Document:

Second Amended and Restated Pledge and Security Agreement

 Exhibit 10.2 
 EXECUTION VERSION 
 SECOND AMENDED AND RESTATED 

PLEDGE AND SECURITY AGREEMENT 
 THIS SECOND AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT (this “Security Agreement”) is entered into as of November 5, 2012 by and among ENCORE CAPITAL GROUP, INC., a Delaware
corporation (the “Borrower”), the Subsidiaries of the Borrower listed on the signature pages hereto (together with the Borrower, the “Initial Grantors” and together with any additional Domestic Subsidiaries, whether
now existing or hereafter formed which become parties to this Security Agreement by executing a Supplement hereto in substantially the form of Annex I, the “Grantors”), and SUNTRUST BANK, in its capacity as Collateral Agent (the
“Collateral Agent”) for (i) the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”) and (ii) the Note Purchasers party to the Note Agreement referred to below. 

PRELIMINARY STATEMENTS 
 A. Certain of the Initial Grantors entered into the Pledge and Security Agreement, dated as of February 8, 2010, with JPMorgan Chase Bank, N.A. (the “Former Agent”), which was
amended by that certain Amended and Restated Pledge and Security Agreement, dated as of September 20, 2010, among the Initial Grantors party thereto and the Former Agent (the “Existing Security Agreement”) to secure the
obligations under that certain Credit Agreement, dated as of February 8, 2010, by and among the Borrower, the Subsidiaries of the Borrower listed on the signature pages thereto, the lenders from time to time party thereto (the “Existing
Lenders”) and the Former Agent, in its capacity as the administrative agent to the Existing Lenders. 
 B. The Borrower
and the purchasers signatories thereto (the “Note Purchasers”) entered into that certain Amended and Restated Senior Secured Note Purchase Agreement, dated as of February 10, 2011 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Note Agreement”). 
 C. The Borrower, the Collateral
Agent, the Administrative Agent and the Lenders are entering into an Amended and Restated Credit Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”). 
 D. The Grantors are entering into this Security Agreement in order to induce the Lenders to enter into
and extend credit to the Borrower under the Credit Agreement and as a condition precedent to the modification of the Note Agreement as of the date hereof. Furthermore, each Initial Grantor party to the Existing Security Agreement wishes to affirm
its obligations under the terms of the Existing Security Agreement and wishes to amend and restate the terms of the Existing Security Agreement. 
 ACCORDINGLY, the Grantors and the Collateral Agent, on behalf of the Secured Parties, hereby agree as follows: 

 ARTICLE I 
 DEFINITIONS 
 1.1. Terms Defined in Credit Agreement. All capitalized terms
used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement (as in effect on the date hereof). 
 1.2. Terms Defined in New York UCC. Terms defined in the New York UCC which are not otherwise defined in this Security Agreement are used herein as defined in the New York UCC. 

1.3. Definitions of Certain Terms Used Herein. As used in this Security Agreement, in addition to the terms defined in the
Preliminary Statements, the following terms shall have the following meanings: 
 “Accounts” shall have the
meaning set forth in Article 9 of the New York UCC. 
 “Article” means a numbered article of this Security
Agreement, unless another document is specifically referenced. 
 “Chattel Paper” shall have the meaning set
forth in Article 9 of the New York UCC. 
 “Collateral” means all Accounts, Chattel Paper, Commercial Tort
Claims, Documents, Equipment, Fixtures, Goods, General Intangibles, Instruments, Inventory, Investment Property (including, without limitation, all Investment Property in Foreign Subsidiaries in the Applicable Pledge Percentage), Pledged Deposits,
Supporting Obligations and Other Collateral, wherever located, in which any Grantor now has or hereafter acquires any right or interest, and the proceeds (including Stock Rights), insurance proceeds and products thereof, together with all books and
records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto. 
 “Commercial Tort Claims” means those certain currently existing commercial tort claims of any Grantor, including each commercial tort claim specifically described in Exhibit F
(including any supplements thereto). 
 “Control” shall have the meaning set forth in Article 8 or, if
applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the New York UCC. 
 “Default” shall
mean any “Default” (as defined in the Credit Agreement) or any “Default” (as defined in the Note Agreement). 
 “Deposit Accounts” shall have the meaning set forth in Article 9 of the New York UCC. 
 “Documents” shall have the meaning set forth in Article 9 of the New York UCC. 
 “Equipment” shall have the meaning set forth in Article 9 of the New York UCC. 

  
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 “Event of Default” means an event described in Section 5.1
hereof. 
 “Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is
specifically referenced. 
 “Fixtures” shall have the meaning set forth in Article 9 of the New York UCC.

 “General Intangibles” shall have the meaning set forth in Article 9 of the New York UCC. 

“Goods” shall have the meaning set forth in Article 9 of the New York UCC. 

“Instruments” shall have the meaning set forth in Article 9 of the New York UCC. 

“Inventory” shall have the meaning set forth in Article 9 of the New York UCC. 

“Investment Property” shall have the meaning set forth in Article 9 of the New York UCC. 

“Letter-of-Credit Rights” shall have the meaning set forth in Article 9 of the New York UCC. 

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

“Note Documents” means the Note Agreement, any note issued pursuant to the Note Agreement, any guaranty (and the related
indemnity and contribution agreement) executed pursuant to the Note Agreement, the Intercreditor Agreement, the Collateral Documents and all other agreements, instruments and certificates executed and delivered to, or in favor of the Collateral
Agent or any holder of any note issued pursuant to the Note Agreement. 
 “Other Collateral” means any property
of the Grantors, not included within the defined terms Accounts, Chattel Paper, Commercial Tort Claims, Documents, Equipment, Fixtures, General Intangibles, Instruments, Inventory, Investment Property and Pledged Deposits, including, without
limitation, all cash on hand, Letter-of-Credit Rights, letters of credit, Stock Rights and Deposit Accounts or other deposits (general or special, time or demand, provisional or final) with any bank or other financial institution, it being intended
that the Collateral include all real and personal property of the Grantors. 
 “Pledged Deposits” means all
time deposits of money (other than Deposit Accounts and Instruments), whether or not evidenced by certificates, which a Grantor may from time to time designate as pledged to the Collateral Agent or to any Secured Party as security for any Secured
Obligations, and all rights to receive interest on said deposits. 
 “Receivables” means the Accounts, Chattel
Paper, Documents, Investment Property, Instruments or Pledged Deposits, and any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral. 

  
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 “Requisite Secured Parties” has the meaning given thereto in the
Intercreditor Agreement. 
 “Section” means a numbered section of this Security Agreement, unless another
document is specifically referenced. 
 “Security Agreement Supplement” means a supplement is substantially the
form of Annex I hereto with such modifications as may be acceptable to the Collateral Agent, including supplements to each Exhibit attached hereto with respect to the Grantor executing such supplement. 

“Security” has the meaning set forth in Article 8 of the New York UCC. 

“Stock Rights” means any securities, dividends or other distributions and any other right or property which any Grantor
shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any securities or other ownership interests in a corporation, partnership, joint venture or limited liability company
constituting Collateral and any securities, any right to receive securities and any right to receive earnings, in which any Grantor now has or hereafter acquires any right, issued by an issuer of such securities. 

“Supporting Obligation” shall have the meaning set forth in Article 9 of the New York UCC. 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. 

ARTICLE II 

GRANT OF SECURITY INTEREST 
 Each Initial Grantor party to the Existing Security Agreement reaffirms the security interest granted under the terms and conditions of the Existing Security Agreement and agrees that such security
interest remains in full force and effect and is hereby ratified, reaffirmed and confirmed. Each Initial Grantor party to the Existing Security Agreement acknowledges and agrees with the Collateral Agent that the Existing Security Agreement is
amended, restated, and superseded in its entirety pursuant to the terms hereof. Each Grantor hereby pledges, assigns and grants to the Collateral Agent, on behalf of and for the ratable benefit of the Secured Parties and (to the extent specifically
provided herein) their Affiliates, a security interest in all of such Grantor’s right, title and interest, whether now owned or hereafter acquired, in and to the Collateral to secure the prompt and complete payment and performance of the
Secured Obligations. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 

  
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 Each of the Initial Grantors represents and warrants to the Collateral Agent and each of the
Secured Parties, and each Grantor that becomes a party to this Security Agreement pursuant to the execution of a Security Agreement Supplement represents and warrants (after giving effect to supplements to each of the Exhibits hereto with respect to
such subsequent Grantor as attached to such Security Agreement Supplement), that: 
 3.1. Title, Authorization, Validity and
Enforceability. Such Grantor has good and valid rights in or the power to transfer the Collateral owned by it and title to the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens
except for Liens permitted under Section 4.1.6 hereof, and has full corporate, limited liability company or partnership, as applicable, power and authority to grant to the Collateral Agent the security interest in such Collateral
pursuant hereto. The execution and delivery by such Grantor of this Security Agreement has been duly authorized by proper corporate, limited liability company or partnership, as applicable, other proceedings, and this Security Agreement constitutes
a legal, valid and binding obligation of such Grantor and creates a security interest which is enforceable against such Grantor in all Collateral it now owns or hereafter acquires, except as enforceability may be limited by (i) bankruptcy,
insolvency, fraudulent conveyances, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), and
(iii) requirements of reasonableness, good faith and fair dealing. When financing statements have been filed in the appropriate offices against such Grantor in the locations listed on Exhibit E, the Collateral Agent will have a fully
perfected first priority security interest in the Collateral owned by such Grantor in which a security interest may be perfected by filing, subject only to Liens permitted under Section 4.1.6 hereof. 

3.2. Conflicting Laws and Contracts. Neither the execution and delivery by such Grantor of this Security Agreement, the creation
and perfection of the security interest in the Collateral granted hereunder, nor compliance with the terms and provisions hereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such
Grantor, to the extent that such violation could not reasonably be expected to have a Material Adverse Effect, or (ii) such Grantor’s charter, articles or by-laws (or similar constitutive documents), or (iii) the provisions of any
material indenture, instrument or agreement to which such Grantor is a party or is subject, or by which it, or its Property may be bound or affected, or conflict with or constitute a default thereunder, or result in or require the creation or
imposition of any Lien in, of or on the Property of such Grantor pursuant to the terms of any such indenture, instrument or agreement (other than any Lien of the Collateral Agent on behalf of the Secured Parties). 

3.3. Principal Location. Such Grantor’s mailing address and the location of its place of business (if it has only one) or its
chief executive office (if it has more than one place of business), is disclosed in Exhibit A; such Grantor has no other places of business except those set forth in Exhibit A. 

3.4. Property Locations. The Inventory, Equipment and Fixtures of each Grantor are located solely at the locations of such Grantor
described in Exhibit A. All of said locations are owned by such Grantor except for locations (i) which are leased by such Grantor as lessee and designated in Part B of Exhibit A and (ii) at which Inventory is held in a public
warehouse or is 

  
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otherwise held by a bailee or on consignment by such Grantor as designated in Part C of Exhibit A, with respect to which Inventory such Grantor has delivered bailment agreements,
warehouse receipts, financing statements or other documents satisfactory to the Collateral Agent to protect the Collateral Agent’s and the Secured Parties’ security interest in such Inventory. 

3.5. No Other Names. Except as set forth in Exhibit A, such Grantor has not conducted business under any name except the
name in which it has executed this Security Agreement, which is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization as of the Closing Date.

