Document:

EX-4.2

 Exhibit 4.2 

 
  

 
 PLEDGE AND SECURITY AGREEMENT 

Dated as of May 4, 2020 

made by 
 JELD-WEN HOLDING, INC., 
 as Parent, 

JELD-WEN, Inc., 

as Issuer, 
 and 

THE OTHER GRANTORS referred to herein 

in favor of 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Notes Collateral Agent 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 SECTION 1. DEFINED TERMS
	  	 	1	 
			
	 1.1
	 	Definitions	  	 	1	 
			
	 1.2
	 	Other Definitional Provisions	  	 	5	 
		
	SECTION 2. GRANT OF SECURITY INTEREST	  	 	6	 
		
	SECTION 3. REPRESENTATIONS AND WARRANTIES	  	 	7	 
			
	 3.1
	 	Title; No Other Liens	  	 	7	 
			
	 3.2
	 	Perfected First Priority Liens	  	 	7	 
			
	 3.3
	 	Jurisdiction of Organization; Chief Executive Office	  	 	8	 
			
	 3.4
	 	Inventory and Equipment	  	 	8	 
			
	 3.5
	 	Farm Products	  	 	8	 
			
	 3.6
	 	Investment Property	  	 	8	 
			
	 3.7
	 	Receivables	  	 	8	 
			
	 3.8
	 	Intellectual Property	  	 	9	 
		
	SECTION 4. COVENANTS	  	 	9	 
			
	 4.1
	 	Delivery of Instruments, Certificated Securities and Chattel Paper	  	 	9	 
			
	 4.2
	 	Maintenance of Insurance	  	 	10	 
			
	 4.3
	 	Maintenance of Perfected Security Interest; Further Documentation	  	 	10	 
			
	 4.4
	 	Changes in Locations, Name, etc	  	 	11	 
			
	 4.5
	 	Investment Property	  	 	11	 
			
	 4.6
	 	Intellectual Property	  	 	12	 
			
	 4.7
	 	Commercial Tort Claims	  	 	13	 
		
	SECTION 5. REMEDIAL PROVISIONS	  	 	13	 
			
	 5.1
	 	Certain Matters Relating to Receivables	  	 	13	 
			
	 5.2
	 	Communications with Obligors; Grantors Remain Liable	  	 	14	 
			
	 5.3
	 	Investment Property	  	 	15	 
			
	 5.4
	 	Proceeds to be Turned Over to Notes Collateral Agent	  	 	15	 
			
	 5.5
	 	Application of Proceeds	  	 	16	 
			
	 5.6
	 	Code and Other Remedies	  	 	16	 
			
	 5.7
	 	Registration Rights	  	 	17	 
			
	 5.8
	 	Intellectual Property	  	 	17	 
			
	 5.9
	 	Deficiency	  	 	19	 
		
	SECTION 6. THE NOTES COLLATERAL AGENT	  	 	20	 
			
	 6.1
	 	Notes Collateral Agent’s Appointment as Attorney-in-Fact, etc	  	 	20	 
			
	 6.2
	 	Duty of Notes Collateral Agent	  	 	21	 

  
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	 6.3
	 	Authorization for Filing Financing Statements	  	 	22	 
			
	 6.4
	 	Authority of Notes Collateral Agent	  	 	22	 
			
	 6.5
	 	Concerning the Notes Collateral Agent	  	 	22	 
		
	SECTION 7. MISCELLANEOUS	  	 	23	 
			
	 7.1
	 	Amendments in Writing	  	 	23	 
			
	 7.2
	 	Notices	  	 	23	 
			
	 7.3
	 	No Waiver by Course of Conduct; Cumulative Remedies	  	 	23	 
			
	 7.4
	 	Tax Indemnity	  	 	23	 
			
	 7.5
	 	Successors and Assigns	  	 	23	 
			
	 7.6
	 	Counterparts	  	 	24	 
			
	 7.7
	 	Severability	  	 	24	 
			
	 7.8
	 	Section Headings	  	 	24	 
			
	 7.9
	 	Integration	  	 	24	 
			
	 7.10
	 	GOVERNING LAW	  	 	24	 
			
	 7.11
	 	SUBMISSION TO JURISDICTION; WAIVERS	  	 	24	 
			
	 7.12
	 	Acknowledgements	  	 	25	 
			
	 7.13
	 	Additional Grantors	  	 	26	 
			
	 7.14
	 	Releases	  	 	26	 
			
	 7.15
	 	Intercreditor Agreements	  	 	26	 

 SCHEDULES 
  

					
	Schedule 1	 	Investment Property	  	
	Schedule 2	 	Perfection Matters	  	
	Schedule 3	 	Jurisdictions of Organization and Chief Executive Offices, etc.	  	
	Schedule 4	 	Equipment and Inventory Locations	  	
	Schedule 5	 	Intellectual Property	  	
	Schedule 6	 	Commercial Tort Claims	  	

  

  
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 PLEDGE AND SECURITY AGREEMENT (this “Agreement”), dated as of May 4,
2020, made by each of the signatories hereto (together with any other entity that may become a party hereto as provided herein the “Grantors”), in favor of Wilmington Trust, National Association, as notes collateral agent (in such
capacity, together with its successors and assigns, the “Notes Collateral Agent”), for the ratable benefit of the Noteholder Secured Parties (as defined in the Indenture (as defined below)). 

