as of November 14, 2013
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Term Loan Credit Agreement”; which term shall also include and refer to any increase in the amount of indebtedness under the Term Loan
Credit Agreement and any refinancing or replacement of the Term Loan Credit Agreement (whether under a bank facility, securities offering or otherwise) or one or more successor or replacement facilities whether or not with a different group of
agents or lenders (whether under a bank facility, securities offering or otherwise) and whether or not with different obligors upon the Administrative Agent’s acknowledgment of the termination of the predecessor Term Loan Credit Agreement).

 B. Each Guarantor that becomes a party hereto from time to time by execution of a Joinder Agreement is, pursuant to the Term Loan Credit
Agreement, required to unconditionally guarantee the Secured Obligations. 
 C. The Canadian Guarantor and each Guarantor that becomes a
party hereto from time to time by execution of a Joinder Agreement will receive substantial benefits from the execution, delivery and performance of the obligations under the Term Loan Credit Agreement and the other Loan Documents and each is,
therefore, willing to enter into this Agreement. 
 D. This Agreement is given by each Pledgor in favor of the Collateral Agent for the
benefit of the Secured Parties (as hereinafter defined) to secure the payment and performance of all of the Secured Obligations. 
 E. It is
a condition to (i) the obligations of the Lenders to make the Loans under the Term Loan Credit Agreement and (ii) the performance of the obligations of the Secured Parties under Hedging Agreements that constitute Secured Obligations that
each Pledgor execute and deliver the applicable Loan Documents, including this Agreement. 

 F. The Intercreditor Agreement governs the relative rights and priorities of the Secured Parties
and the ABL Secured Parties (as defined below) in respect of the Term Priority Collateral (as defined below) and the ABL Priority Collateral (as defined below) (and with respect to certain other matters as described therein). Accordingly, the
parties hereto agree as follows: 
 A G R E E M E N T : 

NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Pledgor and the Collateral Agent hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

SECTION 1.1 Definitions 

(a) Unless otherwise defined herein or in the Term Loan Credit Agreement, terms used herein that are defined in the PPSA shall have the
meanings assigned to them in the PPSA; provided that in any event, the following terms shall have the meanings assigned to them in the PPSA: 

“Accounts”; “Chattel Paper”; “Consumer Goods”; “Futures Account”;
“Futures Contract”; “Entitlement Order”; “Financial Asset”; “Futures Intermediary”; “Document of Title”; “Equipment”; “Financial
Asset”; “Goods”; “Intangible”; “Inventory”; “Investment Property”; “Money”; “Proceeds”; “Securities Account”;
“Securities Intermediary”; “Security”; and “Security Entitlement”. 
 (b) Terms used but
not otherwise defined herein that are defined in the Term Loan Credit Agreement shall have the meanings given to them in the Term Loan Credit Agreement. Sections 1.03 and 1.05 of the Term Loan Credit Agreement shall apply herein mutatis
mutandis. 
 (c) The following terms shall have the following meanings: 

“ABL Agent” shall have the meaning assigned that term in the Intercreditor Agreement. 

“ABL Documents” shall have the meaning assigned that term in the Intercreditor Agreement. 

“ABL Priority Collateral” shall have the meaning assigned that term in the Intercreditor Agreement. 

“ABL Secured Parties” has the meaning assigned that term in the Intercreditor Agreement. 

  
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 “Account Debtor” shall mean each person who is obligated on a Receivable or
Supporting Obligation related thereto. 
 “Agreement” shall have the meaning assigned to such term in the Preamble hereof.

 “Bank” means a person engaged in the business of banking and includes a savings bank, savings and loan association,
credit union, and trust company. 
 “Canadian Guarantor” shall have the meaning assigned to such term in the Preamble
hereof. 
 “Collateral” shall mean the General Collateral and Pledged Collateral. 

“Collateral Agent” shall have the meaning assigned to such term in the Preamble hereof. 

“Collateral Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Collateral
and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property. 

“Contracts” shall mean, collectively, with respect to each Pledgor, all sale, service, performance, equipment or property
lease contracts, agreements and grants and all other contracts, agreements or grants (in each case, whether written or oral, or third party or intercompany), between such Pledgor and any third party, and all assignments, amendments, restatements,
supplements, extensions, renewals, replacements or modifications thereof. 
 “Control” shall mean (i) in the case of
any Security Entitlement, control in the manner provided under sections 25 and 26 of the STA, and (ii) in the case of any Futures Contract, control in the manner provided under subsection 1(2) of the PPSA. 

“Control Agreements” shall mean, collectively, any Deposit Account Control Agreement, any Securities Account Control
Agreement and any Futures Account Control Agreement. 
 “Copyrights” shall mean, collectively, with respect to each
Pledgor, all copyrights (whether statutory or common law, whether established or registered in Canada, the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or
unpublished) and all copyright registrations and applications made by such Pledgor, in each case, whether now owned or hereafter created or acquired by or assigned to such Pledgor, together with any and all (i) rights and privileges arising
under applicable law with respect to such Pledgor’s use of such copyrights, (ii) reissues, renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or
hereafter due and/or payable with respect thereto, including damages and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future
infringements thereof. 

  
 3 

 “Copyright Security Agreement” shall mean an agreement substantially in the form
of Exhibit 2 hereto. 
 “Credit Agreement” shall have the meaning assigned to such term in Recital A
hereof. 
 “Deposit Account Control Agreement” shall mean an agreement in a form that is reasonably satisfactory to the
Collateral Agent with respect to any Deposit Account.1 
 “Deposit
Accounts” shall mean, collectively, with respect to each Pledgor, (i) all demand, time savings, passbook or similar account maintained with a Bank and all accounts and sub-accounts relating to any of the foregoing accounts and
(ii) all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition. 

“Discharge of ABL Obligations” shall have the meaning assigned that term in the Intercreditor Agreement. 

“Distributions” shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights,
instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged
Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities. 

“Excluded Deposit Account” means, on any date of determination, (i) any Deposit Account for which all or substantially
all of the funds on deposit are used solely to fund payroll, registered retirement savings plans and other retirement plans and employee benefits or health care benefits, (ii) any Deposit Account that is a zero balance account, (iii) any
Deposit Account that is a withholding and payroll tax, escrow, customs or other fiduciary account and (iv) (A) Deposit Accounts that have had a collective average daily balance for the preceding period of one month of no greater than
$500,000 in the aggregate for all such Deposit Accounts excluded under this sub clause (A) and (B) any individual Deposit Account that has had an average daily balance for the preceding period of one month of no greater than $50,000. 

“Excluded Equity Interests” shall mean

(a) Equity Interests of any Person other than (1) the Borrower or (2) any material Wholly Owned Subsidiary directly owned by the
Borrower or any Subsidiary Guarantor; 
 (b) any Equity Interests of any Person where the cost of obtaining a security interest in such
Equity Interest would be excessive in light of the practical benefit to the Lenders afforded thereby as reasonably determined by the Borrower and the Collateral Agent; 

 

	1 	Control of “cash” is not applicable in Canada. 

  
 4 

 (c) any Equity Interests for which the creation or perfection of pledges of, or security
interests in, would result in material adverse tax consequences to the Borrower, any direct or indirect parent of the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower in consultation with the Collateral Agent; 

(d) (x) Margin Stock and (y) Equity Interests in any Captive Insurance Subsidiary, non-for-profit Subsidiary or special purpose entity;

 (e) any Equity Interest to the extent and for so long as the pledge of such Equity Interest hereunder is prohibited or restricted by any
applicable law, including any requirement to obtain the consent of any Governmental Authority or third party; and 
 (f) any Equity
Interests to the extent that action would be required under the law of any non-U.S. or non-Canadian jurisdiction to create or perfect a security interest in such Equity Interests. 

“Excluded Property” shall mean 

(a) any right, title or interest of any Pledgor in, to or under (x) any permit or license issued by a Governmental Authority,
(y) any provincial or local franchises, charters or authorizations to the extent such security interest is prohibited or restricted thereby (except to the extent such prohibition or restriction is ineffective under the PPSA or other applicable
law) or (z) any lease, license, contract or agreement, in each case, only to the extent and for so long as the creation by such Pledgor of a security interest in such permit, lease, license, franchise, charter, authorization, contract or
agreement in favor of the Collateral Agent would result in a breach of the terms of, or constitute a default under, the terms of such permit, lease, license, franchise, charter, authorization contract, or agreement or any Requirement of Law
applicable thereto (after giving effect to any other applicable law or principles of equity), 
 (b) any lease, license or agreement or any
property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or create a
right of termination in favor of any other party thereto after giving effect to the applicable anti-assignment provisions of the PPSA or violate any other applicable law (or would require the approval, consent or authorization of any Governmental
Authority), other than Proceeds thereof and Accounts derived therefrom, the assignment of which is expressly deemed effective under the PPSA or other applicable law notwithstanding such prohibition; 

(c) any property or asset to the extent that the grant of a security interest in such property or asset is prohibited or restricted by any
applicable Requirement of Law or requires a consent of any Governmental Authority or any third party; 
 (d) any interest in real property
other than fee interests and fee interest in real property if the fair market value of such fee interest is less than (i) for Real Property owned as of the Closing Date, $1,000,000 and (ii) for Real Property acquired thereafter,
$2,000,000; 
 (e) any motor vehicles, aircraft or other assets that are subject to certificates of title; 

  
 5 

 (f) any assets as to which the Collateral Agent reasonably determines that the costs of obtaining
such a security interest are excessive in relation to the value of the security to be afforded thereby; 
 (g) Letter of Credit Rights,
except to the extent constituting supporting obligations for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by the filing of a PPSA financing statement (it being understood that no
actions shall be required to perfect a security interest in Letter of Credit Rights, other than the filing of a PPSA financing statement); 

(h) any property or assets for which the creation or perfection of pledges of, or security interests in, would result in material adverse tax
consequences to the Borrower, any direct or indirect parent of the Borrower or any of its Subsidiaries, as reasonably determined by the Borrower in consultation with the Collateral Agent; 

(i) any proposed use Trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with
respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such proposed use Trademark application under applicable federal
law; 
 (j) assets in circumstances where the cost of obtaining a security interest in such assets, including, without limitation, the cost
of title insurance, surveys or flood insurance (if necessary) would be excessive in light of the practical benefit to the Lenders afforded thereby as reasonably determined by the Borrower and the Collateral Agent; 

(k) any Consumer Goods; 
 (l)
the last day of the term of any lease or agreement therefore but upon the enforcement of the liens and security interests granted by this Agreement, each Pledgor shall stand possessed of such last day in trust to assign the same to any person
acquiring such term; and 
 (m) Excluded Equity Interests; 

provided, however, that Excluded Property shall not include any Proceeds, substitutions or replacements of any Excluded Property referred to in
clauses (a) through (m) (unless such Proceeds, substitutions or replacements would specifically constitute Excluded Property referred to in clauses (a) through (m)). 

“Fixtures” shall mean goods that have become so related to particular real property that an interest in them arises under
real property law. 
 “Futures Account Control Agreement” shall mean a control agreement in a form that is reasonably
satisfactory to the Administrative Agent establishing the Collateral Agent’s Control with respect to any Futures Account. 

“General Collateral” shall have the meaning assigned to such term in Section 2.1. 

  
 6 

 “General Intangibles” shall mean, collectively, with respect to each Pledgor,
all Intangibles of such Pledgor and, in any event, shall include (i) all of such Pledgor’s rights, title and interest in, to and under all Contracts and insurance policies (including all rights and remedies relating to monetary
damages, including indemnification rights and remedies, and claims for damages or other relief pursuant to or in respect of any Contract), (ii) all know-how and warranties relating to any of the Collateral or the Mortgaged Property,
(iii) any and all other rights, claims, choses-in-action and causes of action of such Pledgor against any other person and the benefits of any and all collateral or other security given by any other person in connection therewith, (iv) all
guarantees, endorsements and indemnifications on, or of, any of the Collateral or any of the Mortgaged Property, (v) all lists, books, records, correspondence, ledgers, printouts, files (whether in printed form or stored electronically), tapes
and other papers or materials containing information relating to any of the Collateral or any of the Mortgaged Property, including all customer or tenant lists, identification of suppliers, data, plans, blueprints, specifications, designs, drawings,
appraisals, recorded knowledge, surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance standards, catalogs, research data, computer and automatic machinery software and programs and the like, field
repair data, accounting information pertaining to such Pledgor’s operations or any of the Collateral or any of the Mortgaged Property and all media in which or on which any of the information or knowledge or data or records may be recorded or
stored and all computer programs used for the compilation or printout of such information, knowledge, records or data, (vi) all licenses, consents, permits, variances, certifications, authorizations and approvals, however characterized, now or
hereafter acquired or held by such Pledgor, including building permits, certificates of occupancy, environmental certificates, industrial permits or licenses and certificates of operation and (vii) all rights to reserves, deferred payments,
deposits, refunds, indemnification of claims and claims for tax or other refunds against any Governmental Authority. 

“Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill connected with such Pledgor’s business
including all goodwill connected with (i) the use of and symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which such Pledgor has any interest, (ii) all know-how, trade secrets, customer and
supplier lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions, technical data, drawings, specifications, name plates, catalogs, confidential information and the right to limit the use or disclosure
thereof by any person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering contracts and such other assets which relate to such goodwill and (iii) all product lines of such Pledgor’s
business. 
 “Guarantors” shall have the meaning assigned to such term in the Preamble hereof. 

“Instruments” shall mean, collectively, with respect to each Pledgor, all Instruments and shall include all promissory notes,
drafts, bills of exchange or acceptances. 
 “Intellectual Property Collateral” shall mean, collectively, the Patents,
Trademarks, Copyrights, Intellectual Property Licenses and Goodwill. 

  
 7 

 “Intellectual Property Licenses” shall mean, collectively, with respect to each
Pledgor, all license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Pledgor is a licensor or licensee,
distributor or distributee under any such license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and
hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations
thereof and (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 

“Joinder Agreement” shall mean an agreement substantially in the form of Exhibit 1 hereto. 

“Lenders” shall have the meaning assigned to such term in Recital A hereof. 

“Letter-of-Credit Rights” shall mean a right to payment or performance under a letter of credit, whether or not the
beneficiary has demanded or is at the time entitled to demand payment or performance, but does not include the right of a beneficiary to demand payment or performance under a letter of credit. 

“Material Intellectual Property Collateral” shall mean any Intellectual Property Collateral that is material to the business,
results of operations, prospects or condition, financial or otherwise of the Pledgors taken as a whole. 
 “Mortgaged
Property” shall have the meaning assigned to such term in the Term Loan Credit Agreement. 
 “Patents” shall mean,
collectively, with respect to each Pledgor, all patents issued or assigned to, and all patent applications and registrations made by, such Pledgor (whether established or registered or recorded in Canada, the United States or any other country or
any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any patents, (ii) inventions and improvements described and claimed therein,
(iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with
respect thereto including damages and payments for past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 

“Patent Security Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto. 

“Perfection Certificate” shall mean that certain perfection certificate dated as of the Effective Date, executed and
delivered by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties, and each other Perfection Certificate (which shall be in form and substance reasonably acceptable to the Collateral Agent) executed and delivered by
the 

  
 8 

 
applicable Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties contemporaneously with the execution and delivery of each Joinder Agreement executed in accordance
with Section 2.5 hereof, in each case, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the Term Loan Credit Agreement or upon the request of the Collateral Agent. 

“Pledged Collateral” shall have the meaning assigned to such term in Section 3.1 hereof. 

“Pledged Debt” shall have the meaning assigned to such term in Section 3.1. 

“Pledged Equity” shall have the meaning assigned to such term in Section 3.1. 

“Pledged Securities” shall mean the Pledged Equity and the Pledged Debt. 

“Pledgor” shall have the meaning assigned to such term in the Preamble hereof. 

“PPSA” shall mean the Personal Property Security Act (Ontario), together with any regulations thereunder, in each case
as in effect from time to time. References to sections of the PPSA shall be construed to also refer to any successor sections. 

“Receivables” shall mean all (i) Accounts, (ii) Chattel Paper, (iii) Intangibles, (iv) General
Intangibles, (v) Instruments and (vi) to the extent not otherwise covered above, all other rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or
services rendered or to be rendered, regardless of how classified under the PPSA together with all of Pledgors’ rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting
Obligations related thereto and all books and records relating thereto. 
 “Receiver” means a receiver, a manager or a
receiver and manager. 
 “Securities Account Control Agreement” shall mean an agreement in a form that is reasonably
satisfactory to the Collateral Agent establishing the Collateral Agent’s Control with respect to any Security Entitlement. 

“Security Interest” shall have the meaning assigned to such term in Section 2.1. 

“Specified Events of Default” shall mean an Event of Default under Section 8.01(a), (b),
(g) or (h) of the Term Loan Credit Agreement has occurred and is continuing. 
 “STA” shall
mean the Securities Transfer Act (Ontario), together with any regulations thereunder, in each case as in effect from time to time. References to sections of the STA shall be construed to also refer to any successor sections. 

“Supporting Obligation” shall mean any Letter-of-Credit Right or secondary obligation that supports the payment or
performance of an Account, Chattel Paper, Document of Title, Intangible, Instrument or Investment Property. 

  
 9 

 “Term Loan Credit Agreement” shall have the meaning assigned to such term in
Recital A hereof. 
 “Term Priority Collateral” has the meaning assigned such term in the Intercreditor Agreement.

 “Trademarks” shall mean, collectively, with respect to each Pledgor, all trademarks (including service marks), slogans,
logos, certification marks, trade dress, uniform resource locations (URL’s), domain names, corporate names and trade names, whether registered or unregistered, owned by or assigned to such Pledgor and all registrations and applications for the
foregoing (whether statutory or common law and whether established or registered in Canada, the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under
applicable law with respect to such Pledgor’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto, (iii) income, fees, royalties, damages and payments now and hereafter due
and/or payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present
and future infringements thereof. 
 “Trademark Security Agreement” shall mean an agreement substantially in the form of
Exhibit 4 hereto. 
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State
of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the Secured Parties’ security interest in any item or
portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other
jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

“ULC” means an issuer that is an unlimited company or unlimited liability company or any other incorporated entity whose
shareholders or members have liability for obligations of the entity on winding up or in other circumstances. 
 “ULC Laws”
means the Companies Act (Nova Scotia), the Business Corporations Act (Alberta), the Business Corporations Act (British Columbia) and any other present or future laws governing ULCs. 

“ULC Shares” means those Pledged Securities consisting of shares in the capital stock of any ULC. 

SECTION 1.2 Interpretation. The rules of interpretation specified in the Term Loan Credit Agreement (including Section 1.03
thereof) shall be applicable to this Agreement. 
 SECTION 1.3 Resolution of Drafting Ambiguities. Each party hereto
acknowledges and agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and 

  
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negotiation hereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Pledgors) shall not be employed in the interpretation
hereof. 
 SECTION 1.4 Perfection Certificate. The Collateral Agent and each Secured Party agree that the Perfection Certificate
and all descriptions of Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of this Agreement. 

ARTICLE II 
 SECURITY INTEREST IN
PERSONAL PROPERTY 
 SECTION 2.1 Grant of Security Interest. As security for the payment or performance, as the case may be, in
full of the Secured Obligations, including the Guarantees, each Pledgor hereby pledges, mortgages, charges, assigns (by way of security) and grants to the Collateral Agent for the benefit of the Secured Parties, a lien on and security interest (the
“Security Interest”) in all of the right, title and interest of such Pledgor in, to and under the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the
“General Collateral”): 
 (i) all Accounts; 

(ii) all Equipment, Goods, Inventory and Fixtures; 

(iii) all Documents, Instruments and Chattel Paper; 

(iv) all Letter-of-Credit Rights, but only to the extent constituting a supporting obligation for other General Collateral as
to which perfection of security interests in such General Collateral is accomplished by the filing of a PPSA financing statement; 

(v) all Investment Property; 

(vi) all Intellectual Property Collateral; 

(vii) all General Intangibles; 

(viii) all Money and all Deposit Accounts; 

(ix) all Supporting Obligations; 

(x) all books and records relating to the General Collateral; and 

(xi) to the extent not covered by clauses (i) through (x) of this sentence, all undertaking and other personal
property of such Pledgor, whether tangible or intangible, wherever located, and all Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing,
any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to such Pledgor from time to time with respect to any of the foregoing. 

  
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 Notwithstanding anything to the contrary contained above or in any other provision of any Loan
Document, (i) the security interest created by this Agreement shall not extend to, and the term “Collateral” shall not include, any Excluded Property (ii) subject to the Intercreditor Agreement and the execution and delivery of
any Control Agreements explicitly required by the terms of Section 2.4(b) and 2.4(c), as applicable, hereof, no actions shall be required to perfect the security interests hereunder through “control”, (iii) other than as
expressly required pursuant to Section 2.4, delivery to the Collateral Agent to be held in its possession, Collateral consisting of Instruments and (iv) (A) no Pledgor shall be required to complete any filings or other action with
respect to the perfection of the security interests created hereby and (B) no actions shall be required of any Pledgor to create any security interest in its property, under the law of any jurisdiction other than Canada or any province thereof,
except (in the case of this clause (B)) to the extent necessary to reflect the designation of any Excluded Subsidiary as a Subsidiary Guarantor by the Borrower in accordance with Section 5.10(d) of the Term Loan Credit Agreement or except as
otherwise agreed in writing by the Borrower. 
 SECTION 2.2 Filings. 

(a) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any
financing statements (including fixture filings) and amendments thereto that contain the information required by the PPSA (and the UCC or any similar legislation or applicable law) of each applicable jurisdiction for the filing of any financing
statement or amendment relating to the General Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) any financing, financing
change or continuation statements or other documents without the signature of such Pledgor where permitted by law, including the filing of a financing statement describing the General Collateral as “all assets now owned or hereafter acquired by
the Pledgor or in which Pledgor otherwise has rights” and (iii) in the case of a financing statement filed as a fixture filing or covering General Collateral constituting minerals or the like to be extracted or timber to be cut, a
sufficient description of the real property to which such General Collateral relates. Each Pledgor agrees to provide all information described in the immediately preceding sentence to the Collateral Agent promptly upon request by the Collateral
Agent. 
 (b) Each Pledgor hereby ratifies its authorization for the Collateral Agent to file in any relevant jurisdiction any financing
statements or amendments thereto relating to the General Collateral if filed prior to the date hereof. 
 (c) Each Pledgor hereby further
authorizes the Collateral Agent to make filings with the Canadian Intellectual Property Office, the United States Patent and Trademark Office or United States Copyright Office (or any successor office or any similar office in any other country),
including this Agreement, the Copyright Security Agreement, the Patent Security Agreement and the Trademark Security Agreement, or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest
granted by such Pledgor hereunder, without the signature of such Pledgor, and naming such Pledgor, as debtor, and the Collateral Agent, as secured party. 

  
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 SECTION 2.3 Financing Statements and Other Filings; Maintenance of Perfected Security
Interest. Each Pledgor represents and warrants that, as of the date such information is dated or certified, or is required to have been delivered, a copy of all financing statements, agreements, instruments and other documents necessary to
perfect the security interest granted by it to the Collateral Agent in respect of the General Collateral have been delivered to the Collateral Agent as filed in each governmental, municipal or other office specified in Schedule 7 to the Perfection
Certificate or, where required, have been delivered to the Collateral Agent in completed and, to the extent necessary or appropriate, duly executed form for filing in such office. Except as otherwise provided in Section 9.4 and subject to the
Intercreditor Agreement, each Pledgor agrees that at the sole cost and expense of the Pledgors, such Pledgor will maintain the security interest created by this Agreement in the General Collateral as a perfected first priority security interest
subject only to Permitted Collateral Liens. 
 SECTION 2.4 Other Actions. In order to further ensure the attachment, perfection
and priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent’s security interest in the General Collateral, each Pledgor represents and warrants (as to itself) as follows and agrees, in each case at such
Pledgor’s own expense and subject to the Intercreditor Agreement, to take the following actions with respect to the following General Collateral: 

(a) Instruments and Chattel Paper. As of the date hereof, no amounts payable under or in connection with any of the General Collateral, in the
aggregate for all Pledgors in excess of $500,000, are evidenced by any Instrument or Chattel Paper other than such Instruments and Chattel Paper listed in Schedule 11 to the Perfection Certificate. Each Instrument and each item of
Chattel Paper listed in Schedule 11 to the Perfection Certificate in excess of the forgoing amount having an individual amount payable in excess of $50,000 has been properly endorsed, assigned and delivered to the Collateral Agent,
accompanied by instruments of transfer or assignment duly executed in blank. If any amount then payable under or in connection with any of the General Collateral shall be evidenced by any Instrument or Chattel Paper, and such amount, together with
all amounts payable evidenced by any Instrument or Chattel Paper not previously delivered to the Collateral Agent exceeds $500,000 in the aggregate for all Pledgors and having an individual amount payable in excess of $50,000, the Pledgor acquiring
such Instrument or Chattel Paper shall promptly (but in any event within thirty (30) days after receipt thereof or such longer period as the Collateral Agent may agree in its discretion) pledge and, subject to the Intercreditor Agreement,
deliver the same to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time specify. 

(b) Deposit Accounts. As of the date hereof, no Pledgor has any Deposit Accounts other than the accounts listed in Schedule 14 to the
Perfection Certificate. The Collateral Agent has a security interest in each such Deposit Account, No Pledgor shall hereafter establish and maintain any Deposit Account (other than Excluded Deposit Accounts) unless it shall have given the Collateral
Agent 30 days prior written notice (or such lesser notice period as the Collateral Agent may agree to in its discretion) of its intention to establish such new Deposit 

  
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Account and such Bank and such Pledgor shall have duly executed and delivered to the Collateral Agent a Deposit Account Control Agreement with respect to such Deposit Account. The Collateral
Agent agrees with each Pledgor that the Collateral Agent shall not give any instructions directing the disposition of funds from time to time credited to any Deposit Account or withhold any withdrawal rights from such Pledgor with respect to funds
from time to time credited to any Deposit Account unless a Specified Event of Default has occurred and is continuing. Each Pledgor agrees that, upon the occurrence and during the continuance of any Specified Event of Default, once the Collateral
Agent sends an instruction or notice to a Bank exercising its control over any Deposit Account such Pledgor shall not give any instructions or orders with respect to such Deposit Account, including, without limitation, instructions for distribution
or transfer of any funds in such Deposit Account. No Pledgor shall authorize or instruct a Bank to comply with instructions originated by any person other than the Collateral Agent directing disposition of the funds in any Deposit Account without
further consent by such Pledgor. 
 (c) Investment Property. Except to the extent otherwise provided in ARTICLE II, if any Pledgor shall at
any time (beginning on the day that is ninety (90) calendar days after the occurrence of the Effective Date (or such later time as the Collateral Agent may in its discretion agree)) hold or acquire any certificated securities constituting
Investment Property, in the aggregate for all Pledgors in excess of $500,000 and for each such certificated security in excess of such amount having an individual value in excess of $50,000, such Pledgor shall promptly (1) endorse, assign and
deliver the same to the Collateral Agent (or to the ABL Agent as gratuitous bailee in accordance with the Intercreditor Agreement), accompanied by such instruments of transfer or assignment duly executed in blank, all in form and substance
reasonably satisfactory to the Collateral Agent or (2) deliver such securities into a Securities Account with respect to which a Securities Account Control Agreement is in effect in favor of the Collateral Agent; provided that, in the
case of any Securities Account (other than Securities Accounts for which the Securities Intermediary is the Bank) acquired by any Pledgor pursuant to a Permitted Acquisition, the security interest of the Collateral Agent therein shall not be
required to be perfected by Control before the day that is ninety (90) calendar days after the date of the consummation of such Permitted Acquisition (or such later time as the Collateral Agent may in its discretion agree). As between the
Collateral Agent and the Pledgors, the Pledgors shall bear the investment risk with respect to the Investment Property and Pledged Securities, and the risk of loss of, damage to, or the destruction of, the Investment Property and Pledged Securities,
whether in the possession of, or maintained as a Security Entitlement or deposit by, or subject to the Control of, the Collateral Agent, any Pledgor or any other Person. 

SECTION 2.5 Joinder of Additional Guarantors. The Pledgors shall cause each Subsidiary that is organized or existing under any Canadian
jurisdiction which, from time to time, after the date hereof the Borrower shall designate as an additional Subsidiary Guarantor pursuant to Section 5.10(d) of the Term Credit Agreement to pledge any assets to the Collateral Agent for the
benefit of the Secured Parties pursuant to the provisions of Section 5.10(b) of the Term Loan Credit Agreement, (a) to execute and deliver to the Collateral Agent (i) a Joinder Agreement substantially in the form of Exhibit 1
hereto and (ii) a Perfection Certificate and upon such execution and delivery, such Subsidiary shall constitute a “Guarantor” and a “Pledgor” for all purposes hereunder with the same force and effect as if originally named
as a Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any 

  
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Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Pledgor as a party to this Agreement. For the
avoidance of doubt, no Excluded Subsidiary shall be required to become a Pledgor hereunder. 
 SECTION 2.6 Supplements; Further
Assurances. Each Pledgor shall take such further actions, and execute and/or deliver to the Collateral Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as the Collateral Agent
may in its reasonable judgment deem necessary or appropriate in order to create, perfect, preserve and protect the Security Interest as provided herein and the rights and interests granted to the Collateral Agent hereunder, to carry into effect the
purposes hereof or better to assure and confirm the validity, enforceability and priority of the Collateral Agent’s Security Interest or permit the Collateral Agent to exercise and enforce its rights, powers and remedies created hereby,
including the filing of financing statements, financing change statements, continuation statements and other documents (including this Agreement) under the PPSA (or other similar laws) in effect in any jurisdiction with respect to the Security
Interest, all in form reasonably satisfactory to the Collateral Agent and in such offices (including the Canadian Intellectual Property Office, the United States Patent and Trademark Office and the United States Copyright Office) wherever required
by law to perfect, continue and maintain the validity, enforceability and priority of the Security Interest as provided herein and to preserve the other rights and interests granted to the Collateral Agent hereunder, as against third parties, with
respect to the Collateral, including the execution and delivery of Control Agreements. Without limiting the generality of the foregoing, each Pledgor shall make, execute, endorse, acknowledge, file or refile and/or deliver to the Collateral Agent
from time to time upon reasonable request by the Collateral Agent such lists, schedules, descriptions and designations of the Collateral, supplements, additional security agreements, conveyances, financing statements, transfer endorsements, powers
of attorney, certificates, reports, Control Agreements and other assurances or instruments as the Collateral Agent shall reasonably request, subject to the terms of this Agreement and the other Loan Documents. If an Event of Default has occurred and
is continuing, the Collateral Agent may institute and maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of
the security interest in or the perfection thereof in the Collateral. All of the foregoing shall be at the sole cost of the Pledgors. 

ARTICLE III 
 PLEDGE OF SECURITIES

 SECTION 3.1 Pledge. As security for the payment or performance, as the case may be, in full of the Secured Obligations,
including the Guarantees, each of the Pledgors 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 Pledgor’s right, title and interest in, to and under: 
 (a) all
Equity Interests held by it that are listed on Schedule 10(a) of the Perfection Certificate and any other Equity Interests in any material Wholly Owned Subsidiaries 

  
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directly held in the future by such Pledgor and the certificates representing all such Equity Interests (if any) (the “Pledged Equity”); provided, that the Pledged Equity
shall not include Excluded Equity Interests; 
 (b) (A) the debt securities owned by it and listed Schedule 11 to the Perfection
Certificate, (B) any debt securities obtained in the future by such Pledgor and (C) the promissory notes and any other instruments evidencing such debt securities (the “Pledged Debt”); provided, that the Pledged
Debt shall not include any Excluded Property; 
 (c) all other property that may be delivered to and held by the Collateral Agent pursuant
to the terms of this Section 3.1; 
 (d) subject to Section 3.6, 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 (a)
and (b) above; 
 (e) subject to Section 3.6, all rights and privileges of such Pledgor with respect to the securities and other
property referred to in clauses (a), (b), (c) and (d) above; and 
 (f) all Proceeds of any of the foregoing 

(the items referred to in clauses (a) through (f) 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, including the final paragraph of Section 2.1.

 SECTION 3.2 Delivery of the Pledged Securities 

(a) Pledged Equity. Each Pledgor agrees that all Pledged Equity to the extent certificated (i) (A) to the extent listed on
Schedule 10(a) to the Perfection Certificate delivered on the Effective Date and (B) to the extent acquired after the Effective Date but on or prior to the date hereof, in each case has been delivered to the ABL Agent as gratuitous bailee for
the Collateral Agent in accordance with Section 3.2 of the Intercreditor Agreement and, as of and after the date hereof, the Pledged Equity so delivered shall be possessed by the Collateral Agent, subject to the Intercreditor Agreement, for the
benefit of the Secured Parties and (ii) to the extent acquired by any Pledgor after the date hereof, within thirty (30) days after any such acquisition (or, in each case, such longer period as the Collateral Agent may agree in its
reasonable discretion) shall be delivered or caused to be delivered to the Collateral Agent, subject to the Intercreditor Agreement, for the benefit of the Secured Parties. 

(b) Pledge Debt. Each Pledgor agrees that all Pledged Debt (i) (A) to the extent listed on Schedule 11 to the Perfection
Certificate delivered on the Effective Date and (B) to the extent acquired after the Effective Date but on or prior to the date hereof, in each case has 

  
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been evidenced by a duly executed promissory note and delivered to the ABL Agent as gratuitous bailee for the Collateral Agent in accordance with Section 3.2 of the Intercreditor Agreement
and (ii) to the extent acquired after the date hereof, within thirty (30) days after any such acquisition (or, in each case, such longer period as the Collateral Agent may agree in its reasonable discretion) shall be evidenced by a duly
executed promissory note and delivered or caused to be delivered to the Collateral Agent, for the benefit of the Secured Parties; provided that, notwithstanding the foregoing, no Pledgor shall be required to cause any Pledged Debt to be
evidenced by a duly executed promissory note and delivered to the Collateral Agent or ABL Agent as gratuitous bailee for the Collateral Agent, as the case may be, except as set forth in Section 2.4(a). 

SECTION 3.3 Stock Powers. Upon delivery to the Collateral Agent (or ABL Agent as gratuitous bailee for the Collateral Agent), any
Pledged Securities shall be accompanied by stock or security powers, as applicable, duly executed in blank or other instruments of transfer reasonably satisfactory to the Collateral Agent (or ABL Agent as gratuitous bailee for the Collateral Agent)
and by such other instruments and documents as the Collateral Agent (or ABL Agent as gratuitous bailee for the Collateral Agent) may reasonably request (other than instruments or documents governed by or requiring actions in any non-U.S. or
non-Canadian jurisdiction related to Equity Interests of Foreign Subsidiaries). 
 SECTION 3.4 Representations, Warranties and
Covenants Each Pledgor represents, warrants and covenants to and with the Collateral Agent, for the benefit of the Secured Parties, that: 

(a) As of the Effective Date, Schedule 10 to the Perfection Certificate includes all Equity Interests, debt securities and promissory notes
held by each Pledgor as of the Effective Date and required to be pledged by such Pledgor hereunder; 
 (b) the Pledged Equity issued by
Pledgors or their respective Subsidiaries have been duly and validly authorized and issued by the issuers thereof and are fully paid and nonassessable (other than Pledged Equity consisting of limited liability company interests or partnership
interests which, pursuant to the relevant organizational or formation documents, cannot be fully paid and non-assessable); 

(c) except for the security interests granted hereunder, such Pledgor (i) is, subject to any transfers made in compliance with the Term
Loan Credit Agreement, the direct owner, beneficially and of record, of the Pledged Equity indicated on Schedule 10 to the Perfection Certificate and all other Pledged Equity acquired after the Effective Date and on or prior to the date hereof
and (ii) holds the same free and clear of all Liens, other than (A)(I) Liens created by the Security Documents and (II) subject to the Intercreditor Agreement, the ABL Documents and (B) other Liens permitted pursuant to Section 6.02
of the Term Loan Credit Agreement restrictions on transfer, if any, contained in its charter documents; 
 (d) except for restrictions and
limitations imposed or permitted by the Loan Documents or securities laws generally, the Pledged Collateral is freely transferable and assignable, and none of the Pledged Collateral is subject to any option, right of first refusal, shareholders
agreement the charter documents or by-law provisions or contractual restriction of 

  
 17 

 
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 except for restrictions on transfer, if any, contained in its charter documents in respect of which the necessary approvals have been
obtained; 
 (e) the execution and performance by the Pledgors of this Agreement are within each Pledgor’s corporate powers and have
been duly authorized by all necessary corporate action or other organizational action; 
 (f) no consent or approval of any Governmental
Authority, any securities exchange or commission or any other Person was or is necessary to the validity of the pledge effected hereby, except for (i) filings and registrations necessary to perfect the Liens on the Collateral granted by the
Loan Parties in favor of the Secured Parties and (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent
not required to be obtained, taken, given or be in full force and effect pursuant to the Term Loan Credit Agreement); 
 (g) by virtue of
the execution and delivery by each Pledgor of this Agreement, delivery of the Pledged Securities to the Collateral Agent to the extent delivered in Ontario, and continued possession by the Collateral Agent to the extent continued in the Province of
Ontario, the Collateral Agent for the benefit of the Secured Parties has a legal, valid and perfected lien upon and security interest in such Pledged Security as security for the payment and performance of the Secured Obligations to the extent such
perfection is governed by the PPSA, subject to no prior Lien other than (i) in the case of all Secured Obligations, (A) nonconsensual Liens permitted by Section 6.02 of the Term Loan Credit Agreement and (B) Liens permitted by
Section 6.02(p) of the Term Loan Credit Agreement to the extent junior in priority to the security interest granted hereunder and (ii) in the case of Secured Obligations arising after the Closing Date, all Liens permitted by
Section 6.02(p) of the Term Loan Credit Agreement; 
 (h) 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 to the extent intended hereby; and 
 (i)
subject to the terms of this Agreement and to the extent permitted by applicable law, each Pledgor hereby agrees that upon the occurrence and during the continuance of an Event of Default, it will comply with instructions of the Collateral Agent
with respect to the Equity Interests in such Pledgor that constitute Pledged Equity hereunder that are not certificated without further consent by the applicable owner or holder of such Equity Interests. 