 3.6. No Default. No Default or Event of Default exists. 

3.7. Commercial Tort Claims. As of the date hereof, Schedule F attached hereto contains a true, complete and current
listing of all Commercial Tort Claims held by any Grantor, each described by referring to the specific incident giving rise thereto. 
 3.8. Filing Requirements. None of the Equipment owned by such Grantor is covered by any certificate of title, except for the vehicles described in Part A of Exhibit B. None of the Collateral
owned by such Grantor is of a type for which security interests or liens may be perfected by filing under any federal statute except for (i) the vehicles described in Part B of Exhibit B and (ii) patents, trademarks and copyrights
held by such Grantor and described in Part C of Exhibit B, which are all of such Grantor’s patents, trademarks and copyrights for which registration exists or has been sought and not abandoned as of the Closing Date. The legal
description, county and street address of the property on which any Fixtures owned by such Grantor are located is set forth in Exhibit C together with the name and address of the record owner of each such property. 

3.9. No Financing Statements. No financing statement describing all or any portion of the Collateral which has not lapsed or been
terminated naming such Grantor as debtor has been filed in any jurisdiction except financing statements (i) naming the Collateral Agent on behalf of the Secured Parties as the secured party and (ii) in respect of Liens that are both
permitted by Section 7.2 of the Credit Agreement and permitted under the Note Agreement; provided that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the Loan
Documents to any Liens otherwise permitted under Section 7.2 of the Credit Agreement or under the Note Agreement. 
 3.10.
Federal Employer Identification Number; State Organization Number; Jurisdiction of Organization. Such Grantor’s federal employer identification number is, and if such Grantor is a registered organization, such Grantor’s State of
organization, type of organization and State of organization identification number and is, as set forth in Part D to Exhibit A. 
 3.11. Pledged Securities and Other Investment Property. Exhibit D sets forth a complete and accurate list of the Instruments, Securities and other Investment Property (including the
Applicable Pledge Percentage with respect thereto) delivered to the Collateral Agent. Each Grantor is the direct and beneficial owner of each Instrument, Security and other type of Investment Property listed on Exhibit D as being owned by it,
free and clear of any Liens, except 

  
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for the security interest granted to the Collateral Agent for the benefit of the Secured Parties hereunder or as permitted under Section 4.1.6. Each Grantor further represents and
warrants that (i) all such Instruments, Securities or other types of Investment Property which are shares of stock in a corporation or ownership interests in a partnership or limited liability company have been (to the extent such concepts are
relevant with respect to such Instrument, Security or other type of Investment Property) duly and validly issued, are fully paid and non-assessable and constitute the percentage of the issued and outstanding shares of stock (or other equity
interests) of the respective issuers thereof indicated on Exhibit D hereto and (ii) with respect to any certificates delivered to the Collateral Agent representing an ownership interest in a partnership or limited liability company,
either such certificates are Securities as defined in Article 8 of the New York UCC of the applicable jurisdiction as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the
Collateral Agent so that the Collateral Agent may take steps to perfect its security interest therein as a General Intangible. 

ARTICLE IV 

COVENANTS 
 From
the date of this Security Agreement and thereafter until this Security Agreement is terminated, each of the Initial Grantors agrees, and from and after the effective date of any Security Agreement Supplement applicable to any Grantor (and after
giving effect to supplements to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement) and thereafter until this Security Agreement is terminated each such subsequent Grantor agrees:

 4.1. General. 
 4.1.1 Inspection. Each Grantor will permit the Collateral Agent or any Secured Party by its representatives and agents (i) to inspect the Collateral, (ii) to examine and make copies of
the records of such Grantor relating to the Collateral and (iii) to discuss the Collateral and the related records of such Grantor with, and to be advised as to the same by, such Grantor’s officers and employees, all at such reasonable
times and intervals, and so long as no Default or Event of Default is continuing, with such reasonable notice, as the Collateral Agent or such Secured Party may determine, in accordance with Section 5.7 of the Credit Agreement. 

4.1.2 Taxes. Such Grantor will pay when due all taxes, assessments and governmental charges and levies upon the
Collateral owned by such Grantor, except (i) those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside in accordance with Agreement Accounting Principles and with
respect to which no Lien exists, (ii) those which by reason of the amount involved or the remedies available to the taxing authority could not reasonably be expected to have a Material Adverse Effect and (iii) those taxes disclosed in
Schedule 4.8 to the Credit Agreement. 
 4.1.3 Records and Reports; Notification of Default. Each Grantor
shall keep and maintain complete, accurate and proper books and records with respect to the Collateral 

  
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owned by such Grantor, and furnish to the Collateral Agent such reports relating to the Collateral as the Collateral Agent shall from time to time reasonably request. Each Grantor will give
prompt notice in writing to the Collateral Agent of the occurrence of any Default or Event of Default and of any other development, financial or otherwise, which might materially and adversely affect the Collateral taken as a whole. 

4.1.4 Financing Statements and Other Actions; Defense of Title. Each Grantor hereby authorizes the Collateral Agent
to file, and if requested will execute and deliver to the Collateral Agent, all financing statements describing the Collateral owned by such Grantor and other documents and take such other actions as the Collateral Agent may reasonably deem
necessary or advisable in order to maintain a first perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor, subject to Liens permitted both under Section 7.2 of the Credit Agreement and under the
Note Agreement; provided that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Collateral Agent under the Loan Documents to any Liens otherwise permitted under Section 7.2 of the Credit
Agreement or under the Note Agreement. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the
Collateral Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure that the perfection of the security interest in the Collateral granted to the Collateral Agent herein, including, without limitation, describing
such property as “all assets” or “all personal property, whether now owned or hereafter acquired.” Each Grantor will take any and all actions necessary to defend title to the Collateral owned by such Grantor against all persons
and to defend the security interest of the Collateral Agent in such Collateral and the priority thereof against any Lien not expressly permitted hereunder. 
 4.1.5 Disposition of Collateral. No Grantor will sell, lease or otherwise dispose of the Collateral owned by such Grantor except (i) prior to the occurrence of a Default or Event of Default,
dispositions specifically permitted pursuant to the Credit Agreement, (ii) until such time following the occurrence of an Event of Default as such Grantor receives a notice from the Collateral Agent instructing such Grantor to cease such
transactions, sales of Receivables in the ordinary course of business, and (iii) until such time as such Grantor receives a notice from the Collateral Agent pursuant to Article VII, proceeds of Inventory and Accounts collected in the
ordinary course of business. 
 4.1.6 Liens. No Grantor will create, incur, or suffer to exist any Lien on
the Collateral owned by such Grantor except Liens that are both permitted pursuant to Section 7.2 of the Credit Agreement and permitted pursuant to the Note Agreement, provided that nothing herein shall be deemed to constitute an
agreement to subordinate any of the Liens of the Collateral Agent under the Loan Documents to any Liens otherwise permitted under Section 7.2 of the Credit Agreement or under the Note Agreement. 

4.1.7 Change in Corporate Existence, Type or Jurisdiction of Organization, Location, Name. Each Grantor will,
except as permitted by both the Credit Agreement and the Note Agreement: 

  
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	 	(i)	preserve its existence and corporate structure as in effect on the Closing Date; 

 

	 	(ii)	not change its jurisdiction of organization; 

  

	 	(iii)	not maintain its place of business (if it has only one) or its chief executive office (if it has more than one place of business) at a location other than a location
specified on Exhibit A; and 

  

	 	(iv)	not (a) have any Inventory, Equipment or Fixtures or proceeds or products thereof (other than Inventory and proceeds thereof disposed of as permitted by
Section 4.1.5) at a location other than a location specified in Exhibit A, (b) change its name or taxpayer identification number or (c) change its mailing address, unless, in each such case, such Grantor shall have given
the Collateral Agent not less than 10 days’ prior written notice of such event or occurrence and the Collateral Agent shall have either (x) determined that such event or occurrence will not adversely affect the validity, perfection or
priority of the Collateral Agent’s security interest in the Collateral, or (y) taken such steps (with the cooperation of such Grantor to the extent necessary or advisable) as are necessary or advisable to properly maintain the validity,
perfection and priority of the Collateral Agent’s security interest in the Collateral owned by such Grantor. 

 4.1.8 Other Financing Statements. No Grantor will suffer to exist or authorize the filing of any financing statement naming it as debtor covering all or any portion of the Collateral owned by such
Grantor, except any Financial Statement authorized under Section 4.1.4 hereof. 
 4.2. Collection of
Receivables. Except as otherwise provided in this Security Agreement, each Grantor will collect and enforce, in the ordinary course of business consistent with past practice and at such Grantor’s sole expense, amounts due or hereafter due
to such Grantor under the Receivables owned by such Grantor. 
 4.3. Inventory and Equipment. Each Grantor will do all
things necessary to maintain, preserve, protect and keep the Inventory and the Equipment owned by such Grantor in good repair, working order and saleable condition (ordinary wear and tear excepted) and make all necessary and proper repairs, renewals
and replacements so that its business carried on in connection therewith may be properly conducted at all times, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 4.4. Instruments, Securities, Chattel Paper, Documents and Pledged Deposits. Each Grantor will (i) deliver to the
Collateral Agent immediately upon execution of this Security Agreement the originals of all Securities constituting Collateral (if any then exist) listed on Exhibit D hereof, (ii) hold in trust for the Collateral Agent upon receipt and
immediately thereafter deliver to the Collateral Agent any Securities constituting Collateral, (iii) upon the designation of any Pledged Deposits (as set forth in the definition thereof), deliver to the Collateral Agent such Pledged Deposits
which are evidenced by certificates included in the Collateral endorsed in blank, marked with such legends and assigned as the Collateral Agent 

  
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shall specify, and (iv) upon the Collateral Agent’s request, after the occurrence and during the continuance of an Event of Default, deliver to the Collateral Agent (and thereafter hold
in trust for the Collateral Agent upon receipt and immediately deliver to the Collateral Agent) any Document evidencing or constituting Collateral. 
 4.5. Uncertificated Securities and Certain Other Investment Property. Each Grantor will permit the Collateral Agent from time to time to cause the appropriate issuers (and, if held with a
securities intermediary, such securities intermediary) of uncertificated securities or other types of Investment Property not represented by certificates which are Collateral owned by such Grantor to mark their books and records with the numbers and
face amounts of all such uncertificated securities or other types of Investment Property not represented by certificates and all rollovers and replacements therefor to reflect the Lien of the Collateral Agent granted pursuant to this Security
Agreement. 
 4.6. Stock and Other Ownership Interests. 

4.6.1 Changes in Capital Structure of Issuers. No Grantor will (i) permit or suffer any issuer of privately
held corporate securities or other ownership interests in a corporation, partnership, joint venture or limited liability company constituting Collateral owned by such Grantor to dissolve, liquidate, retire any of its capital stock or other
Instruments or Securities evidencing ownership, reduce its capital or merge or consolidate with any other entity, or (ii) vote any of the Instruments, Securities or other Investment Property in favor of any of the foregoing except to the extent
permitted under both Section 7.3 of the Credit Agreement and under the Note Agreement. 
 4.6.2 Issuance
of Additional Securities. No Grantor will permit or suffer the issuer of privately held corporate securities or other ownership interests in a corporation, partnership, joint venture or limited liability company constituting Collateral to issue
any such securities or other ownership interests, any right to receive the same or any right to receive earnings, except to such Grantor; provided, however, that the foregoing shall have no application with respect to any corporation,
partnership, joint venture or limited liability company which is not a Subsidiary of such Grantor. 
 4.6.3
Registration of Pledged Securities and other Investment Property. Each Grantor will permit any registerable Collateral owned by such Grantor to be registered in the name of the Collateral Agent or its nominee at any time at the option of the
Required Lenders or the “Required Holders” as defined in the Note Agreement following the occurrence and during the continuance of an Event of Default and without any further consent of such Grantor. 