INTRODUCTORY STATEMENTS 

WHEREAS, reference is made to that certain Notes Indenture, dated as of May 4, 2020 (as amended, modified, supplemented or restated and
in effect from time to time, the “Indenture”) by and among JELD-WEN, Inc., a Delaware corporation (the “Issuer”), the Guarantors, Wilmington Trust, National Association, as
trustee (together with its successors in such capacity, the “Trustee”) and as Notes Collateral Agent pursuant to which the Issuer is issuing $250.0 million aggregate principal amount of its 6.25% senior secured notes due 2025
(together with any Additional Notes issued under the Indenture, the “Notes”); 
 WHEREAS, it is a condition to the issuance
of the Notes that each Grantor executes and delivers the this Agreement; and 
 WHEREAS, this Agreement is made by the Grantors in favor of
the Notes Collateral Agent for the benefit of the Noteholder Secured Parties to secure the payment and performance in full when due of the Notes Obligations. 

NOW, THEREFORE, in consideration of the above premises, the parties hereto hereby agree as follows: 

SECTION 1. DEFINED TERMS 

1.1    Definitions. (a) Unless otherwise defined herein, terms defined in the Indenture and used herein shall have
the meanings given to them in the Indenture, and the following terms are used herein as defined in the New York UCC (and if defined in more than one Article of the New York UCC shall have the meaning specified in Article 9 thereof): Accounts,
Certificated Security, Chattel Paper, Commercial Tort Claims, Commodity Account, Contracts, Deposit Account, Documents, Equipment, Farm Products, Fixtures, General Intangibles, Goods, Instruments, Inventory, Money, Securities Account and Supporting
Obligations. 
 (b)    The following terms shall have the following meanings: 

“Agreement”: as defined in the preamble hereto. 

“Applicable Collateral Agent”: as defined in the Pari Passu Intercreditor Agreement. 

“Bankruptcy Code”: Title 11 of the United States Code entitled “Bankruptcy,” as now and hereinafter in effect, or
any successor statute. 
 “Collateral”: as defined in Section 2. 

“Collateral Account”: any collateral account established by the Notes Collateral Agent as provided in Sections 5.1 or
5.4. 
 “Copyright Licenses”: any written agreement, license or covenant naming any Grantor as licensor or licensee,
granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright, or otherwise providing for a covenant not to sue for infringement or other
violation of any Copyright. 

  
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 “Copyrights”: (i) all copyrights arising under the laws of the United
States, any other country or group of countries or any political subdivision thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed on Schedule 5(A)), all
registrations and recordings thereof, and all applications in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright Office; (ii) the right to obtain all extensions and
renewals thereof; (iii) the right to sue or otherwise recover for any past, present and future infringement or other violation thereof; and (iv) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income,
payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto. 
 “Discharge of Notes
Obligations”: the time upon which all of the Notes Obligations (other than contingent indemnification obligations for which no claim has been made) shall have been satisfied by payment in full in immediately available funds. 

“Excluded Assets”: as defined in the Indenture. 

“Global Intercompany Note”: that certain promissory note, dated as of October 15, 2014 (as amended, supplemented or
otherwise modified from time to time), evidencing Intercompany Obligations owing by the obligors from time to time party thereto to any Grantor from time to time listed on Schedule A thereto. 

“Grantors”: as defined in the preamble hereto. 

“Indenture”: as defined in the introductory statements hereto. 

“Intellectual Property”: the collective reference to all rights, priorities and privileges relating to intellectual property
of any Grantor, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) Copyrights, Patents, Trademarks, Trade Secrets, mask works fixed in semi-conductor chip products (as defined
under 17 U.S.C. 901 of the U.S. Copyright Act), rights of publicity and privacy (i.e., the right to use names, likenesses, voices, biographical and other identifying information of real persons), intangible rights in software and databases not
otherwise included in the foregoing, (ii) all rights to sue at law or in equity or otherwise recover for any past, present and future infringement, dilution, misappropriation or other violation or impairment thereof, (iii) the right to
receive all Proceeds and damages therefrom and all payments and royalties arising out of the sale, lease, license, assignment or other disposition thereof, and (iv) all other rights of any kind accruing thereunder or pertaining thereto
throughout the world. 
 “Intellectual Property Licenses”: all agreements, licenses and covenants pursuant to which any
Grantor receives or grants any right in, to, or under, any Intellectual Property, including but not limited to, the right to manufacture, use, sell, perform, reproduce, distribute, display, modify and otherwise exploit copyrighted materials,
patented processes, devices or designs, or Trademarks, or otherwise providing for a covenant not to sue for infringement, dilution or other violation of any Intellectual Property or permitting co-existence
with respect to any Intellectual Property, including Copyright Licenses, Patent Licenses, Trademark Licenses and Trade Secret Licenses. 