Notwithstanding anything to the contrary in this Agreement, to the extent any provision of this Agreement or the Term Loan Credit Agreement excludes any
assets from the scope of the Pledged Collateral, or from any requirement to take any action to perfect any security interest in favor of the Collateral Agent in the Pledged Collateral, the representations, warranties and covenants made by any
relevant Pledgor in this Agreement with respect to the creation, perfection or priority (as applicable) of the security interest granted in favor of the Collateral Agent (including, without limitation, this Section 3.4) shall be deemed not to
apply to such excluded assets. 

  
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 SECTION 3.5 Certification of Limited Liability Company and Limited Partnership Interests.
No interest in any limited liability company or limited partnership controlled by any Pledgor 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 the STA of the applicable jurisdiction, (ii) such certificate bears a legend indicating such interest represented thereby is such a
“security”, and (iii) such certificate shall be delivered to the Collateral Agent in accordance with Section 3.2. Each Pledgor further acknowledges and agrees that with respect to any interest in any limited liability company or
limited partnership controlled on or after the date hereof by such Pledgor that constitutes Pledged Equity and that is not a “security” within the meaning of the STA, such Pledgor shall at no time elect to treat any such interest as a
“security” within the meaning of the STA, nor shall such interest be represented by a certificate, unless such election and such interest is thereafter represented by a certificate that is promptly delivered to the Collateral Agent (or ABL
Agent as gratuitous bailee for the Collateral Agent) pursuant to Section 3.2(a). 
 SECTION 3.6 Registration in Nominee Name;
Denominations. Subject to the Intercreditor Agreement, if an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given the Borrower prior or substantially concurrent written notice of its intent to exercise
such rights, (a) the Collateral Agent, on behalf of the Secured Parties, shall have the right 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 Pledgor,
endorsed or assigned in blank or in favor of the Collateral Agent and each Pledgor will promptly give to the Collateral Agent copies of any written notices or other written communications received by it with respect to Pledged Equity registered in
the name of such Pledgor and (b) the Collateral Agent shall have the right to exchange the certificates representing Pledged Equity for certificates of smaller or larger denominations for any purpose consistent with this Agreement, to the
extent permitted by the documentation governing such Pledged Securities. 
 SECTION 3.7 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 provided prior notice
to the Borrower that the rights of the Pledgor under this Section 3.7 are being suspended: 
 (i) Each Pledgor shall be
entitled to exercise any and all voting and other consensual rights and powers pertaining to the Pledged Securities or any part thereof for any purposes not inconsistent with the terms hereof, the Term Loan Credit Agreement and the other Loan
Documents. 
 (ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien created
under this Agreement, any and all Distributions, but only if and to the extent made in accordance with the provisions of the Term Loan Credit Agreement; provided, however, that any and all such non-cash Distributions consisting of

  
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rights or interests in the form of securities (to the extent constituting Pledged Collateral) shall be forthwith delivered to the Collateral Agent to hold as Pledged Securities and shall, if
received by any Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of such Pledgor and be promptly (but in any event within thirty (30) days after receipt thereof or such longer
period as the Collateral Agent may agree in its reasonable discretion) delivered to the Collateral Agent as Pledged Securities in the same form as so received (with any necessary endorsement). So long as no Default or Event of Default has occurred
and is continuing, the Collateral Agent shall promptly (upon receipt of a written request and in any event no later than 30 days after the receipt of such request) deliver to each Pledgor any Pledged Securities in its possession if requested to be
delivered to the issuer thereof in connection with any exchange or redemption of such Pledged Securities permitted by the Term Loan Credit Agreement. 

(b) So long as no Default or Event of Default has occurred and is continuing, the Collateral Agent shall be deemed without further action or
formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, upon written request of any Pledgor and at the sole cost and expense of the Pledgors, from time to time execute and deliver (or cause to be
executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant to Section 3.7(a)(i) hereof
and to receive the Distributions which it is authorized to receive and retain pursuant to Section 3.7(a)(ii) hereof. 
 (c) Upon the
occurrence and during the continuance of any Event of Default, upon prior written notice by the Collateral Agent to the Borrower: 

(i) All rights of each Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise
pursuant to Section 3.7(a)(i) hereof shall immediately cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise such voting and other consensual rights, subject to
the Intercreditor Agreement, 
 (ii) All rights of each Pledgor to receive Distributions which it would otherwise be
authorized to receive and retain pursuant to Section 3.7(a)(ii) hereof shall immediately cease and the Collateral Agent shall thereupon have the sole right to receive and hold as Pledged Collateral such Distributions, subject to the
Intercreditor Agreement. Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions of this clause (c)(ii) 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 8.1. 

(d) Each Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments as
the Collateral Agent may reasonably request in order to permit the Collateral Agent to exercise the voting and other rights which it may be entitled to exercise pursuant to Section 3.7(a)(i) hereof and to receive all Distributions which it may
be entitled to receive under Section 3.7(a)(ii) hereof. 

  
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 (e) All Distributions constituting Collateral which are received by any Pledgor contrary to the
provisions of Section 3.7(c)(ii) hereof shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Pledgor and shall promptly (and in any event within thirty (30) days or such longer
period as the Collateral Agent may agree in its reasonable discretion) be paid over to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). 

(f) Notwithstanding anything to the contrary herein, after all Events of Default have been cured or waived (i) each Pledgor shall have
the exclusive right to exercise the voting and/or consensual rights and powers that the it would otherwise be entitled to exercise pursuant to the terms of Section 3.7(a)(i) above, and the obligations of the Collateral Agent under
Section 3.7(b) shall be reinstated and (ii) the Collateral Agent shall promptly repay to each Pledgor (without interest) all dividends, interest, principal or other distributions that such Pledgor would otherwise be permitted to retain
pursuant to the terms of Section 3.7(a)(ii) and that remain in the account established pursuant to Section 3.7(c)(ii), and have not otherwise been applied (or designated for application) to the Secured Obligations, and such Pledgor’s
right to receive and retain any and all Distributions paid on or distributed (after all Events of Default have been cured or waived) in respect of the Pledged Securities shall be automatically reinstated. 

SECTION 3.8 Defaults, etc. Each Pledgor represents that such Pledgor is not in default in the payment of any portion of any
mandatory capital contribution, if any, required to be made under any agreement to which such Pledgor is a party relating to the Pledged Securities pledged by it, and such Pledgor is not in violation of any other provisions of any such agreement to
which such Pledgor is a party, or otherwise in default or violation thereunder. No Pledged Securities is subject to any defense, offset or counterclaim, nor have any of the foregoing been asserted or alleged against such Pledgor by any person with
respect thereto, and as of the date hereof, there are no certificates, instruments, documents or other writings (other than the Organizational Documents and certificates representing such Pledged Securities that have been delivered to the Collateral
Agent) which evidence any Pledged Securities of such Pledgor. 
 SECTION 3.9 Certain Agreements of Pledgors As Issuers and Holders
of Equity Interests. 
 (a) In the case of each Pledgor which is an issuer of Pledged Securities, such Pledgor agrees to be bound by the
terms of this Agreement relating to the Pledged Securities issued by it and will comply with such terms insofar as such terms are applicable to it. 

(b) In the case of each Pledgor which is a partner, shareholder or member, as the case may be, in a partnership, limited liability company or
other entity, such Pledgor hereby consents to the extent required by the applicable Organizational Document to the pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company
or other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged Securities to the Collateral Agent or its nominee and to the substitution of the Collateral Agent or its nominee as a
substituted partner, shareholder or member in such partnership, limited liability company or other entity with all the rights, powers and duties of a general partner, limited partner, shareholder or member, as the case may be. 

  
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 SECTION 3.10 ULC Shares. 

(a) Notwithstanding any provisions to the contrary contained in this Agreement, each Pledgor who has pledged and granted a security interest
hereunder in ULC Shares is the sole registered and beneficial owner of all Pledged Securities which are ULC Shares and, except to the extent otherwise permitted under the Term Loan Credit Agreement, will remain so until such time as such ULC Shares
are effectively transferred into the name of the Collateral Agent or any other person on the books and records of the issuer of such ULC Shares. Nothing in this Agreement, or any other document or agreement among all or some of the parties hereto is
intended to, and nothing in this Agreement or any other document or agreement among all or some of the parties hereto shall, constitute the Collateral Agent or any Secured Party or any person other than the applicable Pledgor, a “member”
or a “shareholder”, as applicable, of a ULC for the purposes of any ULC Laws (whether listed or unlisted, registered or beneficial), until such time as notice is given to the applicable Pledgor and further steps are taken pursuant hereto
or thereto so as to register the Collateral Agent or any Secured Party or such other person, as specified in such notice, as the holder of the ULC Shares. To the extent any provision hereof would have the effect of constituting the Collateral Agent
or any Secured Party as a member or a shareholder of any ULC prior to such time, such provision shall be severed herefrom and shall be ineffective with respect to ULC Shares which are Pledged Collateral without otherwise invalidating or rendering
unenforceable this Agreement or invalidating or rendering unenforceable such provision insofar as it relates to Pledged Collateral which are not ULC Shares. 

(b) Notwithstanding any provisions to the contrary contained in this Agreement, where a Pledgor is the registered owner of ULC Shares which
are Pledged Collateral, except to the extent otherwise permitted under the Term Loan Credit Agreement, such Pledgor will remain the registered owner of such ULC Shares until such time as such ULC Shares are effectively transferred into the name of
the Collateral Agent or any Secured Party or any other person on the books and records of such ULC. Accordingly, the Pledgor of ULC Shares shall be entitled to receive and retain for its own account any dividend on or other distribution, if any, in
respect of such ULC Shares (except insofar as the dividend or other distribution may become subject to a security interest pursuant hereto) and shall have the right to vote such ULC Shares and to control the direction, management and policies of the
ULC to the same extent as the Pledgor would if such ULC Shares were not pledged pursuant hereto. 
 (c) Notwithstanding any provisions to
the contrary contained in this Agreement, the Term Loan Credit Agreement or any other document or agreement among all or some of the parties hereto, except upon the exercise of rights to sell, transfer or otherwise dispose of ULC Shares in
accordance with this Agreement the Pledgor of ULC Shares shall not cause or permit, or enable any ULC in which it holds ULC Shares to cause or permit, the Collateral Agent or any Secured Party to: (a) be registered as a shareholder or member of
such ULC; (b) have any notation entered in their favour in the share register of such ULC; (c) be held out as a shareholder or member of the ULC; (d) be paid, directly or indirectly, any dividends, property or other distributions from
the ULC by reason of the Secured Party holding a security interest in the ULC Shares; or (e) act as a shareholder or member of the ULC, or exercise any rights of a shareholder or member, including the right to attend a meeting of shareholders
or members, or to vote the ULC Shares. 

  
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 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Each Pledgor represents, warrants and covenants as follows: 

SECTION 4.1 Title. Except for the Security Interest granted to the Collateral Agent for the ratable benefit of the Secured Parties
pursuant to this Agreement and Permitted Liens, such Pledgor owns and has rights and, as to General Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of General Collateral pledged by it
hereunder, free and clear of any and all Liens or claims of others, other than Permitted Collateral Liens, except for minor defects in title that do not materially interfere with its ability to conduct its business or to utilize such properties for
their intended purposes. 
 SECTION 4.2 Validity of Security Interest. The security interest in and Lien on the General
Collateral granted to the Collateral Agent for the benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all General Collateral securing the payment and performance of the Secured Obligations and
(b) subject to the filings and other actions described in Schedule 7 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed
made), a perfected security interest in all the General Collateral. The Security Interest and Lien granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement in and on the General Collateral will at all times
constitute a perfected, continuing security interest therein, prior to all other Liens on the General Collateral except for Permitted Collateral Liens. 

SECTION 4.3 Defense of Claims; Transferability of General Collateral. Each Pledgor shall, at its own cost and expense, take any
and all commercially reasonable actions necessary (in the judgment of such Pledgor) to defend title to the General Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Collateral Agent and the priority
thereof against all claims and demands of all persons, at its own cost and expense, at any time claiming any interest therein adverse to the Collateral Agent or any other Secured Party other than Permitted Collateral Liens; provided that,
nothing in this Agreement shall prevent any Pledgor from discontinuing the operation or maintenance of any of its assets or properties if such discontinuance is (x) determined by such Pledgor to be desirable in the conduct of its business or
(y) permitted by the Term Loan Credit Agreement. 
 SECTION 4.4 Other Financing Statements. It has not filed, nor
authorized any third party to file (nor will there be), any valid or effective financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of
any kind in the General Collateral, except such as have been filed in favor of the Collateral Agent pursuant to this Agreement or in favor of any holder of a Permitted Collateral Lien with respect to such Permitted Collateral Lien or financing
statements or public notices relating to the termination or financing change statements listed on Schedule 9 to the Perfection Certificate. No Pledgor shall execute, authorize or permit to be filed in any public office any financing
statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) relating to any General Collateral, except financing statements and other statements and instruments filed or to be filed in respect of
and covering the security interests granted by such Pledgor to the holder of the Permitted Collateral Liens. 

  
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 SECTION 4.5 Chief Executive Office; Change of Name; Jurisdiction of Organization. The
Borrower agrees not to effect any change (i)(w) in any Pledgor’s legal name, (x) in the location of any Pledgor’s chief executive office, (y) in any Pledgor’s identity or organizational structure, unless, in the case of each
of the preceding clauses (i)(w) through (i)(y), and it shall give the Collateral Agent and Administrative Agent written notice 5 days after such change, or such greater notice period agreed to by Collateral Agent, clearly describing such change and
providing such other information in connection therewith as Collateral Agent or Administrative Agent may reasonably request, or (ii) in the Province in which any tangible personal property is located having a value in excess of $100,000, until,
in the case of the preceding clause (ii), it shall have given Collateral Agent and Administrative Agent not less than 15 days’ prior written notice, or such lesser notice period agreed to by Collateral Agent, of its intention so to do, clearly
describing such change and providing such other information in connection therewith as Collateral Agent or Administrative Agent may reasonably request. In the case of each of clauses (i) and (ii) in the immediately preceding sentence,
each applicable Pledgor shall take all action reasonably satisfactory to Collateral Agent to maintain the perfection and priority of the security interest of Collateral Agent for the benefit of the Secured Parties in the Collateral, if
applicable. Each Pledgor agrees to promptly provide Collateral Agent with certified Organizational Documents reflecting any of the changes described in the preceding sentence. If any Pledgor fails to provide notice to the Collateral Agent about
such changes on a timely basis, the Collateral Agent shall not be liable or responsible to any party for any failure to maintain a perfected security interest in such Pledgor’s property constituting General Collateral, for which the Collateral
Agent needed to have information relating to such changes. The Collateral Agent shall have no duty to inquire about such changes if any Pledgor does not inform the Collateral Agent of such changes, the parties acknowledging and agreeing that it
would not be feasible or practical for the Collateral Agent to search for information on such changes if such information is not provided by any Pledgor. 

SECTION 4.6 Consents, etc. In the event that the Collateral Agent desires to exercise any remedies, voting or consensual rights or
attorney-in-fact powers set forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable request of the Collateral Agent, such Pledgor
agrees to use its commercially reasonable efforts to assist and aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 

SECTION 4.7 General Collateral. As of the date such information is dated or certified, or is required to have been delivered, all
information set forth herein, including the schedules hereto, and all information contained in any documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in
connection with this Agreement, in each case, relating to the General Collateral, is accurate and complete in all material respects. The General Collateral described on the schedules to the Perfection Certificate constitutes all material property of
such type of General Collateral owned or held by the Pledgors, as of the date such information is dated or certified, or is required to have been delivered. 

  
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 SECTION 4.8 Insurance. In the event that the Net Cash Proceeds of any insurance claim
constituting Collateral are paid to any Pledgor after the Collateral Agent has exercised its right to foreclose after an Event of Default, such Net Cash Proceeds shall be held in trust for the benefit of the Collateral Agent and promptly after
receipt thereof shall be paid to the Collateral Agent for application in accordance with Section 8.02 of the Term Loan Credit Agreement. 

SECTION 4.9 Investment Property (i) As of the date hereof, except as set forth in the Perfection Certificate, no Pledgor has any
Securities Accounts or Commodity Accounts. No Pledgor shall hereafter establish and maintain any Securities Account or Commodity Account with any Securities Intermediary or Commodity Intermediary unless (1) it shall have given the Collateral
Agent 30 days prior written notice (or such lesser notice period as the Collateral Agent may agree in its discretion) of its intention to establish such new Securities Account or Commodity Account with such Securities Intermediary or Commodity
Intermediary and (2) such Securities Intermediary or Commodity Intermediary, as the case may be, and such Pledgor shall have duly executed and delivered a Control Agreement with respect to such Securities Account or Commodity Account, as the
case may be (it being understood and agreed that perfection by Control of any Securities Account or Commodity Account shall not be required before the day that is ninety (90) calendar days after the occurrence of the Closing Date or, in the
case of any Securities Account or Commodity Account acquired by any Pledgor pursuant to any Permitted Acquisition, ninety (90) calendar days after the date of the consummation of such Permitted Acquisition (or, in each case, such later time as
the Collateral Agent may in its discretion agree)). No Pledgor shall grant Control over any Investment Property to any person other than the Collateral Agent or subject to the terms of the Intercreditor Agreement, another “Agent” under the
Intercreditor Agreement. 
 ARTICLE V 

CERTAIN PROVISIONS CONCERNING INTELLECTUAL 

PROPERTY COLLATERAL 

SECTION 5.1 Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an
Event of Default, to exercise rights and remedies under ARTICLE VII hereof at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants to the Collateral
Agent, to the extent assignable, an irrevocable, non-exclusive license to use, assign, license or sublicense any of the Intellectual Property Collateral now owned or hereafter acquired by such Pledgor, wherever the same may be located. Such license
shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout hereof; provided, however, that nothing in this Section 5.1 shall
require Pledgors to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results in the termination of any contract, license, agreement, instrument or other
document evidencing, giving rise to or theretofore granted, to the extent permitted by the Term Loan Credit Agreement, with respect to such property (in each case after giving effect to anti-assignment provisions of applicable law); provided,
further, that nothing in the foregoing license grant shall be construed as granting the Collateral Agent rights in and to such Intellectual Property 

  
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Collateral above and beyond (x) the rights to such Intellectual Property Collateral that each Pledgor has reserved for itself and (y) in the case of Intellectual Property Collateral
that is licensed to any such Pledgor by a third party, the extent to which such Pledgor has the right to grant a sublicense to such Intellectual Property Collateral hereunder (in each case after giving effect to anti-assignment provisions of
applicable law)). For the avoidance of doubt, the use of such license by the Collateral Agent may be exercised, at the option of the Collateral Agent, only during the continuation of an Event of Default; provided that such license is a present
grant. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may also exercise the rights afforded under Section 7.1 of this Agreement with respect to Intellectual Property Collateral contained in the
General Collateral. 
 SECTION 5.2 Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at
its sole cost and expense, (i) promptly following its becoming aware thereof, notify the Collateral Agent of any adverse determination in any proceeding or the institution of any proceeding in any federal, provincial, state or local court or
administrative body or in the Canadian Intellectual Property Office, the United States Patent and Trademark Office or the United States Copyright Office regarding any Material Intellectual Property Collateral, such Pledgor’s right to register
such Material Intellectual Property Collateral or its right to keep and maintain such registration in full force and effect, (ii) maintain all Material Intellectual Property Collateral as presently used and operated, (iii) not permit to
lapse or become abandoned any Material Intellectual Property Collateral, and not settle or compromise any pending or future litigation or administrative proceeding with respect to any such Material Intellectual Property Collateral, (iv) upon
such Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent in writing of any event which may reasonably be expected to materially and adversely affect the value or utility of any Material Intellectual Property Collateral or the
rights and remedies of the Collateral Agent in relation thereto including a levy or threat of levy or any legal process against any Material Intellectual Property Collateral, (v) not license any Intellectual Property Collateral other than
licenses entered into by such Pledgor in, or incidental to, the ordinary course of business or otherwise not prohibited by the Term Loan Credit Agreement, or amend or permit the amendment of any of the licenses in a manner that materially and
adversely affects the right to receive payments thereunder, or in any manner that would materially impair the value of any Intellectual Property Collateral or the Lien on and security interest in the Intellectual Property Collateral created therein
hereby, without the consent of the Collateral Agent (which shall not be unreasonably withheld, conditioned or delayed), (vi) diligently keep adequate records respecting all Intellectual Property Collateral and (vii) furnish to the
Collateral Agent from time to time upon the Collateral Agent’s reasonable request therefor reasonably detailed statements and amended schedules further identifying and describing the Intellectual Property Collateral and such other materials
evidencing or reports pertaining to any Intellectual Property Collateral as the Collateral Agent may from time to time request, which request, unless an Event of Default has occurred and is continuing, or a Material Adverse Effect has occurred,
shall occur no more often than once every three months. Notwithstanding any other provision of this Agreement, nothing in this Agreement or any other Loan Document prevents or shall be deemed to prevent any Pledgor from disposing of, discontinuing
the use or maintenance of, failing to pursue, or otherwise allowing to lapse, terminate or be put into the public domain, any of its Intellectual Property Collateral to the extent permitted by the Term Loan Credit Agreement if such Pledgor
determines in its reasonable business judgment that such disposition or discontinuance is desirable in the conduct of its business or no longer used or useful in such Pledgor’s business. 

  
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 SECTION 5.3 After-Acquired Property. If any Pledgor shall at any time after the date
hereof (i) obtain any rights to any additional Intellectual Property Collateral or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including any reissue, division,
continuation, or continuation-in-part of any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, except to the extent constituting Excluded Property, the provisions hereof shall automatically apply thereto
and any such item enumerated in the preceding clause (i) or (ii), except to the extent constituting Excluded Property, shall automatically constitute Intellectual Property Collateral as if such would have constituted Intellectual Property
Collateral at the time of execution hereof and be subject to the Lien and security interest created by this Agreement without further action by any party. Each Pledgor shall promptly provide to the Collateral Agent written notice of any of the
foregoing and confirm the attachment of the Lien and security interest created by this Agreement to any rights described in clauses (i) and (ii) above, except to the extent constituting Excluded Property, by execution of an instrument in
form reasonably acceptable to the Collateral Agent and the filing of any instruments or statements as shall be reasonably necessary to create, preserve, protect or perfect the Collateral Agent’s security interest in such Intellectual Property
Collateral. Further, each Pledgor authorizes the Collateral Agent to modify this Agreement by amending Schedules 12(a) and 12(b) to the Perfection Certificate to include any such Intellectual Property Collateral of such Pledgor
acquired or arising after the date hereof. 
 SECTION 5.4 Litigation. Unless there shall occur and be continuing any Event of
Default, each Pledgor shall have the right to commence and prosecute in its own name, as the party in interest, for its own benefit and at the sole cost and expense of the Pledgors, such applications for protection of the Intellectual Property
Collateral and suits, proceedings or other actions to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual Property Collateral. Upon the occurrence
and during the continuance of any Event of Default, the Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral and/or bring suit in the name of any Pledgor,
the Collateral Agent or the Secured Parties to enforce the Intellectual Property Collateral and any license thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the Collateral Agent, do any and all lawful acts and
execute any and all documents requested by the Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses incurred by the Collateral Agent in the exercise of
its rights under this Section 5.4 in accordance with Section 10.03 of the Term Loan Credit Agreement. 
 ARTICLE VI 

TRANSFERS 
 SECTION 6.1
Transfers of Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral pledged by it hereunder except as expressly permitted by the Term Loan Credit Agreement. 

  
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 ARTICLE VII 

REMEDIES 
 SECTION 7.1
Remedies. Upon the occurrence and during the continuance of any Event of Default, subject to the Intercreditor Agreement, the Collateral Agent may from time to time exercise in respect of the Collateral, in addition to the other rights and
remedies provided for herein or otherwise available to it, the following remedies: 
 (a) Personally, or by agents or attorneys, immediately
take possession of the Collateral or any part thereof, from any Pledgor 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 any Pledgor’s premises where
any of the Collateral is located, remove such Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Collateral and use in connection with such removal and possession any and all services,
supplies, aids and other facilities of any Pledgor; 
 (b) Demand, sue for, collect or receive any money or property at any time payable or
receivable in respect of the Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Collateral to make any payment required by the terms of such agreement, instrument or
other obligation directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided, however, that in the event
that any such payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, upon the written request of the Collateral Agent, such Pledgor shall segregate all amounts received pursuant thereto in trust for the
benefit of the Collateral Agent and shall promptly (but in no event later than five (5) Business Days after receipt thereof) pay such amounts to the Collateral Agent; 

(c) Sell, assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license to use or otherwise
liquidate, any and all investments made in whole or in part with the Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment, license or liquidation; 

(d) Take possession of the Collateral or any part thereof, by directing any Pledgor in writing to deliver the same to the Collateral Agent at
a place and time to be designated by the Collateral Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or places designated by the Collateral Agent and therewith delivered to the
Collateral Agent, (B) store and keep any Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent and (C) while the Collateral shall be so stored and kept, provide such security
and maintenance services as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to deliver the Collateral as contemplated in this Section 7.1(d) is of the essence hereof.
Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by any Pledgor of such obligation; 

  
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 (e) Withdraw all moneys, instruments, securities and other property in any bank, financial
securities, deposit or other account of any Pledgor constituting Collateral for application to the Secured Obligations as provided in ARTICLE VIII hereof; 

(f) Retain and apply the Distributions to the Secured Obligations as provided in ARTICLE VIII hereof; 

(g) Exercise any and all rights as beneficial and legal owner of the Collateral, including perfecting assignment of and exercising any and all
voting, consensual and other rights and powers with respect to any Collateral; 
 (h) Appoint by instrument in writing one or more Receivers
of any Pledgor or any or all of the Collateral of such Pledgor with such rights, powers and authority (including any or all of the rights, powers and authority of the Collateral Agent under this Agreement) as may be provided for in the instrument of
appointment or any supplemental instrument, and remove and replace any such Receiver from time to time. To the extent permitted by applicable law, any Receiver appointed by the Collateral Agent will (for purposed relating to responsibility for the
Receiver’s acts or omissions) be considered to be the agent of such Pledgor and not of the Collateral Agent or any of the other Secured Parties; 

(i) Obtain from any court of competent jurisdiction an order for the appointment of a Receiver of any Pledgor or of any or all of the
Collateral of such Pledgor; and 
 (j) Exercise all the rights and remedies of a secured party on default under the PPSA and any other
applicable law or statute, or otherwise available to the Collateral Agent by contract, at law or in equity, and the Collateral Agent may also in its sole discretion, without notice except as specified in Section 7.2 below, sell, assign or grant
a license to use the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and
at such price or prices and upon such other terms as the Collateral Agent may deem commercially reasonable. The Collateral Agent or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient
of the Collateral or any part thereof at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold, assigned or licensed at such sale, to use
and apply any of the Secured Obligations owed to such person as a credit on account of the purchase price of the Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale
shall acquire the property sold, assigned or licensed absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which
it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Collateral Agent shall not be obligated to make any sale of the Collateral or any part thereof regardless of notice of sale
having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so
adjourned. Each Pledgor hereby waives, to the fullest extent permitted by law, any claims against the Collateral Agent arising by reason of the fact that the price at which the Collateral or any part thereof may have been sold, assigned

  
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or licensed at such a private sale was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such
Collateral to more than one offeree. 
 SECTION 7.2 Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent
notice of sale or other disposition of the Collateral or any part thereof shall be required by law, ten (10) days prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other
intended disposition is to take place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any
right to notification of sale or other intended disposition. 
 SECTION 7.3 Waiver of Notice and Claims. Each Pledgor hereby
waives, to the fullest extent permitted by applicable law, notice or judicial hearing in connection with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of the Collateral or any part thereof, including any
and all prior notice and hearing for any prejudgment remedy or remedies and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law: (i) all
damages occasioned by such taking of possession, (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, appraisal, valuation, stay extension or moratorium now or hereafter in force under any applicable law. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to this ARTICLE VII in the absence of
gross negligence or willful misconduct on the part of the Collateral Agent. 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 applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor 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 or under such Pledgor. 
 SECTION 7.4 Certain Sales of Pledged Collateral.

 (a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules, regulations or orders of any Governmental
Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Securities, to limit purchasers to those who meet the requirements of such Governmental Authority. Each Pledgor acknowledges that any such
sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have
been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales. 

(b) Each Pledgor recognizes that, by reason of certain restrictions or prohibitions contained in applicable laws, the Collateral Agent may be
compelled, with respect to any sale of all or any part of the Pledged Securities and Investment Property, to limit purchasers to persons who will agree, among other things, to acquire such Pledged Securities or Investment Property for their own
account, for investment and not with a view to the distribution 

  
 30 

 
or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without
such restrictions and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and
no obligation to delay the sale of any Pledged Securities or Investment Property for the period of time necessary to comply with such restrictions or prohibitions. 

(c) If the Collateral Agent determines to exercise its right to sell any or all of the Pledged Securities or Investment Property, upon written
request, the applicable Pledgor shall from time to time furnish to the Collateral Agent all such information as the Collateral Agent may reasonably request in order to determine the number of securities included in the Pledged Securities or
Investment Property which may be sold by the Collateral Agent as exempt transactions under any laws governing securities and the rules and regulations of any applicable securities regulatory authority thereunder, as the same are from time to time in
effect. 
 (d) Each Pledgor further agrees that a breach of any of the covenants contained in this Section 7.4 will cause irreparable
injury to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this
Section 7.4 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default
has occurred and is continuing. 
 SECTION 7.5 No Waiver; Cumulative Remedies. 

(a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the
Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof
or the exercise of any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and
are not exclusive of any rights or remedies provided by law or otherwise available. 
 (b) In the event that the Collateral Agent shall have
instituted any proceeding to enforce any right, power, privilege or remedy under this Agreement or any other Loan Document 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 Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to
the Collateral, and all rights, remedies, privileges and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 

SECTION 7.6 Certain Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be
continuing, upon the written demand of the Collateral Agent, each Pledgor shall execute and deliver to the Collateral Agent an assignment or 

  
 31 

 
assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill and such other documents as are necessary or appropriate to carry out the intent and purposes hereof. Within ten
(10) Business Days of written notice thereafter from the Collateral Agent, each Pledgor shall make available to the Collateral Agent, to the extent within such Pledgor’s power and authority, such personnel in such Pledgor’s employ on
the date of the Event of Default as the Collateral Agent may reasonably designate to permit such Pledgor to continue, directly or indirectly, to produce, advertise and sell the products and services sold by such Pledgor under the registered Patents,
Trademarks and/or Copyrights, and such persons shall be available to perform their prior functions on the Collateral Agent’s behalf. 

ARTICLE VIII 
 APPLICATION OF
PROCEEDS 
 SECTION 8.1 Application of Proceeds. Subject to the Intercreditor Agreement, the proceeds received by the Collateral
Agent in respect of any sale of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the Collateral Agent of its remedies shall be applied, together with any other sums then held by the Collateral
Agent pursuant to this Agreement, in accordance with Section 8.02 of the Term Loan Credit Agreement. 
 ARTICLE IX 

MISCELLANEOUS 
 SECTION 9.1
Concerning Collateral Agent. 
 (a) The Collateral Agent has been appointed as collateral agent pursuant to the Term Loan Credit
Agreement. The actions of the Collateral Agent hereunder are subject to the provisions of the Term Loan Credit Agreement. The Collateral Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising
any rights, and to take or refrain from taking action (including the release or substitution of the Collateral), in accordance with this Agreement and the Term Loan Credit Agreement. The Collateral Agent may employ agents and attorneys-in-fact in
connection herewith and shall not be liable for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign and a successor Collateral Agent may be appointed in the manner
provided in the Term Loan Credit Agreement. Upon the acceptance of any appointment as the Collateral Agent by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Collateral Agent under this Agreement, and the retiring Collateral Agent shall thereupon be discharged from its duties and obligations under this Agreement. After any retiring Collateral Agent’s
resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Collateral Agent. 

(b) The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession
if such Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual capacity, accords its own property consisting of similar instruments or interests, it being understood that

  
 32 

 
neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders
or other matters relating to any Pledged Securities, whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any person with
respect to any Collateral. 
 (c) The Collateral Agent shall be entitled to rely upon any written notice, statement, certificate, order or
other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to this Agreement and its duties hereunder, upon advice of
counsel selected by it. 
 (d) If any item of Collateral also constitutes collateral granted to the Collateral Agent under any other deed of
trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or instrument of any type in
respect of such collateral, the provisions hereof shall control. 
 SECTION 9.2 Collateral Agent May Perform; Collateral Agent
Appointed Attorney-in-Fact. Subject to the Intercreditor Agreement, if at any time an Event of Default shall have occurred and be continuing, any Pledgor shall fail to perform any covenants contained in this Agreement (including such
Pledgor’s covenants to (i) pay the premiums in respect of all required insurance policies hereunder, (ii) pay and discharge any taxes, assessments and special assessments, levies, fees and governmental charges imposed upon or assessed
against, and landlords’, carriers’, mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any
portion of the Collateral, (iii) make repairs, (iv) discharge Liens or (v) pay or perform any obligations of such Pledgor under any Collateral) or if any representation or warranty on the part of any Pledgor contained herein shall be
breached, upon written notice to the Borrower, the Collateral Agent may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the
Collateral Agent shall in no event be bound to inquire into the validity of any tax, Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance
with the provisions of the Term Loan Credit Agreement. Any and all amounts so expended by the Collateral Agent shall be paid by the Pledgors in accordance with the provisions of Section 10.03 of the Term Loan Credit Agreement. Neither the
provisions of this Section 9.2 nor any action taken by the Collateral Agent pursuant to the provisions of this Section 9.2 shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation
or warranty from constituting an Event of Default (if applicable). Each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, or
otherwise, from time to time, subject to the Intercreditor Agreement, upon the occurrence and during the continuance of an Event of Default, in the Collateral Agent’s discretion to take any action and to execute any instrument consistent with
the terms of the Term Loan Credit Agreement, this Agreement and the other Security Documents which the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and shall
have no liability to such Pledgor or any third party for 

  
 33 

 
failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor
hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. 
 SECTION 9.3 Continuing Security
Interest; Assignment. This Agreement shall create a continuing security interest in the Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and
remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall
have any interest herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any
other person, and such other person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Term Loan Credit Agreement and, in the case of a
Secured Party that is a party to a Hedging Agreement (solely to the extent the Hedging Obligations arising thereunder constitute Secured Obligations), such Hedging Agreement. Each of the Pledgors agrees that its obligations hereunder and the
Security Interest created hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must otherwise be restored by the Secured
Party upon the bankruptcy or reorganization of any Pledgor or otherwise. 
 SECTION 9.4 Termination; Release. 

(a) When all the Secured Obligations (other than contingent indemnification Obligations as to which no claim has been asserted) have been paid
in full and the Commitments of the Lenders to make any Loan under the Term Loan Credit Agreement shall have expired or been sooner terminated in accordance with the provisions of the Term Loan Credit Agreement, this Agreement shall terminate. Upon
termination of this Agreement, or as otherwise provided in the Term Loan Credit Agreement, the Collateral shall be automatically released from the Lien of this Agreement. Upon such release or any release of Collateral or any part thereof in
accordance with the provisions of the Term Loan Credit Agreement, the Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or
warranty by the Collateral Agent except as to the fact that the Collateral Agent has not encumbered the released assets, such of the Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Collateral
Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Collateral, proper documents and instruments that any Pledgor shall reasonably request (including PPSA and UCC-3 termination financing statements, financing change statements or releases) acknowledging the termination hereof or the release of such Collateral, as the case may be. 