4.6.4 Exercise of Rights in Pledged Securities and other Investment Property. Each Grantor will permit the
Collateral Agent or its nominee at any time after the occurrence and during the continuance of an Event of Default, without notice, to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Collateral
owned by such Grantor or any part thereof, and to receive all dividends and interest in respect of such Collateral. So long as no Event of Default has occurred and is 

  
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continuing, the Grantors are entitled to exercise any and all voting and other rights and powers relating to the Collateral. 

4.7. Pledged Deposits. No Grantor will withdraw all or any portion of any Pledged Deposit or fail to rollover said Pledged Deposit
without the prior written consent of the Collateral Agent. 
 4.8. Letter-of-Credit Rights. Each Grantor will, upon the
Collateral Agent’s request, cause each issuer of a letter of credit, to consent to the assignment of proceeds of the letter of credit in order to give the Collateral Agent Control of the Letter-of-Credit Rights to such letter of credit.

 4.9. Federal, State or Municipal Claims. Each Grantor will notify the Collateral Agent of any Collateral owned by such
Grantor which constitutes a claim against the United States government or any state or local government or any instrumentality or agency thereof, the assignment of which claim is restricted by federal, state or municipal law of which Grantor is
aware. 
 4.10. Intellectual Property. If, after the date hereof, any Grantor obtains rights to, or applies for or seeks
registration of, any new patentable invention, trademark or copyright in addition to the patents, trademarks and copyrights described in Part C of Exhibit B, then such Grantor shall give the Collateral Agent prompt notice thereof, and the
security interest granted to the Collateral Agent hereunder shall automatically apply thereto. Each Grantor agrees promptly upon request by the Collateral Agent to execute and deliver to the Collateral Agent any supplement to this Security Agreement
or any other document reasonably requested by the Collateral Agent to evidence such security interest in a form appropriate for recording in the applicable federal office. Each Grantor also hereby authorizes the Collateral Agent to modify this
Security Agreement unilaterally (i) by amending Part C of Exhibit B to include any future patents, trademarks and/or copyrights of which the Collateral Agent receives notification from such Grantor pursuant hereto and (ii) by
recording, in addition to and not in substitution for this Security Agreement, a duplicate original of this Security Agreement containing in Part C of Exhibit B a description of such future patents, trademarks and/or copyrights. 

4.11. Commercial Tort Claims. If, after the date hereof, any Grantor identifies the existence of a commercial tort claim belonging
to such Grantor that has arisen in the course of such Grantor’s business in addition to the commercial tort claims described on Exhibit F, then such Grantor shall give the Collateral Agent prompt notice thereof, but in any event not
less frequently than quarterly. Each Grantor agrees promptly upon request by the Collateral Agent to execute and deliver to the Collateral Agent any supplement to this Security Agreement or any other document reasonably requested by the Collateral
Agent to evidence the grant of a security interest therein in favor of the Collateral Agent. 
 ARTICLE V 

DEFAULT 
 5.1.
The occurrence of any one or more of the following events shall constitute an Event of Default: 

  
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 5.1.1 Any representation or warranty made by or on behalf of any Grantor
under or in connection with this Security Agreement shall be materially false as of the date on which made. 

5.1.2 The breach by any Grantor of any of the terms or provisions of Article IV or Article VII. 

5.1.3 The breach by any Grantor (other than a breach which constitutes an Event of Default under Section 5.1.1
or 5.1.2 hereof) of any of the terms or provisions of this Security Agreement which is not remedied within 10 days after the giving of written notice to such Grantor by the Collateral Agent. 

5.1.4 Any material portion of the Collateral shall be transferred or otherwise disposed of, either voluntarily or
involuntarily, in any manner not permitted by Section 4.1.5 or 8.7 hereof or shall be lost, stolen, damaged or destroyed. 
 5.1.5 The occurrence of (i) any “Event of Default” under, and as defined in, the Credit Agreement or (ii) any “Event of Default” under, and as defined in, the Note Agreement.

 5.2. Acceleration and Remedies. Upon the occurrence and during the continuation of an Event of Default, the Collateral
Agent may, with the concurrence or at the direction of the Requisite Secured Parties, exercise any or all of the following rights and remedies: 
 5.2.1 Those rights and remedies provided in this Security Agreement, provided that this Section 5.2.1 shall not be understood to limit any rights or remedies available to the Collateral
Agent and the Secured Parties prior to an Event of Default. 
 5.2.2 Those rights and remedies available to a
secured party under the New York UCC (whether or not the New York UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or
bankers’ lien) when a debtor is in default under a security agreement. 
 5.2.3 Without notice except as
specifically provided in Section 8.1 hereof or elsewhere herein, sell, lease, assign, grant an option or options to purchase or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, for
cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable. 
 The Collateral
Agent, on behalf of the Secured Parties, may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral, and such compliance will not be considered to adversely affect the commercial
reasonableness of any sale of the Collateral. 
 If, after the Credit Agreement has terminated by its terms and all of the Secured Obligations
(as defined in the Intercreditor Agreement) have been paid in full, there remain Rate Management Obligations or Banking Services Obligations outstanding, the Required Lenders may exercise the 

  
 12 

 
remedies provided in this Section 5.2 upon the occurrence of any event which would allow or require the termination or acceleration of any Rate Management Obligations or Banking
Services Obligations pursuant to the terms of the agreement governing any Rate Management Transaction or Banking Services Agreement, as applicable. 
 5.3. Grantors’ Obligations Upon an Event of Default. Upon the request of the Collateral Agent after the occurrence of an Event of Default, each Grantor will: 

5.3.1 Assembly of Collateral. Assemble and make available to the Collateral Agent the Collateral and all records
relating thereto at any place or places specified by the Collateral Agent. 
 5.3.2 Secured Party Access.
Permit the Collateral Agent, by the Collateral Agent’s representatives and agents, to enter any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any
part of the Collateral and to remove all or any part of the Collateral. 
 5.4. License. The Collateral Agent is hereby
granted a license or other right to use, following the occurrence and during the continuance of an Event of Default, without charge, each Grantor’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks,
service marks, customer lists and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral, and, following the occurrence and during the
continuance of an Event of Default, such Grantor’s rights under all licenses shall inure to the Collateral Agent’s benefit. 
 ARTICLE VI 
 WAIVERS, AMENDMENTS AND REMEDIES 

No delay or omission of the Collateral Agent or any Secured Party to exercise any right or remedy granted under this Security Agreement
shall impair such right or remedy or be construed to be a waiver of any Event of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the
exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Collateral Agent with the concurrence or at
the direction of the Requisite Secured Parties and each Grantor, and then only to the extent in such writing specifically set forth, provided that the addition of any Domestic Subsidiary as a Grantor hereunder by execution of a Security
Agreement Supplement shall not require receipt of any consent from or execution of any documentation by any other Grantor party hereto. All rights and remedies provided for in this Security Agreement or by law afforded shall be cumulative and all
shall be available to the Collateral Agent and the Secured Parties until the Secured Obligations have been paid in full. 

ARTICLE VII 

PROCEEDS; COLLECTION OF RECEIVABLES 

  
 13 

 7.1. Collection of Receivables. The Collateral Agent may at any time after the
occurrence of an Event of Default, by giving each Grantor written notice, elect to require that the Receivables be paid directly to the Collateral Agent for the benefit of the Secured Parties. In such event, each Grantor shall, and shall permit the
Collateral Agent to, promptly notify the account debtors or obligors under the Receivables owned by such Grantor of the Collateral Agent’s interest therein and direct such account debtors or obligors to make payment of all amounts then or
thereafter due under such Receivables directly to the Collateral Agent. Upon receipt of any such notice from the Collateral Agent, each Grantor shall thereafter hold in trust for the Collateral Agent, on behalf of the Secured Parties, all amounts
and proceeds received by it with respect to the Receivables and Other Collateral and immediately and at all times thereafter deliver to the Collateral Agent all such amounts and proceeds in the same form as so received, whether by cash, check, draft
or otherwise, with any necessary endorsements. The Collateral Agent shall hold and apply funds so received as provided by the terms of Section 7.2 hereof. 
 7.2. Application of Proceeds. The proceeds of the Collateral received by the Collateral Agent pursuant to the exercise of its rights under Section 5.2 hereof shall be applied by the
Collateral Agent to payment of the Secured Obligations, subject to the terms of the Intercreditor Agreement, in the following order unless a court of competent jurisdiction shall otherwise direct: 

(i) As between (a) the Administrative Agent and the Lenders, on the one hand, and (b) the Note Purchasers, on the other hand,
in accordance with the terms of the Intercreditor Agreement; 
 (ii) With respect to Secured Obligations (excluding the Note
Obligations): 
 (a) FIRST, to payment of all costs and expenses of the Administrative Agent incurred in
connection with the collection and enforcement of the Secured Obligations or of the security interest granted to the Administrative Agent pursuant to this Security Agreement; 

(b) SECOND, to payment of that portion of the Secured Obligations constituting accrued and unpaid interest and fees, pro
rata among the Lenders and their Affiliates in accordance with the amount of such accrued and unpaid interest and fees owing to each of them; 
 (c) THIRD, to payment of the principal of the Secured Obligations and the net early termination payments and any other Rate Management Obligations and Banking Services Obligations then due and unpaid from
any of the Grantors to any of the Lenders or their Affiliates, pro rata among the Lenders and their Affiliates in accordance with the amount of such principal and such net early termination payments and other Rate Management Obligations and Banking
Services Obligations then due and unpaid owing to each of them; 
 (d) FOURTH, to payment of any Secured
Obligations (other than those listed above) pro rata among those parties to whom such Secured Obligations are due in accordance with the amounts owing to each of them; and 

  
 14 

 (e) FIFTH, the balance, if any, after all of the Secured Obligations have
been satisfied, shall be distributed by the Administrative Agent to the applicable Grantor or at its direction; and 
 (iii)
With respect to the Note Obligations, as provided in the Note Agreement. 
 ARTICLE VIII 

GENERAL PROVISIONS 
 8.1. Notice of Disposition of Collateral; Condition of Collateral. Each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other
disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Borrower, addressed as set forth in Article IX, at least 10
days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. Collateral Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale.

 8.2. Compromises and Collection of Collateral. Each Grantor and the Collateral Agent recognize that setoffs,
counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in
litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Collateral Agent may at any time and from time to time, if an
Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Collateral Agent in its sole discretion shall determine or abandon any Receivable, and any
such action by the Collateral Agent shall be commercially reasonable so long as the Collateral Agent acts in good faith based on information known to it at the time it takes any such action. 