(b) A Pledgor shall automatically be released from its obligations hereunder and the security interest in the Collateral of such Pledgor shall
be automatically released upon the consummation of any transaction permitted by the Term Loan Credit Agreement as a result of which such Pledgor ceases to be a Subsidiary of the Borrower in accordance and in compliance with the terms of the Term
Loan Credit Agreement. 

  
 34 

 (c) Upon any sale or transfer by any Pledgor of any Collateral that is permitted under the Term
Loan Credit Agreement (other than a sale or transfer to another Loan Party in accordance and in compliance with the terms of the Term Loan Credit Agreement), or upon the effectiveness of any written consent to the release of the security interest
granted hereby in any Collateral pursuant to Section 10.02 of the Term Loan Credit Agreement, the security interest in such Collateral shall be automatically released. 

SECTION 9.5 Modification in Writing. Subject to the Intercreditor Agreement, no amendment, modification, supplement, termination
or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of the Term Loan Credit Agreement and unless in writing and signed by the
Collateral Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by any Pledgor from the terms of any provision hereof in each case shall be effective only
in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document evidencing the Secured Obligations, no notice to or demand on any Pledgor in any case
shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 
 SECTION 9.6 Notices.
Unless otherwise provided herein or in the Term Loan Credit Agreement, any notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Term Loan Credit Agreement, as to
any Pledgor, addressed to it at the address of the Borrower set forth in the Term Loan Credit Agreement and as to the Collateral Agent, addressed to it at the address set forth in the Term Loan Credit Agreement, or in each case at such other address
as shall be designated by such party in a written notice to the other party complying as to delivery with the terms of this Section 9.6. 

SECTION 9.7 Governing Law, Consent to Jurisdiction. This Agreement will be governed by and construed in accordance with the
laws of the Province of Ontario and the federal laws of Canada applicable therein. Without prejudice to the ability of the Collateral Agent to enforce this Agreement in any other proper jurisdiction, each Pledgor irrevocably submits and attorns to
the non-exclusive jurisdiction of the courts of such Province. To the extent permitted by applicable law, each Pledgor irrevocably waives any objection (including any claim of inconvenient forum) that it may now or hereafter have to the venue of any
legal proceeding arising out of or relating to this Agreement in the courts of such Province. 
 SECTION 9.8 Severability of
Provisions. Any provision hereof which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining
provisions hereof or affecting the validity, legality or enforceability of such provision in any other jurisdiction. 
 SECTION 9.9
Execution in Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original, but all such counterparts when taken 

  
 35 

 
together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by telecopier or other electronic transmission (i.e. a “pdf” or
“tif” document) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.10
Business Days. In the event any time period or any date provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding
Business Day, and performance herein may be made on such Business Day, with the same force and effect as if made on such other day. 

SECTION 9.11 No Claims Against Collateral Agent. Nothing contained in this Agreement shall constitute any consent or request by
the Collateral Agent, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to
contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Collateral Agent in respect thereof or any claim that any Lien
based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 

SECTION 9.12 No Release. Nothing set forth in this Agreement or any other Loan Document, nor the exercise by the Collateral Agent
of any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Collateral or from any
liability to any person under or in respect of any of the Collateral or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part
to be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any representation or warranty on the part of
such Pledgor contained in this Agreement, the Term Loan Credit Agreement or the other Loan Documents, or under or in respect of the Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the
Collateral Agent nor any other Secured Party shall have any obligation or liability under any contracts, agreements and other documents included in the Collateral by reason of this Agreement, nor shall the Collateral Agent or any other Secured Party
be obligated to perform any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Collateral hereunder. The obligations of each Pledgor
contained in this Section 9.12 shall survive the termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Term Loan Credit Agreement and the other Loan Documents. 

SECTION 9.13 Obligations Absolute. Except as set forth in Section 9.4, all obligations of each Pledgor hereunder shall be
absolute and unconditional irrespective of: 
 (a) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition,
liquidation or the like of any other Pledgor; 

  
 36 

 (b) any lack of validity or enforceability of the Term Loan Credit Agreement, any Hedging
Agreement (solely in respect of Hedging Obligations constituting Secured Obligations) or any other Loan Document, or any other agreement or instrument relating thereto; 

(c) 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 Term Loan Credit Agreement, any Hedging Agreement (solely in respect of Hedging Obligations constituting Secured Obligations) or any other Loan Document or any other agreement or
instrument relating thereto; 
 (d) any pledge, exchange, release or non-perfection of any other collateral, or any release or amendment or
waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations; 
 (e) any exercise, non-exercise or
waiver of any right, remedy, power or privilege under or in respect hereof, the Term Loan Credit Agreement, any Hedging Agreement (solely in respect of Hedging Obligations constituting Secured Obligations) or any other Loan Document except as
specifically set forth in a waiver granted pursuant to the provisions of Section 9.5 hereof; or 
 (f) any other circumstances which
might otherwise constitute a defense available to, or a discharge of, any Pledgor. 
 SECTION 9.14 Intercreditor Agreement 

(a) Notwithstanding anything herein to the contrary, the Liens granted to the Collateral Agent under this Agreement and the exercise of the
rights and remedies of the Collateral Agent hereunder and under any other Loan Document are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement or
any other Loan Document, the terms of the Intercreditor Agreement shall govern and control. Notwithstanding anything to the contrary herein, the Collateral Agent acknowledges and agrees that no Pledgor shall be required to take or refrain from
taking any action at the request of the Collateral Agent with respect to the Collateral if such action or inaction would be inconsistent with the terms of the Intercreditor Agreement. 

(b) Subject to the foregoing, (i) to the extent the provisions of this Agreement (or any other Security Documents) require the delivery
of, or control over, ABL Priority Collateral to be granted to the Collateral Agent at any time prior to the Discharge of ABL Obligations, then delivery of such ABL Priority Collateral (or control with respect thereto, (and any related approval or
consent rights)) shall instead be granted to the ABL Agent, to be held in accordance with the ABL Documents and subject to the Intercreditor Agreement and (ii) any provision of this Agreement (or any other Loan Documents) requiring Pledgors to
name the Collateral Agent as an additional insured or a loss payee under any insurance policy or a beneficiary of any letter of credit, such requirement shall have been complied with if any such insurance policy or letter of credit also names the
ABL Agent as an additional insured, loss payee or beneficiary, as the case may be, in each case pursuant and subject to the terms of the Intercreditor Agreement. 

  
 37 

 (c) Furthermore, at all times prior to the Discharge of ABL Obligations, the Collateral Agent is
authorized by the parties hereto to effect transfers of ABL Priority Collateral at any time in its possession (and any “control” or similar agreements with respect to ABL Priority Collateral) to the ABL Agent. 

(d) Notwithstanding anything to the contrary herein but subject to the Intercreditor Agreement, in the event the ABL Documents provide for the
grant of a security interest or pledge over the assets of any Pledgor and such assets do not otherwise constitute Collateral under this Agreement or any other Loan Document, such Pledgor shall (i) promptly grant a security interest in or pledge
such assets to secure the Secured Obligations, (ii) promptly take any actions necessary to perfect such security interest or pledge to the extent set forth in the ABL Documents and (iii) take all other steps reasonably requested by the
Collateral Agent in connection with the foregoing. 
 (e) Nothing contained in the Intercreditor Agreement shall be deemed to modify any of
the provisions of this Agreement, which, as among the Pledgor and the Collateral Agent shall remain in full force and effect in accordance with its terms. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

  
 38 

 IN WITNESS WHEREOF, the Pledgor and the Collateral Agent have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the date first above written. 
  

					
	NORCRAFT CANADA CORPORATION,
	as Pledgor
		
	By:	 	/s/ Leigh Ginter
		 	Name:	 	Leigh Ginter
		 	Title:	 	Secretary and Treasurer

  
 Signature Page
– Canadian Security Agreement (Credit Agreement) 

 
					
	ROYAL BANK OF CANADA,
	as Collateral Agent
		
	By:	 	/s/ Yvonne Brazier
		 	Name:	 	Yvonne Brazier
		 	Title:	 	Manager, Agency

  
 Signature Page
– Canadian Security Agreement (Credit Agreement) 

 EXHIBIT 1 

[Form of] 
 JOINDER AGREEMENT 

[Name of New Pledgor] 
 [Address of
New Pledgor] 
 [Date] 
  

	
	  

	  

	  

	  

 Ladies and Gentlemen: 

Reference is made to the Canadian Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time,
the “Security Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of December 13, 2013, made by NORCRAFT CANADA CORPORATION, a
Nova Scotia unlimited liability company (the “Canadian Guarantor”), the Guarantors party thereto and ROYAL BANK OF CANADA, as collateral agent (in such capacity and together with any successors in such capacity, the
“Collateral Agent”). 
 This Joinder Agreement supplements the Security Agreement and is delivered by the undersigned,
[                    ] (the “New Pledgor”), pursuant to Section 2.5 of the Security Agreement. The New Pledgor hereby agrees to
be bound as a Guarantor and as a Pledgor party to the Security Agreement by all of the terms, covenants and conditions set forth in the Security Agreement to the same extent that it would have been bound if it had been a signatory to the Security
Agreement on the date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms, covenants and conditions applicable to it set forth in Articles V, VI and VII of the Term Loan
Credit Agreement to the same extent that it would have been bound if it had been a signatory to the Term Loan Credit Agreement on the execution date of the Term Loan Credit Agreement. Without limiting the generality of the foregoing, the New Pledgor
hereby grants and pledges to the Collateral Agent, as collateral security for the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and
security interest in, all of its right, title and interest in, to and under the Collateral and expressly assumes all obligations and liabilities of a Guarantor and Pledgor thereunder. The New Pledgor hereby makes each of the representations and
warranties and agrees to each of the covenants applicable to the Pledgors contained in the Security Agreement and Article III of the Term Loan Credit Agreement. 

Annexed hereto are supplements to each of the schedules to the Security Agreement and the Term Loan Credit Agreement, as applicable, with
respect to the New Pledgor. Such supplements shall be deemed to be part of the Security Agreement or the Term Loan Credit Agreement, as applicable. 

 This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same
agreement. 
 THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE PROVINCE
OF ONTARIO. 

  
 2 

 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	[NEW PLEDGOR]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	AGREED TO AND ACCEPTED:
	
	ROYAL BANK OF CANADA,
	
	as Collateral Agent
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	
	[Schedules to be attached]

  
 3 

 EXHIBIT 2 

[Form of] 
 Copyright
Security Agreement 
 Copyright Security Agreement, dated as of December 13, 2013, by NORCRAFT CANADA CORPORATION, a Nova
Scotia unlimited liability company, (the “Pledgor”), in favor of ROYAL BANK OF CANADA, in its capacity as collateral agent pursuant to the Term Loan Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N E S S E T
H: 
 WHEREAS, the Pledgor is party to a Canadian Security Agreement of even date herewith (the
“Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgor is required to execute and deliver this Copyright Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the
Secured Parties, to enter into the Term Loan Credit Agreement, the Pledgor hereby agrees with the Collateral Agent as FOLLOWS: 

SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning
given to them in the Security Agreement. 
 SECTION 2. Grant of Security Interest in Copyright Collateral. The Pledgor hereby pledges
and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Collateral: 

(a) registered Copyrights and applications therefor of the Pledgor listed on Schedule I attached hereto; and 

(b) all Proceeds of any and all of the foregoing (other than Excluded Property). 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent pursuant to this Copyright Security Agreement are
granted in conjunction with the security interests granted to the Collateral Agent pursuant to the Security Agreement, and Pledgor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security
interests in the Copyrights made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this
Copyright Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control. 

SECTION 4. Termination. Upon the payment in full of the Secured Obligations (other than contingent indemnification Obligations as to
which no claim has been asserted) and 

 
termination of the Security Agreement, or as otherwise provided in the Term Loan Credit Agreement, the Collateral Agent shall execute, acknowledge, and deliver to the Pledgor an instrument in
writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Copyrights under this Copyright Security Agreement. 

SECTION 5. Counterparts. This Copyright Security Agreement may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Copyright Security Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of a signature page of this Copyright Security Agreement by
telecopier or other electronic transmission (i.e. a “pdf” or “tif” document) shall be effective as delivery of a manually executed counterpart of this Copyright Security Agreement. 

SECTION 6. Intercreditor Agreement. Notwithstanding any other provision contained herein, this Copyright Security Agreement, the Liens
created hereby and the rights, remedies, duties and obligations provided for herein are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the ABL Collateral Documents (as defined in the
Intercreditor Agreement) or the Term Collateral Documents (as defined in the Intercreditor Agreement), as applicable, and any other intercreditor agreement entered into in accordance with the terms of the Term Loan Credit Agreement. In the event of
any conflict or inconsistency between the provisions of this Copyright Security Agreement and any applicable intercreditor agreement, the provisions of the applicable intercreditor agreement shall control. 

[signature page follows] 

 IN WITNESS WHEREOF, the Pledgor has caused this
Copyright Security Agreement to be executed and delivered by its duly authorized offer as of the date first set forth above. 
  

			
	Very truly yours,
	
	 NORCRAFT CANADA CORPORATION
 as
Pledgor

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted and Agreed:
	
	ROYAL BANK OF CANADA,
	
	as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE I 

to 
 COPYRIGHT SECURITY
AGREEMENT 
 COPYRIGHT REGISTRATIONS AND COPYRIGHT APPLICATIONS 

Copyright Registrations: 
  

					
	 OWNER
	  	 REGISTRATION

NUMBER
	  	 TITLE

	 	  	 	  	 

 Copyright Applications: 
  

			
	 OWNER
	  	 TITLE

		  	

 EXHIBIT 3 

[Form of] 
 Patent
Security Agreement 
 Patent Security Agreement, dated as of December 13, 2013, by NORCRAFT CANADA CORPORATION, a Nova
Scotia unlimited liability company, (the “Pledgor”), in favor of ROYAL BANK OF CANADA, in its capacity as collateral agent pursuant to the Term Loan Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N
E S S E T H: 

WHEREAS, the Pledgor is party to a Canadian Security Agreement of even date herewith (the “Security
Agreement”) in favor of the Collateral Agent pursuant to which the Pledgor is required to execute and deliver this Patent Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the
Secured Parties, to enter into the Term Loan Credit Agreement, the Pledgor hereby agrees with the Collateral Agent as follows: 
 SECTION 1.
Defined Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 

SECTION 2. Grant of Security Interest in Patent Collateral. The Pledgor hereby pledges and grants to the Collateral Agent for the
benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Collateral: 

(a) registered Patents and applications of the Pledgor listed on Schedule I attached hereto; and 

(b) all Proceeds of any and all of the foregoing (other than Excluded Property). 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent pursuant to this Patent Security Agreement are
granted in conjunction with the security interests granted to the Collateral Agent pursuant to the Security Agreement, and Pledgor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security
interests in the Patents made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Patent
Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control. 
 SECTION 4.
Termination. Upon the payment in full of the Secured Obligations (other than contingent indemnification Obligations as to which no claim has been asserted) and termination of the Security Agreement, or as otherwise provided in the Term Loan
Credit Agreement, the Collateral Agent shall execute, acknowledge, and deliver to the Pledgor an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Patents under this Patent
Security Agreement. 

 SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of a signature page of
this Patent Security Agreement by telecopier or other electronic transmission (i.e. a “pdf” or “tif” document) shall be effective as delivery of a manually executed counterpart of this Patent Security Agreement. 

SECTION 6. Intercreditor Agreement. Notwithstanding any other provision contained herein, this Patent Security Agreement, the Liens
created hereby and the rights, remedies, duties and obligations provided for herein are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the ABL Collateral Documents (as defined in the
Intercreditor Agreement) or the Term Collateral Documents (as defined in the Intercreditor Agreement), as applicable, and any other intercreditor agreement entered into in accordance with the terms of the Term Loan Credit Agreement. In the event of
any conflict or inconsistency between the provisions of this Patent Security Agreement and any applicable intercreditor agreement, the provisions of the applicable intercreditor agreement shall control. 

[signature page follows] 

 IN WITNESS WHEREOF, the Pledgor has caused this
Patent Security Agreement to be executed and delivered by its duly authorized offer as of the date first set forth above. 
  

			
	Very truly yours,
	
	 NORCRAFT CANADA CORPORATION,
 as
Pledgor

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted and Agreed:
	
	ROYAL BANK OF CANADA,
	
	as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE I 

to 
 PATENT SECURITY
AGREEMENT 
 PATENT REGISTRATIONS AND PATENT APPLICATIONS 

Patent Registrations: 
  

					
	 OWNER
	  	 REGISTRATION

NUMBER
	  	 TITLE

		  		  	

 Patent Applications: 
  

					
	 OWNER
	  	 APPLICATION

NUMBER
	  	 NAME

		  		  	

 EXHIBIT 4 

[Form of] 
 Trademark
Security Agreement 
 Trademark Security Agreement, dated as of December 13, 2013 by NORCRAFT CANADA CORPORATION, a Nova
Scotia unlimited liability company, (the “Pledgor”), in favor of ROYAL BANK OF CANADA, in its capacity as collateral agent pursuant to the Term Loan Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N
E S S E T H: 

WHEREAS, the Pledgor is party to a Canadian Security Agreement of even date herewith (the “Security
Agreement”) in favor of the Collateral Agent pursuant to which the Pledgor is required to execute and deliver this Trademark Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the
Secured Parties, to enter into the Term Loan Credit Agreement, the Pledgor hereby agrees with the Collateral Agent as follows: 
 SECTION 1.
Defined Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 

SECTION 2. Grant of Security Interest in Trademark Collateral. The Pledgor hereby pledges and grants to the Collateral Agent for the
benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Collateral: 

(a) registered Trademarks and applications therefor of the Pledgor listed on Schedule I attached hereto; 

(b) all Goodwill associated with such Trademarks; and 

(c) all Proceeds of any and all of the foregoing (other than Excluded Property). 

SECTION 3. Security Agreement. The security interests granted to the Collateral Agent pursuant to this Trademark Security Agreement are
granted in conjunction with the security interests granted to the Collateral Agent pursuant to the Security Agreement, and Pledgor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security
interests in the Trademarks made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this
Trademark Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control. 

 SECTION 4. Termination. Upon the payment in full of the Secured Obligations (other than
contingent indemnification Obligations as to which no claim has been asserted) and termination of the Security Agreement, or as otherwise provided in the Term Loan Credit Agreement, the Collateral Agent shall execute, acknowledge, and deliver to the
Pledgor an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Trademarks under this Trademark Security Agreement. 

SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number of counterparts, all of which shall constitute
one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of a signature page of this Trademark Security Agreement by
telecopier or other electronic transmission (i.e. a “pdf” or “tif” document) shall be effective as delivery of a manually executed counterpart of this Trademark Security Agreement. 

SECTION 6. Intercreditor Agreement. Notwithstanding any other provision contained herein, this Trademark Security Agreement, the Liens
created hereby and the rights, remedies, duties and obligations provided for herein are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the ABL Collateral Documents (as defined in the
Intercreditor Agreement) or the Term Collateral Documents (as defined in the Intercreditor Agreement), as applicable, and any other intercreditor agreement entered into in accordance with the terms of the Term Loan Credit Agreement. In the event of
any conflict or inconsistency between the provisions of this Trademark Security Agreement and any applicable intercreditor agreement, the provisions of the applicable intercreditor agreement shall control. 

[signature page follows] 

 IN WITNESS WHEREOF, the Pledgor has caused this
Trademark Security Agreement to be executed and delivered by its duly authorized offer as of the date first set forth above. 
  

					
	Very truly yours,
	
	 NORCRAFT CANADA CORPORATION,
 as
Pledgor

			
		 	By:	 	NORCRAFT GP, L.L.C.,
		 		 	its General Partner
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted and Agreed:
	
	ROYAL BANK OF CANADA,
	
	as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE I 

to 
 TRADEMARK SECURITY
AGREEMENT 
 TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS 

Trademark Registrations: 
  

					
	 OWNER
	  	 REGISTRATION

NUMBER
	  	 TRADEMARK

		  		  	

 Trademark Applications: 
  

					
	 OWNER
	  	 APPLICATION

NUMBER
	  	 TRADEMARKEX-10.4

 Exhibit 10.4 

INTERCREDITOR AGREEMENT 

by and among 
 ROYAL BANK OF
CANADA, 
 as ABL Agent, 
 ROYAL
BANK OF CANADA, 
 as Term Agent, 

and each Junior Agent from time to time party hereto 

Dated as of December 13, 2013 

 TABLE OF CONTENTS 
  

							
	 ARTICLE 1 DEFINITIONS
	  	 	2	  
	 Section 1.1
	  	 UCC Definitions
	  	 	2	  
	 Section 1.2
	  	 Other Definitions
	  	 	3	  
	 Section 1.3
	  	 Rules of Construction
	  	 	20	  
	 ARTICLE 2 LIEN PRIORITY
	  	 	21	  
	 Section 2.1
	  	 Priority of Liens
	  	 	21	  
	 Section 2.2
	  	 Waiver of Right to Contest Liens
	  	 	24	  
	 Section 2.3
	  	 Remedies Standstill
	  	 	25	  
	 Section 2.4
	  	 Exercise of Rights
	  	 	28	  
	 Section 2.5
	  	 No New Liens
	  	 	32	  
	 Section 2.6
	  	 Waiver of Marshalling
	  	 	34	  
	 ARTICLE 3 ACTIONS OF THE PARTIES
	  	 	35	  
	 Section 3.1
	  	 Certain Actions Permitted
	  	 	35	  
	 Section 3.2
	  	 Agent for Perfection
	  	 	35	  
	 Section 3.3
	  	 Sharing of Information and Access
	  	 	37	  
	 Section 3.4
	  	 Insurance
	  	 	37	  
	 Section 3.5
	  	 No Additional Rights For the Credit Parties Hereunder
	  	 	38	  
	 Section 3.6
	  	 Inspection and Access Rights
	  	 	38	  
	 Section 3.7
	  	 Tracing of and Priorities in Proceeds
	  	 	40	  
	 Section 3.8
	  	 Purchase Right
	  	 	40	  
	 Section 3.9
	  	 Payments Over
	  	 	43	  
	 ARTICLE 4 APPLICATION OF PROCEEDS
	  	 	43	  
	 Section 4.1
	  	 Application of Proceeds
	  	 	43	  
	 Section 4.2
	  	 Specific Performance
	  	 	46	  
	 ARTICLE 5 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS
	  	 	47	  
	 Section 5.1
	  	 Notice of Acceptance and Other Waivers
	  	 	47	  
	 Section 5.2
	  	 Modifications to Credit Documents
	  	 	48	  
	 Section 5.3
	  	 Reinstatement and Continuation of Agreement
	  	 	52	  
	 ARTICLE 6 INSOLVENCY PROCEEDINGS
	  	 	53	  
	 Section 6.1
	  	 DIP Financing
	  	 	53	  
	 Section 6.2
	  	 Relief From Stay
	  	 	55	  
	 Section 6.3
	  	 No Contest; Adequate Protection
	  	 	56	  
	 Section 6.4
	  	 Asset Sales
	  	 	58	  
	 Section 6.5
	  	 Separate Grants of Security and Separate Classification
	  	 	59	  
	 Section 6.6
	  	 No Waivers of Rights of Senior Secured Parties
	  	 	60	  
	 Section 6.7
	  	 Enforceability
	  	 	60	  
	 Section 6.8
	  	 Other Matters with respect to Junior Shared Collateral
	  	 	60	  
	 Section 6.9
	  	 Reorganization Securities
	  	 	61	  
	 Section 6.10
	  	 Section 1111(b) of the Bankruptcy Code
	  	 	61	  
	 Section 6.11
	  	 ABL Obligations Unconditional
	  	 	61	  
	 Section 6.12
	  	 Term Obligations Unconditional
	  	 	62	  
	 Section 6.13
	  	 Junior Obligations Unconditional
	  	 	62	  

  
 -i- 

							
	 ARTICLE 7 MISCELLANEOUS
	  	 	63	  
	 Section 7.1
	  	 Rights of Subrogation
	  	 	63	  
	 Section 7.2
	  	 Application of Payments
	  	 	63	  
	 Section 7.3
	  	 Further Assurances
	  	 	64	  
	 Section 7.4
	  	 Representations
	  	 	64	  
	 Section 7.5
	  	 Amendments
	  	 	64	  
	 Section 7.6
	  	 Designation of Junior Secured Indebtedness; Joinder of Junior Agents
	  	 	66	  
	 Section 7.7
	  	 Addresses for Notices
	  	 	67	  
	 Section 7.8
	  	 No Waiver; Remedies
	  	 	69	  
	 Section 7.9
	  	 Continuing Agreement, Transfer of Secured Obligations
	  	 	69	  
	 Section 7.10
	  	 GOVERNING LAW; ENTIRE AGREEMENT
	  	 	70	  
	 Section 7.11
	  	 Counterparts
	  	 	70	  
	 Section 7.12
	  	 No Third Party Beneficiaries
	  	 	70	  
	 Section 7.13
	  	 Headings
	  	 	70	  
	 Section 7.14
	  	 Severability
	  	 	70	  
	 Section 7.15
	  	 Attorneys’ Fees
	  	 	70	  
	 Section 7.16
	  	 VENUE; JURY TRIAL WAIVER
	  	 	71	  
	 Section 7.17
	  	 Intercreditor Agreement
	  	 	72	  
	 Section 7.18
	  	 No Warranties or Liability
	  	 	72	  
	 Section 7.19
	  	 Conflicts
	  	 	72	  
	 Section 7.20
	  	 Costs and Expenses
	  	 	72	  
	 Section 7.21
	  	 Information Concerning Financial Condition of the Credit Parties
	  	 	73	  
	 Section 7.22
	  	 Additional Credit Parties
	  	 	73	  

  
 -ii- 

 INTERCREDITOR AGREEMENT 

THIS INTERCREDITOR AGREEMENT (as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time
pursuant to the terms hereof, this “Agreement”) is entered into as of December 13, 2013 by and among (a) ROYAL BANK OF CANADA (“Royal Bank”), in its capacities as administrative agent
and collateral agent (together with its successors and permitted assigns in such capacities, the “ABL Agent”) for (i) the financial institutions, lenders and investors party from time to time to the ABL Credit Agreement
referred to below (such financial institutions, lenders and investors together with their respective successors and permitted assigns and transferees, including any letter of credit issuers under the ABL Credit Agreement, the “ABL
Lenders”), (ii) any ABL Cash Management Affiliates (as defined below) and (iii) any ABL Hedging Affiliates (as defined below) (such ABL Cash Management Affiliates and ABL Hedging Affiliates, together with the ABL Agent and the
ABL Lenders and any other secured parties under any ABL Credit Agreement, the “ABL Secured Parties”), (b) Royal Bank, in its capacities as administrative agent and collateral agent (together with its successors and
permitted assigns in such capacities, the “Term Agent”) for (i) the financial institutions, lenders and investors party from time to time to the Term Credit Agreement referred to below (such financial institutions,
lenders and investors, together with their respective successors and permitted assigns and transferees, the “Term Lenders”) and (ii) any Term Hedging Affiliates (as defined below) (such Term Cash Management Affiliates
and Term Hedging Affiliates, together with the Term Agent and the Term Lenders and any other secured parties under any Term Credit Agreement, the “Term Secured Parties”) and (c) each Junior Agent that from time to time
becomes a party hereto pursuant to Section 7.6. 
 RECITALS 

A. Pursuant to that certain Credit Agreement dated as of November 14, 2013 by and among NORCRAFT COMPANIES, L.P., a Delaware
limited partnership (the “Borrower”), NORCRAFT INTERMEDIATE HOLDINGS, L.P., a Delaware limited partnership (“Intermediate Holdings”), the ABL Guarantors (as hereinafter defined) party thereto,
the ABL Lenders and the ABL Agent (as such agreement may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “ABL Credit Agreement”), the ABL Lenders have agreed to make
certain loans and other financial accommodations to or for the benefit of the Borrower. 
 B. Pursuant to certain guaranties provided under
the ABL Credit Agreement (as the same may be amended, supplemented, restated and/or otherwise modified, collectively, the “ABL Guaranty”) by each of the ABL Guarantors in favor of the ABL Secured Parties, the ABL Guarantors
have agreed to guarantee the payment of the Borrower’s obligations under the ABL Documents (as hereinafter defined). 
 C. As a
condition to the effectiveness of the ABL Credit Agreement and to secure the obligations of the Borrower and the ABL Guarantors (the Borrower, the ABL Guarantors and each other direct or indirect subsidiary or parent of the Borrower or any of their
affiliates that is now or hereafter becomes a party to any ABL Document, collectively, the “ABL Credit Parties”) under and in connection with the ABL Documents, the ABL Credit Parties have granted to the ABL Agent (for the
benefit of the ABL Secured Parties) Liens on the Collateral. 

  
 -1- 

 D. Pursuant to that certain Credit Agreement dated as of the date hereof by and among the
Borrower, Intermediate Holdings, the Term Guarantors (as hereinafter defined) party thereto, the Term Lenders and the Term Agent (as such agreement may be amended, restated, amended and restated, supplemented or otherwise modified from time to time,
the “Term Credit Agreement”), the Term Lenders have agreed to make certain loans to the Borrower. 
 E. Pursuant to
certain guaranties provided under the Term Credit Agreement (as the same may be amended, supplemented, restated and/or otherwise modified, collectively (collectively, the “Term Guaranty”) by each of the Term Guarantors in favor of
the Term Secured Parties, the Term Guarantors have agreed to guarantee the payment of the Borrower’s obligations under the Term Documents (as hereinafter defined). 

F. As a condition to the effectiveness of the Term Credit Agreement and to secure the obligations of the Borrower and the Term Guarantors (the
Borrower, the Term Guarantors and each other direct or indirect subsidiary or parent of the Borrower or any of its affiliates that is now or hereafter becomes a party to any Term Document, collectively, the “Term Credit
Parties”) under and in connection with the Term Documents, the Term Credit Parties have granted to the Term Agent (for the benefit of the Term Secured Parties) Liens on the Collateral. 

G. Pursuant to this Agreement, the Borrower may, from time to time, designate certain additional Indebtedness of any Credit Party as
“Junior Secured Indebtedness” by executing and delivering a Junior Secured Indebtedness Designation and by complying with the procedures set forth in Section 7.6 hereof, and the holders of such Junior Secured Indebtedness and
any other applicable Junior Secured Party shall thereafter constitute “Junior Secured Parties,” and any Junior Agent for any such Junior Secured Parties shall thereafter constitute a “Junior Agent,” for all purposes under this
Agreement. 
 H. Each of the ABL Agent (on behalf of the ABL Secured Parties) and the Term Agent (on behalf of the Term Secured Parties)
and, by their acknowledgment hereof, the ABL Credit Parties and the Term Credit Parties, desire to agree to the relative priority of Liens on the Collateral and certain other rights, priorities and interests as provided herein. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 UCC Definitions. The following terms which are defined in the Uniform Commercial Code are used herein as so
defined: Account, Chattel Paper, Commercial Tort Claim, Commodity Account, Commodity Contract, Deposit Account, Document, Electronic Chattel Paper, Equipment, Financial Asset, Fixtures, General Intangible, Instrument, Inventory, Investment Property,
Letter-of-Credit Right, Money, Payment Intangible, Promissory Note, Records, Security, Securities Account, Security Entitlement, Supporting Obligation and Tangible Chattel Paper. 

  
 -2- 

 Section 1.2 Other Definitions. Subject to Section 1.1 hereof, as
used in this Agreement, the following terms shall have the meanings set forth below: 
 “ABL Affected Collateral”
shall have the meaning set forth in Section 3.6(a) hereof. 
 “ABL Agent” shall have the meaning
assigned to that term in the introduction to this Agreement and shall include any successor thereto as well as any Person designated as the “Agent”, “Administrative Agent”, “Collateral Agent”, “Trustee” or
“Collateral Trustee” or similar term under any ABL Credit Agreement, and, in the case of each of the foregoing, shall include their respective successors and permitted assigns and transferees. 

“ABL Cash Management Affiliate” shall mean any ABL Cash Management Bank that is owed ABL Cash Management Obligations
by an ABL Credit Party and which ABL Cash Management Obligations are secured by Liens granted under one or more ABL Collateral Documents, together with their respective successors, assigns and transferees. 

“ABL Cash Management Bank” shall mean, as of any date of determination, any Person that is an ABL Lender or an
Affiliate of an ABL Lender on such date, whether or not such Person subsequently ceases to be an ABL Lender or an Affiliate of an ABL Lender. 

“ABL Cash Management Obligations” shall mean obligations owed by the Borrower or any Subsidiary to any ABL Cash
Management Bank in respect of or in connection with any Cash Management Services. 
 “ABL Collateral Documents”
shall mean all “Security Documents” or similar term as defined in any ABL Credit Agreement, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any ABL
Credit Agreement, in each case as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“ABL Credit Agreement” shall have the meaning assigned to such term in the recitals to this Agreement and shall
include any one or more other agreements, indentures or facilities extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the ABL Obligations, whether by the same or any other agent,
trustee, lender, group of lenders, creditor or group of creditors and whether or not increasing the amount of any Indebtedness that may be incurred or issued thereunder. 

“ABL Credit Parties” shall have the meaning assigned to that term in the recitals to this Agreement. 

“ABL Deposit and Securities Accounts” means all Deposit Accounts, Securities Accounts, collection accounts and lockbox
accounts (and all related lockboxes) of the Credit Parties (other than the Term Loan Priority Accounts). 
 “ABL
Documents” shall mean any ABL Credit Agreement, any ABL Guaranty, any ABL Collateral Document, all Cash Management Services between the Borrower or any Subsidiary and any ABL Cash Management Affiliate, any ABL Hedging Agreement between

  
 -3- 

 
any ABL Credit Party or any Subsidiary and any ABL Hedging Affiliate, any other ancillary agreement as to which any ABL Secured Party is a party or a beneficiary and all other agreements,
instruments, documents and certificates, now or hereafter executed by or on behalf of any ABL Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the ABL Agent or any other ABL Secured Party, in connection with any of
the foregoing or any ABL Credit Agreement, in each case as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“ABL Guarantors” shall mean the collective reference to (i) Intermediate Holdings and each Subsidiary of the
Borrower other than any Excluded Subsidiary and (ii) any other Person who becomes a guarantor under any ABL Guaranty. The term “ABL Guarantors” shall include all “Guarantors” under and as defined in the ABL Credit Agreement.

 “ABL Guaranty” shall have the meaning assigned to that term in the recitals to this Agreement and shall also
include any other guaranty made by an ABL Guarantor guaranteeing, inter alia, the payment and performance of any ABL Obligations. 

“ABL Hedge Bank” shall mean any Person that is an Agent, a Lender or a Joint Bookrunner under the ABL Credit Agreement
or an Affiliate of any of the foregoing on the Effective Date or at the time it enters into an ABL Hedging Agreement, in its capacity as a party thereto, whether or not such Person subsequently ceases to be an Agent, a Lender or an Affiliate of any
of the foregoing. 
 “ABL Hedging Affiliate” shall mean any ABL Hedge Bank that has entered into an ABL Hedging
Agreement with an ABL Credit Party, with the obligations of such ABL Credit Party thereunder being secured by one or more ABL Collateral Documents, together with its successors, assigns and transferees. 

“ABL Hedging Agreement” means any “Hedging Agreement” as defined in the ABL Credit Agreement. 

“ABL Lenders” shall have the meaning assigned to that term in the introduction to this Agreement, as well as any
Person designated as a “Lender” or similar term under any ABL Credit Agreement. 
 “ABL Obligations” shall
mean any and all obligations of every nature of each ABL Credit Party from time to time owed to the ABL Secured Parties, or any of them, under, in connection with, or evidenced or secured by any ABL Document, including, without limitation, all
“Secured Obligations” or similar term as defined in any ABL Credit Agreement and whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such ABL Credit Party, would have
accrued on any ABL Obligation, whether or not a claim is allowed against such ABL Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under letters of credit, payments for early termination of ABL
Hedging Agreements (to the extent constituting Secured Obligations, as defined in the ABL Credit Agreement), fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of any ABL Document. 

  
 -4- 

 “ABL Priority Collateral” shall mean all Collateral consisting of the
following (including for the avoidance of doubt, any such assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws), would be ABL Priority Collateral): 

(1) all Accounts, other than Accounts which constitute identifiable proceeds of Term Priority Collateral; 

(2) cash, Money and cash equivalents; 

(3) all (x) Deposit Accounts (other than Term Loan Priority Accounts) and Money and all cash, checks, other negotiable
instruments, funds and other evidences of payments properly held therein, including intercompany indebtedness between or among the Credit Parties or their Affiliates, to the extent owing in respect of ABL Priority Collateral, (y) Securities
Accounts (other than Term Loan Priority Accounts), Security Entitlements and Securities credited to such a Securities Account (other than Equity Interests) and (z) Commodity Accounts (other than Term Loan Priority Accounts) and Commodity
Contracts credited thereto, and, in each case, all cash, Money, cash equivalents, checks and other property properly held therein or credited thereto (other than Equity Interests); provided, however, that to the extent that
identifiable proceeds of Term Priority Collateral are deposited in any such Deposit Accounts or Securities Accounts, such identifiable proceeds shall be treated as Term Priority Collateral; 

(4) all Inventory; 

(5) to the extent relating to, evidencing or governing any of the items referred to in the preceding clauses (1) through
(4) constituting ABL Priority Collateral, all Documents, General Intangibles (including all rights under contracts), Instruments (including Promissory Notes), Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper),
Intellectual Property and Commercial Tort Claims; provided that to the extent any of the foregoing also relates to Term Priority Collateral, only that portion related to the items referred to in the preceding clauses (1) through
(4) shall be included in the ABL Priority Collateral; 
 (6) to the extent relating to any of the items referred to in
the preceding clauses (1) through (5) constituting ABL Priority Collateral, all Supporting Obligations and Letter-of-Credit Rights; provided that to the extent any of the foregoing also relates to Term Priority Collateral only that
portion related to the items referred to in the preceding clauses (1) through (5) shall be included in the ABL Priority Collateral; 

(7) all books and Records relating to the items referred to in the preceding clauses (1) through (6) constituting
ABL Priority Collateral (including all books, databases, customer lists, engineer drawings, and Records, whether tangible or electronic, which contain any information relating to any of the items referred to in the preceding clauses (1) through
(6) constituting ABL Priority Collateral); and 

  
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 (8) all collateral security and guarantees, products or Proceeds of or with
respect to any of the foregoing items referred to in the preceding clauses (1) through (7) constituting ABL Priority Collateral and all cash, Money, cash equivalents, insurance proceeds, Instruments, Securities and Financial Assets
received as Proceeds of any of the foregoing items referred to in the preceding clauses (1) through (7) and this clause (8) constituting ABL Priority Collateral (“ABL Priority Proceeds”). 

“ABL Recovery” shall have the meaning set forth in Section 5.3(a) hereof. 

“ABL Secured Parties” shall have the meaning assigned to that term in the introduction to this Agreement. 

“Affiliate” shall mean, when used with respect to a specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agent(s)” means, individually, the ABL Agent, the Term Agent or any Junior Agent and, collectively, means the ABL
Agent, the Term Agent and any Junior Agent. 
 “Agreement” shall have the meaning assigned to that term in the
introduction to this Agreement. 
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as now or
hereafter in effect or any successor thereto. 
 “Borrower” shall have the meaning assigned to that term in the
introduction to this Agreement. 
 “Business Day” shall mean any day that is not a Saturday, Sunday or other day on
which commercial banks in New York, New York are authorized or required by law to remain closed (or are in fact closed). 

“Capitalized Leases” means all leases that have been or are required to be, in accordance with GAAP recorded as
capitalized leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP. 

“Cash Management Services” means any agreement or arrangement to provide cash management services, including treasury,
depository, overdraft, credit card processing, credit or debit card, purchase card, electronic funds transfer and other cash management arrangements. 

“Collateral” shall mean all Property now owned or hereafter acquired by the Borrower or any Guarantor in or upon which
a Lien is granted or purported to be granted to any ABL Agent, any Term Agent or any Junior Agent under any of the ABL Collateral Documents, the Term Collateral Documents or the Junior Documents, together with all rents, issues, profits, products
and Proceeds thereof. 

  
 -6- 

 “Control” shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled”
shall have meanings correlative thereto. 
 “Control Collateral” shall mean any Collateral consisting of any
Certificated Security (as defined in Section 8–102 of the Uniform Commercial Code), Investment Property, Deposit Account, Instruments and any other Collateral as to which a Lien may be perfected through possession or control by the secured
party, or any agent therefor. 
 “Copyrights” shall mean, collectively, with respect to the Credit Parties, all
copyrights (whether statutory or common law, whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and all copyright
registrations and applications made by a Credit Party, in each case, whether now owned or hereafter created or acquired by or assigned to a Credit Party, together with any and all (i) rights and privileges arising under applicable law with
respect to a Credit Party’s use of such copyrights, (ii) reissues, renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable
with respect thereto, including damages and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 

“Credit Documents” shall mean the ABL Documents, the Term Documents and the Junior Documents. 

“Credit Parties” shall mean the ABL Credit Parties, the Term Credit Parties and the Junior Credit Parties. 

“Debtor Relief Laws” shall mean the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally. 
 “Designated Junior Agent” means the Junior Agent under the first Series of
Junior Obligations designated as Junior Secured Indebtedness pursuant to Section 7.6; provided, that at such time such Junior Obligations cease to be the only Junior Secured Indebtedness under this Agreement, by delivery of
written notice to each Senior Agent and the Borrower hereunder, the Junior Majority Agents may from time to time designate another Junior Agent as the “Designated Junior Agent” for purposes hereof. 

“DIP Financing” shall have the meaning set forth in Section 6.1(a) hereof. 

“Discharge of ABL Obligations” shall mean the time at which all the ABL Obligations (other than (i) contingent
indemnification and reimbursement obligations as to which no claim 

  
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has been asserted by the Person entitled thereto, (ii) Secured Obligations (as defined in the ABL Credit Agreement) under ABL Hedging Agreements and (iii) obligations in respect of Cash
Management Services to the extent such obligations are Secured Obligations (as defined in the ABL Credit Agreement)) have been paid in full in cash, all Letters of Credit (as defined in the ABL Credit Agreement) have expired or been terminated
(other than Letters of Credit for which other arrangements reasonably satisfactory to the ABL Agent and each applicable Issuer (as defined in the ABL Credit Agreement) have been made) and all Commitments (as defined in the ABL Credit Agreement) have
been terminated. 
 “Discharge of Junior Obligations” shall mean, with respect to any Series of Junior Obligations,
the time at which all the Junior Obligations of such Series (other than contingent indemnification and reimbursement obligations as to which no claim has been asserted by the Person entitled thereto) have been paid in full in cash and all
commitments to extend credit under the Junior Documents for such Series of Junior Obligations have been terminated. 
 “Discharge
of Senior Obligations” shall mean the Discharge of ABL Obligations and Discharge of Term Obligations. 
 “Discharge
of Term Obligations” shall mean the time at which all the Term Obligations (other than (i) contingent indemnification and reimbursement obligations as to which no claim has been asserted by the Person entitled thereto and
(ii) Secured Obligations (as defined in the Term Credit Agreement) under Term Hedging Agreements) have been paid in full in cash and all Commitments (as defined in the Term Credit Agreement) have been terminated. 

“Domestic Subsidiary” shall mean any Subsidiary that is organized or existing under the laws of the United States, any
state thereof or the District of Columbia. 
 “Effective Date” shall have the meaning assigned to such term under
the ABL Credit Agreement or the Term Credit Agreement, as applicable. 
 “Enforcement Notice” shall mean a written
notice delivered by either the ABL Agent or the Term Agent to the other announcing that an Enforcement Period has commenced. 

“Enforcement Period” shall mean the period of time following the receipt by either the ABL Agent or the Term Agent of
an Enforcement Notice from the other and continuing until the earliest of (a) in the case of an Enforcement Period commenced by the Term Agent, the Discharge of Term Obligations, (b) in the case of an Enforcement Period commenced by the
ABL Agent, the Discharge of ABL Obligations, or (c) the ABL Agent or the Term Agent (as applicable) terminates, or agrees in writing to terminate, the Enforcement Period. 

“Equity Interest” shall mean, with respect to any Person, any and all shares, interests, participations or other
equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the date hereof or issued after the Effective Date, but excluding debt
securities convertible or exchangeable into such equity. 

  
 -8- 

 “Event of Default” shall mean an “Event of Default” or similar
term under and as defined in any ABL Credit Agreement, any Term Credit Agreement or the Junior Agreement relating to any Series of Junior Obligations, as applicable. 

“Excluded Subsidiary” means (a) with respect to ABL Guarantors, any “Excluded Subsidiary” or similar
term under and as defined in any ABL Credit Agreement and (b) with respect to the Term Guarantors, any “Excluded Subsidiary” or similar term under and as defined in any Term Credit Agreement. 

“Exercise Any Secured Creditor Remedies” or “Exercise of Secured Creditor Remedies” shall
mean, except as otherwise provided in the final sentence of this definition: 
 (a) the taking by any Secured Party of any
action to enforce or realize upon any Lien, including the institution of any foreclosure proceedings or the noticing of any public or private sale pursuant to Article 9 of the Uniform Commercial Code or other applicable law; 

(b) the exercise by any Secured Party of any right or remedy provided to a secured creditor on account of a Lien under any of
the Credit Documents, under applicable law, in an Insolvency Proceeding or otherwise, including the election to retain any of the Collateral in satisfaction of a Lien; 

(c) the taking of any action by any Secured Party or the exercise of any right or remedy by any Secured Party in respect of the
collection on, set off against, marshaling of, injunction respecting or foreclosure on the Collateral or the Proceeds thereof; 

(d) the appointment on the application of a Secured Party, of a receiver, receiver and manager or interim receiver of all or
part of the Collateral; 
 (e) the sale, lease, license or other disposition of all or any portion of the Collateral by
private or public sale conducted by any Secured Party or any other means at the direction of any Secured Party permissible under applicable law; 

(f) the exercise of any other right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code or under
provisions of similar effect under other applicable law; and 
 (g) the exercise by any Secured Party of any voting rights
relating to any Equity Interest included in the Collateral. 
 For the avoidance of doubt, none of the following shall be deemed to constitute an Exercise
of Any Secured Creditor Remedies or an Exercise of Secured Creditor Remedies: (i) the filing of a proof of claim in any Insolvency Proceeding or the seeking of adequate protection by any Senior Secured Party, (ii) the exercise of rights by
the ABL Agent upon the occurrence of a Cash Dominion Period (as defined in any ABL Credit Agreement), including, without limitation, the notification of account debtors, depository institutions or any other Person to deliver proceeds of ABL Priority
Collateral to the ABL Agent, (iii) the consent by the ABL Agent to a store closing sale, going out of business sale or other disposition by any Credit Party of any of the ABL 

  
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Priority Collateral, (iv) the reduction of advance rates or sub-limits by the ABL Agent and the ABL Lenders, (v) the change in eligibility criteria for components of the borrowing base
under the ABL Credit Agreement by the ABL Agent and the ABL Lenders or (vi) the imposition of Reserves (as defined in the ABL Credit Agreement) by the ABL Agent. 

“Foreign Subsidiary” shall mean a Subsidiary that is organized under the laws of a jurisdiction other than the United
States, any state thereof or the District of Columbia. 
 “GAAP” shall have the meaning assigned to that term in the
Term Credit Agreement. 
 “Goodwill” shall mean, collectively, with respect to each Credit Party, the goodwill
connected with such Credit Party’s business including all goodwill connected with (i) the use of and symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which such Credit Party has any interest,
(ii) all know-how, trade secrets, customer and supplier lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions, technical data, drawings, specifications, name plates, catalogs, confidential
information and the right to limit the use or disclosure thereof by any Person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering contracts and such other assets which relate to such
goodwill and (iii) all product lines of such Credit Party’s business. 
 “Governmental Authority” shall
mean the government of the United States or any other nation, or of any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union, the European Central Bank or the Organization for Economic
Co-operation and Development). 
 “Guarantor” shall mean any of the ABL Guarantors, the Term Guarantors or Junior
Guarantors. 
 “Indebtedness” shall have the meaning provided in the ABL Credit Agreement and the Term Credit
Agreement as in effect on the date hereof. 
 “Insolvency Proceeding” shall mean (a) any case, action or
proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors,
composition, marshalling of assets for creditors or other similar arrangement in respect of a Person’s creditors generally or any substantial portion of a Person’s creditors; in each case covered by clauses (a) and (b) undertaken
under any Debtor Relief Laws. 
 “Intellectual Property” shall mean, collectively, the Patents, Trademarks,
Copyrights, Intellectual Property Licenses and Goodwill. 
 “Intellectual Property Licenses” shall mean,
collectively, with respect to each Credit Party, all license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such
Credit Party is a licensor or licensee, distributor or distributee under any such 

  
 -10- 

 
license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments
now and hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or
violations thereof and (iv) other rights to use, exploit or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 

“Intermediate Holdings” shall have the meaning assigned to that term in the introduction to this Agreement. 

“Junior Agent” shall mean any one or more agents, trustees or other representatives for or of any one or more
Junior Lenders under any Junior Agreement and shall include any successor thereto as well as any Person designated as an “Agent,” “Administrative Agent,” “Collateral Agent,” “Trustee” or any similar agent or
representative under any Junior Agreement, and, in the case of each of the foregoing, shall include their respective successors and permitted assigns and transferees.  

“Junior Agreement” shall mean (a) any agreement, instrument and document under which any Junior Secured
Indebtedness is or may be incurred, including without limitation any credit agreement, loan agreement, indenture or other financing agreement, in each case as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time in accordance with the terms of such agreement, instrument or document, as applicable and this Agreement, and (b) if designated by the Borrower, shall include any one or more other agreements, indentures or facilities
extending the maturity of, consolidating, increasing, restructuring, refunding, replacing or refinancing all or any portion of the Junior Obligations, whether by the same or any other agent, trustee, lender, group of lenders, creditor or group of
creditors and whether or not increasing the amount of any Indebtedness that may be incurred or issued thereunder 
 “Junior
Collateral Documents” shall mean all “Security Documents” or similar term as defined in any Junior Agreement, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered
by one or more Junior Credit Parties in connection with any Junior Agreement, in each case as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Junior Credit Party” shall mean the Borrower, the Junior Guarantors and each direct or indirect subsidiary or
parent of the Borrower or any of its affiliates that hereafter becomes a party to any Junior Document, and any other Person who becomes a guarantor under any of the Junior Guaranties.  

“Junior Documents” shall mean, with respect to any Series of Junior Secured Indebtedness hereunder, any Junior
Agreement, any Junior Guaranty, any Junior Collateral Document, any other ancillary agreement as to which any Junior Secured Party is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter
executed by or on behalf of any Junior Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the Junior Agent or any other Junior Secured Party, in connection with any of the foregoing or any Junior Agreement, in each
case as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

  
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 “Junior Effective Date” shall have the meaning set forth in Section
7.6. 
 “Junior Guarantor” shall mean any Person who becomes a guarantor under any Junior Guaranty. 

“Junior Guaranty” shall mean, with respect to any Series of Junior Obligations, any guaranty made by a Junior
Guarantor guaranteeing, inter alia, the payment and performance of such Junior Obligations. 
 “Junior
Lenders” shall mean one or more financial institutions, lenders and investors party from time to time to any Junior Agreement, as well as any Person designed as a “Lender” or similar term under any Junior Agreement, together
with their respective successors and permitted assigns and transferees. 
 “Junior Majority Agents”
means the Junior Agent or Junior Agents representing a majority of the then aggregate principal amount of Junior Obligations. 

“Junior Obligations” shall mean any and all obligations of every nature of each Junior Credit Party from time to time
owed to the Junior Secured Parties or any of them, under, in connection with, or evidenced or secured by any Junior Document, including, without limitation, all “Obligations” or similar term as defined in any Junior Agreement and whether
for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Junior Credit Party, would have accrued on any Junior Obligation, whether or not a claim is allowed against such Junior Credit
Party for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of any Junior Document, as amended, restated, modified, renewed, refunded, replaced or
refinanced in whole or in part from time to time. 
 “Junior Secured Indebtedness” shall mean any Junior
Specified Indebtedness that (1) is permitted to be secured by a Lien (as hereinafter defined) on the Collateral ranking junior to, or not expressly required to be pari passu with, the Lien securing the Senior Obligations
by 
 (a) prior to the Discharge of ABL Obligations, any negative covenant or other provision restricting Liens contained in any ABL
Credit Agreement or any other ABL Document then in effect; 
 (b) prior to the Discharge of Term Obligations, any negative covenant or other
provision restricting Liens contained in any Term Credit Agreement or any other Term Document then in effect; and 
 (c) prior to the
Discharge of Junior Obligations with respect to any Series of Junior Obligations, any negative covenant restricting Liens contained in the Junior Agreement for such Series of Junior Obligations then in effect; and 

  
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 (2) is designated as “Junior Secured Indebtedness” by the Borrower pursuant to a Junior Secured
Indebtedness Designation and in compliance with the procedures described in Section 7.6. 
 As used in this definition of
“Junior Secured Indebtedness,” the term “Lien” shall have the meaning set forth (x) for purposes of the preceding clause (1)(a), prior to the Discharge of ABL Obligations, in any ABL Credit Agreement then in effect,
(y) for purposes of the preceding clause (1)(b), prior to the Discharge of Term Obligations, in any Term Credit Agreement then in effect, and (c) for purposes of the preceding clause (1)(c), prior to the Discharge of Junior Obligations,
with respect to any Series of Junior Obligations, in the Junior Agreement for such Series of Junior Obligations then in effect. 

“Junior Secured Indebtedness Designation” shall mean a certificate of the Borrower with respect to Junior
Secured Indebtedness substantially in the form of Exhibit B attached hereto. 
 “Junior Secured Indebtedness
Joinder” shall mean a joinder agreement executed by one or more Junior Agents in respect of the Junior Secured Indebtedness subject to a Junior Secured Indebtedness Designation, on behalf of one or more Junior Secured Parties in respect
of such Junior Secured Indebtedness, substantially in the form of Exhibit C attached hereto. 
 “Junior
Secured Parties” shall mean any Junior Agent, any Junior Lender and any other secured parties under any Junior Credit Agreement. 

“Junior Shared Collateral” shall mean, at any time, Collateral in which the holders of Senior Obligations under
at least one Senior Agreement and the holders of Junior Obligations under at least one Junior Agreement (or their Agents) hold a security interest at such time (or, in the case of the Senior Agreements, are deemed pursuant to Article 2 to hold a
security interest). If, at any time, any portion of the Collateral under one or more Senior Agreements does not constitute Collateral under one or more Junior Agreements, then such portion of such Collateral shall constitute Junior Shared Collateral
only with respect to the Junior Agreement(s) for which it constitutes Collateral and shall not constitute Junior Shared Collateral for any Junior Agreement which does not have a security interest in such Collateral at such time. 

“Junior Specified Indebtedness” shall mean any Indebtedness (as hereinafter defined) that is or may from time
to time be incurred by any Credit Party in compliance with 
 (a) prior to the Discharge of ABL Obligations, any negative covenant or
other provision restricting Indebtedness contained in any ABL Credit Agreement or any other ABL Document then in effect; 
 (b) prior to the
Discharge of Term Obligations, any negative covenant or other provision restricting Indebtedness contained in any Term Credit Agreement or any other Term Document then in effect; and 

(c) prior to the Discharge of Junior Obligations with respect to any Series of Junior Obligations, any negative covenant restricting Liens
contained in the Junior Agreement for such Series of Junior Obligations then in effect. 

  
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 As used in this definition of “Junior Specified Indebtedness,” the term
“Indebtedness” shall have the meaning set forth (x) for purposes of the preceding clause (a), prior to the Discharge of ABL Obligations, in any ABL Credit Agreement then in effect, (y) for purposes of the preceding clause (b),
prior to the Discharge of Term Obligations, in any Term Credit Agreement then in effect, and (z) for purposes of the preceding clause (c), prior to the Discharge of Junior Obligations, with respect to any Series of Junior Obligations, in the
Junior Agreement for such Series of Junior Obligations then in effect. In the event that any Indebtedness as defined in any such Credit Document shall not be Indebtedness as defined in any other such Credit Document, but is or may be incurred in
compliance with such other Credit Document, such Indebtedness shall constitute Junior Specified Indebtedness for purposes of such other Credit Document. 

“Lenders” means, collectively, all of the ABL Lenders, the Term Lenders and the Junior Lenders. 

“Lien” shall mean, with respect to any property, (a) any mortgage, deed of trust, lien, pledge, encumbrance,
claim, charge, assignment, hypothecation, security interest or encumbrance of any kind or any arrangement to provide priority or preference or any filing of any financing statement under the UCC or any other similar notice of lien under any similar
notice or recording statute of any Governmental Authority, including any easement, right-of-way or other encumbrance on title to Real Property, in each of the foregoing cases whether voluntary or imposed by law, and any agreement to give any of the
foregoing; (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such
property; and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Lien Priority” shall mean with respect to any Lien of the ABL Secured Parties, the Term Secured Parties or any
Junior Secured Parties in the Collateral, the order of priority of such Lien as specified in Section 2.1 hereof. 

“Other Liabilities” means ABL Cash Management Obligations and Secured Obligations (as defined in the ABL Credit
Agreement) in respect of any ABL Hedging Agreement. 
 “Party” shall mean the ABL Agent, the Term Agent or
any Junior Agent, and “Parties” shall mean all of the Agents. 
 “Patents” shall
mean, collectively, with respect to the Credit Parties, all patents issued or assigned to, and all patent applications and registrations made by, a Credit Party (whether established or registered or recorded in the United States or any other country
or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect to a Credit Party’s use of any patents, (ii) inventions and improvements described and claimed
therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and
with respect thereto including damages and payments for past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof.

  
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 “Permitted Junior Secured Refinancing Debt” shall mean any
“Permitted Junior Secured Refinancing Debt” as defined in the Term Credit Agreement, the ABL Credit Agreement or any Junior Agreement, as applicable. 

“Permitted Pari Passu Secured Refinancing Debt” shall mean any “Permitted Pari Passu Secured Refinancing
Debt” as defined in the Term Credit Agreement, the ABL Credit Agreement or any Junior Agreement, as applicable. 

“Permitted Refinancing” shall mean any “Permitted Refinancing” as defined in the Term Credit
Agreement, the ABL Credit Agreement or any Junior Agreement, as applicable. 
 “Person” shall mean any
natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Priority Collateral” shall mean the ABL Priority Collateral or the Term Priority Collateral, as applicable. 

“Proceeds” shall mean (a) all “proceeds,” as defined in Article 9 of the Uniform Commercial
Code, with respect to the Collateral, and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily. 

“Property” shall mean any right, title or interest in or to property or assets of any kind whatsoever, whether
real, personal or mixed and whether tangible or intangible and including Equity Interests or other ownership interests of any Person and whether now in existence or owned or hereafter entered into or acquired, including all Real Property.

 “Purchase Date” shall have the meaning set forth in Section 3.8(a) hereof. 

“Purchase Notice” shall have the meaning set forth in Section 3.8(a) hereof. 

“Purchase Option Event” shall have the meaning set forth in Section 3.8(a) hereof. 

“Purchasing Creditors” shall have the meaning set forth in Section 3.8(a) hereof. 

“Real Property” shall mean, collectively, all right, title and interest (including any leasehold, mineral or
other estate) in and to any and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating
thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 

“Replacement Agent” shall have the meaning set forth in Section 3.8(d) hereof. 

  
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 “Royal Bank” shall have the meaning assigned to that term in the
introduction to this Agreement. 
 “Secured Parties” shall mean the ABL Secured Parties, the Term Secured Parties
and the Junior Secured Parties. 
 “Senior Agent(s)” means, individually, prior to the Discharge of ABL Obligations
with respect to any matters relating solely to the ABL Priority Collateral, the ABL Agent and, with respect to all other matters (including Collateral other than ABL Priority Collateral) and, after the Discharge of ABL Obligations, with respect to
the ABL Priority Collateral, the Term Agent, and, collectively, means both the ABL Agent and the Term Agent. 
 “Senior
Agreement” shall mean any ABL Credit Agreement and any Term Credit Agreement, individually. 
 “Senior
Collateral” shall mean all Property now owned or hereafter acquired by the Borrower or any Guarantor in or upon which a Lien is granted or purported to be granted to the ABL Agent or the Term Agent under any of the ABL Collateral
Documents or the Term Collateral Documents, together with all rents, issues, profits, products and Proceeds thereof. 
 “Senior
Collateral Documents” shall mean the ABL Collateral Documents and the Term Collateral Documents, collectively. 

“Senior Debt Documents” shall mean the ABL Documents and the Term Documents, collectively. 

“Senior Lenders” shall mean the ABL Lenders and the Term Lenders, collectively. 

“Senior Obligations” shall mean the ABL Obligations and the Term Obligations, collectively. 

“Senior Secured Parties” shall mean the ABL Secured Parties and the Term Secured Parties, collectively. 

“Series” shall mean (a) with respect to the Junior Secured Parties, each of the Junior Secured Parties that
becomes subject to this Agreement after the date hereof that are represented by a common Agent (in its capacity as such for such Junior Secured Parties) and (b) with respect to any Junior Obligations, each of the Junior Obligations incurred
pursuant to any Junior Agreement, which, pursuant to any Junior Secured Indebtedness Joinder, are to be represented hereunder by a common Agent (in its capacity as such for such Junior Obligations). 

“Subsidiary” shall mean, with respect to any Person (the “parent”) at any date, (i) any Person the
accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, (ii) any other corporation, limited
liability company, association or other business entity of which securities or other ownership interests representing more than 50% of the voting power of all Equity Interests entitled (without regard to the occurrence of any contingency) to vote in
the election of the board of directors (or similar governing body) thereof 

  
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are, as of such date, owned, controlled or held by the parent and/or one or more subsidiaries of the parent, (iii) any partnership (a) the sole general partner or the managing general
partner of which is the parent and/or one or more subsidiaries of the parent or (b) the only general partners of which are the parent and/or one or more subsidiaries of the parent and (iv) any other Person that is otherwise Controlled by
the parent and/or one or more subsidiaries of the parent. Unless the context requires otherwise, “Subsidiary” refers to a Subsidiary of Borrower. 

“Term Agent” shall have the meaning assigned to that term in the introduction to this Agreement and shall
include any successor thereto as well as any Person designated as the “Agent”, “Administrative Agent”, “Collateral Agent”, “Trustee”, “Collateral Trustee” or similar term under any Term Credit
Agreement, and, in the case of each of the foregoing, shall include their respective successors and permitted assigns and transferees. 

“Term Cash Proceeds Notice” shall mean a written notice delivered by the Term Agent to the ABL Agent (a) stating
that an Event of Default has occurred and is continuing under any Term Document and specifying the relevant Event of Default and (b) stating that certain cash proceeds which may be deposited in an ABL Deposit and Securities Account constitute
Term Priority Collateral, and reasonably identifying the amount of such proceeds and specifying the origin thereof. 
 “Term
Collateral Documents” shall mean all “Security Documents” or similar term as defined in any Term Credit Agreement, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and
delivered by one or more Term Credit Parties in connection with any Term Credit Agreement, in each case as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Term Credit Agreement” shall have the meaning assigned to that term in the recitals to this Agreement and shall
include any one or more other agreements, indentures or facilities extending the maturity of, consolidating, increasing (including by means of any Incremental Equivalent Debt (as defined in the Term Credit Agreement) or any Permitted Refinancing
thereof), restructuring, refunding, replacing or refinancing all or any portion of the Term Obligations, whether by the same or any other agent, trustee, lender, group of lenders, creditor or group of creditors and whether or not increasing the
amount of any Indebtedness that may be incurred or issued thereunder. 
 “Term Credit Parties” shall have the
meaning assigned to that term in the recitals to this Agreement. 
 “Term Documents” shall mean any Term Credit
Agreement, any Term Guaranty, any Term Collateral Document, any Term Hedging Agreements between any Term Credit Party or any Subsidiary and any Term Hedging Affiliate, any other ancillary agreement as to which any Term Secured Party is a party or a
beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Term Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the Term Agent or any other Term
Secured Party, in connection with any of the foregoing or any Term Credit Agreement, in each case as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

  
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 “Term Guarantors” shall mean the collective reference to
(i) Intermediate Holdings and each Subsidiary of the Borrower, other than any Excluded Subsidiary and (ii) any other Person who becomes a guarantor under any Term Guaranty. The term “Term Guarantors” shall include all
“Guarantors” under and as defined in the Term Credit Agreement. 
 “Term Guaranty” shall
have the meaning assigned to that term in the recitals to this Agreement and shall also include any other guaranty made by a Term Guarantor guaranteeing, inter alia, the payment and performance of any Term Obligations. 

“Term Hedge Agreement” means any “Hedge Agreement” as defined in the Term Credit Agreement. 

“Term Hedge Bank” shall mean any Person that is an Agent, a Lender or a Joint Bookrunner under the Term Credit
Agreement or an Affiliate of any of the foregoing on the Effective Date or at the time it enters into a Term Hedging Agreement, in its capacity as a party thereto, whether or not such Person subsequently ceases to be an Agent, a Lender or an
Affiliate of any of the foregoing. 
 “Term Hedging Affiliate” shall mean any Term Hedge Bank that has
entered into a Term Hedging Agreement with a Term Credit Party, with the obligations of such Term Credit Party thereunder being secured by one or more Term Collateral Documents, together with its successors, assigns and transferees (even if such
Term Hedge Bank subsequently ceases to be an agent or lender, as applicable, under the Term Credit Agreement for any reason). 

“Term Hedging Agreement” means any “Hedging Agreement” as defined in the Term Credit Agreement. 

“Term Lenders” shall have the meaning assigned to that term in the introduction to this Agreement, as well as any
Person designated as a “Lender” or similar term under any Term Credit Agreement. 
 “Term Loan Priority
Accounts” means any Deposit Accounts or Securities Accounts, in each case that are intended to contain Term Priority Collateral or identifiable proceeds of the Term Priority Collateral (it being understood that any property in such
Deposit Accounts or Securities Accounts which is not Term Priority Collateral or identifiable proceeds of Term Priority Collateral shall not be Term Priority Collateral solely by virtue of being on deposit in any such Deposit Account or Securities
Account). 
 “Term Obligations” shall mean any and all obligations of every nature of each Term Credit Party from
time to time owed to the Term Secured Parties or any of them, under, in connection with, or evidenced or secured by any Term Document, including, without limitation, all “Secured Obligations” or similar term as defined in any Term Credit
Agreement and whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Term Credit Party, would have accrued on any Term Obligation, whether or not a claim is allowed against such
Term Credit Party for such interest in the related bankruptcy proceeding), payments for early termination of Term Hedging Agreements (to the extent constituting Secured Obligations, as defined in the Term Credit Agreement), fees, expenses,
indemnification or otherwise, and all other amounts owing or due under the terms of any Term Document, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time. 

  
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 “Term Priority Collateral” shall mean all Collateral consisting of
the following (including for the avoidance of doubt, any such assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws) would be Term Priority Collateral):

 (1) all Equipment, Fixtures, Real Property, intercompany indebtedness between or among the Credit Parties or their
Affiliates, except to the extent constituting ABL Priority Collateral, and Investment Property (other than any Investment Property described in clauses 3(y) and 8 of the definition of ABL Priority Collateral); 

(2) except to the extent constituting ABL Priority Collateral, all Instruments, Intellectual Property, Commercial Tort Claims,
Documents and General Intangibles; 
 (3) Term Loan Priority Accounts; provided, however, that to the extent
that identifiable proceeds of ABL Priority Collateral are deposited in any such Term Loan Priority Accounts, such identifiable proceeds shall be treated as ABL Priority Collateral; 

(4) all other Collateral, other than the ABL Priority Collateral (including ABL Priority Proceeds); and 

(5) all collateral security and guarantees, products or Proceeds of or with respect to any of the foregoing items referred to
in the preceding clauses (1) though (4) constituting Term Priority Collateral and all cash, Money, cash equivalents, insurance proceeds, Instruments, Securities and Financial Assets received as Proceeds of any of the foregoing items
referred to in the preceding clauses (1) through (4) and this clause (5) constituting Term Priority Collateral, other than the ABL Priority Collateral (“Term Priority Proceeds”). 

“Term Recovery” shall have the meaning set forth in Section 5.3(b) hereof. 

“Term Secured Parties” shall have the meaning assigned to that term in the introduction to this Agreement. 

“Trademarks” shall mean, collectively, with respect to the Credit Parties, all trademarks (including service
marks), slogans, logos, certification marks, trade dress, uniform resource locations (URL’s), domain names, corporate names and trade names, whether registered or unregistered, owned by or assigned to a Credit Party and all registrations and
applications for the foregoing (whether statutory or common law and whether established or registered in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising
under applicable law with respect to a Credit Party’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto, (iii) income, fees, royalties, damages and payments now and hereafter
due and/or  

  
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payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world
and (v) rights to sue for past, present and future infringements thereof. 
 “Uniform Commercial Code” or
“UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if by reason of mandatory provisions of law, perfection, or the effect of perfection or non
perfection or the priority of a security interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” means
the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non perfection or priority or availability of such remedy, as the case may be. 

“Use Period” means the period commencing on the date that the ABL Agent or an agent acting on its behalf (or an ABL
Credit Party acting with the consent of the ABL Agent) commences the liquidation and sale of the ABL Priority Collateral in a manner as provided in Section 3.6 hereof (having theretofore furnished the Term Agent with an Enforcement
Notice) and ending 180 days thereafter. If any stay or other order that prohibits any of the ABL Agent, the other ABL Secured Parties or any ABL Credit Party (with the consent of the ABL Agent) from commencing and continuing to Exercise Any Secured
Creditor Remedies or from liquidating and selling the ABL Priority Collateral has been entered by a court of competent jurisdiction, such 180-day period shall be tolled during the pendency of any such stay or other order and the Use Period shall be
so extended. 
 Section 1.3 Rules of Construction. Unless the context of this Agreement clearly requires otherwise,
references to the plural include the singular, references to the singular include the plural, the term “including” is not limiting and shall be deemed to be followed by the phrase “without limitation,” and the term “or”
has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this
Agreement as a whole and not to any particular provision of this Agreement. Article, section, subsection, clause, schedule and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement to any
agreement, instrument, or document shall include all alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements thereto and thereof, as applicable (subject to any
restrictions on such alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). Any reference herein to any Person shall be construed to include such
Person’s successors and assigns. Except as otherwise provided herein, any reference herein to the repayment in full of an obligation shall mean the payment in full in cash of such obligation, or in such other manner as may be approved in
writing by the requisite holders or representatives in respect of such obligation. 

  
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 ARTICLE 2 

LIEN PRIORITY 

Section 2.1 Priority of Liens. 

(a) Subject to the order of application of proceeds set forth in sub-clauses (b) and (c) of Section 4.1
hereof, notwithstanding (i) the date, time, method, manner, or order of grant, attachment or perfection (including any defect or deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted to the ABL Secured Parties
in respect of all or any portion of the Collateral, of any Liens granted to the Term Secured Parties in respect of all or any portion of the Collateral or of any Liens granted to the Junior Secured Parties in respect of all or any portion of the
Collateral and regardless of how any such Lien was acquired (whether by grant, statute, operation of law, subrogation or otherwise), (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor
of the ABL Agent, the Term Agent or Junior Agent (or ABL Secured Parties, Term Secured Parties or Junior Secured Parties) in any Collateral, (iii) any provision of the Uniform Commercial Code, Debtor Relief Laws or any other applicable law, or
of the ABL Documents, the Term Documents or the Junior Documents, (iv) whether the ABL Agent, the Term Agent or any Junior Agent, in each case, either directly or through agents, holds possession of, or has control over, all or any part of the
Collateral, (v) the date on which the ABL Obligations, the Term Obligations or the Junior Obligations are advanced or made available to the Credit Parties, (vi) the fact that any such Liens in favor of the ABL Agent or the ABL Lenders, the
Term Agent or the Term Lenders or any Junior Agent or any Junior Lenders securing any of the ABL Obligations, Term Obligations or Junior Obligations, respectively, are (x) subordinated to any Lien securing any obligation of any Credit Party
other than the Term Obligations (in the case of the ABL Obligations), the ABL Obligations (in the case of the Term Obligations) or the Senior Obligations (in the case of the Junior Obligations), respectively, or (y) otherwise subordinated,
unperfected, voided, avoided, invalidated or lapsed, or (vii) any other circumstance of any kind or nature whatsoever, the ABL Agent, on behalf of itself and the ABL Secured Parties, the Term Agent, on behalf of itself and the Term Secured
Parties, and each Junior Agent that becomes a party to this Agreement, on behalf of itself and the Junior Secured Parties represented thereby, hereby agree that: 

(1) (A) any Lien (or purported Lien) in respect of all or any portion of the ABL Priority Collateral now or hereafter
held by or on behalf of the Term Agent or any Term Secured Party that secures all or any portion of the Term Obligations shall in all respects be junior and subordinate to all Liens granted to the ABL Agent and the ABL Secured Parties in such ABL
Priority Collateral to secure all or any portion of the ABL Obligations and (B) any Lien (or purported Lien) in respect of all or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of any Junior Agent or any Junior
Secured Party that secures all or any portion of any Series of Junior Obligations shall in all respects be junior and subordinate to all Liens granted to any Senior Agent or any Senior Secured Parties in the ABL Priority Collateral to secure all or
any portion of any Senior Obligations; 

  
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 (2) (A) any Lien (or purported Lien) in respect of all or any portion of
the ABL Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Secured Party that secures all or any portion of the ABL Obligations shall in all respects be senior and prior to all Liens (or purported Liens) granted to
the Term Agent or any Term Secured Party in such ABL Priority Collateral to secure all or any portion of the Term Obligations and (B) any Lien (or purported Lien) in respect of all or any portion of the ABL Priority Collateral now or hereafter
held by or on behalf of any Senior Agent or any Senior Secured Parties that secures all or any portion of any Senior Obligations shall in all respects be senior and prior to all Liens (or purported Liens) granted to any Junior Agent or any Junior
Secured Party in the ABL Priority Collateral to secure all or any portion of the Junior Obligations of any Series; 
 (3)
(A) any Lien (or purported Lien) in respect of all or any portion of the Term Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Secured Party that secures all or any portion of the ABL Obligations shall in
all respects be junior and subordinate to all Liens (or purported Liens) granted to the Term Agent and the Term Secured Parties in such Term Priority Collateral to secure all or any portion of the Term Obligations and (B) any Lien (or purported
Liens) in respect of all or any portion of the Term Priority Collateral now or hereafter held by or on behalf of any Junior Agent or any Junior Secured Party that secures all or any portion of any Series of Junior Obligations shall in all respects
be junior and subordinate to all Liens (or purported Liens) granted to any Senior Agent or any Senior Secured Parties in the Term Priority Collateral to secure all or any portion of any Senior Obligations; 

(4) (A) any Lien (or purported Lien) in respect of all or any portion of the Term Priority Collateral now or hereafter
held by or on behalf of the Term Agent or any Term Secured Party that secures all or any portion of the Term Obligations shall in all respects be senior and prior to all Liens (or purported Liens) granted to the ABL Agent or any ABL Secured Party in
such Term Priority Collateral to secure all or any portion of the ABL Obligations and (B) any Lien (or purported Lien) in respect of all or any portion of the Term Priority Collateral now or hereafter held by or on behalf of any Senior Agent or
any Senior Secured Parties that secures all or any portion of any Senior Obligations shall in all respects be senior and prior to all Liens (or purported Liens) granted to any Junior Agent or any Junior Secured Party in the Term Priority Collateral
to secure all or any portion of the Junior Obligations of any Series; and 
 (5) any Lien in respect of all or any portion
of the Collateral as of the date of this Agreement or hereafter held by or on behalf of any Junior Agent or any Junior Secured Party that secures all or any portion of any Junior Obligations of any Series shall in all respects be pari passu
and equal in priority with any Lien in respect of all or any portion of the Collateral as of the date of this Agreement or hereafter held by or on behalf of each other Junior Agent or any Junior Secured Party represented by such other Junior Agent
that secures all or any portion of any Junior Obligations of any other Series (except as may be separately otherwise 

  
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agreed in writing by, and solely as between or among, any two or more Junior Agents, each on behalf of itself and the Junior Secured Parties represented thereby). 