8.3. Secured Party Performance of Grantor’s Obligations. Without having any obligation to do so, the Collateral Agent may
perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement and such Grantor shall reimburse the Collateral Agent for any reasonable and documented amounts paid by the Collateral Agent pursuant to this
Section 8.3. Each Grantor’s obligation to reimburse the Collateral Agent pursuant to the preceding sentence shall be a Secured Obligation payable on demand. 
 8.4. Authorization for Secured Party to Take Certain Action. Each Grantor irrevocably authorizes the Collateral Agent at any time and from time to time in the sole discretion of the Collateral
Agent and appoints the Collateral Agent as its attorney in fact (i) to execute on behalf of such Grantor as debtor and to file financing statements necessary or advisable to perfect and to maintain the perfection and priority of the Collateral
Agent’s security interest in the Collateral, (ii) after the occurrence and during the continuance of an Event of Default, to indorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other
reproduction of this Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement

  
 15 

 
(which does not add new collateral or add a debtor) in such offices as the Collateral Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and
priority of the Collateral Agent’s security interest in the Collateral, (iv) after the occurrence and during the continuance of an Event of Default, to contact and enter into one or more agreements with the issuers of uncertificated
securities which are Collateral owned by such Grantor and which are Securities or with financial intermediaries holding other Investment Property as may be necessary or advisable to give the Collateral Agent Control over such Securities or other
Investment Property, (v) subject to the terms of Section 4.1.5 hereof and after the occurrence and during the continuance of an Event of Default, to enforce payment of the Instruments, Accounts and Receivables in the name of the
Collateral Agent or such Grantor, (vi) to apply the proceeds of any Collateral received by the Collateral Agent to the Secured Obligations as provided in Article VII and (vii) to discharge past due taxes, assessments, charges, fees or
Liens on the Collateral (except for such Liens as are specifically permitted under the Credit Agreement and the Note Agreement), and each Grantor agrees to reimburse the Collateral Agent on demand for any reasonable payment made or any reasonable
expense incurred by the Collateral Agent in connection therewith, provided that this authorization shall not relieve any Grantor of any of its obligations under this Security Agreement or under the Credit Agreement or the Note Agreement.

 8.5. Specific Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach of any of the
covenants contained in Sections 4.1.5, 4.1.6, 4.4, 5.3, or 8.7 or in Article VII hereof will cause irreparable injury to the Collateral Agent and the Secured Parties, that the Collateral Agent and Secured Parties
have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Collateral Agent or the Secured Parties to seek and obtain specific performance of other obligations of the Grantors contained in this
Security Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 8.5 shall be specifically enforceable against the Grantors. 

8.6. Use and Possession of Certain Premises. Upon the occurrence of an Event of Default, the Collateral Agent shall be entitled to
reasonable use and occupancy of any premises owned or leased by the Grantors where any of the Collateral or any records relating to the Collateral are located until the Secured Obligations are paid or the Collateral is removed therefrom, whichever
first occurs, without any obligation to pay any Grantor for such use and occupancy. 
 8.7. Dispositions Not Authorized.
No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section 4.1.5 hereof and notwithstanding any course of dealing between any Grantor and the Collateral Agent or other conduct of the Collateral
Agent, no authorization to sell or otherwise dispose of the Collateral (except as set forth in Section 4.1.5 hereof) shall be binding upon the Collateral Agent or the Secured Parties unless such authorization is in writing signed by the
Collateral Agent with the consent or at the direction of the Requisite Secured Parties. 
 8.8. Benefit of Agreement. The
terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors, the Collateral Agent and the Secured Parties and their respective successors, transferees and assigns (including all persons who become
bound as a debtor to this Security Agreement), except that the Grantors shall not have 

  
 16 

 
the right to assign their rights or delegate their obligations under this Security Agreement or any interest herein, without the prior written consent of the Requisite Secured Parties.

 8.9. Survival of Representations. All representations and warranties of the Grantors contained in this Security
Agreement shall survive the execution and delivery of this Security Agreement. 
 8.10. Expenses. The Grantors shall
reimburse the Collateral Agent for any and all reasonable and documented out-of-pocket expenses and internal charges (including reasonable attorneys’, auditors’ and accountants’ fees and reasonable and documented time charges of
attorneys, paralegals, auditors and accountants who may be employees of the Collateral Agent) paid or incurred by the Collateral Agent in connection with the preparation, execution, delivery, administration, collection and enforcement of this
Security Agreement and in the audit, analysis, administration, collection, preservation or sale of the Collateral (including the expenses and charges associated with any periodic or special audit of the Collateral). Any and all costs and expenses
incurred by the Grantors in the performance of actions required pursuant to the terms hereof shall be borne solely by the Grantors. 
 8.11. Headings. The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of
this Security Agreement. 
 8.12. Termination. This Security Agreement shall continue in effect (notwithstanding the fact
that from time to time there may be no Secured Obligations outstanding) until (i) the Credit Agreement has terminated pursuant to its express terms and (ii) all of the Secured Obligations have been indefeasibly paid and performed in full
and no commitments of the Collateral Agent or the Secured Parties which would give rise to any Secured Obligations are outstanding. 
 8.13. Entire Agreement. This Security Agreement embodies the entire agreement and understanding between the Grantors and the Collateral Agent relating to the Collateral and supersedes all prior
agreements and understandings between the Grantors and the Collateral Agent relating to the Collateral. 
 8.14. CHOICE OF
LAW. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

8.15. Indemnity. Each Grantor hereby agrees, jointly with the other Grantors and severally, to indemnify the Collateral Agent and
the Secured Parties (the “Indemnified Parties”), and their respective successors, transferees, assigns, agents and employees, from and against any and all liabilities, damages, penalties, suits, costs, and expenses of any kind and nature
(including, without limitation, all expenses of litigation or preparation therefor whether or not the Collateral Agent or any Secured Party is a party thereto) imposed on, incurred by or asserted against the Collateral Agent or the Secured Parties,
or their respective successors, assigns, agents and employees, in any way relating to or arising out of this Security Agreement, or the 

  
 17 

 
manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral (including, without
limitation, latent and other defects, whether or not discoverable by the Collateral Agent or the Secured Parties or any Grantor, and any claim for patent, trademark or copyright infringement), excluding any liabilities, damages, penalties, suits,
costs and expenses resulting from the gross negligence or willful misconduct of any Indemnified Party. 
 8.16. Subordination
of Intercompany Indebtedness. Each Grantor agrees that any and all claims of such Grantor against any other Grantor (each an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), any endorser,
obligor or any other guarantor of all or any part of the Secured Obligations, or against any of its properties shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Secured Obligations,
provided that so long as no Event of Default has occurred and is continuing, such Grantor may make loans to and receive payments in the ordinary course of business with respect to such Intercompany Indebtedness from each such Obligor to the
extent not prohibited by the terms of this Security Agreement, the other Loan Documents and the other Note Documents. Notwithstanding any right of any Grantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens
and security interests of such Grantor, whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall be and are subordinated to the rights of the Secured Parties and the Collateral Agent in those assets. No
Grantor shall have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all of the Secured Obligations (other than contingent indemnity obligations) shall have been
fully paid and satisfied (in cash) and all Commitments and Letters of Credit issued under the Credit Agreement have terminated or expired, provided that so long as no Event of Default has occurred and is continuing, such Grantor may make
loans to and receive payments in the ordinary course of business with respect to such Intercompany Indebtedness from each such Obligor to the extent not prohibited by the terms of this Security Agreement, the other Loan Documents and the other Note
Documents. After the occurrence and during the continuance of an Event of Default, if all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution, division or application to the creditors of such Obligor,
whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other similar action or proceeding, then, and in any such event (such
events being herein referred to as an “Insolvency Event”), any payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any indebtedness
of any Obligor to any Grantor (“Intercompany Indebtedness”) shall be paid or delivered directly to the Collateral Agent for application on any of the Secured Obligations, due or to become due, until such Secured Obligations (other than
contingent indemnity obligations) shall have first been fully paid and satisfied (in cash). Should any payment, distribution, security or instrument or proceeds thereof be received by the applicable Grantor upon or with respect to the Intercompany
Indebtedness after any Insolvency Event and prior to the satisfaction of all of the Secured Obligations (other than contingent indemnity obligations) and the termination or expiration of all Commitments of the Lenders and Letters of Credit issued
pursuant to the Credit Agreement, such Grantor shall receive and hold the same in trust, as trustee, for the benefit of the Secured Parties and shall forthwith deliver the same to the Collateral Agent, for the benefit of the Secured Parties, in
precisely the form received (except for the endorsement or assignment of the Grantor where 

  
 18 

 
necessary), for application to any of the Secured Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Grantor as the property of the Secured Parties. If
any such Grantor fails to make any such endorsement or assignment to the Collateral Agent, the Collateral Agent or any of its officers or employees is irrevocably authorized to make the same. Each Grantor agrees that until the Secured Obligations
(other than the contingent indemnity obligations) have been paid in full (in cash) and satisfied and all Commitments and Letters of Credit issued under the Credit Agreement have terminated or expired, no Grantor will assign or transfer to any Person
(other than the Collateral Agent or the Borrower or another Grantor) any claim any such Grantor has or may have against any Obligor. 
 8.17. Amendment and Restatement. This Security Agreement amends and restates and is given in substitution for, but not in satisfaction of the Existing Security Agreement; provided that
nothing contained in this Agreement shall limit or affect the liens and security interests heretofore granted, pledged and/or assigned to the Collateral Agent under the Existing Security Agreement. 

ARTICLE IX 

NOTICES 
 9.1.
Sending Notices. Any notice required or permitted to be given under this Security Agreement shall be sent (and deemed received) in the manner and to the addresses set forth in the Credit Agreement or the Note Agreement, as applicable; and any
such notice delivered to the Borrower shall be deemed to have been delivered to all of the Grantors. 
 9.2. Change in
Address for Notices. Each of the Grantors, the Collateral Agent, the Lenders and the Holders of Note Obligations may change the address for service of notice upon it by a notice in writing to the other parties. 

ARTICLE X 
 THE
COLLATERAL AGENT 
 SunTrust Bank has been appointed Collateral Agent for the Secured Parties hereunder pursuant to the terms of
the Intercreditor Agreement. It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Collateral Agent hereunder is subject to the terms of the delegation of authority made by the Secured
Parties to the Collateral Agent pursuant to the Intercreditor Agreement, and that the Collateral Agent has agreed to act (and any successor Collateral Agent shall act) as such hereunder only on the express conditions contained in the Intercreditor
Agreement. Any successor Collateral Agent appointed pursuant to the Intercreditor Agreement shall be entitled to all the rights, interests and benefits of the Collateral Agent hereunder. 

[SIGNATURE PAGES TO FOLLOW] 

  
 19 

 IN WITNESS WHEREOF, each of the Grantors and the Collateral Agent have executed this
Security Agreement as of the date first above written. 
  

									
	ENCORE CAPITAL GROUP, INC., as Grantor	 		 	MIDLAND CREDIT MANAGEMENT, INC., as Grantor
					
	By:	 	 /s/ J. Brandon Black
	 		 	By:	 	 /s/ J. Brandon Black

	Name:	 	J. Brandon Black	 		 	Name:	 	J. Brandon Black
	Title:	 	President	 		 	Title:	 	President
			
	MIDLAND PORTFOLIO SERVICES, INC., as Grantor	 		 	MIDLAND FUNDING NCC-2 CORPORATION, as Grantor
					
	By:	 	 /s/ J. Brandon Black
	 		 	By:	 	 /s/ J. Brandon Black

	Name:	 	J. Brandon Black	 		 	Name:	 	J. Brandon Black
	Title:	 	President	 		 	Title:	 	President
			
	MIDLAND FUNDING LLC, as Grantor	 		 	MIDLAND INDIA LLC, as Grantor
					
	By:	 	 /s/ J. Brandon Black
	 		 	By:	 	 /s/ James A. Syran

	Name:	 	J. Brandon Black	 		 	Name:	 	James A. Syran
	Title:	 	President	 		 	Title:	 	President
			
	MIDLAND INTERNATIONAL LLC, as Grantor	 		 	MRC RECEIVABLES CORPORATION, as Grantor
					
	By:	 	 /s/ J. Brandon Black
	 		 	By:	 	 /s/ J. Brandon Black

	Name:	 	J. Brandon Black	 		 	Name:	 	J. Brandon Black
	Title:	 	President	 		 	Title:	 	President

  
 [Signature
Page to Amended and Restated Pledge and Security Agreement] 

			
	PROPEL ACQUISITION, LLC, as Grantor
		
	By:	 	 /s/ J. Brandon Black

	Name:	 	J. Brandon Black
	Title:	 	President

  
 [Signature
Page to Amended and Restated Pledge and Security Agreement] 

 
			
	Acknowledged and Agreed:
	
	SUNTRUST BANK, as Collateral Agent
		
	By:	 	 /s/ Peter Wesemeier

	Name:	 	Peter Wesemeier
	Title:	 	Vice President

  
 [Signature
Page to Amended and Restated Pledge and Security Agreement] 

 EXHIBIT A 
 (See Sections 3.3, 3.4, 3.5, 3.10 and 4.1.7 of Security Agreement) 
 Place of business (if Grantor has only one place of business) or chief executive office (if Grantor has more than one place of business) and mailing address: 

All Grantors: 
 3111 Camino Del Rio North 
 Suite 1300 

San Diego, CA 92108 
 Locations
of Real Property, Inventory, Equipment and Fixtures: 
  

	A.	Real Properties Owned by the Grantors: 

 None 
  

	B.	Properties Leased by the Grantors (Include Landlord’s Name): 

 8875 Aero Drive, San Diego, CA 92123 
 Landlord: LBA Realty Fund—Holding Co.
I, LLC 
 4302 East Broadway, Phoenix, AZ 85040 
 Landlord: Pranjiwan R. Lodhia and Lolita Lodhia 
 14 McLeland Road, St. Cloud, MN
56303 
 Landlord: FMT Services, Inc. (sublessor) 
 One Riverfront Plaza, Newark, NJ 07102 
 Landlord: Matrix One Riverfront Plaza, LLC

  

	C.	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of warehouse operator or other bailee or consignee):

 Data backup tapes are stored offsite at a facility operated by Iron Mountain in Phoenix, AZ and San Diego, CA

 Cor-o-Van Records Management 
 12375 Kerran Street, Poway CA 92064] 
 Additional names under which Grantors have conducted
business: 
 Encore Capital Group, Inc.— Former legal name: MCM Capital Group, Inc., from April 29, 1999 (date of incorporation)
until April 2, 2002 (date of name change) 

  
 22 

 Midland Credit Management, Inc.—Former legal name in California: “Midland Credit Management, Inc.,
which will do business in California as Kansas-Midland Credit Management, Inc.,” from May 22, 2000 until February 5, 2004. On February 5, 2004, the corporate name under which Midland was qualified to do business in California was
changed to “Midland Credit Management, Inc.” 
 Midland India LLC— Former legal name: Midland Calibrated LLC, from June 10,
2005 (date of formation) until February 7, 2007 (date of name change) 
 D. Federal Employer Identification Number; State Organization
Number; Jurisdiction of Organization: 
  

									
	 GRANTOR
	 	 Federal Employer
 Identification
 Number
	 	 Type of

Organization
	 	 State of

Organization
	 	 State
 Organization
 Number

	ENCORE CAPITAL GROUP, INC.	 	48-1090909	 	Corporation	 	Delaware	 	3034002
					
	MIDLAND CREDIT MANAGEMENT, INC.	 	48-0581733	 	Corporation	 	Kansas	 	0048421
					
	MIDLAND FUNDING LLC	 	20-2931611	 	Limited Liability Company	 	Delaware	 	3978393
					
	 MIDLAND
 FUNDING NCC-2
CORPORATION
	 	51-0488211	 	Corporation	 	Delaware	 	3683366
					
	 MIDLAND
 INTERNATIONAL
LLC
	 	20-3246600	 	Limited Liability Company	 	Delaware	 	4008998
					
	MIDLAND PORTFOLIO SERVICES, INC.	 	20-2931681	 	Corporation	 	Delaware	 	3978399
					
	 MRC
 RECEIVABLES
CORPORATION
	 	91-2090561	 	Corporation	 	Delaware	 	3329502
					
	MIDLAND INDIA LLC	 	20-2983656	 	Limited Liability Company	 	Minnesota	 	1395219-2
					
	PROPEL ACQUISITION LLC	 	45-4906423	 	Limited Liability Company	 	Delaware	 	5131341

  
 23 

 EXHIBIT B 
 (See Section 3.9 of Security Agreement) 
 A. Vehicles subject to
certificates of title: 
  

			
	 Description
	  	 Title Number & State Where Issued

		
	 None
	  	

 B. Ships, railcars and other vehicles governed by federal statute: 

 

			
	 Description
	  	 Registration Number

		
	 None
	  	

 C. Patents, copyrights, trademarks protected under federal law*: 

Trademark Registrations 
  

					
	 Description
	 	 Registration Date
	 	 Federal Registration Number

	

	 	7/29/2008	 	3476660

 Trademark Applications 
  

					
	 Description
	 	 Application Date
	 	 Federal Serial Number

	

	 	November 2011	 	85/481,899

  

	*	 For (i) trademarks, show the trademark itself, the registration date and the registration number; (ii) trademark applications, show the
trademark applied for, the application filing date and the serial number of the application; (iii) patents, show the patent number, issue date and a brief description of the subject matter of the patent; and (iv) patent applications, show
the serial number of the application, the application filing date and a brief description of the subject matter 

  
 24 

	 	
of the patent applied for. Any licensing agreements for patents or trademarks should be described on a separate schedule. 

  
 25 

 EXHIBIT C 
 (See Section 3.8 of Security Agreement) 
 Legal description, county
and street address of property on which Fixtures are located: 
  

	1)	8875 Aero Drive, San Diego, CA 92123 

  

	2)	4302 East Broadway, Phoenix, AZ 85040 

  

	3)	14 McLeland Road, St. Cloud, MN 56303 

  

	4)	One Riverfront Plaza, Newark, NJ 070102 

 Name
and Address of Record Owner: 
  

	1)	Aerovault Venture, LP 

 c/o
Property Management Assoc. 
 6011 Bristol Parkway 
 Culver City, VA 90230 
  

	2)	Pranjiwan R. Lodhia 

 1900
Oakdale Avenue 
 San Francisco, CA 94124 
  

	3)	FMT Services, Inc. 

 16 McLeland
Road 
 St. Cloud, MN 56301 
  

	4)	Matrix One Riverfront Plaza, LLC 

c/o Matrix Realty, Inc. 
 Forsgate Drive, CN 4000 
 Cranbury, NJ 08512 

  
 26 

 EXHIBIT D 
 List of Pledged Securities 
 (See Section 3.11 of Security Agreement)

 A. STOCKS: 
  

													
	 Issuer
	  	Certificate
Number	 	  	Number of
Shares	 	  	Percentage
Pledged	 
				
	 Midland Credit Management, Inc.
	  	 	6	  	  	 	600	  	  	 	100	% 
				
	 MRC Receivables Corporation
	  	 	4	  	  	 	1,000	  	  	 	100	% 
				
	 Midland Funding NCC-2 Corporation
	  	 	3	  	  	 	1,000	  	  	 	100	% 
				
	 Midland Portfolio Services, Inc.
	  	 	1	  	  	 	1,000	  	  	 	100	% 
				
	 ACG Holding, Inc. (k/n/a Ascension Capital Group, Inc.
	  	 	1	  	  	 	1,000	  	  	 	100	% 

 B. BONDS: 
  

									
	 Issuer
	  	Number	  	Face Amount	  	Coupon Rate	  	Maturity
					
	 None
	  		  		  		  	

 C. GOVERNMENT SECURITIES: 

 

											
	 Issuer
	  	Number	  	Type	  	Face Amount	  	Coupon Rate	  	Maturity
						
	 None
	  		  		  		  		  	

 D. OTHER SECURITIES OR OTHER INVESTMENT PROPERTY 

(CERTIFICATED AND UNCERTIFICATED): 
  

													
	 Issuer
	  	 Description of

Collateral
	  	Percentage
Ownership
Interest	 	 	Percentage
of Owned
Interests
Pledged	 	 	Certificated or
Uncertificated
					
	 Propel Acquisition, LLC
	  	Membership interests held by Encore Capital Group, Inc.	  	 	100	% 	 	 	100	% 	 	Uncertificated

  
 27 

													
					
	 Midland International LLC
	  	Membership interests held by Midland Credit Management, Inc.	  	 	100	% 	 	 	100	% 	 	Uncertificated
					
	 Midland India LLC
	  	Membership interests held by Midland International, LLC	  	 	100	% 	 	 	100	% 	 	Uncertificated
					
	 Midland Funding LLC
	  	Membership interests held by Midland Portfolio Services, Inc.	  	 	100	% 	 	 	100	% 	 	Uncertificated
					
	 Propel Financial Services, LLC
	  	Membership interests held by Propel Acquisition LLC	  	 	100	% 	 	 	100	% 	 	Uncertificated
					
	 BNC Retax
	  	Membership interests held by Propel Acquisition LLC	  	 	100	% 	 	 	100	% 	 	Uncertificated
					
	 RioProp Ventures
	  	Membership interests held by Propel Acquisition LLC	  	 	50	%1 	 	 	100	% 	 	Uncertificated
					
	 RioProp Holdings
	  	Membership interests held by Propel Acquisition LLC	  	 	50	%2 	 	 	100	% 	 	Uncertificated
					
	 Propel Funding, LLC
	  	Membership interests held by Propel Acquisition LLC	  	 	100	% 	 	 	100	% 	 	Uncertificated
					
	 Midland Credit
	  	Equity interests held by	  	 	99.999	% 	 	 	65	% 	 	Certificated

  

	1 	 Balance currently held by Propel Financial Services, LLC. 

	2 	 Balance currently held by Propel Financial Services, LLC. 

  
 28 

													
					
	 Management India Private Limited
	  	Midland India LLC	  				 				 	
					
	 Midland Credit Management India Private Limited
	  	Equity interests held by Midland International LLC	  	 	.001	% 	 	 	65	% 	 	Certificated
					
	 MCM Midland Management Costa Rica, S.r.l.
	  	Equity interests held by Midland Credit Management	  	 	100	% 	 	 	65	% 	 	Certificated
					
	 Midland Credit Management (Mauritius) Ltd.
	  	Equity interests held by Encore Capital Group, Inc.	  	 	100	% 	 	 	65	% 	 	Certificated

 E. INSTRUMENTS 
  

			
	 Issuer
	 	 Description of Instrument

	Encore Capital Group, Inc.	 	Intercompany Note, dated September 30, 2011, from Encore Capital Group, Inc. to Midland Credit Management, Inc.
	Encore Capital Group, Inc.	 	Intercompany Note, dated September 30, 2011, from Encore Capital Group, Inc. to Midland Funding LLC
	Encore Capital Group, Inc.	 	Intercompany Note, dated September 30, 2011, from Encore Capital Group, Inc. to Midland Funding NCC-2 Corporation
	Encore Capital Group, Inc.	 	Intercompany Note, dated September 30, 2011, from Encore Capital Group, Inc. to MRC Receivables Corporation
	Midland Credit Management, Inc.	 	Intercompany Note, dated September 30, 2011, from Midland Credit Management, Inc. to Encore Capital Group, Inc.
	Midland Credit Management, Inc.	 	Intercompany Note, dated September 30, 2011, from Midland Credit Management, Inc. to Midland Funding LLC
	Midland Credit Management, Inc.	 	Intercompany Note, dated September 30, 2011, from Midland Credit Management, Inc. to Midland Funding NCC-2 Corporation
	Midland Credit Management, Inc.	 	Intercompany Note, dated September 30, 2011, from Midland Credit Management, Inc. to MRC Receivables Corporation
	Midland Funding LLC	 	Intercompany Note, dated September 30, 2011, from Midland Funding LLC to Encore Capital Group, Inc.
	Midland Funding LLC	 	Intercompany Note, dated September 30, 2011, from Midland Funding LLC to Midland Credit Management, Inc.
	Midland Funding NCC-2	 	Intercompany Note, dated September 30, 2011, from Midland