(b) Notwithstanding any failure by any ABL Secured Party or Term Secured Party to perfect its security interests in the Collateral or any
avoidance, invalidation, priming or subordination by any third party or court of competent jurisdiction of the security interests in the Collateral granted to the ABL Secured Parties or the Term Secured Parties, the priority and rights as between
the ABL Secured Parties, the Term Secured Parties and the Junior Secured Parties with respect to the Collateral shall be as set forth herein. Notwithstanding any failure by any Junior Secured Party to perfect its security interests in the Collateral
or any avoidance, invalidation, priming or subordination by any third party or court of competent jurisdiction of the security interests in the Collateral granted to such Junior Secured Party, the priority and rights as between any Junior Agent and
the Junior Secured Parties represented thereby, on the one hand, and any other Junior Agent and the Junior Secured Parties represented thereby, on the other hand, with respect to the Collateral shall be as set forth herein (except as may be
separately otherwise agreed in writing by, and solely as between or among, any two or more Junior Agents, each on behalf of itself and the Junior Secured Parties represented thereby). 

(c) The Term Agent, for and on behalf of itself and the Term Secured Parties, acknowledges and agrees that, (x) the ABL Agent, for the
benefit of itself and the ABL Secured Parties, has been, or may be, granted Liens upon all of the Collateral in which the Term Agent has been granted Liens and the Term Agent hereby consents thereto and (y) after the date hereof, a Junior
Agent, for the benefit of itself and the Junior Secured Parties represented thereby, may be granted Liens upon all of the Collateral in which such Term Agent has been granted Liens and, in each case, the Term Agent hereby consents thereto. The ABL
Agent, for and on behalf of itself and the ABL Secured Parties, acknowledges and agrees that, (x) the Term Agent, for the benefit of itself and the Term Secured Parties, has been, or may be, granted Liens upon all of the Collateral in which the
ABL Agent has been granted Liens and the ABL Agent hereby consents thereto and (y) after the date hereof, a Junior Agent, for the benefit of itself and the Junior Secured Parties represented thereby, may be granted Liens upon all of the
Collateral in which such ABL Agent has been granted Liens and, in each case, the ABL Agent hereby consents thereto. Each Junior Agent that becomes a party to this Agreement, for and on behalf of itself and the Junior Secured Parties represented
thereby, acknowledges and agrees that the ABL Agent, for the benefit of itself and the ABL Secured Parties, the Term Agent, for the benefit of itself and the Term Secured Parties, and any other Junior Agent, for the benefit of itself and the Junior
Secured Parties represented thereby, have been, or may be, granted Liens upon all of the Collateral in which such Junior Agent has been granted Liens and, in each case, such Junior Agent hereby consents thereto. The subordination of Liens by the
Term Agent and the ABL Agent in favor of one another, and by each Junior Agent in favor of the Senior Agents, as set forth herein shall not be deemed to subordinate the Term Agent’s Liens, the ABL Agent’s Liens or such Junior Agent’s
Liens to the Liens of any other Person, nor shall such subordination be affected by the subordination of such Liens to any Lien of any other Person. The provision of pari passu and equal priority as between Liens of any Junior Agent and Liens
of any other Junior Agent, in each case as set forth herein, shall not be deemed to subordinate the Liens of any Junior Agent to the Liens of any Person other than the Senior Agents and the other Senior Secured Parties as and to the extent set forth
herein, or to provide that the Liens of any Junior Agent will be pari passu or of equal priority with the Liens of any other Person. 

  
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 Section 2.2 Waiver of Right to Contest Liens. 

(a) The Term Agent, for and on behalf of itself and the Term Secured Parties, agrees that it and they shall not (and hereby waives any right
to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority,
enforceability, or perfection of the Liens of the ABL Agent and the ABL Secured Parties in respect of the Collateral or the provisions of this Agreement. Except to the extent expressly set forth in this Agreement, the Term Agent, for itself and on
behalf of the Term Secured Parties, agrees that none of the Term Agent or the Term Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any ABL Secured Party under
the ABL Documents with respect to the ABL Priority Collateral. The Term Agent, for itself and on behalf of the Term Secured Parties, hereby waives any and all rights it or the Term Secured Parties may have as a junior lien creditor or otherwise to
contest, protest, object to, or interfere with the manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority Collateral. The foregoing shall not be construed to prohibit the Term Agent from enforcing the
provisions of this Agreement. 
 (b) The ABL Agent, for and on behalf of itself and the ABL Secured Parties, agrees that it and they shall
not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the
validity, priority, enforceability, or perfection of the Liens of the Term Agent or the Term Secured Parties in respect of the Collateral or the provisions of this Agreement. Except to the extent expressly set forth in this Agreement, the ABL Agent,
for itself and on behalf of the ABL Secured Parties, agrees that none of the ABL Agent or the ABL Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the Term Agent or any Term
Secured Party under the Term Documents with respect to the Term Priority Collateral. The ABL Agent, for itself and on behalf of the ABL Secured Parties, hereby waives any and all rights it or the ABL Secured Parties may have as a junior lien
creditor or otherwise to contest, protest, object to, or interfere with the manner in which the Term Agent or any Term Secured Party seeks to enforce its Liens in any Term Priority Collateral. The foregoing shall not be construed to prohibit the ABL
Agent from enforcing the provisions of this Agreement. 
 (c) The ABL Agent, for and on behalf of itself and the ABL Secured Parties, and
the Term Agent, for and on behalf of itself and the Term Secured Parties, each agrees that it shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging),
directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of any Junior Agent or any Junior Secured Parties in respect of the Collateral or
the provisions of this Agreement. The foregoing shall not be construed to prohibit the ABL Agent or the Term Agent from enforcing the provisions of this Agreement. 

  
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 (d) Each Junior Agent that becomes a party to this Agreement, for and on behalf of itself and the
Junior Secured Parties represented thereby, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly,
whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of any Senior Agent or any Senior Secured Party or of any other Junior Agent and the Junior Secured Parties
represented thereby, in each case, in respect of the Collateral or the provisions of this Agreement. Except to the extent expressly set forth in this Agreement, each such Junior Agent, for and on behalf of itself and the Junior Secured Parties
represented thereby, agrees that none of such Junior Agent or the applicable Junior Secured Parties represented thereby will take (or seek to take) any action (or support the taking of any action by any third-party) that would interfere with any
Exercise of Secured Creditor Remedies undertaken by any Senior Agent or any Senior Secured Party under the applicable Senior Debt Documents with respect to any Collateral securing any Senior Obligations. Each Junior Agent, for and on behalf of
itself and the Junior Secured Parties represented thereby, hereby waives any and all rights it or such Junior Secured Parties may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which any
Senior Agent or any Senior Secured Party seeks to enforce its Liens in any Collateral securing any Senior Obligation. 
 (e) For the
avoidance of doubt, the assertion of priority rights established under the terms of this Agreement shall not be considered a challenge to Lien priority of any Party prohibited by this Section 2.2. 

Section 2.3 Remedies Standstill. 

(a) The Term Agent, on behalf of itself and the Term Secured Parties, agrees that, from the date hereof until the date upon which the
Discharge of ABL Obligations shall have occurred, neither the Term Agent nor any Term Secured Party will Exercise Any Secured Creditor Remedies with respect to any of the ABL Priority Collateral without the written consent of the ABL Agent, and will
not take, receive or accept any Proceeds of ABL Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of ABL Priority Collateral in a Deposit Account controlled by the Term Agent shall not constitute a breach of
this Agreement so long as such Proceeds are promptly (but in no event later than five Business Days after receipt) remitted to the ABL Agent. From and after the date upon which the Discharge of ABL Obligations shall have occurred (or prior thereto
upon obtaining the written consent of the ABL Agent), the Term Agent or any Term Secured Party may Exercise Any Secured Creditor Remedies under the Term Documents or applicable law as to any ABL Priority Collateral; provided, however,
that any Exercise of Secured Creditor Remedies with respect to any Collateral by the Term Agent or the Term Secured Parties is at all times subject to the provisions of this Agreement. 

(b) The ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that, from the date hereof until the date upon which the Discharge
of Term Obligations shall have occurred, neither the ABL Agent nor any ABL Secured Party will Exercise Any Secured Creditor Remedies with respect to the Term Priority Collateral without the written consent of the Term Agent, and will not take,
receive or accept any Proceeds of the Term Priority Collateral, it 

  
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being understood and agreed that the temporary deposit of Proceeds of Term Priority Collateral in a Deposit Account controlled by the ABL Agent shall not constitute a breach of this Agreement so
long as such Proceeds are promptly (but in no event later than five Business Days after receipt) remitted to the Term Agent. From and after the date upon which the Discharge of Term Obligations shall have occurred (or prior thereto upon obtaining
the written consent of the Term Agent), the ABL Agent or any ABL Secured Party may Exercise Any Secured Creditor Remedies under the ABL Documents or applicable law as to any Term Priority Collateral; provided, however, that any
Exercise of Secured Creditor Remedies with respect to any Collateral by the ABL Agent or the ABL Secured Parties is at all times subject to the provisions of this Agreement. 

(c) Each Junior Agent that becomes a party to this Agreement, on behalf of itself and the Junior Secured Parties represented thereby, agrees
that from the date such Junior Agent becomes a party to this Agreement until the date upon which the Discharge of Senior Obligations shall have occurred, whether or not any Insolvency Proceeding has been commenced by or against any Credit Party,
(i) neither such Junior Agent nor any Junior Secured Party represented thereby will (x) Exercise Any Secured Creditor Remedies with respect to any Junior Shared Collateral, (y) contest, protest or object (or support any contest,
protest or objection) to any Exercise of Any Secured Creditor Remedies brought with respect to the Junior Shared Collateral or any other Senior Collateral by any Senior Agent or any Senior Secured Party in respect of the Senior Obligations,
including the exercise of any right by any Senior Agent or any Senior Secured Party (or any agent or sub-agent on their behalf) in respect of the Senior Obligations under any lockbox agreement, control agreement, landlord waiver or bailee’s
letter or similar agreement or arrangement to which any Senior Agent or any Senior Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party of any rights and remedies relating to the
Junior Shared Collateral under the ABL Documents or the Term Documents, as applicable, or otherwise in respect of the Senior Collateral or the Senior Obligations, or (z) object (or support any objection) to the forbearance by the Senior Secured
Parties from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Junior Shared Collateral in respect of Senior Obligations and (ii) the Senior Agents and the Senior Secured
Parties shall have the sole and exclusive right to Exercise Any Secured Creditor Remedies in accordance with the provisions of this Agreement (including clause (a) and (b) above) (including setoff and the right to credit bid their debt)
and make determinations regarding the release, disposition or restrictions with respect to the Junior Shared Collateral without any consultation with, notice to, or the consent of any Junior Agent or any Junior Secured Party. In exercising rights
and remedies with respect to the Senior Collateral, the Senior Agents and the Senior Secured Parties may enforce the provisions of the ABL Documents and the Term Documents, as applicable, and exercise remedies thereunder, all in such order and in
such manner as they may determine in the exercise of their sole discretion consistent with the terms of this Agreement (including clauses (a) and (b) above). Such exercise and enforcement shall include the rights of an agent appointed by
the Senior Secured Parties to sell or otherwise dispose of or deal with Junior Shared Collateral, including upon foreclosure, to incur expenses in connection with such sale or disposition and to exercise all the rights and remedies of a secured
lender, including under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under Debtor Relief Laws of any applicable jurisdiction. 

  
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 (d) Notwithstanding the provisions of Sections 2.3(a), 2.3(b) or any other
provision of this Agreement, nothing contained herein shall be construed to prevent any Agent or any Secured Party from (i) filing a claim or statement of interest with respect to the ABL Obligations, Term Obligations or the Junior Obligations
owed to it in any Insolvency Proceeding commenced by or against any Credit Party, (ii) taking any action (not adverse to the priority status of the Liens of the other Agent or other Secured Parties on the Collateral in which such other Agent or
other Secured Party has a priority Lien or the rights of the other Agent or any of the other Secured Parties to Exercise Any Secured Creditor Remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce) its Lien on
any Collateral, (iii) filing any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed by any Person objecting to or otherwise seeking disallowance of the claim or Lien of such Agent or
Secured Party or (iv) voting on any plan of reorganization or file any proof of claim in any Insolvency Proceeding of any Credit Party, in each case (i) through (iv) above to the extent not inconsistent with the express terms of this
Agreement. In the event any Junior Secured Party becomes a judgment lien creditor in respect of Junior Shared Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Junior Obligations, such judgment lien shall
be subordinated to the Liens securing Senior Obligations on the same basis as the other Liens securing the Junior Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement. Nothing in this Agreement shall impair
or otherwise adversely affect any rights or remedies the Senior Agents or the Senior Secured Parties may have with respect to the Senior Collateral. 

(e) So long as the Discharge of Senior Obligations has not occurred, each Junior Agent that becomes a party to this Agreement, for and on
behalf of itself and the Junior Secured Parties represented thereby, agrees that it will not, in the context of its role as secured creditor, take or receive any Junior Shared Collateral or any Proceeds of Junior Shared Collateral in connection with
the exercise of any right or remedy (including setoff) with respect to any Junior Shared Collateral in respect of Junior Obligations. Without limiting the generality of the foregoing, unless and until the Discharge of Senior Obligations has
occurred, except as expressly provided in Section 2.3(d), the sole right of the Junior Agents and the Junior Secured Parties with respect to the Junior Shared Collateral is to hold a Lien on the Junior Shared Collateral in respect of
Junior Obligations pursuant to the applicable Junior Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of Senior Obligations has occurred. 

(f) Subject to Section 2.3(d), (i) each Junior Agent that becomes a party to this Agreement, for and on behalf of itself and
the Junior Secured Parties represented thereby, agrees that neither such Junior Agent nor any such Junior Secured Party will take any action that would hinder or delay any exercise of remedies undertaken by any Senior Agent or any Senior Secured
Party with respect to the Junior Shared Collateral under any Senior Debt Document, including any sale, lease, exchange, transfer or other disposition of the Junior Shared Collateral, whether by foreclosure or otherwise, and (ii) each Junior
Agent that becomes a party to this Agreement, for and on behalf of itself and the Junior Secured Parties represented thereby, hereby waives any and all rights it or any such Junior Secured Party may have as a junior lien creditor or otherwise to
object to or contest or protest (or support any objection to or contest or protest of) the manner in which the Senior Agents or the Senior Secured Parties seek to enforce or collect the Senior Obligations or the Liens granted on any of the Senior
Collateral, regardless of whether any action or failure to act by or on behalf of any Senior Agent or any other Senior Secured Party is adverse to the interests of the Junior Secured Parties. 

  
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 (g) Each Junior Agent that becomes a party to this Agreement hereby acknowledges and agrees that
no covenant, agreement or restriction contained in any Junior Document shall be deemed to restrict in any way the rights and remedies of the Senior Agents or the Senior Secured Parties with respect to the Senior Collateral as set forth in this
Agreement and the Senior Debt Documents. 
 (h) Subject to Section 2.3(d), each Junior Agent that becomes a party to this
Agreement, for and on behalf of itself and the Junior Secured Parties represented thereby, agrees that, unless and until the Discharge of Senior Obligations has occurred, it will not commence (or support the commencement of), or join with any Person
(other than the Senior Secured Parties and the Senior Agents) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Junior Shared Collateral under any of the Junior
Documents or otherwise in respect of the Junior Obligations. 
 Section 2.4 Exercise of Rights. 

(a) No Other Restrictions. Except as expressly set forth in this Agreement, each Term Secured Party, each ABL Secured Party and each
Junior Secured Party shall have any and all rights and remedies it may have as a creditor under applicable law, including the right to the Exercise of Secured Creditor Remedies (except as may be separately otherwise agreed in writing by, and solely
as between or among, any two or more Junior Agents, each on behalf of itself and the Junior Secured Parties represented thereby); provided, however, that the Exercise of Secured Creditor Remedies with respect to the Collateral shall be
subject to the Lien Priority and to the provisions of this Agreement. The ABL Agent may enforce the provisions of the ABL Documents, the Term Agent may enforce the provisions of the Term Documents, each Junior Agent may (subject to
Section 2.4(b)) enforce the provisions of the applicable Junior Documents and each may Exercise Any Secured Creditor Remedies, all in such order and in such manner as each may determine in the exercise of its sole discretion, consistent
with the terms of this Agreement (including, without limitation, Section 2.4(b)) and mandatory provisions of applicable law (except as may be separately otherwise agreed in writing by, and solely as between or among, any two or more
Junior Agents, each on behalf of itself and the Junior Secured Parties represented thereby); provided, however, that each of the ABL Agent and the Term Agent agrees to provide to the other (x) an Enforcement Notice prior to the
commencement of an Exercise of Secured Creditor Remedies and (y) copies of any notices that it is required under applicable law to deliver to any Credit Party; provided further, however, that the ABL Agent’s failure to
provide the Enforcement Notice (other than in connection with Section 3.6 hereof) or any such copies to the Term Agent shall not impair any of the ABL Agent’s rights hereunder or under any of the ABL Documents and the Term
Agent’s failure to provide the Enforcement Notice or any such copies to the ABL Agent shall not impair any of the Term Agent’s rights hereunder or under any of the Term Documents. Each of the Term Agent, each Term Secured Party, the ABL
Agent and each ABL Secured Party agrees (i) that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim (or support any of the foregoing), in the case of the Term Agent and
each 

  
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Term Secured Party, against either the ABL Agent or any other ABL Secured Party, and in the case of the ABL Agent and each other ABL Secured Party, against either the Term Agent or any other Term
Secured Party, seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to any action taken or omitted to be taken by such Person with respect to the Collateral which is consistent with the terms
of this Agreement, and none of such Parties shall be liable for any such action taken or omitted to be taken, and (ii) it will not be a petitioning creditor or otherwise assist or support in the filing of an involuntary Insolvency Proceeding.
Each Junior Agent and each Junior Secured Party agrees (i) that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim (or support any of the foregoing) against any Senior
Agent or any Senior Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral which is
consistent with the terms of this Agreement, and none of such Senior Agents or Senior Secured Parties shall be liable for any such action taken or omitted to be taken, and (ii) it will not be a petitioning creditor or otherwise assist or
support in the filing of an involuntary Insolvency Proceeding. 
 (b) Until the Discharge of Senior Obligations, as between the Senior
Agents, on the one hand, and the Junior Agents, on the other hand, the Senior Agents shall have the sole and exclusive right to exercise any right or remedy with respect to the Junior Shared Collateral and shall have the sole and exclusive right to
determine and direct the time, method and place for exercising such right or remedy or conducting any proceeding with respect thereto consistent with the terms of the Agreement. Following the Discharge of Senior Obligations, the Designated Junior
Agent, who may be instructed by the Junior Majority Agents, shall have the exclusive right to exercise any right or remedy with respect to the Collateral, and the Designated Junior Agent, who may be instructed by the Junior Majority Agents, shall
have the exclusive right to direct the time, method and place of exercising or conducting any proceeding for the exercise of any right or remedy available to the Junior Secured Parties with respect to the Collateral, or of exercising or directing
the exercise of any trust or power conferred on the Junior Agents, or for the taking of any other action authorized by the Junior Collateral Documents; provided, however, that nothing in this Section 2.4(b) shall impair the
right of any Junior Agent or other agent or trustee acting on behalf of the Junior Secured Parties to take such actions with respect to the Collateral after the Discharge of Senior Obligations as may be otherwise required or authorized pursuant to
any intercreditor agreement governing the Junior Secured Parties or the Junior Obligations. 
 (c) Release of Liens. 

(i) In the event of (A) any private or public sale of all or any portion of the ABL Priority Collateral in connection
with any Exercise of Secured Creditor Remedies by or with the consent of the ABL Agent (other than in connection with a refinancing as described in Section 5.2(c) hereof), or (B) any sale, transfer or other disposition of all or any
portion of the ABL Priority Collateral (other than in connection with a refinancing as described in Section 5.2(c) hereof), so long as such sale, transfer or other disposition is then permitted by the ABL Documents or consented to by the
requisite ABL Lenders, irrespective of whether an Event of Default has occurred, each of the Term Agent, on behalf of itself and the Term 

  
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Secured Parties, and each Junior Agent that becomes a party to this Agreement, for and on behalf of itself and the Junior Secured Parties represented thereby, agrees that so long as the Term
Agent, for the benefit of the Term Secured Parties, or such Junior Agent, for the benefit of the Junior Secured Parties, as applicable, shall retain a Lien on the proceeds of such sale, transfer or other disposition (to the extent that such proceeds
are not applied to the ABL Obligations as provided in Section 4.1(b) hereof), in each case, such sale, transfer or other disposition will be free and clear of the Liens on such ABL Priority Collateral (but not the proceeds thereof)
securing the Term Obligations and the Junior Obligations, respectively, and the Term Agent’s and the Term Secured Parties’, and such Junior Agent’s and the applicable Junior Secured Parties’, Liens with respect to the ABL
Priority Collateral (but not the proceeds thereof) so sold, transferred, or disposed shall terminate and be automatically released without further action concurrently with, and to the same extent as, the release of the ABL Secured Parties’
Liens on such ABL Priority Collateral. In furtherance of, and subject to, the foregoing, the Term Agent and each Junior Agent agrees that it will promptly execute any and all Lien releases or other documents reasonably requested by the ABL Agent in
connection therewith. The Term Agent and each Junior Agent hereby appoints the ABL Agent and any officer or duly authorized person of the ABL Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power
of attorney in the place and stead of the Term Agent or such Junior Agent and in the name of the Term Agent or such Junior Agent or in the ABL Agent’s own name, from time to time, in the ABL Agent’s sole discretion, for the purposes of
carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph, including any financing
statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 

(ii) In the event of (A) any private or public sale of all or any portion of the Term Priority Collateral in connection
with any Exercise of Secured Creditor Remedies by or with the consent of the Term Agent (other than in connection with a refinancing as described in Section 5.2(c) hereof), or (B) any sale, transfer or other disposition of all or
any portion of the Term Priority Collateral (other than in connection with a refinancing as described in Section 5.2(c) hereof), so long as such sale, transfer or other disposition is then permitted by the Term Documents or consented to
by the requisite Term Lenders, irrespective of whether an Event of Default has occurred, each of the ABL Agent agrees, on behalf of itself and the ABL Secured Parties, and each Junior Agent that becomes a party to this Agreement, for and on behalf
of itself and the Junior Secured Parties represented thereby, agrees that, so long as the ABL Agent, for the benefit of the ABL Secured Parties, or such Junior Agent, for the benefit of the Junior Secured Parties, as applicable, shall retain a Lien
on the proceeds of such sale, transfer or other disposition (to the extent that such proceeds are not applied to the Term Obligations as provided in Section 4.1(c) hereof), in each case, such sale, transfer or disposition will be
free and clear of the Liens on such Term Priority Collateral 

  
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(but not the proceeds thereof) securing the ABL Obligations and the Junior Obligations, respectively, and the ABL Agent’s and the ABL Secured Parties’, and such Junior Agent’s and
the applicable Junior Secured Parties’, Liens with respect to the Term Priority Collateral (but not the proceeds thereof) so sold, transferred, or disposed shall terminate and be automatically released without further action concurrently with,
and to the same extent as, the release of the Term Secured Parties’ Liens on such Term Priority Collateral. In furtherance of, and subject to, the foregoing, the ABL Agent and each Junior Agent agrees that it will promptly execute any and all
Lien releases or other documents reasonably requested by the Term Agent in connection therewith. The ABL Agent and each Junior Agent hereby appoints the Term Agent and any officer or duly authorized person of the Term Agent, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the ABL Agent or such Junior Agent and in the name of the ABL Agent or such Junior Agent or in the Term Agent’s own name,
from time to time, in the Term Agent’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or
desirable to accomplish the purposes of this paragraph, including any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 

(iii) In the event of (A) any private or public sale of all or any portion of the Senior Collateral in connection with
any Exercise of Secured Creditor Remedies by or with the consent of the applicable Senior Agent, or (B) any sale, transfer or other disposition of all or any portion of the Senior Collateral, so long as such sale, transfer or other disposition
is then permitted by the Senior Debt Documents or consented to by the requisite Senior Lenders, irrespective of whether an Event of Default has occurred, each Junior Agent that becomes a party to this Agreement, for and on behalf of itself and the
Junior Secured Parties represented thereby, agrees that such sale, transfer or disposition will be free and clear of the Liens on such Senior Collateral securing the Junior Obligations and such Junior Agent’s and the applicable Junior Secured
Parties’ Liens with respect to the Senior Collateral so sold, transferred, or disposed shall terminate and be automatically released without further action concurrently with, and to the same extent as, the release of the Senior Secured
Parties’ Liens on such Senior Collateral. In furtherance of, and subject to, the foregoing, each Junior Agent agrees that it will promptly execute any and all Lien releases or other documents reasonably requested by the applicable Senior Agent
in connection therewith. Each Junior Agent hereby appoints each Senior Agent and any officer or duly authorized person of such Senior Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of
attorney in the place and stead of such Junior Agent and in the name of such Junior Agent or in such Senior Agent’s own name, from time to time, in each Senior Agent’s sole discretion, for the purposes of carrying out the terms of this
paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this 

  
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paragraph, including any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is
irrevocable). 
 (iv) Unless and until the Discharge of Senior Obligations has occurred, each Junior Agent that becomes a
party to this Agreement, for and on behalf of itself and the Junior Secured Parties represented thereby, hereby consents to the application, whether prior to or after a Default or an Event of Default under any Senior Debt Document, of proceeds of
Junior Shared Collateral to the repayment of Senior Obligations pursuant to the Senior Debt Documents; provided that nothing in this Section 2.4(c)(iv) shall be construed to prevent or impair the rights of the Junior Agents or the
Junior Secured Parties to receive proceeds in connection with the applicable Junior Obligations not otherwise in contravention of this Agreement. 

(v) Notwithstanding anything to the contrary in any Junior Collateral Document, in the event the terms of a Senior Collateral
Document and a Junior Collateral Document each require any Credit Party (i) to make payment in respect of any item of Junior Shared Collateral, (ii) to deliver or afford control over any item of Junior Shared Collateral to, or deposit any
item of Junior Shared Collateral with, (iii) to register ownership of any item of Junior Shared Collateral in the name of or make an assignment of ownership of any Junior Shared Collateral or the rights thereunder to, (iv) cause any
securities intermediary, commodity intermediary or other Person acting in a similar capacity to agree to comply, in respect of any item of Junior Shared Collateral, with instructions or orders from, or to treat, in respect of any item of Junior
Shared Collateral, as the entitlement holder, (v) hold any item of Junior Shared Collateral in trust for (to the extent such item of Junior Shared Collateral cannot be held in trust for multiple parties under applicable law), (vi) obtain
the agreement of a bailee or other third party to hold any item of Junior Shared Collateral for the benefit of or subject to the control of or, in respect of any item of Junior Shared Collateral, to follow the instructions of or (vii) obtain
the agreement of a landlord with respect to access to leased premises where any item of Junior Shared Collateral is located or waivers or subordination of rights with respect to any item of Junior Shared Collateral in favor of, in any case, both any
Senior Agent or any Senior Credit Party, on the one hand, and any Junior Agent or any Junior Secured Party, on the other hand, such Credit Party may, until the Discharge of Senior Obligations has occurred, comply with such requirement under the
Junior Collateral Document as it relates to such Junior Shared Collateral by taking any of the actions set forth above only with respect to, or in favor of, the applicable Senior Agent or Senior Secured Party. 

Section 2.5 No New Liens. 

(a) Until the date upon which the Discharge of ABL Obligations shall have occurred, the parties hereto agree that no Term Secured Party or
Junior Secured Party shall 

  
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acquire or hold any consensual Lien on any assets of any Credit Party securing any Term Obligation or Junior Obligation, respectively, which assets are not also subject to the Lien of the ABL
Agent under the ABL Documents. If any Term Secured Party or Junior Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Term Obligation or any Junior Obligation, respectively,
which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, then the Term Agent (or the relevant Term Secured Party) or such Junior Agent (or the relevant Junior Secured Party) shall, without the need for any further
consent of any other Term Secured Party or any other Junior Secured Party, as applicable, the Borrower or any Term Guarantor or any Junior Guarantor, as applicable, and notwithstanding anything to the contrary in any other Term Document or any other
Junior Document, as applicable, be deemed to also hold and have held such Lien as agent or bailee for the benefit of the ABL Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify
the ABL Agent in writing of the existence of such Lien upon becoming aware thereof. 
 (b) Until the date upon which the Discharge of Term
Obligations shall have occurred, the parties hereto agree that no ABL Secured Party or Junior Secured Party shall acquire or hold any consensual Lien on any assets of any Credit Party securing any ABL Obligation or Junior Obligation, respectively,
which assets are not also subject to the Lien of the Term Agent under the Term Documents. If any ABL Secured Party or any Junior Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party
securing any ABL Obligation or any Junior Obligation, respectively, which assets are not also subject to the Lien of the Term Agent under the Term Documents, then the ABL Agent (or the relevant ABL Secured Party) or such Junior Agent (or the
relevant Junior Secured Party) shall, without the need for any further consent of any other ABL Secured Party or any other Junior Secured Party, as applicable, the Borrower or any ABL Guarantor or Junior Guarantor, as applicable, and notwithstanding
anything to the contrary in any other ABL Document or any other Junior Document, as applicable, be deemed to also hold and have held such Lien as agent or bailee for the benefit of the Term Agent as security for the Term Obligations (subject to the
Lien Priority and other terms hereof) and shall promptly notify the Term Agent in writing of the existence of such Lien upon becoming aware thereof. 

(c) Until the date upon which the Discharge of Junior Obligations of any other Junior Secured Party shall have occurred, the parties hereto
agree that no Junior Secured Party shall acquire or hold any consensual Lien on any assets of any Credit Party securing such other Junior Secured Party’s Junior Obligations which assets are not also subject to the Lien of each other Junior
Agent under the applicable Junior Documents (except as may be separately otherwise agreed in writing by, and solely as between or among, any two or more Junior Agents, each on behalf of itself and the Junior Secured Parties represented thereby). If
any Junior Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any other Junior Obligation which assets are not also subject to the Lien of each Junior Agent under the applicable
Junior Documents (except as may be separately otherwise agreed in writing by, and solely as between or among, any two or more Junior Agents, each on behalf of itself and the Junior Secured Parties represented thereby), then such Junior Agent (or the
relevant Junior Secured Party) shall, without the need for any further consent of any other Junior Secured Party, the Borrower or any Junior Guarantor, and notwithstanding anything to the contrary in any other Junior Document, be deemed to also hold
and have held 

  
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such Lien as agent or bailee for the benefit of each Junior Agent as security for the applicable Junior Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify
each applicable Junior Agent in writing of the existence of such Lien upon becoming aware thereof. 
 (d) Until the date upon which the
Discharge of Senior Obligations shall have occurred, the parties hereto agree that no Junior Secured Party shall acquire or hold any Lien on any assets of any Credit Party securing any Senior Obligation which assets are not also subject to the Lien
of each Senior Agent under the applicable Senior Debt Documents. If any Junior Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Junior Obligation which assets are not also
subject to the Lien of each Senior Agent under the applicable Senior Debt Documents, then such Junior Agent (or the relevant Junior Secured Party) shall, without the need for any further consent of any other Junior Secured Party, the Borrower or any
Junior Guarantor, and notwithstanding anything to the contrary in any other Junior Document, be deemed to also hold and have held such Lien as agent or bailee for the benefit of each Senior Agent as security for the applicable Senior Obligations
(subject to the Lien Priority and other terms hereof) and shall promptly notify each applicable Senior Agent in writing of the existence of such Lien upon becoming aware thereof and take any action reasonably requested by a Senior Agent to ensure
that such Senior Agent holds a senior Lien on such Assets. 
 Section 2.6 Waiver of Marshalling. 

(a) Until the Discharge of ABL Obligations, the Term Agent, on behalf of itself and the Term Secured Parties, agrees not to assert and hereby
waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable
law with respect to the ABL Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 
 (b)
Until the Discharge of Term Obligations, the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or
otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Term Priority Collateral or any other similar rights a junior secured creditor may
have under applicable law. 
 (c) Until the Discharge of Senior Obligations, each Junior Agent that becomes a party to this Agreement, for
and on behalf of itself and the Junior Secured Parties represented thereby, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of,
any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Senior Collateral or any other similar rights a junior secured creditor may have under applicable law. 

  
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 ARTICLE 3 

ACTIONS OF THE PARTIES 

Section 3.1 Certain Actions Permitted. The Term Agent, the ABL Agent and any Junior Agent may make such demands or
file such claims in respect of the Term Obligations, the ABL Obligations or the Junior Obligations, as applicable, as are necessary to prevent the waiver or bar of such claims under applicable statutes of limitations or other statutes, court orders,
or rules of procedure at any time. Nothing in this Agreement shall prohibit the receipt by the Term Agent or any Term Secured Party of the required payments of interest, principal and other amounts owed in respect of the Term Obligations so long as
such receipt is not the direct or indirect result of the exercise by the Term Agent or any Term Secured Party of rights or remedies as a secured creditor (including set-off) with respect to ABL Priority Collateral or enforcement in contravention of
this Agreement of any Lien held by any of them. Nothing in this Agreement shall prohibit the receipt by the ABL Agent or any ABL Secured Party of the required payments of interest, principal and other amounts owed in respect of the ABL Obligations
so long as such receipt is not the direct or indirect result of the exercise by the ABL Agent or any ABL Secured Party of rights or remedies as a secured creditor (including set-off) with respect to Term Priority Collateral or enforcement in
contravention of this Agreement of any Lien held by any of them. Nothing in this Agreement shall prohibit the receipt by any Junior Agent or any Junior Secured Party of the required payments of interest, principal and other amounts owed in respect
of the Junior Obligations so long as such receipt is not (x) prohibited by the terms of any Senior Debt Documents or (y) the direct or indirect result of the exercise by such Junior Agent or any Junior Secured Party of rights or remedies
as a secured creditor (including set-off) with respect to any Senior Collateral or enforcement in contravention of this Agreement of any Lien held by any of them. 

Section 3.2 Agent for Perfection. 

(a) The ABL Agent, for and on behalf of itself and each ABL Secured Party, and the Term Agent, for and on behalf of itself and each Term
Secured Party, as applicable, each agree to hold all Collateral in their respective possession, custody, or control (including as defined in Sections 9-104, 9-105, 9-106, 9-107 and 8-106 of the UCC) (or in the possession, custody, or control of
agents or bailees for either) as gratuitous bailee for the other solely for the purpose of perfecting or maintaining the perfection of the security interest granted to each in such Collateral, subject to the terms and conditions of this
Section 3.2. None of the ABL Agent, the ABL Secured Parties, the Term Agent, or the Term Secured Parties, as applicable, shall have any obligation whatsoever to the others to assure that the Collateral is genuine or owned by the
Borrower, any Guarantor, or any other Person or to preserve rights or benefits of any Person. The duties or responsibilities of the ABL Agent and the Term Agent under this Section 3.2 are and shall be limited solely to holding or
maintaining control of the Control Collateral as gratuitous bailee and/or agent for the other Party for purposes of perfecting the Lien held by the Term Agent or the ABL Agent, as applicable. The ABL Agent is not and shall not be deemed to be a
fiduciary of any kind for the Term Secured Parties or any other Person. Without limiting the generality of the foregoing, the ABL Secured Parties shall not be obligated to see to the application of any Proceeds of the Term Priority Collateral
deposited into any Deposit Account 

  
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or be answerable in any way for the misapplication thereof. The Term Agent is not and shall not be deemed to be a fiduciary of any kind for the ABL Secured Parties, or any other Person. Without
limiting the generality of the foregoing, the Term Secured Parties shall not be obligated to see to the application of any Proceeds of the ABL Priority Collateral deposited into any Deposit Account or be answerable in any way for the misapplication
thereof. In addition, the Term Agent, on behalf of the Term Secured Parties, hereby agrees and acknowledges that other than with respect to ABL Priority Collateral that may be perfected through the filing of a UCC financing statement, the ABL
Agent’s Liens may be perfected on certain items of ABL Priority Collateral with respect to which the Term Agent’s Liens would not be perfected but for the provisions of this Section 3.2, and the Term Agent, on behalf of the
Term Secured Parties, hereby further agrees that the foregoing described in this sentence shall not be deemed a breach of this Agreement. 

(b) Each Senior Agent acknowledges and agrees that if it shall at any time hold a Lien securing any Senior Obligations on any Junior Shared
Collateral that can be perfected by the possession or control of such Junior Shared Collateral or of any account in which such Junior Shared Collateral is held, and if such Junior Shared Collateral or any such account is in fact in the possession or
under the control of such Senior Agent, or of agents or bailees of such Person, or if it shall any time obtain any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Junior Shared
Collateral, the applicable Senior Agent shall also hold such Control Collateral, or take such actions with respect to such landlord waiver, bailee’s letter or similar agreement or arrangement, as sub-agent or gratuitous bailee for each relevant
Junior Agent, in each case solely for the purpose of perfecting the Liens granted under the relevant Junior Collateral Documents and subject to the terms and conditions of this Section 3.2(b). In the event that any Senior Agent (or its
agents or bailees) has Lien filings against Intellectual Property that is part of the Junior Shared Collateral that are necessary for the perfection of Liens in such Junior Shared Collateral, such Senior Agent agrees prior to the Discharge of Senior
Obligations to hold such Liens as sub-agent and gratuitous bailee for each relevant Junior Agent and any assignee thereof, solely for the purpose of perfecting the security interest granted in such Liens pursuant to the relevant Junior Collateral
Documents, subject to the terms and conditions of this Section 3.2(b). Except as otherwise specifically provided herein, until the Discharge of Senior Obligations has occurred, the Senior Agents and the Senior Secured Parties shall be
entitled to deal with the Control Collateral in accordance with the terms of the applicable Senior Debt Documents as if the Liens under the Junior Collateral Documents did not exist. The rights of the Junior Agents and the Junior Secured Parties
with respect to the Control Collateral shall at all times be subject to the terms of this Agreement. The Senior Agents and the Senior Secured Parties shall have no obligation whatsoever to any Junior Agent or any Junior Secured Party to assure that
any of the Control Collateral is genuine or owned by the Borrower, any Guarantor or any other Person or to preserve rights or benefits of any Person, except as expressly set forth in this Section 3.2(b). The duties or responsibilities of
the Senior Agents under this Section 3.2(b) are and shall be limited solely to holding or maintaining control of the Junior Shared Collateral referred to in this Section 3.2(b) as gratuitous bailee and/or agent for each
relevant Junior Agent for purposes of perfecting the Lien held by such Junior Agent. The Senior Agents shall not have, by reason of the Junior Collateral Documents or this Agreement, or any other document, a fiduciary relationship in respect of any
Junior Agent or any Junior Secured Party, and each Junior Agent that becomes a party to this Agreement, for and on behalf of itself and the Junior Secured Parties represented thereby, hereby waives and releases the

  
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Senior Agents from all claims and liabilities arising pursuant to the Senior Agents’ roles under this Section 3.2(b) as sub-agents and gratuitous bailees with respect to the
Junior Shared Collateral. 
 Section 3.3 Sharing of Information and Access. In the event that the ABL Agent shall, in
the exercise of its rights under the ABL Collateral Documents or otherwise, receive possession or control of any books and records of any Term Credit Party which contain information identifying or pertaining to the Term Priority Collateral, the ABL
Agent shall, upon request from the Term Agent and as promptly as practicable thereafter, either make available to the Term Agent such books and records for inspection and duplication or provide to the Term Agent copies thereof. In the event that the
Term Agent shall, in the exercise of its rights under the Term Collateral Documents or otherwise, receive possession or control of any books and records of any ABL Credit Party which contain information identifying or pertaining to any of the ABL
Priority Collateral, the Term Agent shall, upon request from the ABL Agent and as promptly as practicable thereafter, either make available to the ABL Agent such books and records for inspection and duplication or provide the ABL Agent copies
thereof. 
 Section 3.4 Insurance. Proceeds of Collateral include insurance proceeds and, therefore, the Lien Priority
shall govern the ultimate disposition of casualty insurance proceeds. The ABL Agent and the Term Agent shall each be named as additional insured or loss payee, as applicable, with respect to all insurance policies relating to the Collateral as set
forth in the Term Credit Agreement or the ABL Credit Agreement, as applicable. The ABL Agent shall have the sole and exclusive right, as against the Term Agent, to adjust settlement of insurance claims in the event of any covered loss, theft or
destruction of ABL Priority Collateral. The Term Agent shall have the sole and exclusive right, as against the ABL Agent, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of Term Priority Collateral. If
any insurance claim includes both ABL Priority Collateral and Term Priority Collateral, the insurer will not settle such claim separately with respect to ABL Priority Collateral and Term Priority Collateral, and if the Parties are unable after
negotiating in good faith to agree on the settlement for such claim, either Party may apply to a court of competent jurisdiction to make a determination as to the settlement of such claim, and the court’s determination shall be binding upon the
Parties. All proceeds of such insurance shall be remitted to the ABL Agent or the Term Agent, as the case may be, and each of the Term Agent and ABL Agent shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance
proceeds in accordance with Section 4.1 hereof. Unless and until the Discharge of Senior Obligations has occurred, the Senior Agents and the Senior Secured Parties shall have the sole and exclusive right, as against any Junior Agent,
subject to the rights of the Credit Parties under the Senior Debt Documents, (a) to be named as additional insured and loss payee under any insurance policies maintained from time to time by any Credit Party, (b) to adjust settlement for
any insurance policy covering the Junior Shared Collateral in the event of any loss thereunder and (c) to approve any award granted in any condemnation or similar proceeding affecting the Junior Shared Collateral. If any Junior Agent or any
Junior Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds over to the Senior Agent in accordance with the terms of
Section 4.1. 

  
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 Section 3.5 No Additional Rights For the Credit Parties Hereunder.
Except as provided in Section 3.6 hereof, if any ABL Secured Party, Term Secured Party or Junior Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, the Credit Parties shall not be entitled to
use such violation as a defense to any action by any ABL Secured Party, Term Secured Party or Junior Secured Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any ABL Secured Party, Term Secured Party
or Junior Secured Party. 
 Section 3.6 Inspection and Access Rights. 

(a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, in
the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Secured Creditor Remedies by the ABL Agent) and whether or not the Term Agent or any other Term Secured Party has commenced and is continuing to Exercise Any
Secured Creditor Remedies, the ABL Agent or any other Person (including any ABL Credit Party) acting with the consent, or on behalf, of the ABL Agent, shall have the right (a) during the Use Period during normal business hours on any Business
Day, to access ABL Priority Collateral that (i) is stored or located in or on, (ii) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (iii) has been commingled with
(within the meaning of Section 9-336 of the Uniform Commercial Code) Term Priority Collateral (collectively, the “ABL Affected Collateral”), and (b) during the Use Period, shall have the irrevocable right to use the
Term Priority Collateral (including, without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Property) on a rent-free, royalty-free basis, each of the foregoing solely for the limited purposes of assembling,
inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of Inventory involving, taking possession of, moving, preparing and advertising for sale, selling (by public auction,
private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business or otherwise and which sale may include augmented Inventory of the same type
sold in any ABL Credit Party’s business), storing or otherwise dealing with the ABL Priority Collateral, in each case without notice to, the involvement of or interference by any Term Secured Party or any Junior Secured Party or liability to
any Term Secured Party or any Junior Secured Party; provided, however, that the expiration of the Use Period shall be without prejudice to the sale or other disposition of the ABL Priority Collateral in accordance with this Agreement
and applicable law. In the event that any ABL Secured Party has commenced and is continuing the Exercise of Secured Creditor Remedies with respect to any ABL Affected Collateral or any other sale or liquidation of the ABL Affected Collateral has
been commenced by an ABL Credit Party (with the consent of the ABL Agent), the Term Agent may not sell, assign or otherwise transfer the related Term Priority Collateral prior to the expiration of the Use Period, unless the purchaser, assignee or
transferee thereof agrees in writing to be bound by the provisions of this Section 3.6. 
 (b) During the period of actual
occupation, use and/or control by the ABL Secured Parties and/or the ABL Agent (or their respective employees, agents, advisers and representatives) of any Term Priority Collateral, the ABL Secured Parties and the ABL Agent

  
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shall be obligated to repair at their expense any physical damage (but not any diminution in value) to such Term Priority Collateral resulting from such occupancy, use or control, and to leave
such Term Priority Collateral in substantially the same condition as it was at the commencement of such occupancy, use or control, ordinary wear and tear excepted. Notwithstanding the foregoing, in no event shall the ABL Secured Parties or the ABL
Agent have any liability to the Term Secured Parties and/or to the Term Agent (or to any Junior Secured Party and/or any Junior Agent) pursuant to this Section 3.6 as a result of any condition (including any environmental condition,
claim or liability) on or with respect to the Term Priority Collateral existing prior to the date of the exercise by the ABL Secured Parties (or the ABL Agent, as the case may be) of their rights under this Section 3.6 and the ABL
Secured Parties shall have no duty or liability to maintain the Term Priority Collateral in a condition or manner better than that in which it was maintained prior to the use thereof by the ABL Secured Parties, or for any diminution in the value of
the Term Priority Collateral that results from ordinary wear and tear resulting from the use of the Term Priority Collateral by the ABL Secured Parties in the manner and for the time periods specified under this Section 3.6. Without
limiting the rights granted in this Section 3.6, the ABL Secured Parties and the ABL Agent shall cooperate with the Term Secured Parties and/or the Term Agent in connection with any efforts made by the Term Secured Parties and/or the
Term Agent to sell the Term Priority Collateral. 
 (c) The ABL Agent and the ABL Secured Parties shall not be obligated to pay any amounts
to the Term Agent, any Junior Agent, the Term Secured Parties or any Junior Secured Parties (or any person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Credit Parties,
for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral. 
 (d) The ABL Secured Parties
shall (i) use the Term Priority Collateral in accordance with applicable law; (ii) insure for damage to property and liability to persons, including property and liability insurance for the benefit of the Term Secured Parties; and
(iii) reimburse the Term Secured Parties for any injury or damage to Persons or property (ordinary wear-and-tear excepted) caused by the acts or omissions of Persons under their control (except for those arising from the gross negligence or
willful misconduct of any Term Secured Party); provided, however, that the ABL Secured Parties will not be liable for any diminution in the value of the Term Priority Collateral caused by the absence of the ABL Priority Collateral therefrom. 

(e) The Term Agent, any Junior Agent, the other Term Secured Parties and the other Junior Secured Parties shall use commercially reasonable
efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the rights described in Section 3.6(a) hereof. 

(f) Subject to the terms hereof, the Term Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral
without notice (except as required by applicable law) to any ABL Secured Party or any Junior Secured Party, the involvement of or interference by any ABL Secured Party or any Junior Secured Party or liability to any ABL Secured Party or any Junior
Secured Party as long as, in the case of an actual sale, the respective purchaser assumes and agrees to the obligations of the Term Agent and the Term Secured Parties under this Section 3.6. 

  
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 (g) In furtherance of the foregoing in this Section 3.6, the Term Agent, in its
capacity as a secured party (or as a purchaser, assignee or transferee, as applicable), and to the extent of its interest therein, hereby grants to the ABL Agent a nonexclusive, irrevocable, royalty-free, worldwide license to use, license or
sublicense any and all Intellectual Property now owned or hereafter acquired by the Credit Parties (except to the extent such grant is prohibited by any rule of law, statute or regulation), included as part of the Term Priority Collateral (and
including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof) as is or may be necessary or advisable in the ABL
Agent’s reasonable judgment for the ABL Agent to process, ship, produce, store, supply, lease, complete, sell, liquidate or otherwise deal with the ABL Priority Collateral, or to collect or otherwise realize upon any Accounts (as defined in the
ABL Credit Agreement) comprising ABL Priority Collateral, in each case solely in connection with any Exercise of Secured Creditor Remedies; provided that (i) any such license shall terminate upon the sale of the applicable ABL Priority
Collateral and shall not extend or transfer to the purchaser of such ABL Priority Collateral, (ii) the ABL Agent’s use of such Intellectual Property shall be reasonable and lawful, and (iii) any such license is granted on an “AS
IS” basis, without any representation or warranty whatsoever. The Term Agent (i) acknowledges and consents to the grant to the ABL Agent by the Credit Parties of the license referred to in Section 4.1 of each Security Agreement (as
defined in the ABL Credit Agreement) and (ii) agrees that its Liens in the Term Priority Collateral shall be subject in all respects to such license. Furthermore, the Term Agent agrees that, in connection with any Exercise of Secured Creditor
Remedies conducted by the Term Agent in respect of Term Priority Collateral, (x) any notice required to be given by the Term Agent in connection with such Exercise of Secured Creditor Remedies shall contain an acknowledgement of the existence
of such license and (y) the Term Agent shall provide written notice to any purchaser, assignee or transferee pursuant to an Exercise of Secured Creditor Remedies that the applicable assets are subject to such license. 

Section 3.7 Tracing of and Priorities in Proceeds. The ABL Agent, for itself and on behalf of the ABL Secured
Parties, and the Term Agent, for itself and on behalf of the Term Secured Parties, further agree that prior to an issuance of any notice of Exercise of Secured Creditor Remedies by such Secured Party (unless a bankruptcy or insolvency Event of
Default then exists), any proceeds of Collateral, whether or not deposited under control agreements, which are used by any Credit Party to acquire other property which is Collateral shall not (solely as between the Senior Agents and the Senior
Lenders) be treated as Proceeds of Collateral for purposes of determining the relative priorities in the Collateral which was so acquired. 

Section 3.8 Purchase Right 

(a) If (i) the ABL Agent or “Required Lenders” (as defined in the ABL Credit Agreement) shall sell, lease, license or dispose
of all or substantially all of the ABL Priority Collateral by private or public sale, (ii) an Insolvency Proceeding with respect to the Borrower or 

  
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Intermediate Holdings shall have occurred or shall have been commenced, or (iii) the ABL Obligations under the ABL Credit Agreement shall have been accelerated (including as a result of any
automatic acceleration) or shall remain unpaid following the Maturity Date or similar term (as defined in any ABL Credit Agreement), (each such event described in clauses (i) through (iii) herein above, a “Purchase Option
Event”), the Term Secured Parties shall have the opportunity to purchase (at par and without premium) all (but not less than all) of the ABL Obligations pursuant to this Section 3.8; provided, that such option shall
expire if the applicable Term Secured Parties fail to deliver a written notice (a “Purchase Notice”) to the ABL Agent with a copy to the Borrower within ten (10) business days following the first date the Term Agent
obtains actual knowledge of the occurrence of the earliest Purchase Option Event, which Purchase Notice shall (A) be signed by the applicable Term Secured Parties committing to such purchase (the “Purchasing Creditors”)
and indicate the percentage of the ABL Obligations to be purchased by each Purchasing Creditor (which aggregate commitments must add up to 100% of the ABL Obligations) and (B) state that (1) it is a Purchase Notice delivered pursuant to
Section 3.8 of this Agreement and (2) the offer contained therein is irrevocable. Upon receipt of such Purchase Notice by the ABL Agent, the Purchasing Creditors shall have from the date of delivery thereof to and including the date
that is ten (10) business days after the Purchase Notice was received by the ABL Agent to purchase all (but not less than all) of the ABL Obligations pursuant to this Section 3.8 (the date of such purchase, the
“Purchase Date”). 
 (b) On the Purchase Date, the ABL Agent and the other ABL Secured Parties shall, subject to any
required approval of any Governmental Authority and any limitation in the ABL Credit Agreement, in each case then in effect, if any, sell to the Purchasing Creditors all (but not less than all) of the ABL Obligations. On such Purchase Date, the
Purchasing Creditors shall (i) pay to the ABL Agent, for the benefit of the ABL Secured Parties, as directed by the ABL Agent, in immediately available funds the full amount (at par and without premium) of all ABL Obligations then outstanding
together with all accrued and unpaid interest and fees thereon, all in the amounts specified by the ABL Agent and determined in accordance with the applicable ABL Documents, (ii) furnish such amount of cash collateral in immediately available
funds as the ABL Agent determines is reasonably necessary to secure ABL Secured Parties in connection with any (x) contingent Other Liabilities or (y) issued and outstanding letters of credit issued under the ABL Credit Agreement but not
in any event in an amount greater than 105% of the aggregate undrawn amount of all such outstanding letters of credit (and in the case of clauses (x) and (y) herein above, any excess of such cash collateral for such Other Liabilities or
letters of credit remaining at such time when there are no longer any such Other Liabilities or letters of credit outstanding and there are no unreimbursed amounts then owing in respect of such Other Liabilities or drawings under such letters of
credit shall be promptly paid over to the Term Agent) and (iii) agree to reimburse the ABL Secured Parties for any loss, cost, damage or expense resulting from the granting of provisional credit for any checks, wire or ACH transfers that are
reversed or not final or other payments provisionally credited to the ABL Obligations under the ABL Credit Agreement and as to which the ABL Agent and ABL Secured Parties have not yet received final payment as of the Purchase Date. Such purchase
price shall be remitted by wire transfer in immediately available funds to such bank account of the ABL Agent (for the benefit of the ABL Secured Parties) as the ABL Agent shall have specified in writing to the Term Agent. Interest and fees shall be
calculated to but excluding the Purchase Date if the amounts so paid by the applicable Term Lenders to the bank account designated by the ABL Agent are received in such bank account prior to 1:00 p.m., New York time, and interest shall be

  
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calculated to and including such Purchase Date if the amounts so paid by the applicable Term Lenders to the bank account designated by the ABL Agent are received in such bank account after 1:00
p.m., New York time. 
 (c) Any purchase pursuant to the purchase option set forth in this Section 3.8 shall, except as provided
below, be expressly made without representation or warranty of any kind by the ABL Agent or the other ABL Secured Parties as to the ABL Obligations, the collateral or otherwise, and without recourse to the ABL Agent and the other ABL Secured Parties
as to the ABL Obligations, the collateral or otherwise, except that the ABL Agent and each of the ABL Secured Parties, as to itself only, shall represent and warrant only as to the matters set forth in the assignment agreement to be entered into as
provided herein in connection with such purchase, which shall include (i) the principal amount of the ABL Obligations being sold by it, (ii) that such Person has not created any Lien on any ABL Obligations being sold by it, and
(iii) that such Person has the right to assign the ABL Obligations being assigned by it and its assignment agreement has been duly authorized and delivered. 

(d) Upon notice to the Credit Parties by the Term Agent that the purchase of ABL Obligations pursuant to this Section 3.8 has been
consummated by delivery of the purchase price to the ABL Agent, the Credit Parties shall treat the applicable Term Lenders as holders of the ABL Obligations and the Term Agent shall be deemed appointed to act in such capacity as the
“agent” or “administrative agent” (or analogous capacity) (the “Replacement Agent”) under the ABL Documents, for all purposes hereunder and under each ABL Document (it being agreed that the ABL Agent shall
have no obligation to act as such replacement “agent” or “administrative agent” (or analogous capacity)). In connection with any purchase of ABL Obligations pursuant to this Section 3.8, each ABL Lender and ABL Agent
agrees to enter into and deliver to the applicable Term Lenders on the Purchase Date, as a condition to closing, an assignment agreement customarily used by the ABL Agent in connection with the ABL Credit Agreement and the ABL Agent and each other
ABL Lender shall deliver all possessory collateral (if any), together with any necessary endorsements and other documents (including any applicable stock powers or bond powers), then in its possession or in the possession of its agent or bailee, or
turn over control as to any pledged collateral, deposit accounts or securities accounts of which it or its agent or bailee then has control, as the case may be, to the Replacement Agent, and deliver the loan register and participant register, if
applicable and all other records pertaining to the ABL Obligations to the Replacement Agent and otherwise take such actions as may be reasonably appropriate to effect an orderly transition to the Replacement Agent. Upon the consummation of the
purchase of the ABL Obligations pursuant to this Section 3.8, the ABL Agent (and all other agents under the ABL Credit Agreement) shall be deemed to have resigned as an “agent” or “administrative agent” for the ABL
Secured Parties under the ABL Documents; provided that the ABL Agent (and all other agents under the ABL Credit Agreement) shall be entitled to all of the rights and benefits of a former “agent” or “administrative agent”
under the ABL Credit Agreement. 
 (e) Notwithstanding the foregoing purchase of the ABL Obligations by the Purchasing Creditors, the ABL
Secured Parties shall retain those contingent indemnification obligations and other obligations under the ABL Documents which by their express terms would survive any repayment of the ABL Obligations pursuant to this Section 3.8. 

  
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 Section 3.9 Payments Over. 

(a) So long as the Discharge of Term Obligations has not occurred, any Term Priority Collateral or Proceeds thereof not constituting ABL
Priority Collateral received by the ABL Agent or any other ABL Secured Party in connection with the exercise of any right or remedy (including set off) relating to the Term Priority Collateral in contravention of this Agreement shall be segregated
and held in trust and forthwith paid over to the Term Agent for the benefit of the Term Secured Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Term Agent is
hereby authorized to make any such endorsements as agent for the ABL Agent or any such other ABL Secured Parties. This authorization is coupled with an interest and is irrevocable until such time as this Agreement is terminated in accordance with
its terms. 
 (b) So long as the Discharge of ABL Obligations has not occurred, any ABL Priority Collateral or Proceeds thereof not
constituting Term Priority Collateral received by the Term Agent or any Term Secured Parties in connection with the exercise of any right or remedy (including set off) relating to the ABL Priority Collateral in contravention of this Agreement shall
be segregated and held in trust and forthwith paid over to the ABL Agent for the benefit of the ABL Secured Parties in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The ABL
Agent is hereby authorized to make any such endorsements as agent for the Term Agent or any such Term Secured Parties. This authorization is coupled with an interest and is irrevocable until such time as this Agreement is terminated in accordance
with its terms. 
 (c) So long as the Discharge of Senior Obligations has not occurred, any Collateral, Junior Shared Collateral or any
other property of any Credit Party or Proceeds thereof received by any Junior or any Junior Secured Parties in connection with the exercise of any right or remedy (including set off) relating to the Junior Shared Collateral in contravention of this
Agreement or otherwise shall be segregated and held in trust and forthwith paid over to the applicable Senior Agent for the benefit of the applicable Senior Secured Parties in the same form as received, with any necessary endorsements or as a court
of competent jurisdiction may otherwise direct. Each Senior Agent is hereby authorized to make any such endorsements as agent for each of the Junior Agents or any such Junior Secured Parties. This authorization is coupled with an interest and is
irrevocable until such time as this Agreement is terminated in accordance with its terms. 
 ARTICLE 4  

APPLICATION OF PROCEEDS 

Section 4.1 Application of Proceeds. 

(a) Revolving Nature of ABL Obligations. The Term Agent, for and on behalf of itself and the Term Secured Parties, and each Junior
Agent that becomes a party to this Agreement, for and on behalf of itself and the Junior Secured Parties represented thereby, expressly acknowledges and agrees that (i) the ABL Credit Agreement includes a revolving

  
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commitment, that in the ordinary course of business the ABL Agent and the ABL Lenders will apply payments and make advances thereunder, and that no application of any ABL Priority Collateral or
the release of any Lien by the ABL Agent upon any portion of the Collateral in connection with a permitted disposition by the ABL Credit Parties under any ABL Credit Agreement shall constitute the Exercise of Secured Creditor Remedies under this
Agreement; (ii) the amount of the ABL Obligations that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the ABL Obligations may be modified, extended or amended
from time to time, and that the aggregate amount of the ABL Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Term Secured Parties or the Junior Secured Parties and without affecting the
provisions hereof; and (iii) all ABL Priority Collateral received by the ABL Agent may be applied, reversed, reapplied, credited, or reborrowed, in whole or in part, to the ABL Obligations at any time; provided, however, that from
and after the date on which the ABL Agent (or any ABL Secured Party) or the Term Agent (or any Term Secured Party) commences any Exercise of Secured Creditor Remedies, all amounts received by the ABL Agent or any ABL Lender shall be applied as
specified in this Section 4.1. The Lien Priority shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of
either the ABL Obligations or the Term Obligations, or any portion thereof. Notwithstanding anything to the contrary contained in this Agreement, any Term Document or any ABL Document, each Credit Party and the Term Agent, for itself and on behalf
of the Term Secured Parties, agrees that (i) only Term Priority Collateral or proceeds of the Term Priority Collateral shall be deposited in the Term Loan Priority Accounts and (ii) prior to the receipt of a Term Cash Proceeds Notice, the
ABL Secured Parties are hereby permitted to treat all cash, cash equivalents, Money, collections and payments deposited in any ABL Deposit and Securities Account or otherwise received by any ABL Secured Parties as ABL Priority Collateral, and no
such amounts credited to any such ABL Deposit and Securities Account or received by any ABL Secured Parties or applied to the ABL Obligations shall be subject to disgorgement or deemed to be held in trust for the benefit of the Term Secured Parties
(and all claims of the Term Agent or any other Term Secured Party to such amounts are hereby waived). 
 (b) Application of Proceeds of
ABL Priority Collateral. The ABL Agent, the Term Agent and each Junior Agent that becomes a party to this Agreement hereby agree that all ABL Priority Collateral, ABL Priority Proceeds and all other Proceeds thereof, received by either of them
in connection with any Exercise of Secured Creditor Remedies with respect to the ABL Priority Collateral shall be applied, 

first, to the payment of costs and expenses of the ABL Agent in connection with such Exercise of Secured Creditor
Remedies, 
 second, to the payment or cash collateralization of the ABL Obligations in accordance with the ABL
Documents until the Discharge of ABL Obligations shall have occurred, 
 third, to the payment of the Term
Obligations in accordance with the Term Documents until the Discharge of Term Obligations shall have occurred, 

  
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 fourth, to the payment of the Junior Obligations secured by an interest
in such Junior Shared Collateral, which payment shall be made between and among the Junior Obligations on a pro rata basis (except as may be separately otherwise agreed in writing by, and solely as between or among, any two or more Junior Agents,
each on behalf of itself and the Junior Secured Parties represented thereby), and 
 fifth, the balance, if any, to
the Credit Parties or as a court of competent jurisdiction may direct. 
 (c) Application of Proceeds of Term Priority Collateral.
The ABL Agent, the Term Agent and each Junior Agent that becomes a party to this Agreement hereby agree that all Term Priority Collateral, Term Priority Proceeds and all other Proceeds thereof, received by either of them in connection with any
Exercise of Secured Creditor Remedies with respect to the Term Priority Collateral shall be applied, 
 first, to the
payment of costs and expenses of the Term Agent in connection with such Exercise of Secured Creditor Remedies, 

second, to the payment of the Term Obligations in accordance with the Term Documents until the Discharge of Term
Obligations shall have occurred, 
 third, to the payment of the ABL Obligations in accordance with the ABL Documents
until the Discharge of ABL Obligations shall have occurred, 
 fourth, to the payment of the Junior Obligations
secured by an interest in such Junior Shared Collateral, which payment shall be made between and among the Junior Obligations on a pro rata basis (except as may be separately otherwise agreed in writing by, and solely as between or among, any two or
more Junior Agents, each on behalf of itself and the Junior Secured Parties represented thereby), and 
 fifth, the
balance, if any, to the Credit Parties or as a court of competent jurisdiction may direct. 
 (d) Application of Proceeds of Junior
Shared Collateral. After an event of default under any Senior Debt Document has occurred and until such event of default is cured or waived, so long as the Discharge of Senior Obligations has not occurred, the Junior Shared Collateral or
Proceeds thereof received in connection with the sale or other disposition of, or collection on, such Junior Shared Collateral upon the exercise of remedies shall be applied by the applicable Senior Agent to the Senior Obligations as set forth in
this Section 4.1 until the Discharge of Senior Obligations has occurred. Upon the Discharge of Senior Obligations, each applicable Senior Agent shall deliver promptly to the Designated Junior Agent any Junior Shared Collateral or
Proceeds thereof held by it in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, to be applied by the Designated Junior Agent to the Junior Obligations in accordance with this
Section 4.1. 

  
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 (e) Limited Obligation or Liability. In exercising remedies, whether as a secured creditor
or otherwise, the ABL Agent shall have no obligation or liability to the Term Agent, any Term Secured Party, any Junior Agent or any Junior Secured Party represented thereby, and the Term Agent shall have no obligation or liability to the ABL Agent,
any ABL Secured Party, any Junior Agent or any Junior Secured Party represented thereby, regarding the adequacy of any Proceeds or for any action or omission, except solely for an action or omission that breaches the express obligations undertaken
by each Party under the terms of this Agreement. Notwithstanding anything to the contrary herein contained, none of the Parties hereto waives any claim that it may have against a Secured Party on the grounds that any sale, transfer or other
disposition by the Secured Party was not commercially reasonable in every respect as required by the Uniform Commercial Code. 
 (f)
Turnover of Collateral After Discharge. Upon the Discharge of ABL Obligations, the ABL Agent shall deliver to the Term Agent or shall execute such documents as the Term Agent may reasonably request to enable the Term Agent to have control
over any Control Collateral still in the ABL Agent’s possession, custody, or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Upon the Discharge of Term
Obligations, the Term Agent shall deliver to the ABL Agent or shall execute such documents as the ABL Agent may reasonably request to enable the ABL Agent to have control over any Control Collateral still in the Term Agent’s possession, custody
or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Upon the Discharge of Senior Obligations, the applicable Senior Agent shall deliver to the Designated Junior Agent
or shall execute such documents as the Designated Junior Agent may reasonably request to enable the Designated Junior Agent to have control over any Control Collateral still in such Senior Agent’s possession, custody, or control in the same
form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. 
 Section 4.2
Specific Performance. Each of the ABL Agent, the Term Agent and each Junior Agent that becomes a party to this Agreement is hereby authorized to demand specific performance of this Agreement, whether or not the Borrower or any Guarantor
shall have complied with any of the provisions of any of the Credit Documents, at any time when any other Party shall have failed to comply with any of the provisions of this Agreement applicable to it. Each of the ABL Agent, for and on behalf of
itself and the ABL Secured Parties, the Term Agent, for and on behalf of itself and the Term Secured Parties, and each Junior Agent that becomes a party to this Agreement, for and on behalf of itself and the Junior Secured Parties represented
thereby, hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance. 

  
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 ARTICLE 5 

INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS 

Section 5.1 Notice of Acceptance and Other Waivers. 

(a) All ABL Obligations at any time made or incurred by the Borrower or any Guarantor shall be deemed to have been made or incurred in
reliance upon this Agreement, and the Term Agent, on behalf of itself and the Term Secured Parties, and each Junior Agent that becomes a party to this Agreement, on behalf of itself and the Junior Secured Parties represented thereby, hereby waives
notice of acceptance, or proof of reliance by the ABL Agent or any ABL Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the ABL Obligations. All Term
Obligations at any time made or incurred by the Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the ABL Agent, on behalf of itself and the ABL Secured Parties, and each Junior Agent that
becomes a party to this Agreement, on behalf of itself and the Junior Secured Parties represented thereby, hereby waives notice of acceptance, or proof of reliance, by the Term Agent or any Term Secured Party of this Agreement, and notice of the
existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the Term Obligations. 
 (b) None of the
ABL Agent, any ABL Secured Party, or any of their respective Affiliates, directors, officers, employees, or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so,
or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this
Agreement. If the ABL Agent or any ABL Secured Party honors (or fails to honor) a request by the Borrower for an extension of credit pursuant to any ABL Credit Agreement or any of the other ABL Documents, whether the ABL Agent or any ABL Secured
Party has knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of any Term Credit Agreement, any other Term Document, any Junior Agreement or any other Junior Document or an act, condition,
or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the ABL Agent or any ABL Secured Party otherwise should exercise any of its contractual rights or remedies under any ABL Documents
(subject to the express terms and conditions hereof), neither the ABL Agent nor any ABL Secured Party shall have any liability whatsoever to the Term Agent, any Term Secured Party, any Junior Agent or any Junior Secured Party as a result of such
action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement). The ABL Agent and the ABL Secured Parties shall be entitled to manage and supervise their loans and extensions of credit
under any ABL Credit Agreement and any of the other ABL Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the Term Agent, any of the
Term Secured Parties, any Junior Agent or any of the Junior Secured Parties have in the Collateral, except as otherwise expressly set forth in this Agreement. The Term Agent, on behalf of itself and the Term Secured Parties, and each Junior Agent
that becomes a party to this Agreement, on behalf of itself and the Junior Secured Parties represented thereby, agrees that neither the ABL Agent nor any ABL Secured Party shall incur any liability as a result of a sale, lease, license, application,
or other disposition of all or any portion of the Collateral or Proceeds thereof, pursuant to the ABL Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of
this Agreement. 

  
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 (c) None of the Term Agent, any Term Secured Party or any of their respective Affiliates,
directors, officers, employees, or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any
Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If the Term Agent or any Term Secured Party honors (or fails to
honor) a request by the Borrower for an extension of credit pursuant to any Term Credit Agreement or any of the other Term Documents, whether the Term Agent or any Term Secured Party has knowledge that the honoring of (or failure to honor) any such
request would constitute a default under the terms of any ABL Credit Agreement, any other ABL Document, any Junior Agreement or any other Junior Document or an act, condition, or event that, with the giving of notice or the passage of time, or both,
would constitute such a default, or if the Term Agent or any Term Secured Party otherwise should exercise any of its contractual rights or remedies under the Term Documents (subject to the express terms and conditions hereof), neither the Term Agent
nor any Term Secured Party shall have any liability whatsoever to the ABL Agent, any ABL Secured Party, any Junior Agent or any Junior Secured Party as a result of such action, omission, or exercise (so long as any such exercise does not breach the
express terms and provisions of this Agreement). The Term Agent and the Term Secured Parties shall be entitled to manage and supervise their loans and extensions of credit under the Term Documents as they may, in their sole discretion, deem
appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the ABL Agent, any ABL Secured Party, any Junior Agent or any Junior Secured Party has in the Collateral, except as otherwise expressly
set forth in this Agreement. The ABL Agent, on behalf of itself and the ABL Secured Parties, and each Junior Agent that becomes a party to this Agreement, on behalf of itself and the Junior Secured Parties represented thereby, agrees that none of
the Term Agent or the Term Secured Parties shall incur any liability as a result of a sale, lease, license, application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the Term Documents, so long as such
disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement. 

Section 5.2 Modifications to Credit Documents. 