  
 29 

			
	Corporation	 	Funding NCC-2 Corporation to Encore Capital Group, Inc.
	Midland Funding NCC-2 Corporation	 	Intercompany Note, dated September 30, 2011, from Midland Funding NCC-2 Corporation to Midland Credit Management, Inc.
	MRC Receivables Corporation	 	Intercompany Note, dated September 30, 2011, from MRC Receivables Corporation to Encore Capital Group, Inc.
	MRC Receivables Corporation	 	Intercompany Note, dated September 30, 2011, from MRC Receivables Corporation to MCM

  
 30 

 EXHIBIT E 
 (See Section 3.1 of Security Agreement) 
 OFFICES IN WHICH FINANCING
STATEMENTS HAVE BEEN FILED 
  

			
	 Debtor Name
	  	Jurisdiction
	ENCORE CAPITAL GROUP, INC.	  	Delaware
	MIDLAND CREDIT MANAGEMENT, INC.	  	Kansas
	MIDLAND FUNDING LLC	  	Delaware
	MIDLAND FUNDING NCC-2 CORPORATION	  	Delaware
	MIDLAND INDIA LLC	  	Minnesota
	MIDLAND INTERNATIONAL LLC	  	Delaware
	MIDLAND PORTFOLIO SERVICES, INC.	  	Delaware
	MRC RECEIVABLES CORPORATION	  	Delaware
	PROPEL ACQUISITION, LLC	  	Delaware

  
 31 

 EXHIBIT F 
 COMMERCIAL TORT CLAIMS 
 None 

  
 32 

 ANNEX I 
 to 
 PLEDGE AND 

SECURITY AGREEMENT 
 Reference is hereby made to the Second Amended and Restated Pledge and Security Agreement (the “Agreement”), dated as of November 5, 2012, made by each of ENCORE CAPITAL GROUP, INC.,
a Delaware corporation (the “Borrower”) and the other Subsidiaries of the Borrower listed on the signature pages thereto (together with the Borrower, the “Initial Grantors”, and together with any additional Domestic
Subsidiaries, including the undersigned, which become parties thereto by executing a Supplement in substantially the form hereof, the “Grantors”), in favor of the Collateral Agent, for the benefit of the Secured Parties. Capitalized
terms used herein and not defined herein shall have the meanings given to them in the Agreement. By its execution below, the undersigned, [NAME OF NEW GRANTOR], a [            ]
[corporation/limited liability company] agrees to become, and does hereby become, a Grantor under the Agreement and agrees to be bound by such Agreement as if originally a party thereto. By its execution below, the undersigned represents and
warrants as to itself that all of the representations and warranties contained in the Agreement are true and correct in all respects as of the date hereof with respect to [NAME OF NEW GRANTOR]. [NAME OF NEW GRANTOR] represents and warrants that the
supplements to the Exhibits to the Agreement attached hereto are true and correct in all respects and such supplements set forth all information required to be scheduled under the Agreement for [NAME OF NEW GRANTOR]. [NAME OF NEW GRANTOR] shall take
all steps necessary to perfect, in favor of the Collateral Agent, a first-priority security interest in and lien against [NAME OF NEW GRANTOR]’s Collateral (subject to any Liens permitted under Section 4.1.6 of the Agreement),
including, without limitation, delivering all certificated Securities to the Collateral Agent, and taking all steps necessary to properly perfect the Collateral Agent’s interest in any uncertificated equity or membership interests. 

IN WITNESS WHEREOF, [NAME OF NEW GRANTOR], a
[                    ] [corporation/limited liability company] has executed and delivered this Annex I counterpart to the Agreement as of this
     day of             ,         . 

 

			
	[NAME OF NEW GRANTOR]
		
	By:	 	  

	Title:	 	  

  
 33Amended and Restated Guaranty

 Exhibit 10.3 
 EXECUTION VERSION 
 AMENDED AND RESTATED GUARANTY 

THIS AMENDED AND RESTATED GUARANTY (as the same may be amended, restated, supplemented or otherwise modified from time to time, this
“Guaranty”) is made as of November 5, 2012, by each of the Subsidiaries of Encore Capital Group, Inc. listed on the signature pages hereto (each an “Initial Guarantor”, and together with any additional Domestic
Subsidiaries which become parties to this Guaranty by executing a Supplement hereto in the form attached hereto as Annex I, the “Guarantors”), in favor of SUNTRUST BANK, as Administrative Agent (the “Administrative
Agent”) for the benefit of the Guaranteed Creditors (as defined below) under the Credit Agreement described below. Each capitalized term used herein and not defined herein shall have the meaning ascribed thereto in the Credit Agreement
described below. 
 WITNESSETH: 
 WHEREAS, Encore Capital Group, Inc., a Delaware corporation (the “Borrower”), is entering into that certain Amended and Restated Credit Agreement, dated as of the date hereof (as the same
may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions from time to time parties thereto as lenders (the
“Lenders”), and the Administrative Agent, which Credit Agreement provides, subject to the terms and conditions thereof, for extensions of credit and other financial accommodations by the Lenders to the Borrower; 

WHEREAS, certain of the Initial Guarantors entered into that certain Guaranty, dated as of February 8, 2010 with the Administrative
Agent (the “Existing Guaranty”); 
 WHEREAS, the Borrower and one or more of the Guarantors may from time to
time be liable to the Lenders with respect to (a) the Obligations, (b) any Rate Management Obligations owing in connection with Rate Management Transactions owing to any Lender or any affiliate of any Lender and (c) any Banking
Services Obligations owing to any Lender or affiliate of any Lender (the Administrative Agent and the Lenders, together with any affiliate of any Lender with respect to the Rate Management Obligations and the Banking Services Obligations being
hereinafter referred to as the “Guaranteed Creditors” and each individually, a “Guaranteed Creditor”), including, without limitation, (i) the principal of and interest on each Loan made to the Borrower pursuant
to the Credit Agreement, (ii) any obligations of the Borrower to reimburse the Issuing Bank with respect to any LC Disbursement (the “Reimbursement Obligations”) or the performance by it of such Reimbursement Obligations,
(iii) all other amounts payable by the Borrower under the Credit Agreement and the other Loan Documents, including, without limitation, all Rate Management Obligations and Banking Services Obligations, and (iv) the punctual and faithful
performance, keeping, observance, and fulfillment by the Borrower of all of the agreements, conditions, covenants, and obligations of the Borrower contained in the Loan Documents (all of the foregoing being referred to collectively as the
“Guaranteed Obligations”); 
 WHEREAS, it is a condition precedent to the extensions of credit by the Lenders
under the Credit Agreement that each of the Guarantors (constituting all of the Domestic Subsidiaries of the Borrower required to execute this Guaranty pursuant to Section 5.10 of the Credit

 
Agreement) execute and deliver this Guaranty, whereby each of the Guarantors, without limitation and with full recourse, shall guarantee the payment when due of all Guaranteed Obligations,
including, without limitation, all principal, interest, Reimbursement Obligations and other amounts that shall be at any time payable by the Borrower under the Credit Agreement or the other Loan Documents; 

WHEREAS, in consideration of the direct and indirect financial and other support that the Borrower has provided, and such direct and
indirect financial and other support as the Borrower may in the future provide, to the Guarantors, and in order to induce the Lenders and the Administrative Agent to enter into the Credit Agreement, each of the Guarantors is willing to guarantee the
Guaranteed Obligations; and 
 WHEREAS, each Initial Guarantor party to the Existing Guaranty wishes to affirm its obligations
under the terms of the Existing Guaranty and wishes to amend and restate the terms of the Existing Guaranty as provided for herein. 
 NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 Section 1. Representations, Warranties and Covenants. In order to induce the Administrative
Agent and the Lenders to enter into the Credit Agreement and to make the Loans and the other financial accommodations to the Borrower and to issue the Letters of Credit described in the Credit Agreement, each of the Guarantors represents and
warrants to each Lender and the Administrative Agent as of the date of this Agreement, giving effect to the consummation of the transactions contemplated by the Loan Documents on the Closing Date, and thereafter on each date as required by
Section 3.2 of the Credit Agreement that: 
 (a) It (i) is a corporation, partnership or limited liability company, as
applicable, duly incorporated or organized, as the case may be, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, (ii) is duly qualified to do business as a foreign entity and is in good
standing under the laws of each jurisdiction where the business by it makes such qualification necessary, and (iii) has all requisite corporate, partnership or limited liability power and authority, as the case may be, to conduct its business
in each jurisdiction in which its business is conducted, except in the case of clauses (ii) and (iii) where failure to be in good standing or to be so authorized could not reasonably be expected to have a Material Adverse
Effect (it being understood and agreed, for purposes of this Section, that the failure of the any Guarantor to be in good standing or to be authorized to conduct its business in any jurisdiction where such failure could have a material and adverse
impact on the ability of such Person to enforce or otherwise collect in the Receivables of such Person in any such jurisdiction shall be deemed to have a Material Adverse Effect). 

(b) It has the requisite corporate, limited liability company or partnership, as applicable, power and authority and legal right
(i) to own, operate and encumber its Property and (ii) to execute and deliver this Guaranty and to perform its obligations hereunder. The execution and delivery by it of this Guaranty and the performance by each of its obligations
hereunder have been duly authorized by proper proceedings, and this Guaranty constitutes a 

  
 2 

 
legal, valid and binding obligation of each Guarantor, enforceable against such Guarantor, in accordance with its terms, except as enforceability may be limited by (i) bankruptcy,
insolvency, fraudulent conveyances, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), and
(iii) requirements of reasonableness, good faith and fair dealing. 
 (c) Neither the execution and delivery by it of this
Guaranty, nor the consummation by it of the transactions herein contemplated, nor compliance by it with the terms and provisions hereof, will (i) conflict with the charter or other organizational documents of such Guarantor, (ii) conflict
with, result in a breach of or constitute (with or without notice or lapse of time or both) a default under any law, rule, regulation, order, writ, judgment, injunction, decree or award (including, without limitation, any environmental property
transfer laws or regulations) applicable to such Guarantor or any provisions of any indenture, instrument or agreement to which such Guarantor is party or is subject or which it or its Property is bound or affected, or require termination of any
such indenture, instrument or agreement, except, in the case of this clause (ii) to the extent any of the foregoing could not reasonably be expected to have a Material Adverse Effect, (iii) result in or require the creation or
imposition of any Lien whatsoever upon any of the property or assets of such Guarantor, other than Liens permitted or created by the Loan Documents or (iv) require any approval of such Guarantor’s board of directors or shareholders or
unitholders except such as have been obtained. Except as set forth in Section 4.3 of the Credit Agreement and assuming the filing of financing statements in relevant jurisdictions as required, the execution, delivery and performance by the
Guarantors of each of the Loan Documents to which such Guarantor is a party do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by any governmental authority, including under any
environmental property transfer laws or regulations, except filings, consents or notices which have been made. 
 (d) It has no
Indebtedness other than Indebtedness permitted under Section 7.1 of the Credit Agreement. 
 In addition to the foregoing,
each of the Guarantors covenants that, so long as any Lender has any Commitment outstanding under the Credit Agreement or any amount payable under the Credit Agreement or any other Guaranteed Obligations shall remain unpaid, it will, and, if
necessary, will enable the Borrower to, fully comply with those covenants and agreements of the Borrower applicable to such Guarantor set forth in the Credit Agreement. 
 Section 2. The Guaranty. Each Initial Guarantor party to the Existing Guaranty hereby reaffirms its continuing guaranty of the payment and performance by the Borrower of
its obligations under the Credit Agreement and the other Loan Documents and agrees that such guaranty remains in full force and effect and is hereby ratified, reaffirmed and confirmed. Each Initial Guarantor party to the Existing Guaranty
acknowledges and agrees with the Administrative Agent that the Existing Guaranty is amended, restated and superseded in its entirety pursuant to the terms hereof. Each of the Guarantors hereby unconditionally guarantees, jointly and severally with
the other Guarantors, the full and punctual payment and performance when due (whether at stated maturity, upon acceleration or otherwise) of the Guaranteed Obligations. Upon (x) the failure by the Borrower, or any of its Affiliates, as
applicable, to pay 