(a) The Term Agent, on behalf of itself and the Term Secured Parties, and each Junior Agent that becomes a party to this Agreement, on behalf
of itself and the Junior Secured Parties represented thereby, hereby agrees that, without affecting the obligations of the Term Agent, the Term Secured Parties, any Junior Agent or any Junior Secured Parties hereunder, the ABL Agent and the ABL
Secured Parties may, at any time and from time to time, in their sole discretion without the consent of or notice to the Term Agent, any Term Secured Party, any Junior Agent or any Junior Secured Party (except to the extent such notice or consent is
required pursuant to the express provisions of this Agreement), and without incurring any liability to the Term Agent, any Term Secured Party, any Junior Agent or any Junior Secured Party or impairing or releasing the subordination provided for
herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the ABL Documents in any manner whatsoever (other than in a manner which would contravene the provisions of this Agreement),
including, without limitation, to: 
 (i) change the manner, place, time, or terms of payment or renew, alter or increase,
all or any of the ABL Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the ABL Obligations or any of the ABL Documents; 

  
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 (ii) subject to Section 2.5 hereof, retain or obtain a Lien on any
Property of any Person to secure any of the ABL Obligations, and in connection therewith to enter into any additional ABL Documents; 

(iii) amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or
other obligations of any Person obligated in any manner under or in respect of the ABL Obligations; 
 (iv) release its Lien
on any Collateral or other Property; 
 (v) exercise or refrain from exercising any rights against the Borrower, any
Guarantor, or any other Person; 
 (vi) subject to Section 2.5 hereof, retain or obtain the primary or secondary
obligation of any other Person with respect to any of the ABL Obligations; and 
 (vii) otherwise manage and supervise the
ABL Obligations as the ABL Agent shall deem appropriate. 
 (b) The ABL Agent, on behalf of itself and the ABL Secured Parties, and each
Junior Agent that becomes a party to this Agreement, on behalf of itself and the Junior Secured Parties represented thereby, hereby agrees that, without affecting the obligations of the ABL Agent, the ABL Secured Parties, any Junior Agent or any
Junior Secured Parties hereunder, the Term Agent and the Term Secured Parties may, at any time and from time to time, in their sole discretion without the consent of or notice to the ABL Agent, any ABL Secured Party, any Junior Agent or any Junior
Secured Party (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the ABL Agent, any ABL Secured Party, any Junior Agent or any Junior Secured Party
or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Term Documents in any manner whatsoever (other than in a manner which
would contravene the provisions of this Agreement), including, without limitation, to: 
 (i) change the manner, place,
time, or terms of payment or renew, alter or increase all or any of the Term Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Term
Obligations or any of the Term Documents; 

  
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 (ii) subject to Section 2.5 hereof, retain or obtain a Lien on any
Property of any Person to secure any of the Term Obligations, and in connection therewith to enter into any additional Term Documents; 

(iii) amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or
other obligations of any Person obligated in any manner under or in respect of the Term Obligations; 
 (iv) release its
Lien on any Collateral or other Property; 
 (v) exercise or refrain from exercising any rights against the Borrower, any
Guarantor, or any other Person; 
 (vi) subject to Section 2.5 hereof, retain or obtain the primary or secondary
obligation of any other Person with respect to any of the Term Obligations; and 
 (vii) otherwise manage and supervise the
Term Obligations as the Term Agent shall deem appropriate. 
 (c) The ABL Obligations and the Term Obligations may be refunded, replaced or
refinanced (including (without limitation), in the case of the Term Obligations, by means of any Refinancing Equivalent Debt (as defined in the Term Credit Agreement) (or any Permitted Refinancing thereof)), in whole or in part, from time to time,
in each case, without notice to, or the consent (except to the extent a consent is required to permit such refunding, replacement refinancing transaction under any ABL Document or any Term Document) of the ABL Agent, the ABL Secured Parties, the
Term Agent or the Term Secured Parties represented thereby, as the case may be, all without affecting the Lien Priorities provided for herein or the other provisions hereof, provided, however, if the indebtedness refunding, replacing
or refinancing any such ABL Obligations or Term Obligations is to constitute ABL Obligations or Term Obligations subject to this Agreement, the holders of such refunding, replacement or refinancing Indebtedness (or an authorized agent or trustee on
their behalf) shall bind themselves in writing to the terms of this Agreement pursuant to a joinder agreement substantially in the form of Exhibit D attached hereto or otherwise in form and substance reasonably satisfactory to the ABL Agent
or the Term Agent, as the case may be, and any such refunding, replacement or refinancing transaction shall be in accordance with any applicable provisions of both the ABL Documents and the Term Documents (to the extent such documents survive the
refunding, replacement or refinancing). 
 (d) No Junior Collateral Document may be amended, restated, amended and restated, supplemented or
otherwise modified or entered into to the extent such amendment, restatement, amendment and restatement, supplement or modification, or the terms of any new Junior Collateral Document, would be prohibited by or inconsistent with any of the terms of
this Agreement or any Senior Debt Document. Each Junior Agent agrees to deliver to the Senior Agents copies of (i) any amendments, supplements or other modifications to the Junior Collateral Documents and (ii) any new Junior Collateral
Documents promptly after effectiveness thereof (but subject to any required prior approval under the Senior Debt Documents). Each Junior 

  
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Agent, for itself and on behalf of each Junior Secured Party represented thereby, agrees that each Junior Collateral Document under its Junior Agreement shall include the following language (or
language to similar effect reasonably approved by the Senior Agents): 
 “Notwithstanding anything herein to the contrary, (i) the
liens and security interests granted to the [Junior Agent] pursuant to this [Agreement] are expressly subject and subordinate to the liens and security interests granted in favor of the Senior Secured Parties (as defined in the Intercreditor
Agreement referred to below), including liens and security interests granted to (A) Royal Bank of Canada, as collateral agent, pursuant to or in connection with the Credit Agreement, dated as of November 14, 2013, among Norcraft Companies,
L.P. (“Borrower”), Norcraft Intermediate Holdings, L.P. (“Intermediate Holdings”), the Subsidiary Guarantors (as defined therein), the lenders from time to time party thereto, Royal Bank of Canada, as administrative agent and
collateral agent and the other parties thereto, as amended, restated, amended and restated, refinanced, replaced, extended, supplemented or otherwise modified from time to time and (B) Royal Bank of Canada, as collateral agent, pursuant to or
in connection with the Credit Agreement, dated as of November 14, 2013, among Borrower, Intermediate Holdings, the Subsidiary Guarantors (as defined therein), the lenders from time to time party thereto, Royal Bank of Canada, as swingline
lender, issuing bank, administrative agent and collateral agent and the other parties thereto, as amended, restated, amended and restated, refinanced, replaced, extended, supplemented or otherwise modified from time to time and (ii) the
exercise of any right or remedy by the [Junior Agent] hereunder is subject to the limitations and provisions of the Intercreditor Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time pursuant to
the terms thereof, the “Intercreditor Agreement”) entered into as of December 13, 2013 by and among ROYAL BANK OF CANADA, in its capacities as administrative agent and collateral agent (together with its successors and
permitted assigns in such capacities, the “ABL Agent”) for the ABL Secured Parties (as defined therein), ROYAL BANK OF CANADA, in its capacities as administrative agent and collateral agent (together with its successors and
permitted assigns in such capacities, the “Term Agent”) for the Term Secured Parties (as defined therein), and each Junior Agent (as defined therein) that from time to time becomes a party thereto pursuant to Section 7.6
thereof. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern.” 

(e) In the event that each applicable Senior Agent and/or the Senior Secured Parties enter into any amendment, waiver or consent in respect of
any of the Senior Collateral Documents for the purpose of adding to or deleting from, or waiving or consenting to any departures from any provisions of, any Senior Collateral Document or changing in any manner the rights of the Senior Agents, the
Senior Secured Parties, the Borrower or any other Credit Party thereunder (including the release of any Liens on Senior Collateral) in a manner that is applicable to all Senior Collateral Documents, then such amendment, waiver or consent shall apply
automatically to any comparable provision of each comparable Junior Collateral 

  
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Document without the consent of any Junior Agent or any Junior Secured Party and without any action by any Junior Agent, the Borrower or any other Credit Party; provided, however,
that written notice of such amendment, waiver or consent shall have been given to each Junior Agent within 10 Business Days after the effectiveness of such amendment, waiver or consent; provided, further, that the failure to give such
notice shall not affect the effectiveness of such amendment, waiver or consent with respect to the provisions of any Senior Collateral Document or this Agreement as set forth in this Section 5.2(e). 

Section 5.3 Reinstatement and Continuation of Agreement. 

(a) If the ABL Agent or any ABL Secured Party is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the
estate of the Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the ABL Obligations (an “ABL Recovery”), then the ABL Obligations shall be reinstated to the extent of such
ABL Recovery. If this Agreement shall have been terminated prior to such ABL Recovery, this Agreement shall be reinstated in full force and effect in the event of such ABL Recovery, and such prior termination shall not diminish, release, discharge,
impair, or otherwise affect the obligations of the Parties from such date of reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, the Term Agent, any Junior Agent, the ABL Secured Parties, the Term Secured Parties and
any Junior Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against the
Borrower or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of the Borrower or any Guarantor in respect of the ABL Obligations, the Term Obligations or the Junior Obligations. No
priority or right of the ABL Agent or any ABL Secured Party shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of the Borrower or any Guarantor or by the noncompliance by any Person with the terms,
provisions, or covenants of any of the ABL Documents, regardless of any knowledge thereof which the ABL Agent or any ABL Secured Party may have. 

(b) If the Term Agent or any Term Secured Party is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the
estate of the Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the Term Obligations (a “Term Recovery”), then the Term Obligations shall be reinstated to the extent of
such Term Recovery. If this Agreement shall have been terminated prior to such Term Recovery, this Agreement shall be reinstated in full force and effect in the event of such Term Recovery, and such prior termination shall not diminish, release,
discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, the Term Agent, any Junior Agent, the ABL Secured Parties, the Term Secured
Parties and any Junior Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or
against the Borrower or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of the Borrower or any Guarantor in respect of the ABL Obligations, the Term Obligations or the Junior
Obligations. No priority or right of the 

  
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Term Agent or any Term Secured Party shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of the Borrower or any Guarantor or by the noncompliance by
any Person with the terms, provisions, or covenants of any of the Term Documents, regardless of any knowledge thereof which the Term Agent or any Term Secured Party may have. 

(c) Each Junior Agent that becomes a party to this Agreement, for itself and on behalf of each Junior Secured Party represented thereby,
hereby agrees that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being understood
and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over to the applicable Senior Agent for application in accordance with the priorities set forth in this Agreement. 

ARTICLE 6 
 INSOLVENCY
PROCEEDINGS 
 Section 6.1 DIP Financing. 

(a) If the Borrower or any Guarantor shall be subject to any Insolvency Proceeding at any time prior to the Discharge of ABL Obligations, and
the ABL Agent or the ABL Secured Parties shall seek to provide the Borrower or any Guarantor with, or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for the use of cash
collateral constituting ABL Priority Collateral under Section 363 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws or under a court order in respect of measures granted with similar effect under any foreign
Debtor Relief Laws) (each, a “DIP Financing”), with such DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code (or any
similar provision of any foreign Debtor Relief Laws) would be Collateral) (it being agreed that the ABL Agent and the ABL Secured Parties shall not propose any DIP Financing secured by the Term Priority Collateral in competition with the Term Agent
and the Term Secured Parties without the consent of the Term Agent), then the Term Agent, on behalf of itself and the Term Secured Parties, agrees that it will raise no objection and will not support any objection to such DIP Financing or use of
cash collateral or to the Liens securing the same on the grounds of a failure to provide “adequate protection” for the Liens of the Term Agent securing the Term Obligations or on any other grounds (and will not request any adequate
protection solely as a result of such DIP Financing or use of cash collateral that is ABL Priority Collateral except as permitted by Section 6.3(c)(i)), so long as (i) the Term Agent retains its Lien on the Collateral to secure the
Term Obligations (in each case, including Proceeds thereof arising after the commencement of the case under any Debtor Relief Laws) and, as to the Term Priority Collateral only, such Lien has the same priority as existed prior to the commencement of
the case under the subject Debtor Relief Laws and any Lien on the Term Priority Collateral securing such DIP Financing is junior and subordinate to the Lien of the Term Agent on the Term Priority Collateral, (ii) all Liens on ABL Priority
Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Agent and the ABL Secured Parties securing the ABL Obligations on ABL Priority Collateral and (iii) the foregoing provisions of this
Section 6.1(a) shall not prevent the Term Agent and the Term Secured Parties from objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization or other plan of similar effect under
any Debtor Relief Laws. 

  
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 (b) If the Borrower or any Guarantor shall be subject to any Insolvency Proceeding at any time
prior to the Discharge of Term Obligations, and the Term Agent or the Term Secured Parties shall seek to provide the Borrower or any Guarantor with, or consent to a third party providing, any DIP Financing, with such DIP Financing to be secured by
all or any portion of the Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws) would be Collateral) (it being agreed that the Term Agent
and the Term Secured Parties shall not propose any DIP Financing secured by the ABL Priority Collateral in competition with the ABL Agent and the ABL Secured Parties without the consent of the ABL Agent), then the ABL Agent, on behalf of itself and
the ABL Secured Parties, agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing the same on the grounds of a failure to provide “adequate protection” for the Liens of the
ABL Agent securing the ABL Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing), so long as (i) the ABL Agent retains its Lien on the Collateral to secure the ABL
Obligations (in each case, including Proceeds thereof arising after the commencement of the case under any Debtor Relief Law) and, as to the ABL Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the
case under the subject Debtor Relief Laws and any Lien on ABL Priority Collateral securing such DIP Financing furnished by the Term Agent or Term Secured Parties is junior and subordinate to the Lien of the ABL Agent on the ABL Priority Collateral,
(ii) all Liens on Term Priority Collateral securing any such DIP Financing furnished by the Term Agent or Term Secured Parties shall be senior to or on a parity with the Liens of the Term Agent and the Term Secured Parties securing the Term
Obligations on Term Priority Collateral and (iii) the foregoing provisions of this Section 6.1(b) hereof shall not prevent the ABL Agent and the ABL Secured Parties from objecting to any provision in any DIP Financing relating
to any provision or content of a plan of reorganization or other plan of similar effect under any Debtor Relief Laws. 
 (c) If the Borrower
or any Guarantor shall be subject to any Insolvency Proceeding at any time prior to the Discharge of Senior Obligations, and any Senior Agent or any Senior Secured Parties shall seek to provide the Borrower or any Guarantor with, or consent to a
third party providing, any DIP Financing, with such DIP Financing to be secured by all or any portion of the Senior Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of
any foreign Debtor Relief Laws) would be Senior Collateral), then each Junior Agent that becomes a party to this Agreement, for itself and on behalf of each Junior Secured Party represented thereby, agrees that it will raise no (a) objection to
and will not otherwise contest (or support, directly or indirectly, any contest to or in respect of) such sale, use or lease of such cash or other collateral or such DIP Financing and, except to the extent permitted by Section 2.3(d) and
Section 6.3(d), will not request (or seek to request) or accept any adequate protection or any other relief in connection therewith and, to the extent the Liens securing any Senior Obligations are subordinated or pari passu with
such DIP Financing, will subordinate (and will be deemed hereunder to have subordinated) its Liens in the Junior Shared Collateral to (x) such DIP Financing (and all obligations relating thereto) on the same basis as the Liens securing the
Junior Obligations are so subordinated to Liens securing Senior Obligations under this Agreement, (y) to any “carve-out” for professional and United 

  
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States Trustee fees agreed to by the applicable Senior Agent(s) and (z) any adequate protection Liens granted to any Senior Agent, (b) objection to (and will not otherwise contest or
support any contest) any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement in respect of Senior Obligations made by any Senior Agent or any other Senior Secured Party, (c) objection to (and will
not otherwise support, directly or indirectly, any objection to or contest or support any contest of) any lawful exercise by any Senior Secured Party of the right to credit bid Senior Obligations at any sale in foreclosure of Senior Collateral or
under Section 363(k) of the Bankruptcy Code or otherwise under any plan of reorganization or similar dispositive restructuring plan or (d) objection to (and will not otherwise support, directly or indirectly, any objection to or contest or
support any contest of) any other request for judicial relief made in any court by any Senior Secured Party relating to the lawful enforcement of any Lien on Senior Collateral. Each Junior Agent that becomes a party to this Agreement, for itself and
on behalf of each Junior Secured Party represented thereby, agrees that notice received two Business Days prior to the entry of an order approving such usage of cash or other collateral or approving such financing shall be adequate notice. 

(d) All Liens granted to the ABL Agent, the Term Agent or any Junior Agent in any Insolvency Proceeding, whether as adequate protection or
otherwise, are intended by the Parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement. 

Section 6.2 Relief From Stay. Until the Discharge of ABL Obligations has occurred, the Term Agent, on behalf of itself and
the Term Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the ABL Priority Collateral without the ABL Agent’s express written consent. Until the
Discharge of Term Obligations has occurred, the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Term
Priority Collateral without the Term Agent’s express written consent. Until the Discharge of Senior Obligations has occurred, each Junior Agent that becomes a party to this Agreement, for itself and on behalf of each Junior Secured Party
represented thereby, agrees not to seek (or support any other Person in seeking) relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of any Junior Shared Collateral without the express written
consent of each Senior Agent. In addition, neither the Term Agent nor the ABL Agent shall seek any relief from the automatic stay with respect to any Collateral without providing three (3) days’ prior written notice to the other,
unless such period is agreed by both the ABL Agent and the Term Agent to be modified or unless the ABL Agent or Term Agent, as applicable, makes a good faith determination that either (A) the ABL Priority Collateral or the Term Priority
Collateral, as applicable, will decline speedily in value or (B) the failure to take any action will have a reasonable likelihood of endangering the ABL Agent’s or the Term Agent’s ability to realize upon its Collateral. 

  
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 Section 6.3 No Contest; Adequate Protection. 

(a) The Term Agent, on behalf of itself and the Term Secured Parties, agrees that, prior to the Discharge of ABL Obligations, none of them
shall seek or accept any form of adequate protection under any or all of §361, §362, §363 or §364 of the Bankruptcy Code with respect to the ABL Priority Collateral, except as set forth in Section 6.1 hereof and this
Section 6.3 or as may otherwise be consented to in writing by the ABL Agent in its sole and absolute discretion. The Term Agent, on behalf of itself and the Term Secured Parties, agrees that, prior to the Discharge of ABL Obligations,
none of them shall contest (or support any other Person contesting) (i) any request by the ABL Agent or any ABL Secured Party for adequate protection of its interest in the Collateral (unless in contravention of
Section 6.1(b) above), (ii) any proposed provision of DIP Financing by the ABL Agent and the ABL Secured Parties (or any other Person proposing to provide DIP Financing with the consent of the ABL Agent) (unless in
contravention of Section 6.1(a) above) or (iii) any objection by the ABL Agent or any ABL Secured Party to any motion, relief, action, or proceeding based on a claim by the ABL Agent or any ABL Secured Party that its interests
in the Collateral (unless in contravention of Section 6.1(b) above) are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the ABL Agent as
adequate protection of its interests are subject to this Agreement. 
 (b) The ABL Agent, on behalf of itself and the ABL Secured Parties,
agrees that, prior to the Discharge of Term Obligations, none of them shall seek or accept any form of adequate protection under any or all of §361, §362, §363 or §364 of the Bankruptcy Code with respect to the Term Priority
Collateral, except as set forth in Section 6.1 hereof and this Section 6.3 or as may otherwise be consented to in writing by the Term Agent in its sole and absolute discretion. The ABL Agent, on behalf of itself and the ABL
Secured Parties, agrees that, prior to the Discharge of Term Obligations, none of them shall contest (or support any other Person contesting) (i) any request by the Term Agent or any Term Secured Party for adequate protection of its interest in
the Collateral (unless in contravention of Section 6.1(a) above), (ii) any proposed provision of DIP Financing by the Term Agent and the Term Secured Parties (or any other Person proposing to provide DIP Financing with the
consent of the Term Agent) (unless in contravention of Section 6.1(b) above) or (iii) any objection by the Term Agent or any Term Secured Party to any motion, relief, action or proceeding based on a claim by the Term Agent or
any Term Secured Party that its interests in the Collateral (unless in contravention of Section 6.1(a) above) are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long
as any Liens granted to the Term Agent as adequate protection of its interests are subject to this Agreement. 
 (c) Notwithstanding the
foregoing provisions in this Section 6.3, in any Insolvency Proceeding: 
 (i) if the ABL Secured Parties (or
any subset thereof) are granted adequate protection with respect to the ABL Priority Collateral in the form of additional collateral (even if such collateral is not of a type which would otherwise have constituted ABL Priority Collateral), then the
ABL Agent, on behalf of itself and the ABL Secured Parties, agrees that the Term Agent, on behalf of itself or any of the Term Secured Parties, may seek or request (and the ABL Secured Parties will not oppose such request) adequate protection with
respect to its interests in such Collateral in the form of a Lien on the same 

  
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additional collateral, which Lien will be subordinated to the Liens securing the ABL Obligations on the same basis as the other Liens of the Term Agent on ABL Priority Collateral; and 

(ii) in the event the Term Agent, on behalf of itself or any of the Term Secured Parties, are granted adequate protection in
respect of Term Priority Collateral in the form of additional collateral (even if such collateral is not of a type which would otherwise have constituted Term Priority Collateral), then the Term Agent, on behalf of itself and any of the Term Secured
Parties, agrees that the ABL Agent on behalf of itself or any of the ABL Secured Parties, may seek or request (and the Term Secured Parties will not oppose such request) adequate protection with respect to its interests in such Collateral in the
form of a Lien on the same additional collateral, which Lien will be subordinated to the Liens securing the Term Obligations on the same basis as the other Liens of the ABL Agent on Term Priority Collateral. 

(iii) Except as otherwise expressly set forth in Section 6.1 hereof or in connection with the exercise of remedies
with respect to the ABL Priority Collateral, nothing herein shall limit the rights of the Term Agent or the Term Secured Parties from seeking adequate protection with respect to their rights in the Term Priority Collateral in any Insolvency
Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise). Except as otherwise expressly set forth in Section 6.1 hereof or in connection with the exercise of remedies with respect to
the Term Priority Collateral, nothing herein shall limit the rights of the ABL Agent or the ABL Secured Parties from seeking adequate protection with respect to their rights in the ABL Priority Collateral in any Insolvency Proceeding (including
adequate protection in the form of a cash payment, periodic cash payments or otherwise). 
 (d) Each Junior Agent that becomes a party to
this Agreement, for itself and on behalf of each Junior Secured Party represented thereby, agrees that none of them shall (A) object, contest or support any other Person objecting to or contesting (a) any request by any Senior Agent or any
Senior Secured Parties for adequate protection, (b) any objection by any Senior Agent or any Senior Secured Parties to any motion, relief, action or proceeding based on any Senior Agent’s or Senior Secured Party’s claiming a lack of
adequate protection or (c) the payment of interest, fees, expenses or other amounts of any Senior Agent or any other Senior Secured Party under Section 506(b) of the Bankruptcy Code or otherwise or any similar provision of any other Debtor
Relief Law or (B) assert or support any claim for costs or expenses of preserving or disposing of any Collateral under Section 506(c) of the Bankruptcy Code or any similar provision of any other Debtor Relief Law. Notwithstanding anything
contained in this Section 6.3 or in Section 6.1, in any Insolvency Proceeding, (i) if the Senior Secured Parties (or any subset thereof) are granted adequate protection in the form of additional collateral or
superpriority claims in connection with any DIP Financing or use of cash collateral under Section 363 or 364 of the Bankruptcy Code or any similar provision of any other Debtor Relief Law, then each Junior Agent that becomes a party to this
Agreement, for itself and on behalf of each Junior Secured Party represented thereby, may seek or request adequate protection in the form of a replacement Lien or superpriority claim on such additional collateral, which Lien or

  
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superpriority claim is subordinated to the Liens securing and claims relating to all Senior Obligations and such DIP Financing (and all obligations relating thereto) on the same basis as the
other Liens securing and claims relating to the Junior Obligations are so subordinated to the Liens securing Senior Obligations under this Agreement, (ii) in the event any Junior Agent, for itself and on behalf of each Junior Secured Party
represented thereby, seeks or requests adequate protection and such adequate protection is granted in the form of additional or replacement collateral (even if such collateral is Junior Shared Collateral), then such Junior Agent, for itself and on
behalf of each Junior Secured Party represented thereby, agrees that each Senior Agent shall also be granted a senior Lien on such additional or replacement collateral as security for the Senior Obligations and that any Lien on such additional or
replacement collateral securing the applicable Junior Obligations shall be subordinated to the Liens on such collateral securing the Senior Obligations and any such DIP Financing (and all obligations relating thereto) and any other Liens granted to
the Senior Secured Parties as adequate protection on the same basis as the other Liens securing such Junior Obligations are so subordinated to such Liens securing Senior Obligations under this Agreement and (iii) in the event any Junior Agent,
for itself and on behalf of each Junior Secured Party represented thereby, seeks or requests adequate protection and such adequate protection is granted in the form of a superpriority claim, then such Junior Agent, for itself and on behalf of each
Junior Secured Party represented thereby, agrees that each Senior Agent shall also be granted adequate protection in the form of a superpriority claim, which superpriority claim shall be senior to the superpriority claim of the Junior Secured
Parties. 
 Section 6.4 Asset Sales. The Term Agent agrees, on behalf of itself and the Term Secured Parties, that it
will not oppose any sale consented to by the ABL Agent of any ABL Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable to any Insolvency Proceeding or under a court order
in respect of measures granted with similar effect under any foreign Debtor Relief Laws) so long as the Term Agent, for the benefit of the Term Secured Parties, shall retain a Lien on the proceeds of such sale (to the extent such proceeds are not
applied to the ABL Obligations in accordance with Section 4.1(b) hereof). The ABL Agent agrees, on behalf of itself and the ABL Secured Parties, that it will not oppose any sale consented to by the Term Agent of any Term Priority
Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable to any Insolvency Proceeding or under a court order in respect of measures granted with similar effect under any foreign Debtor
Relief Laws) so long as (i) any such sale is made in accordance with Section 3.6 hereof and (ii) the ABL Agent, for the benefit of the ABL Secured Parties, shall retain a Lien on the proceeds of such sale (to the extent such
proceeds are not applied to the Term Obligations in accordance with Section 4.1(c) hereof). Each Junior Agent that becomes a party to this Agreement agrees, for itself and on behalf of each Junior Secured Party represented thereby, that
it will not oppose (or support any Person in opposing) any sale or other disposition consented to by any Senior Agent of any Senior Collateral pursuant to Section 363 of the Bankruptcy Code (or any similar provision under the law applicable to
any Insolvency Proceeding or under a court order in respect of measures granted with similar effect under any foreign Debtor Relief Laws), so long as the proceeds of such sale are applied in accordance with this Agreement. If such sale of Collateral
includes both ABL Priority Collateral and Term Priority Collateral and the Parties are unable after negotiating in good faith to agree on the allocation of the purchase price between the ABL Priority Collateral and Term Priority Collateral, either
Party may apply to the court in such Insolvency Proceeding to make a determination of such allocation, and the court’s determination shall be binding upon the Parties. 

  
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 Section 6.5 Separate Grants of Security and Separate Classification. Each
Term Secured Party, each ABL Secured Party and each Junior Secured Party acknowledges and agrees that (i) the grants of Liens pursuant to the ABL Collateral Documents, the Term Collateral Documents and the Junior Collateral Documents constitute
separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the Term Obligations are fundamentally different from the ABL Obligations and the Junior Obligations, the ABL Obligations
are fundamentally different from the Term Obligations and the Junior Obligations, and the Junior Obligations are fundamentally different from the Senior Obligations and, in each case, must be separately classified in any plan of reorganization (or
other plan of similar effect under any Debtor Relief Laws) proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, (x) if it is held that the claims of
the ABL Secured Parties and the Term Secured Parties in respect of the Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the ABL Secured Parties and the Term Secured Parties hereby
acknowledge and agree that all distributions shall be made as if there were separate classes of ABL Obligation claims and Term Obligation claims against the Credit Parties, with the effect being that, to the extent that the aggregate value of the
ABL Priority Collateral or Term Priority Collateral, as applicable, is sufficient (for this purpose ignoring all claims held by the other Secured Parties), the ABL Secured Parties or the Term Secured Parties, respectively, shall be entitled to
receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest, fees and expenses that is available from each pool of Priority Collateral
for each of the ABL Secured Parties and the Term Secured Parties, respectively, before any distribution is made in respect of the claims held by the other Secured Parties from such Collateral, with the other Secured Parties hereby acknowledging and
agreeing to turn over to the respective other Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate
recoveries, and (y) if it is held that the claims of any of the Senior Secured Parties and any Junior Secured Parties in respect of the Junior Shared Collateral constitute only one secured claim (rather than separate classes of senior and
junior secured claims), then each Junior Agent that becomes a party to this Agreement, for itself and on behalf of each Junior Secured Party represented thereby, hereby acknowledges and agrees that all distributions shall be made as if there were
separate classes of Senior Obligation claims and Junior Obligation claims against the Credit Parties in respect of the Junior Shared Collateral, with the effect being that, to the extent that the aggregate value of the Junior Shared Collateral is
sufficient (for this purpose ignoring all claims held by any Junior Secured Parties), the applicable Senior Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and
other claims, all amounts owing in respect of post-petition interest that is available from each pool of Priority Collateral for each of the Senior Secured Parties and any other Senior Collateral (regardless of whether any claim for such amounts is
allowed or allowable in such Insolvency Proceeding) before any distribution is made in respect of the claims held by the Junior Secured Parties from Junior Shared Collateral, with each Junior Agent that becomes a party to this Agreement, for itself
and on behalf of each Junior 

  
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Secured Party represented thereby, hereby acknowledging and agreeing to turn over to the applicable Senior Agent amounts otherwise received or receivable by them to the extent necessary to
effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries of such Junior Secured Parties. 

Section 6.6 No Waivers of Rights of Senior Secured Parties. Nothing contained herein shall, except as expressly provided
herein, prohibit or in any way limit any Senior Agent or any other Senior Secured Party from objecting in any Insolvency Proceeding or otherwise to any action taken by any Junior Secured Party, including the seeking by any Junior Secured Party of
adequate protection or the assertion by any Junior Secured Party of any of its rights and remedies under the applicable Junior Documents or otherwise. 

Section 6.7 Enforceability. The provisions of this Agreement are intended to be and shall be enforceable under
Section 510(a) of the Bankruptcy Code or any similar provision of any other Debtor Relief Law and shall be effective before, during and after the commencement of any Insolvency Proceeding. The relative rights as to the Collateral and
proceeds thereof shall continue after the commencement of any Insolvency Proceeding on the same basis as prior to the date of the petition therefor, subject to any court order approving the financing of, or use of cash collateral by, any Credit
Party. All references herein to any Credit Party shall include such Credit Party as a debtor-in-possession and any receiver or trustee for such Grantor. 

Section 6.8 Other Matters with respect to Junior Shared Collateral. To the extent that any Junior Agent that becomes a
party to this Agreement or any Junior Secured Party represented thereby has or acquires rights under Section 363 or Section 364 of the Bankruptcy Code or any similar provision of any other Debtor Relief Law with respect to any of the
Junior Shared Collateral, such Junior Agent, on behalf of itself and each Junior Secured Party represented thereby, or such Junior Secured Party agrees not to assert any such rights without the prior written consent of each Senior Agent;
provided that if requested by each Senior Agent, such Junior Agent shall timely exercise such rights in the manner requested by the Senior Agents (acting unanimously), including any rights to payments in respect of such rights. Until the
Discharge of Senior Obligations has occurred, each Junior Agent that becomes a party to this Agreement, on behalf of itself and each Junior Secured Party represented thereby, agrees that it will not assert or enforce any claim under
Section 506(c) of the Bankruptcy Code or any similar provision of any other Debtor Relief Law senior to or on a parity with the Liens securing the Senior Obligations for costs or expenses of preserving or disposing of any Junior Shared
Collateral. 

  
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 Section 6.9 Reorganization Securities. 

(a) If, in any Insolvency Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor
are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, on account of both the Senior Obligations and the Junior Obligations, then, to the extent the debt obligations distributed on account of the Senior
Obligations and on account of the Junior Obligations are secured by Liens upon the same assets or property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect
to the Liens securing such debt obligations. 
 (b) Each Junior Secured Party (whether in the capacity of a secured creditor or an
unsecured creditor) shall not propose, vote in favor of, or otherwise directly or indirectly support any plan of reorganization that is inconsistent with the priorities or other provisions of this Agreement, other than with the prior
written consent of each Senior Agent. 
 Section 6.10 Section 1111(b) of the Bankruptcy Code. Each Junior
Agent that becomes a party to this Agreement, for itself and on behalf of each Junior Secured Party represented thereby, shall not object to, oppose, support any objection, or take any other action to impede, the right of any Senior Secured Party to
make an election under Section 1111(b)(2) of the Bankruptcy Code. Each Junior Agent that becomes a party to this Agreement, for itself and on behalf of each Junior Secured Party represented thereby, waives any claim it may hereafter have
against any senior claimholder arising out of the election by any Senior Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code. Until the Discharge of Senior Obligations, each Junior Agent that becomes a party to this
Agreement, for itself and on behalf of each Junior Secured Party represented thereby, agrees that it shall not make any election under Section 1111(b) of the Bankruptcy Code regarding the Junior Shared Collateral. 

Section 6.11 ABL Obligations Unconditional. All rights of the ABL Agent hereunder, and all agreements and obligations of
the Term Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of: 
 (a)
any lack of validity or enforceability of any ABL Document; 
 (b) any change in the time, place or manner of payment of, or in any other
term of, all or any portion of the ABL Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any ABL Document; 

(c) any exchange, release, voiding, avoidance or non perfection of any security interest in any Collateral or any other collateral, or any
release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the ABL Obligations or any guarantee or guaranty thereof; or

 (d) any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Credit Party in respect of the
ABL Obligations, or of any of the Term Agent or any Credit Party, to the extent applicable, in respect of this Agreement. 

  
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 Section 6.12 Term Obligations Unconditional. All rights of the Term Agent
hereunder, and all agreements and obligations of the ABL Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any Term Document; 

(b) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Term Obligations, or any
amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Term Document; 

(c) any exchange, release, voiding, avoidance or non perfection of any security interest in any Collateral, or any other collateral, or any
release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the Term Obligations or any guarantee or guaranty thereof; or

 (d) any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Credit Party in respect of the
Term Obligations, or of any of the ABL Agent or any Credit Party, to the extent applicable, in respect of this Agreement. 

Section 6.13 Junior Obligations Unconditional. All rights of any Junior Agent that becomes a party to this Agreement
hereunder, all agreements and obligations of the ABL Agent, the Term Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any Junior Document; 

(b) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Junior Obligations, or any
amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Junior Document; 

(c) any exchange, release, voiding, avoidance or non perfection of any security interest in any Junior Shared Collateral, or any other
collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the Junior Obligations or any guarantee or
guaranty thereof; or 
 (d) any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Credit
Party in respect of the Junior Obligations, or of any Credit Party, to the extent applicable, in respect of this Agreement. 

  
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 ARTICLE 7 

MISCELLANEOUS 

Section 7.1 Rights of Subrogation. The Term Agent, for and on behalf of itself and the Term Secured Parties, agrees that
no payment to the ABL Agent or any ABL Secured Party pursuant to the provisions of this Agreement shall entitle the Term Agent or any Term Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of ABL Obligations
shall have occurred. Following the Discharge of ABL Obligations, the ABL Agent agrees to execute such documents, agreements, and instruments as the Term Agent or any Term Secured Party may reasonably request to evidence the transfer by subrogation
to any such Person of an interest in the ABL Obligations resulting from payments to the ABL Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the ABL
Agent are paid by such Person upon request for payment thereof. The ABL Agent, for and on behalf of itself and the ABL Secured Parties, agrees that no payment to the Term Agent or any Term Secured Party pursuant to the provisions of this Agreement
shall entitle the ABL Agent or any ABL Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of Term Obligations shall have occurred. Following the Discharge of Term Obligations, the Term Agent agrees to execute
such documents, agreements, and instruments as the ABL Agent or any ABL Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Term Obligations resulting from payments to the Term Agent
by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the Term Agent are paid by such Person upon request for payment thereof. 

Each Junior Agent that becomes a party to this Agreement, for and on behalf of itself and the Junior Secured Parties represented thereby,
agrees that no payment to the Term Agent, any Term Secured Party, the ABL Agent or any ABL Secured Party pursuant to the provisions of this Agreement shall entitle such Junior Agent or any Junior Secured Party represented by it to exercise any
rights of subrogation in respect thereof until the Discharge of Senior Obligations shall have occurred. Each Junior Agent that becomes a party to this Agreement, on behalf of itself and each Junior Secured Party represented thereby, hereby waives
any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Obligations has occurred. Following the Discharge of Senior Obligations, each Senior Agent agrees to execute such documents, agreements, and
instruments as such Junior Agent or any Junior Secured Party represented by it may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations or the Term Obligations, as applicable, resulting
from payments to the ABL Agent or the Term Agent, as applicable, by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the ABL Agent or the Term Agent, as
applicable, are paid by such Person upon request for payment thereof. 
 Section 7.2 Application of Payments. Except as
otherwise provided herein, all payments received by the Senior Secured Parties may be applied, reversed and reapplied, in whole or in part, to such part of the Senior Obligations as the Senior Secured

  
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Parties, in their sole discretion, deem appropriate, consistent with the terms of the Senior Debt Documents. Except as otherwise provided herein, each Junior Agent that becomes a party to this
Agreement, on behalf of itself and each Junior Secured Party represented thereby, assents to any such extension or postponement of the time of payment of the Senior Obligations or any part thereof and to any other indulgence with respect thereto, to
any substitution, exchange or release of any security that may at any time secure any part of the Senior Obligations and to the addition or release of any other Person primarily or secondarily liable therefor. 