  
 3 

 
punctually any such amount or perform such obligation, and (y) such failure continuing beyond any applicable grace or notice and cure period, each of the Guarantors agrees that it shall
forthwith on demand pay such amount or perform such Guaranteed Obligation at the place and in the manner specified in the Credit Agreement or the relevant Loan Document, as the case may be. Each of the Guarantors hereby agrees that this Guaranty is
an absolute, irrevocable and unconditional guaranty of payment and is not a guaranty of collection. 

Section 3. Guaranty Unconditional. The obligations of each of the Guarantors hereunder shall be
unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 
 (i) any extension, renewal, settlement, indulgence, compromise, waiver or release of or with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or with respect to
any obligation of any other guarantor of any of the Guaranteed Obligations, whether (in any such case) by operation of law or otherwise, or any failure or omission to enforce any right, power or remedy with respect to the Guaranteed Obligations or
any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of the Guaranteed Obligations; 
 (ii) any modification or amendment of or supplement to the Credit Agreement, any agreement evidencing a Rate Management Transaction or any other Loan Document, including, without limitation, any such
amendment which may increase the amount of, or the interest rates applicable to, any of the Guaranteed Obligations guaranteed hereby; 
 (iii) any release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of any collateral securing the Guaranteed Obligations or any part thereof, any
other guaranties with respect to the Guaranteed Obligations or any part thereof, or any other obligation of any person or entity with respect to the Guaranteed Obligations or any part thereof, or any nonperfection or invalidity of any direct or
indirect security for the Guaranteed Obligations; 
 (iv) any change in the corporate, partnership or other
existence, structure or ownership of the Borrower or any other guarantor of any of the Guaranteed Obligations, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Borrower or any other guarantor of the Guaranteed
Obligations, or any of their respective assets or any resulting release or discharge of any obligation of the Borrower or any other guarantor of any of the Guaranteed Obligations; 

(vi) the existence of any claim, setoff or other rights which the Guarantors may have at any time against the Borrower,
any other guarantor of any of the Guaranteed Obligations, the Administrative Agent, any Guaranteed Creditor or any other Person, whether in connection herewith or in connection with any unrelated transactions, provided that nothing herein
shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; 

  
 4 

 (vii) the enforceability or validity of the Guaranteed Obligations or any
part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Guaranteed Obligations or any part thereof, or any other invalidity or unenforceability relating to or
against the Borrower or any other guarantor of any of the Guaranteed Obligations, for any reason related to the Credit Agreement, any agreement evidencing a Rate Management Transaction or any other Loan Document, or any provision of applicable law
or regulation purporting to prohibit the payment by the Borrower or any other guarantor of the Guaranteed Obligations, of any of the Guaranteed Obligations; 
 (viii) the failure of the Administrative Agent to take any steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Guaranteed Obligations,
if any; 
 (ix) the election by, or on behalf of, any one or more of the Guaranteed Creditors, in any proceeding
instituted under Chapter 11 of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (the “Bankruptcy Code”), of the application of Section 1111(b)(2) of the Bankruptcy Code; 

(x) any borrowing or grant of a security interest by the Borrower, as debtor-in- possession, under Section 364 of the
Bankruptcy Code; 
 (xi) the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion
of the claims of the Guaranteed Creditors or the Administrative Agent for repayment of all or any part of the Guaranteed Obligations; 
 (xii) the failure of any other guarantor to sign or become party to this Guaranty or any amendment, change, or reaffirmation hereof; or 

(xiii) any other act or omission to act or delay of any kind by the Borrower, any other guarantor of the Guaranteed
Obligations, the Administrative Agent, any Guaranteed Creditor or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 3, constitute a legal or equitable discharge of any
Guarantor’s obligations hereunder. 
 Section 4. Discharge Only Upon Payment In Full;
Reinstatement In Certain Circumstances; Discharge of Guaranty Upon Sale of Guarantor. 
 (A) Discharge Only Upon Payment
In Full; Reinstatement In Certain Circumstances. Except as provided in Section 4(B) below, each of the Guarantors’ obligations hereunder shall remain in full force and effect until all Guaranteed Obligations shall have been paid
in full in cash (other than contingent indemnity obligations for which no claim has been made) and the Commitments and all Letters of Credit issued under the Credit Agreement shall have terminated or expired or, in the case of all Letters of Credit,
are fully collateralized on terms reasonably acceptable to the Administrative Agent. If at any time any payment of the principal of or interest on any Loan or Reimbursement Obligation or any other amount payable by the Borrower or any other party
under the Credit Agreement, any agreement evidencing a Rate Management Transaction or any other Loan Document is rescinded or must be otherwise restored or returned 

  
 5 

 
upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise, each of the Guarantors’ obligations hereunder with respect to such payment shall be reinstated as though such
payment had been due but not made at such time. 
 (B) Discharge of Guaranty Upon Sale of Guarantor. If all of the stock
or partnership or membership interests of a Guarantor or any of its successors in interest under this Guaranty shall be sold or otherwise disposed of (including by merger, consolidation or dissolution) in a sale or other disposition not prohibited
by the Credit Agreement or that is otherwise consented to by Required Lenders, the obligations of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action
by any Credit Party or any other Person effective as of the time of such sale or other disposition. 

Section 5. General Waivers; Additional Waivers. 

(A) General Waivers. Each of the Guarantors irrevocably waives acceptance hereof, presentment, demand or action on delinquency,
protest, the benefit of any statutes of limitations and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Borrower, any other
guarantor of the Guaranteed Obligations, or any other Person. 
 (B) Additional Waivers. Notwithstanding anything herein
to the contrary, each of the Guarantors hereby absolutely, unconditionally, knowingly, and expressly waives: 

(i) any right it may have to revoke this Guaranty as to future indebtedness or notice of acceptance hereof; 

(ii) (1) notice of acceptance hereof; (2) notice of any loans or other financial accommodations made or extended
under the Loan Documents or the creation or existence of any Guaranteed Obligations; (3) notice of the amount of the Guaranteed Obligations, subject, however, to each Guarantor’s right to make inquiry of Administrative Agent and the other
Guaranteed Creditors to ascertain the amount of the Guaranteed Obligations at any reasonable time; (4) notice of any adverse change in the financial condition of the Borrower or of any other fact that might increase such Guarantor’s risk
hereunder; (5) notice of presentment for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents; (6) notice of any Default or Event of Default; and (7) all other notices (except if such notice is
specifically required to be given to such Guarantor hereunder or under the Loan Documents) and demands to which each Guarantor might otherwise be entitled; 
 (iii) its right, if any, to require the Administrative Agent and the other Guaranteed Creditors to institute suit against, or to exhaust any rights and remedies which the Administrative Agent and the
other Guaranteed Creditors has or may have against, the other Guarantors or any third party, or against any Collateral provided by the other Guarantors, or any third party; and each Guarantor further waives any defense arising by reason of any
disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and indefeasibly 

  
 6 

 
paid) of the other Guarantors or by reason of the cessation from any cause whatsoever of the liability of the other Guarantors in respect thereof; 

(iv) (a) any rights to assert against the Administrative Agent and the other Guaranteed Creditors any defense (legal or
equitable), set-off, counterclaim, or claim which such Guarantor may now or at any time hereafter have against the other Guarantors or any other party liable to the Administrative Agent and the other Guaranteed Creditors; (b) any defense,
set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guaranteed Obligations or any security therefor; (c) any
defense such Guarantor has to performance hereunder, and any right such Guarantor has to be exonerated, arising by reason of: the impairment or suspension of the Administrative Agent’s and the other Guaranteed Creditors rights or remedies
against the other Guarantors; the alteration by the Administrative Agent and the other Guaranteed Creditors of the Guaranteed Obligations; any discharge of the other Guarantors’ obligations to the Administrative Agent and the other Guaranteed
Creditors by operation of law as a result of the Administrative Agent’s and the other Guaranteed Creditors’ intervention or omission; or the acceptance by the Administrative Agent and the other Guaranteed Creditors of anything in partial
satisfaction of the Guaranteed Obligations; and (d) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of
limitations applicable to the Guaranteed Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s liability hereunder; and 

(v) any defense arising by reason of or deriving from (a) any claim or defense based upon an election of remedies by
the Administrative Agent and the other Guaranteed Creditors; or (b) any election by the Administrative Agent and the other Guaranteed Creditors under Section 1111(b) of Title 11 of the United States Code entitled “Bankruptcy”, as
now and hereafter in effect (or any successor statute), to limit the amount of, or any collateral securing, its claim against the Guarantors: 
 Section 6. Subordination of Subrogation. Until the Guaranteed Obligations have been fully and finally performed and indefeasibly paid (other than contingent indemnity
obligations) the Guarantors (i) shall have no right of subrogation with respect to such Guaranteed Obligations and (ii) waive any right to enforce any remedy which the Issuing Bank, the Guaranteed Creditors or the Administrative Agent now
have or may hereafter have against the Borrower, any endorser or any guarantor of all or any part of the Guaranteed Obligations or any other Person, and until such time the Guarantors waive any benefit of, and any right to participate in, any
security or collateral given to the Guaranteed Creditors and the Administrative Agent to secure the payment or performance of all or any part of the Guaranteed Obligations or any other liability of the Borrower to the Guaranteed Creditors. Should
any Guarantor have the right, notwithstanding the foregoing, to exercise its subrogation rights, each Guarantor hereby expressly and irrevocably (A) subordinates any and all rights at law or in equity to subrogation, reimbursement, exoneration,
contribution, indemnification or set off that the Guarantor may have to the payment in full in cash of the Guaranteed Obligations until the Guaranteed Obligations are paid in full in cash (other than contingent indemnity obligations)

  
 7 

 
and (B) waives any and all defenses available to a surety, guarantor or accommodation co-obligor until the Guaranteed Obligations are paid in full in cash. Each Guarantor acknowledges and
agrees that this subordination is intended to benefit the Administrative Agent and the Guaranteed Creditors and shall not limit or otherwise affect such Guarantor’s liability hereunder or the enforceability of this Guaranty, and that the
Administrative Agent, the Guaranteed Creditors and their respective successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 6. 

Section 7. Contribution with Respect to Guaranteed Obligations. 