Section 7.3 Further Assurances. The Parties will, at their own expense and at any time and from time to time, promptly
execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that any Senior Agent may reasonably request, in order to protect any right or interest granted or purported to be granted
hereby or to enable such Senior Agent to exercise and enforce its rights and remedies hereunder; provided, however, that no Party shall be required to pay over any payment or distribution, execute any instruments or documents, or take
any other action referred to in this Section 7.3, to the extent that such action would contravene any law, order or other legal requirement or any of the terms or provisions of this Agreement, and in the event of a controversy or
dispute, such Party may interplead any payment or distribution in any court of competent jurisdiction, without further responsibility in respect of such payment or distribution under this Section 7.3. 

Section 7.4 Representations. The Term Agent represents and warrants to the ABL Agent that it has the requisite power and
authority under the Term Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the Term Secured Parties and that this Agreement shall be binding obligations of the Term Agent and the Term
Secured Parties, enforceable against the Term Agent and the Term Secured Parties in accordance with its terms. The ABL Agent represents and warrants to the Term Agent that it has the requisite power and authority under the ABL Documents to enter
into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the ABL Secured Parties and that this Agreement shall be binding obligations of the ABL Agent and the ABL Secured Parties, enforceable against the ABL Agent
and the ABL Secured Parties in accordance with its terms. Each Junior Agent that becomes a party to this Agreement represents and warrants to the Term Agent, the ABL Agent and each other Junior Agent (if any) that it has the requisite power and
authority under the applicable Junior Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the Junior Secured Parties represented thereby and that this Agreement shall be binding obligations of
such Junior Agent and the Junior Secured Parties represented by it, enforceable against such Junior Agent and the Junior Secured Parties represented by it in accordance with its terms. 

Section 7.5 Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by any
Party hereto shall be effective unless it is in a written agreement executed by the Term Agent, the ABL Agent, the Designated Junior Agent and, in the case of any amendment or waiver that could reasonably be expected to be adverse to the interests
of any Credit Party (it being agreed that any such amendment or waiver that 

  
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conflicts with or is inconsistent with the obligations of any Credit Party under any other ABL Documents, Term Documents or Junior Documents is adverse to the interests of a Credit Party), the
Borrower, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. It is understood that the ABL Agent, the Term Agent and the Designated Junior Agent, without the consent of any
other ABL Secured Party, Term Secured Party or Junior Secured Party, respectively, may in their discretion determine that a supplemental agreement (which may take the form of an amendment and restatement of this Agreement) is necessary or
appropriate (i) to facilitate having additional indebtedness or other obligations of any of the Credit Parties become ABL Obligations, Term Obligations or Junior Obligations of a particular Series, as the case may be, under this Agreement
(including any Incremental Equivalent Debt (as defined in the Term Credit Agreement) or any Permitted Refinancing thereof), (ii) to effectuate the subordination of Liens securing any Permitted Junior Secured Refinancing Debt or any Incremental
Equivalent Debt (as defined in the Term Credit Agreement) that is secured on a junior basis (or any Permitted Refinancing thereof) to the Liens on the Term Priority Collateral securing the ABL Obligations and to the Liens on the ABL Priority
Collateral securing the Term Obligations and (iii) to cause Liens securing any Permitted Pari Passu Secured Refinancing Debt or any Incremental Equivalent Debt (as defined in the Term Credit Agreement) that is secured on a pari passu
basis (or any Permitted Refinancing thereof) to be secured by ABL Priority Collateral or Term Priority Collateral on a pari passu basis with ABL Obligations or Term Obligations, as the case may be (the indebtedness or other obligations
described in clauses (i), (ii) and (iii), “Additional Debt”), which supplemental agreement shall, except in the case of (ii) and (iii), specify whether such Additional Debt constitutes ABL Obligations, Term
Obligations or Junior Obligations; provided that such Additional Debt is permitted to be incurred under any ABL Credit Agreement, any Term Credit Agreement and any Junior Agreement then extant in accordance with the terms thereof. 

Notwithstanding the foregoing, (i) without the consent of any other Secured Party but with the consent of the Borrower, (x) any
Junior Agent may become a party hereto by execution and delivery to each other Agent of a Junior Secured Indebtedness Joinder in accordance with Section 7.6 and (y) any Senior Agent may become a party hereto by execution and
delivery to each other Agent of a joinder hereto pursuant to Section 5.2(c) and, in each case, upon such execution and delivery, such Agent and the Secured Parties for which such Agent is acting shall be subject to the terms hereof;
(ii) the Senior Agents may amend or waive any provision of this Agreement, or consent to any departure therefrom by any Senior Secured Party, that solely affects the rights and obligations of the Senior Secured Parties hereunder or does not
adversely affect any Junior Secured Party in its capacity as such, in each case, without the consent of any Junior Agent or any other Junior Secured Party; and (iii) (x) any Junior Majority Agent may amend or waive any provision of this
Agreement, or consent to any departure therefrom by any Junior Secured Party, and (y) any two or more Junior Agents may in a separate agreement consent to any departure from this Agreement by any Junior Secured Party, in the case of each of the
foregoing clauses (x) and (y), that solely affects the rights and obligations of the Junior Secured Parties hereunder without the consent of any Senior Agent or any other Senior Secured Party. No amendment, modification or waiver of any
provision of this Agreement, and no consent to any departure therefrom by any Party hereto, that changes, alters, modifies or otherwise affects any power, privilege, right, remedy, liability or obligation of, or otherwise affects in any manner, any
Junior Agent that is not then a Party, or any Junior Secured Party not then represented by a Junior Agent that is then a Party (including but not limited to any 

  
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change, alteration, modification or other effect upon any power, privilege, right, remedy, liability or obligation of or other effect upon any such Junior Agent or Junior Secured Party that may
at any subsequent time become a Party or beneficiary hereof), shall be effective unless it is consented to in writing by the Borrower (regardless of whether any such Junior Agent or Junior Secured Party ever becomes a Party or beneficiary hereof),
and any amendment, modification or waiver of any provision of this Agreement that would have the effect, directly or indirectly, through any reference in any Credit Document to this Agreement or otherwise, of waiving, amending, supplementing or
otherwise modifying any Credit Document, or any term or provision thereof, or any right or obligation of the Borrower or any other Credit Party thereunder or in respect thereof, shall not be given such effect except pursuant to a written instrument
executed by the Borrower and each other affected Credit Party. 
 Section 7.6 Section 7.6 Designation of Junior Secured
Indebtedness; Joinder of Junior Agents. 
 (a) The Borrower may designate any Junior Secured Indebtedness complying with the
requirements of the definition of “Junior Secured Indebtedness” as Junior Secured Indebtedness for purposes of this Agreement, upon complying with the following conditions: 

(i) one or more Junior Agents for one or more Junior Secured Parties in respect of such Junior Secured Indebtedness shall have
executed the Junior Secured Indebtedness Joinder with respect to such Junior Secured Indebtedness, and the Borrower or any such Junior Agent shall have delivered such executed Junior Secured Indebtedness Joinder to each other Agent then party to
this Agreement; 
 (ii) at least five Business Days (unless a shorter period is agreed in writing by the Parties and the
Borrower) prior to delivery of the Junior Secured Indebtedness Joinder, the Borrower shall have delivered to each other Agent then party to this Agreement complete and correct copies of any Junior Agreement, Junior Guaranties and Junior Collateral
Documents that will govern such Junior Secured Indebtedness upon giving effect to such designation (which may be unexecuted copies of Junior Documents to be executed and delivered concurrently with the effectiveness of such designation); 

(iii) the Borrower shall have executed and delivered to each other Agent then party to this Agreement a Junior Secured
Indebtedness Designation, with respect to such Junior Secured Indebtedness; and 
 (iv) all state and local stamp,
recording, filing, intangible and similar taxes or fees (if any) that are payable in connection with the inclusion of such Junior Secured Indebtedness under this Agreement shall have been paid and reasonable evidence thereof shall have been given to
each other Agent then party to this Agreement. 

  
 -66- 

 (b) Upon satisfaction of the foregoing conditions, the designated Junior Secured Indebtedness
shall constitute “Junior Secured Indebtedness”, any Junior Agreement under which such Junior Secured Indebtedness is or may be incurred shall constitute a “Junior Agreement”, any holder of such Junior Secured Indebtedness or
other applicable Junior Secured Party shall constitute a “Junior Secured Party”, and any Junior Agent for any such Junior Secured Party shall constitute a “Junior Agent,” for all purposes under this Agreement. The date on which
the foregoing conditions shall have been satisfied with respect to such Junior Secured Indebtedness is herein called the “Junior Effective Date.” Prior to the Junior Effective Date with respect to such Junior Secured
Indebtedness, all references herein to Junior Secured Indebtedness shall be deemed not to take into account such Junior Secured Indebtedness, and the rights and obligations of each other Agent then party to this Agreement shall be determined on the
basis that such Junior Secured Indebtedness is not then designated under this Agreement. On and after the Junior Effective Date with respect to such Junior Secured Indebtedness, all references herein to Junior Secured Indebtedness shall be deemed to
take into account such Junior Secured Indebtedness, and the rights and obligations of each other Agent then party to this Agreement shall be determined on the basis that such Junior Secured Indebtedness is then designated. 

(c) In connection with any designation of Junior Secured Indebtedness pursuant to this Section 7.6, each Agent then party hereto
agrees (x) to execute and deliver any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, any Term Collateral Documents or ABL Collateral Documents, as applicable, and any blocked
account, control or other agreements relating to any security interest in Control Collateral, and to make or consent to any filings or take any other actions (including executing and recording any mortgage subordination or similar agreement), as may
be reasonably deemed by the Borrower to be necessary or reasonably desirable for any Lien on any Collateral to secure such Junior Secured Indebtedness to become a valid and perfected Lien (with the priority contemplated by this Agreement), and
(y) otherwise to reasonably cooperate to effectuate a designation of Junior Secured Indebtedness pursuant to this Section 7.6 (including without limitation, if requested, by executing an acknowledgment of any Junior Secured
Indebtedness Joinder or of the occurrence of any Junior Effective Date). 
 Section 7.7 Addresses for Notices. Unless
otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, sent by telecopy, emailed, or sent by overnight express courier service or United
States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or email or five (5) days after deposit in the United States mail (certified, with postage prepaid and properly
addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section 7.7) shall be as set forth below or, as to each party, at such other address as may be
designated by such party in a written notice to all of the other parties. 
  

			
	ABL Agent:	  	Royal Bank of Canada
		  	4th Floor, 20 King Street West
		  	Toronto, Ontario M5H 1C4
		  	Attention: Manager, Agency Services Group
		  	Telecopy No.: 416.842.4023

  
 -67- 

			
		  	with a copy (which shall not constitute notice) to:
		
		  	Paul Hastings LLP
		  	75 E 55th Street
		  	New York, NY 10022
		  	Attention: Michael Baker
		  	Telecopy: 212.318.6855
		
	Term Agent:	  	Royal Bank of Canada
		  	4th Floor, 20 King Street West
		  	Toronto, Ontario M5H 1C4
		  	Attention: Manager, Agency Services Group
		  	Telecopy No.: (416) 842-4023
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Paul Hastings LLP
		  	75 E 55th Street
		  	New York, NY 10022
		  	Attention: Michael Baker
		  	Telecopy: (212) 318-6855
		
	Any Junior Agent:	  	As set forth in the Junior Secured Indebtedness Joinder executed and delivered by such Junior Agent pursuant to Section 7.6.
		
	Borrower:	  	c/o Norcraft Companies, L.P.
		  	3020 Denmark Avenue, Suite 100
		  	Eagan, Minnesota 55121
		  	Attention: Chief Financial Officer
		  	Telecopy No.: (651) 234-3398
		
		  	with a copy to:
		
		  	Apax Partners, L.P.
		  	45 Park Avenue
		  	New York, NY 10022
		  	Attention: David Kim
		  	Telecopy: (212) 319-6155
		
		  	and to:
		
		  	c/o KarpReilly LLC
		  	104 Field Point Road, 2nd Floor
		  	Greenwich, Connecticut 06830
		  	Attention: Chris Reilly, Co-Founder
		  	Telecopy No.: (203) 504-9912

  
 -68- 

			
		  	and to:
		
		  	c/o Trimaran Capital Partners, LLC
		  	425 Lexington Avenue, 3rd Floor
		  	New York, New York 10017
		  	Attention: Jay Bloom, Managing Partner
		  	Telecopy No.: (212) 885-4350
		
		  	and to:
		
		  	Ropes & Gray LLP
		  	1211 Avenue of the Americas
		  	New York, NY 10036-8704
		  	Attention: Sunil W. Savkar
		  	Telecopy No.: (646) 728-1533

 Section 7.8 No Waiver; Remedies. No failure on the part of any Party to exercise, and no
delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 
 Section 7.9 Continuing Agreement, Transfer of
Secured Obligations. This Agreement is a continuing agreement and shall (a) remain in full force and effect until the Discharge of Senior Obligations shall have occurred, (b) be binding upon the Parties and their successors and
assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors and permitted transferees and assigns. Except as set forth in Section 7.4 hereof, nothing herein is intended, or shall be
construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral. All references to any Credit Party shall include any Credit Party as debtor-in-possession and any receiver or trustee for
such Credit Party in any Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), to the extent permitted by the applicable Credit Document, the ABL Agent, any ABL Secured Party, the Term Agent, any Term Secured Party, any
Junior Agent or any Junior Secured Party may assign or otherwise transfer all or any portion of the ABL Obligations, the Term Obligations or the Junior Obligations in accordance with the ABL Credit Agreement, the Term Credit Agreement or Junior
Agreement, in each case, as applicable, to any other Person (other than the Borrower, any Guarantor or any Affiliate of the Borrower or any Guarantor and any Subsidiary of the Borrower or any Guarantor (except as provided in any ABL Credit
Agreement, any Term Credit Agreement or any Junior Agreement, as applicable)), and such other Person shall thereupon become vested with all the rights and obligations in respect thereof granted to the ABL Agent, the Term Agent, any Junior Agent, any
ABL Secured Party, any Term Secured Party or any Junior Secured Party, as the case may be, herein or otherwise. The ABL Secured Parties, the Term Secured Parties and the Junior Secured Parties may continue, at any time and without notice to the
other parties hereto, to extend credit and other financial accommodations, lend monies and provide Indebtedness to, or for the benefit of, any Credit Party on the faith hereof. 

  
 -69- 

 Section 7.10 GOVERNING LAW; ENTIRE AGREEMENT. (a) THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. This Agreement constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof and supersedes any prior agreements,
written or oral, with respect thereto. 
 Section 7.11 Counterparts. This Agreement may be executed in any number of
counterparts, and it is not necessary that the signatures of all Parties be contained on any one counterpart hereof, each counterpart will be deemed to be an original, and all together shall constitute one and the same document. Delivery of an
executed signature page to this Agreement by facsimile or other electronic transmission (in “.pdf” or similar format) shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 7.12 No Third Party Beneficiaries. This Agreement is solely for the benefit of the ABL Agent, ABL Secured Parties,
Term Agent, Term Secured Parties, any Junior Agent and any Junior Secured Parties. Except as set forth in Section 7.4 hereof (in respect of which the Borrower and the other Credit Parties are third party beneficiaries), no other Person
(including the Borrower, any Guarantor or any Affiliate of the Borrower or any Guarantor, or any Subsidiary of the Borrower or any Guarantor (except as provided in any ABL Credit Agreement or any Term Credit Agreement, as applicable)) shall be
deemed to be a third party beneficiary of this Agreement. 
 Section 7.13 Headings. The headings of the articles and
sections of this Agreement are inserted for purposes of convenience only and shall not be construed to affect the meaning or construction of any of the provisions hereof. 

Section 7.14 Severability. If any of the provisions in this Agreement shall, for any reason, be held invalid, illegal or
unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement and shall not invalidate the Lien Priority or the application of Proceeds and other priorities set forth in this
Agreement. The parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or
unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 7.15 Attorneys’ Fees. The Parties agree that if any dispute, arbitration, litigation, or other proceeding is
brought with respect to the enforcement of this Agreement or any provision hereof, the prevailing party in such dispute, arbitration, litigation, or other proceeding shall be entitled to recover its reasonable attorneys’ fees and all other
costs and expenses incurred in the enforcement of this Agreement, irrespective of whether suit is brought. 

  
 -70- 

 Section 7.16 VENUE; JURY TRIAL WAIVER. 

(a) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS
OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN
SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY ABL SECURED PARTY, ANY TERM SECURED PARTY OR ANY JUNIOR SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT, ANY TERM DOCUMENTS, ANY ABL DOCUMENTS OR ANY JUNIOR DOCUMENTS AGAINST ANY CREDIT PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(b) EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (a) OF THIS SECTION 7.16. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(c) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER 

  
 -71- 

 
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. EACH
PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT
TO A TRIAL BY THE COURT. 
 (d) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS (OTHER THAN BY EMAIL OR TELECOPY) IN
THE MANNER PROVIDED FOR NOTICES IN SECTION 7.7 HEREOF. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

Section 7.17 Intercreditor Agreement. This Agreement is the “Intercreditor Agreement” referred to in the ABL
Credit Agreement and this Agreement is the “ABL Intercreditor Agreement” referred to in the Term Credit Agreement and each Junior Agreement, if any. Nothing in this Agreement shall be deemed to subordinate the obligations due to
(i) any ABL Secured Party to the obligations due to any Term Secured Party or any Junior Secured Party, (ii) any Term Secured Party to the obligations due to any ABL Secured Party or any Junior Secured Party or (iii) any Junior
Secured Party to the obligations due to any Senior Secured Party (in each case, whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that this Agreement shall effectuate a subordination of Liens but
not a subordination of Indebtedness. 
 Section 7.18 No Warranties or Liability. The Term Agent, the ABL Agent and each
Junior Agent that becomes a party to this Agreement acknowledge and agree that no such Party has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any other ABL
Document, any Term Document or any Junior Document. Except as otherwise provided in this Agreement, the Term Agent, the ABL Agent and each Junior Agent that becomes a party to this Agreement will be entitled to manage and supervise their respective
extensions of credit to any Credit Party in accordance with law and their usual practices, modified from time to time as they deem appropriate. 

Section 7.19 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any
ABL Document, any Term Document or any Junior Document, the provisions of this Agreement shall govern. 
 Section 7.20 Costs and
Expenses. All costs and expenses incurred by the Term Agent, the ABL Agent or any Junior Agent, including, without limitation pursuant to Section 3.8(d) and Section 4.1(f) hereunder shall be reimbursed by
the Borrower and the Credit 

  
 -72- 

 
Parties as provided in Section 10.03 of the Term Credit Agreement (or any similar provision), Section 10.03 (or any similar provision) of the ABL Credit Agreement and any applicable
expense reimbursement provision of any Junior Agreement. 
 Section 7.21 Information Concerning Financial Condition of the
Credit Parties. Each of the Term Agent, the ABL Agent and each Junior Agent that becomes a party to this Agreement hereby assumes responsibility for keeping itself informed of the financial condition of the Credit Parties and all other
circumstances bearing upon the risk of nonpayment of the Term Obligations, the ABL Obligations or the applicable Junior Obligations, as applicable. The Term Agent, the ABL Agent and each Junior Agent that becomes a party to this Agreement hereby
agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances. In the event the Term Agent, the ABL Agent or any Junior Agent that becomes a party to this Agreement,
in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this Agreement, (a) it shall be under no obligation (i) to provide any such information to such other party or any other
party on any subsequent occasion, (ii) to undertake any investigation not a part of its regular business routine, or (iii) to disclose any other information, (b) it makes no representation as to the accuracy or completeness of any
such information and shall not be liable for any information contained therein, and (c) the Party receiving such information hereby agrees to hold the other Party harmless from any action the receiving Party may take or conclusion the receiving
Party may reach or draw from any such information, as well as from and against any and all losses, claims, damages, liabilities, and expenses to which such receiving Party may become subject arising out of or in connection with the use of such
information. 
 Section 7.22 Additional Credit Parties. The Borrower will promptly cause each Person that becomes a
Credit Party to execute and deliver to the parties hereto an acknowledgment to this Agreement substantially in the form of Exhibit A, whereupon such Person will be bound by the terms hereof to the same extent as if it had executed and
delivered this Agreement as of the date hereof. The Parties and the Credit Parties hereto further agree that, notwithstanding any failure to take the actions required by the immediately preceding sentence, each Person which becomes a Credit Party at
any time (and any security granted by any such Person) shall be subject to the provisions hereof as fully as if the same constituted a Credit Party party hereto and had complied with the requirements of the immediately preceding sentence. 

[SIGNATURE PAGES FOLLOW] 

  
 -73- 

 IN WITNESS WHEREOF, the ABL Agent, for and on behalf of itself and the ABL Secured Parties, and
the Term Agent, for and on behalf of itself and the Term Secured Parties, have caused this Agreement to be duly executed and delivered as of the date first above written. 

 

					
	ROYAL BANK OF CANADA, in its capacity as the ABL Agent
		
	By:	 	/s/ Yvonne Brazier
		 	Name:	 	Yvonne Brazier
		 	Title:	 	Manager, Agency

  
 [Signature Page to
Intercreditor Agreement] 

 
					
	ROYAL BANK OF CANADA, in its capacity as the Term Agent
		
	By:	 	/s/ Yvonne Brazier
		 	Name:	 	Yvonne Brazier
		 	Title:	 	Manager, Agency

  
 [Signature Page to
Intercreditor Agreement] 

 Exhibit A 

ACKNOWLEDGMENT 
 The
Borrower and each Guarantor hereby acknowledges that it has received a copy of this Agreement as in effect on the date hereof and consents thereto, agrees to recognize all rights granted thereby to the ABL Agent, the ABL Secured Parties, the Term
Agent, the Term Secured Parties and any Junior Agent that becomes party to this Agreement or any Junior Secured Parties represented thereby (including pursuant to Section 7.20 hereof) and will not do any act to interfere with any
obligations of the Parties to this Agreement. The Borrower and each Guarantor further acknowledges and agrees that (except as set forth in Section 7.4 hereof) it is not an intended beneficiary or third party beneficiary under this
Agreement and (i) as between the ABL Secured Parties, the Borrower and Guarantors, the ABL Documents remain in full force and effect as written and are in no way modified hereby, and (ii) as between the Term Secured Parties, the Borrower
and Guarantors, the Term Documents remain in full force and effect as written and are in no way modified hereby. 
 Without limiting the
foregoing or any rights or remedies the Borrower and the other Credit Parties may have, Intermediate Holdings, the Borrower and the other Credit Parties consent to the performance by the Term Agent of the obligations set forth in
Section 3.6 of this Agreement and acknowledge and agree that neither the Term Agent nor any other Term Secured Party shall ever be accountable or liable for any action taken or omitted by the ABL Agent or any other ABL Secured Party or
its or any of their officers, employees, agents successors or assigns in connection therewith or incidental thereto or in consequence thereof, including any improper use or disclosure of any proprietary information or other Intellectual Property by
the ABL Agent or any other ABL Secured Party or its or any of their officers, employees, agents, successors or assigns or any other damage to or misuse or loss of any property of the Credit Parties as a result of any action taken or omitted by the
ABL Agent or its officers, employees, agents, successors or assigns pursuant to, and in accordance with, Section 3.6 of this Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 
			
	CREDIT PARTIES:
	
	NORCRAFT COMPANIES, L.P., as Borrower
	By:	 	NORCRAFT GP, L.L.C., its general partner
		
	By:	 	/s/ Leigh Ginter
	Name:	 	Leigh Ginter
	Title:	 	Secretary and Chief Financial Officer

  
 [Signature Page to
Intercreditor Agreement] 

 
			
	GUARANTORS:
	
	NORCRAFT INTERMEDIATE HOLDINGS, L.P.
	NORCRAFT FINANCE CORP.
	NORCRAFT CANADA CORPORATION, each as a Loan Party
		
	By:	 	/s/ Leigh Ginter
	Name:	 	Leigh Ginter
	Title:	 	Secretary and Chief Financial Officer

  
 [Signature Page to
Intercreditor Agreement] 

 Exhibit B 

JUNIOR SECURED INDEBTEDNESS DESIGNATION 

DESIGNATION, dated as of                  ,
20    , by [NORCRAFT COMPANIES, L.P.]1 (the “Company”). Capitalized terms used herein and not otherwise defined herein shall have the meaning specified
in the Intercreditor Agreement (as amended, supplemented, restated, amended and restated or otherwise modified from time to time pursuant to the terms thereof, the “Intercreditor Agreement”) entered into as of
December 13, 2013 among ROYAL BANK OF CANADA, in its capacities as administrative agent and collateral agent (together with its successors and permitted assigns in such capacities, the “ABL Agent”) for the ABL
Secured Parties, ROYAL BANK OF CANADA, in its capacities as administrative agent and collateral agent (together with its successors and permitted assigns in such capacities, the “Term Agent”) for the Term Secured
Parties, and each Junior Agent that from time to time becomes a party thereto pursuant to Section 7.6 thereof.2 

Reference is made to that certain [insert name of Junior Agreement], dated as of
                 , 20     (the “Junior Agreement”), among [list any applicable Credit Party], [list Junior Lenders] [and
Junior Agent, as agent (the “New Junior Agent”)]. 
 Section 7.6 of the Intercreditor Agreement permits the
Company to designate Junior Secured Indebtedness under the Intercreditor Agreement. Accordingly: 
 Section 1. Representations
and Warranties. The Company hereby represents and warrants to the ABL Agent, the Term Agent and any Junior Agent that: 

(a) The Junior Secured Indebtedness incurred or to be incurred under the Junior Agreement constitutes “Junior Secured
Indebtedness” which complies with the definition of such term in the Intercreditor Agreement; and 
 (b) all conditions
set forth in Section 7.6 of the Intercreditor Agreement with respect to the Junior Secured Indebtedness have been satisfied. 

Section 2. Designation of Junior Secured Indebtedness. The Company hereby designates such Junior Secured Indebtedness as
Junior Secured Indebtedness under the Intercreditor Agreement. 
 [Signature Page to Junior Secured Indebtedness Designation] 

 

	1 	Revise as appropriate to refer to any permitted successor or assign. 

	2 	Revise as appropriate to refer to any successor Agent and to add reference to any previously added Junior Agent. 

 IN WITNESS OF, the undersigned has caused this Designation to be duly executed by its duly
authorized officer or other representative, all as of the day and year first above written. 
  

			
	[NORCRAFT COMPANIES, L.P.]
		
	By:	 	  

		 	Name:
		 	Title:

 [Junior Secured Indebtedness Designation] 

 Exhibit C 

JUNIOR SECURED INDEBTEDNESS JOINDER 

JOINDER, dated as of             , 20    (this
“Agreement”), among ROYAL BANK OF CANADA, in its capacities as administrative agent and collateral agent (together with its successors and permitted assigns in such capacities, the “ABL Agent”)
for the ABL Secured Parties, ROYAL BANK OF CANADA, in its capacities as administrative agent and collateral agent (together with its successors and permitted assigns in such capacities, the “Term Agent”) for the Term
Secured Parties, and [list any previously added Junior Agent] [and insert name of each Junior Agent under any Junior Agreement being added hereby as party] and any successors or permitted assigns thereof, to the Intercreditor Agreement dated as of
December 13, 2013 (as amended, supplemented, restated, amended and restated or otherwise modified from time to time pursuant to the terms thereof, the “Intercreditor Agreement”) among the ABL Agent, the Term Agent [and
(list any previously added Junior Agent)]. Capitalized terms used herein and not otherwise defined herein shall have the meaning specified in the Intercreditor Agreement. 

W I T N E S S E T H: 
 Reference
is made to that certain [insert name of Junior Agreement], dated as of                  , 20    (the “Junior Agreement”),
among [list any applicable Credit Party], [list any applicable Junior Secured Parties (the “Joining Junior Secured Parties”)] [and insert name of each applicable Junior Agent (the “Joining Junior
Agent”)]. 
 Section 7.6 of the Intercreditor Agreement permits the Company to designate Junior Secured Indebtedness under
the Intercreditor Agreement. The Company has so designated Junior Secured Indebtedness incurred or to be incurred under the Junior Agreement as Junior Secured Indebtedness by means of a Junior Secured Indebtedness Designation. 

Accordingly, [the Joining Junior Agent, for itself and on behalf of the Joining Junior Secured Parties,] hereby agrees with the ABL Agent, the
Term Agent and any Junior Agent party to the Intercreditor Agreement as follows: 
 Section 1. Agreement to be Bound. The
[Joining Junior Agent, for itself and on behalf of the Joining Junior Secured Parties,] hereby agrees to be bound by the terms and provisions of the Intercreditor Agreement and shall, as of the Junior Effective Date with respect to the Junior
Agreement, be deemed to be a party to the Intercreditor Agreement. 
 Section 2. Recognition of Claims. (a) The ABL
Agent (for itself and on behalf of the other ABL Secured Parties), the Term Agent (for itself and on behalf of the other Term Parties) and [each of the Junior Agents (for itself and on behalf of any Junior Secured Parties represented thereby)]
hereby agree that the interests of the respective Secured Parties in the Liens granted to the ABL Agent, the Term Agent or any Junior Agent, as applicable, under the applicable Credit Documents shall be treated, as among the Secured Parties, as
having the priorities provided for in Section 2.1 of the Intercreditor Agreement, and shall at all times be 

 
allocated among the Secured Parties as provided therein regardless of any claim or defense (including without limitation any claims under the fraudulent transfer, preference or similar avoidance
provisions of applicable bankruptcy, insolvency or other laws affecting the rights of creditors generally) to which the ABL Agent, the Term Agent, any Junior Agent or any other Secured Party may be entitled or subject. The [Joining Junior Agent (for
itself and on behalf of the Joining Junior Secured Parties)] (a) recognize[s] the existence and validity of the ABL Obligations, the Term Obligations and [any existing Junior Obligations]3
and (b) agree[s] to refrain from making or asserting any claim that any ABL Credit Agreement or any other ABL Documents, any Term Credit Agreement or any other Term Documents or [the existing Junior Debt Documents],4 as the case may be, are invalid or not enforceable in accordance with their terms as a result of the circumstances surrounding the incurrence of such obligations. 

Section 3. Notices. Notices and other communications provided for under the Intercreditor Agreement to be provided to [the
Joining Junior Agent] shall be sent to the address set forth on Annex 1 attached hereto (until notice of a change thereof is delivered as provided in Section 7.6 of the Intercreditor Agreement). 

Section 4. Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original.
Delivery of an executed signature page to this Agreement by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 5. Governing Law. THE VALIDITY, PERFORMANCE, AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THIS AGREEMENT AND THE INTERCREDITOR AGREEMENT CONSTITUTE THE ENTIRE AGREEMENT AND UNDERSTANDING AMONG THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDES
ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 
 [Signature Pages Follow] 

 

	3 	Add specific reference to any previously added Junior Obligations as appropriate. 

	4 	Add reference to any previously added Junior Agreement and related Junior Documents as appropriate. 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and delivered
by their duly authorized officers as of the day and year first above written. 
  

			
	[Joining Junior Agent],
	[on behalf of the Joining Junior Secured Parties
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for notices:
	
	[    ]
	
	Acknowledged and agreed by:
	
	 Royal Bank of Canada,
 as ABL
Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	Current address for notices:
	
	[    ]
	
	 Royal Bank of Canada,
 as Term
Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	Current address for notices:
	
	[    ]

 [Junior Secured Indebtedness Joinder] 

 EXHIBIT D 

JOINDER AGREEMENT 
 [Date]

 Reference is made to the Intercreditor Agreement. dated as of December 13, 2013 (as amended, supplemented, restated, amended and
restated or otherwise modified from time to time pursuant to the terms thereof, the “Intercreditor Agreement”), among ROYAL BANK OF CANADA in its capacities as administrative agent and collateral agent (together with
its successors and permitted assigns in such capacities, the “ABL Agent”)5 for the ABL Secured Parties, ROYAL BANK OF CANADA, in its capacities as administrative
agent and collateral agent (together with its successors and assigns in such capacities, the “Term Agent”)6 for the Term Secured Parties, and [list any previously added
Junior Agent] and any successors or assigns thereof. Capitalized terms used herein and not otherwise defined herein shall have the meaning specified in the Intercreditor Agreement. 

W I T N E S S E T H: 
 WHEREAS,
Section 5.2(c) of the Intercreditor Agreement provides that [ABL Obligations][Term Obligations] may be refunded, replaced or refinanced in whole or in part, and the holders of such refunding, replacing or refinancing Indebtedness (or an
authorized agent or trustee on their behalf) may bind themselves to the terms of the Intercreditor Agreement; 
 WHEREAS, on the date
hereof, NORCRAFT COMPANIES, L.P. (the “Company”) is [describe refinancing transaction], the proceeds of which are being used to refinance a portion of the [ABL Obligations][Term Obligations] under the [ABL Credit
Agreement][Term Credit Agreement]; and 
 WHEREAS, the Company wishes to have the [New Agent], as [collateral agent, trustee, etc. for the
holders of the new] [ABL Obligations][Term Obligations], join the Intercreditor Agreement; 
 NOW, THEREFORE, the ABL Agent, the Term Agent
and the [New Agent] hereby agree as follows: 
 Section 1. Joinder. Effective upon the execution of this Joinder
Agreement by the [New Agent], (i) all [Obligations] (as defined in the [New Agreement]) shall constitute [ABL Obligations][Term Obligations] under the Intercreditor Agreement, (ii) all [New Documents] (as defined below) shall constitute
[ABL Documents][Term Documents] under the Intercreditor Agreement, (iii) the [New Secured Parties] (as defined in the [New Agreement]) shall constitute [ABL Secured Parties][Term Secured Parties] under the Intercreditor Agreement, (iv) all
[New Security Documents] (as defined in the [New Agreement]) shall constitute [ABL Collateral 
  

	5 	Revise as appropriate to refer to any successor ABL Agent. 

	6 	 Revise as appropriate to refer to any successor Term Agent. 

 
Documents][Term Collateral Documents] under the Intercreditor Agreement, (v) the [New Agreement] shall constitute a [ABL Credit Agreement][Term Credit Agreement] under the Intercreditor
Agreement, (vi) the [New Lenders] (as defined in the [New Agreement]) of the [New Notes] shall constitute Lenders and [ABL Lenders][Term Lenders] under the Intercreditor Agreement for all purposes [other than the definition of Cash Management
Services] and (vii) all Liens securing the [New Obligations] vis-a-vis any Liens for the benefit of the [Term Secured Parties][ABL Secured Parties] in respect of [Term Obligations][ABL Obligations] shall be governed by the priority and
limitations set forth in the Intercreditor Agreement. The “[New Documents]” shall mean the [New Agreement], the [New Notes] (as defined in the [New Agreement]), the [New Security Documents] and all other documents evidencing [New
Obligations], now or hereafter executed by or on behalf of any [ABL Credit Party][Term Credit Party] or any of its respective Subsidiaries or Affiliates, and delivered to the [New Collateral Agent], in connection with any of the foregoing, in each
case as the same may be amended, supplemented, restated or otherwise modified from time to time. 
 Section 2. [ABL Agent][Term
Agent]. Following the effectiveness of this Joinder Agreement, (i) [Royal Bank of Canada (the “Existing ABL Agent”)][Royal Bank of Canada (the “Existin Agent”)] shall continue to act as the [ABL
Agent][Term Agent] authorized to represent all of the [ABL Secured Parties][Term Secured Parties] under the Intercreditor Agreement, including without limitation, the [New Collateral Agent] and the other [New Secured Parties], and to take actions on
behalf of all [ABL Secured Parties][Term Secured Parties] thereunder, and (ii) for the avoidance of doubt, the [New Collateral Agent] and any other authorized agent or trustee of any holders of Indebtedness refinancing any [ABL
Obligations][Term Obligations] that joins the Intercreditor Agreement pursuant to Section 5.2(c) thereof may succeed the [Existing ABL Agent][Existing TLB Agent] as the [ABL Agent][Term Agent] under the Intercreditor Agreement pursuant to any
other agreement among the [ABL Secured Parties][Term Secured Parties] upon notice to the [Term Agent][ABL Agent] after the date hereof. 

Section 3. Counterparts. This Joinder Agreement may be executed in counterparts, each of which shall constitute an
original. Delivery of an executed signature page to this Joinder Agreement by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 4. Governing Law. THE VALIDITY, PERFORMANCE, AND ENFORCEMENT OF THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THIS JOINDER AGREEMENT CONSTITUTES THE ENTIRE AGREEMENT AND UNDERSTANDING AMONG THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY PRIOR AGREEMENTS, WRITTEN OR
ORAL, WITH RESPECT THERETO. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the undersigned have caused this Joinder Agreement to be duly executed and
delivered by their duly authorized officers as of the day and year first above written. 
  

			
	[New Agent],
	on behalf of the [New Secured Parties]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for notices:
	
	[    ]
	
	Acknowledged and agreed by:
	
	 Royal Bank of Canada,
 as ABL
Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	Current address for notices:
	
	[    ]
	
	 Royal Bank of Canada,
 as Term
Agent

		
	By:	 	  

		 	Name:
		 	Title:
	
	Current address for notices: [    ]

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