(a) To the extent that any Guarantor shall make a payment under this Guaranty (a “Guarantor Payment”) which, taking into
account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Guarantor if each Guarantor had paid the aggregate Guaranteed
Obligations satisfied by such Guarantor Payment in the same proportion as such Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of
each of the Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following payment in full in cash of the Guarantor Payment and the Guaranteed Obligations, and all Commitments and Letters of Credit have
terminated or expired or, in the case of all Letters of Credit, are fully collateralized on terms reasonably acceptable to the Administrative Agent, such Guarantor shall be entitled to receive contribution and indemnification payments from, and be
reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. 

(b) As of any date of determination, the “Allocable Amount” of any Guarantor shall be equal to the maximum amount of the
claim which could then be recovered from such Guarantor under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act,
Uniform Fraudulent Conveyance Act or similar statute or common law. 
 (c) This Section 7 is intended only to define
the relative rights of the Guarantors, and nothing set forth in this Section 7 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable
in accordance with the terms of this Guaranty. 
 (d) The parties hereto acknowledge that the rights of contribution and
indemnification hereunder shall constitute assets of the Guarantor or Guarantors to which such contribution and indemnification is owing. 
 (e) The rights of the indemnifying Guarantors against other Guarantors under this Section 7 shall be exercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash
and the termination or expiry (or in the case of all Letters of Credit full collateralization on terms reasonably acceptable to the Administrative Agent) of the Commitments and all Letters of Credit issued under the Credit Agreement. 

  
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 Section 8. Stay of Acceleration. If acceleration of the
time for payment of any amount payable by the Borrower under the Credit Agreement, any counterparty to any agreement evidencing a Rate Management Transaction or any other Loan Document is stayed upon the insolvency, bankruptcy or reorganization of
the Borrower or any of their Affiliates, all such amounts otherwise subject to acceleration under the terms of the Credit Agreement, any agreement evidencing a Rate Management Transaction or any other Loan Document shall nonetheless be payable by
each of the Guarantors hereunder forthwith on demand by the Administrative Agent. 
 Section 9.
Notices. All notices, requests and other communications to any party hereunder shall be given in the manner prescribed in Section 10.1 of the Credit Agreement with respect to the Administrative Agent at its notice address therein
and, with respect to any Guarantor, in the care of the Borrower at the address of the Borrower set forth in the Credit Agreement, or such other address or telecopy number as such party may hereafter specify for such purpose by notice to the
Administrative Agent in accordance with the provisions of such Section 10.1. 
 Section 10. No
Waivers. No failure or delay by the Administrative Agent or any Guaranteed Creditor in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided in this Guaranty, the Credit Agreement, any agreement evidencing a Rate Management Transaction and the other Loan Documents shall be
cumulative and not exclusive of any rights or remedies provided by law. 
 Section 11. Successors
and Assigns. This Guaranty is for the benefit of the Administrative Agent and the Guaranteed Creditors and their respective successors and permitted assigns, provided, that no Guarantor shall have any right to assign its rights or
obligations hereunder without the consent of all of the Lenders, and any such assignment in violation of this Section 11 shall be null and void; and in the event of an assignment of any amounts payable under the Credit Agreement, any
Banking Services Agreement, any agreement evidencing a Rate Management Transaction or the other Loan Documents in accordance with the respective terms thereof, the rights hereunder, to the extent applicable to the indebtedness so assigned, may be
transferred with such indebtedness. This Guaranty shall be binding upon each of the Guarantors and their respective successors and assigns. 
 Section 12. Changes in Writing. Other than in connection with the addition of additional Subsidiaries, which become parties hereto by executing a Supplement hereto in the
form attached as Annex I, neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated orally, but only in writing signed by each of the Guarantors and the Administrative Agent with the consent of the
Required Lenders under the Credit Agreement (or all of the Lenders if required pursuant to the terms of Section 10.2 of the Credit Agreement). 
 Section 13. CHOICE OF LAW. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE

  
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OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS) BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

Section 14. CONSENT TO JURISDICTION; JURY TRIAL. 

(A) CONSENT TO JURISDICTION. EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES
FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND EACH GUARANTOR HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY
BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN
SHALL LIMIT THE RIGHT OF ANY PARTY HERETO TO BRING PROCEEDINGS IN THE COURTS OF ANY OTHER JURISDICTION. 
 (B) WAIVER OF JURY
TRIAL. EACH GUARANTOR HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS GUARANTY
OR ANY OTHER LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER. 
 Section 15. No Strict
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Guaranty. In the event an ambiguity or question of intent or interpretation arises, this Guaranty shall be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Guaranty. 
 Section 16. Expenses of Enforcement, Etc. Subject to the terms of the Credit Agreement, after the occurrence of an Event of Default under the Credit Agreement, the Lenders
shall have the right at any time to direct the Administrative Agent to commence enforcement proceedings with respect to the Guaranteed Obligations. The Guarantors agree to reimburse the Administrative Agent and the Guaranteed Creditors for any costs
and out-of-pocket expenses (including documented and reasonable attorneys’ fees and time charges of attorneys for the Administrative Agent and the Guaranteed Creditors), paid or incurred by the Administrative Agent or any Guaranteed Creditor in
connection with the collection and enforcement of amounts due under the Loan Documents, including without limitation this Guaranty. The Administrative Agent agrees to distribute payments received from any of the Guarantors hereunder to the
Guaranteed Creditors on a pro rata basis for application in accordance with the terms of the Credit Agreement. 

Section 17. Setoff. At any time after the occurrence and during the continuance of any Event of Default
or if any Loan Party has become insolvent, however evidenced, each Guaranteed Creditor and each of their respective Affiliates if hereby authorized at any time and 

  
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from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at
any time held, and other obligations (in whatever currency) at any time owing by such Guaranteed Creditor or any such Affiliates to or for the credit or the account of any Loan Party now or hereafter existing under this Agreement or any other Loan
Document to such Guaranteed Creditor or their respective Affiliates, irrespective of whether or not such Guaranteed Creditor shall have made any demand under this Guaranty or any other Loan Document and although such obligations may be contingent or
unmatured or are owed to a branch, office or Affiliate of such Guaranteed Creditor different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness. The rights of each Guaranteed Creditor and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Guaranteed Creditor or their respective Affiliates may have. Each Guaranteed Creditor agrees to notify the Borrower and the
Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

Section 18. Financial Information. Each Guarantor hereby assumes responsibility for keeping itself
informed of the financial condition of the Borrower and any and all endorsers and/or other Guarantors of all or any part of the Guaranteed Obligations, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations,
or any part thereof, that diligent inquiry would reveal, and each Guarantor hereby agrees that none of the Guaranteed Creditors or the Administrative Agent shall have any duty to advise such Guarantor of information known to any of them regarding
such condition or any such circumstances. In the event any Guaranteed Creditor or the Administrative Agent, in its sole discretion, undertakes at any time or from time to time to provide any such information to a Guarantor, such Guaranteed Creditor
or the Administrative Agent shall be under no obligation (i) to undertake any investigation not a part of its regular business routine, (ii) to disclose any information which such Guaranteed Creditor or the Administrative Agent, pursuant
to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (iii) to make any other or future disclosures of such information or any other information to such Guarantor. 

Section 19. Severability. Wherever possible, each provision of this Guaranty shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without
invalidating the remainder of such provision or the remaining provisions of this Guaranty. 
 Section 20.
Merger. This Guaranty represents the final agreement of each of the Guarantors with respect to the matters contained herein and may not be contradicted by evidence of prior or contemporaneous agreements, or subsequent oral agreements,
between the Guarantor and any Guaranteed Creditor or the Administrative Agent. 
 Section 21.
Headings. Section headings in this Guaranty are for convenience of reference only and shall not govern the interpretation of any provision of this Guaranty. 
 Section 22. Effect of Amendment and Restatement. It is the intention of each of the parties hereto that the Existing Guaranty be amended and restated by this Guaranty as provided

  
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for herein. The parties hereto do not intend this Guaranty nor the transactions contemplated hereby to be and this Guaranty and the transactions contemplated hereby shall not be construed to be,
a novation of any of the obligations owing by the Borrower or any Guarantor under the existing Loan Documents, any Banking Services Obligation, any Rate Management Obligation, the Existing Guaranty or otherwise. 

[SIGNATURE PAGES TO FOLLOW] 

  
 12 

 IN WITNESS WHEREOF, each Initial Guarantor has caused this Guaranty to be duly executed by
its authorized office as of the day and year first above written. 
  

									
	MIDLAND CREDIT MANAGEMENT, INC.	 		 	MIDLAND FUNDING NCC-2 CORPORATION
					
	By:	 	 /s/ J. Brandon Black
	 		 	By:	 	 /s/ J. Brandon Black

	Name:	 	J. Brandon Black	 		 	Name:	 	J. Brandon Black
	Title:	 	President	 		 	Title:	 	President
			
	MIDLAND FUNDING LLC	 		 	MIDLAND INTERNATIONAL LLC
					
	By:	 	 /s/ J. Brandon Black
	 		 	By:	 	 /s/ J. Brandon Black

	Name:	 	J. Brandon Black	 		 	Name:	 	J. Brandon Black
	Title:	 	President	 		 	Title:	 	President
			
	MIDLAND PORTFOLIO SERVICES, INC.	 		 	MRC RECEIVABLES CORPORATION
					
	By:	 	 /s/ J. Brandon Black
	 		 	By:	 	 /s/ J. Brandon Black

	Name:	 	J. Brandon Black	 		 	Name:	 	J. Brandon Black
	Title:	 	President	 		 	Title:	 	President
			
	MIDLAND INDIA LLC	 		 	PROPEL ACQUISITION LLC
					
	By:	 	 /s/ James A. Syran
	 		 	By:	 	 /s/ J. Brandon Black

	Name:	 	James A. Syran	 		 	Name:	 	J. Brandon Black
	Title:	 	President	 		 	Title:	 	President

 [Signature Page to Amended and Restated Guaranty] 

			
	Acknowledged and Agreed:
	
	 SUNTRUST BANK,
 as
Administrative Agent

		
	By:	 	 /s/ Peter Wesemeier

	Name:	 	Peter Wesemeier
	Title:	 	Vice President

 [Signature Page to Amended and Restated Guaranty] 

 ANNEX I TO AMENDED AND RESTATED GUARANTY 

Reference is hereby made to the Amended and Restated Guaranty (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Guaranty”), dated as of November 5, 2012, made by certain Subsidiaries of Encore Capital Group, Inc. (each an “Initial Guarantor”, and together with any additional Domestic Subsidiaries
which become parties to the Guaranty by executing a Supplement thereto substantially similar in form and substance hereto, the “Guarantors”), in favor of the Administrative Agent, for the ratable benefit of the Guaranteed Creditors,
under the Credit Agreement. Each capitalized term used herein and not defined herein shall have the meaning given to it in the Guaranty. By its execution below, the undersigned, [NAME OF NEW GUARANTOR], a [corporation] [partnership] [limited
liability company], agrees to become, and does hereby become, a Guarantor under the Guaranty and agrees to be bound by such Guaranty as if originally a party thereto. By its execution below, the undersigned represents and warrants as to itself that
all of the representations and warranties contained in Section 1 of the Guaranty are true and correct in all respects as of the date hereof. 
 IN WITNESS WHEREOF, [NAME OF NEW GUARANTOR], a [corporation] [partnership] [limited liability company] has executed and delivered this Annex I counterpart to the Guaranty as of this 

             day of          

 

			
	[NAME OF NEW GUARANTOR]
		
	By:	 	  

		
	Title:	 	

 ANNEX I

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