“Intellectual Property Registry”: The United States Patent and Trademark Office, the United States Copyright Office or any
other intellectual property registry in the United States. 
 “Intercompany Obligations”: any and all Indebtedness of
Parent, the Issuer and/or any Restricted Subsidiary that is owing to any Guarantor. 
 “Investment Account”: any Securities
Account, Commodity Account or Deposit Account. 
 “Investment Property”: the collective reference to (i) all
“investment property” as such term is defined in Section 9-102(a)(49) of the New York UCC (other than any Capital Stock excluded from the definition of “Pledged Stock”) and
(ii) whether or not constituting “investment property” as so defined, all Pledged Notes and all Pledged Stock. 

  
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 “Investment Property Issuers”: the collective reference to each issuer of
any Investment Property. 
 “Issuer”: as defined in the preamble hereto. 

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

“Noteholder Secured Parties”: means the collective reference to the Trustee, the Notes Collateral Agent and each Holder of
the Notes and each other holder of, or obligee in respect of, any Notes Obligations outstanding at such time. 
 “Notes”:
as defined in the introductory statements hereto. 
 “Notes Collateral Agent”: as defined in the preamble hereto. 

“Notes Obligations”: means any obligation to pay any unpaid principal and interest on the Notes, and all other Obligations of
the Issuer and any Guarantor or other co-obligor under any Notes Document, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise
under, out of or in connection with, the Notes and the related notes documentation, in each case, whether on account of principal, interest, guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise
(including, without limitation, interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Issuer or any Guarantor whether or not a claim for post-petition interest is allowed in such proceedings and
all fees and disbursements of counsel of the Trustee and the Notes Collateral Agent that are required to be paid by the Issuer or any Guarantor or co-obligor pursuant to the terms of the Indenture or other
Notes Documents). 
 “Parent”: shall mean JELD-WEN Holding, Inc.. 

“Patent License”: all agreements, licenses and covenants, whether written or oral, providing for the grant by or to any
Grantor of any right under any Patent, including, without limitation, the right to manufacture, use or sell any invention covered in whole or in part by a Patent, or otherwise providing for a covenant not to sue for infringement or other violation
of any Patent. 
 “Patents”: (i) all United States and foreign patents and applications for letters patent throughout the
world, including, but not limited to, any of the foregoing referred to on Schedule 5(B), and all rights corresponding thereto throughout the world; (ii) all reissues, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations of any of the foregoing; (iii) the right to sue or otherwise recover for any past, present and future infringement or other violation of
any of the foregoing; and (iv) all Proceeds of the foregoing, including, without limitation, licenses, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto. 

“Pledged Notes”: (i) the Global Intercompany Note, (ii) all promissory notes listed on Schedule 1 and
(iii) all other promissory notes issued to or held by any Grantor (other than any promissory note evidencing Intercompany Obligations owing to such Grantor). 

“Pledged Stock”: the shares of Capital Stock listed on Schedule 1, together with any other shares, securities, stock
or security certificates, options, interests or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect; provided that
“Pledged Stock” shall not at any time include Excluded Assets; provided, further, that Capital Stock which may not be pledged hereunder in accordance with the proviso to Section 2 shall not
constitute “Pledged Stock.” 
 “Proceeds”: all “proceeds” as such term is defined in Section 9-102(a)(64) of the New York UCC and, in any event, shall include, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with
respect thereto. 

  
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 “Receivable”: any right to payment for goods or other property sold,
leased, licensed or otherwise disposed of or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account). 

“Trademark License”: any agreement, license or covenant, whether written or oral, providing for the grant by or to any
Grantor of any right to use any Trademark, or otherwise providing for a covenant not to sue for infringement, dilution or other violation of any Trademark or permitting co-existence with respect to a
Trademark. 
 “Trademarks”: (i) all U.S. federal and state and foreign trademarks, trade names, trade dress, corporate
names, company names, business names, internet domain names, fictitious business names, trade styles, service marks, certification marks, collective marks, logos and other source or business identifiers, designs and general tangibles of a like
nature, all registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country
or any political subdivision thereof, or otherwise, and all common-law rights related thereto, including, without limitation, any of the foregoing referred to on Schedule 5(C), and all rights
corresponding thereto throughout the world; (ii) all of the goodwill of the business connected with the use of and symbolized by the foregoing; (iii) all extensions and renewals of the foregoing; (iv) the right to sue or otherwise
recover for any past, present and future infringement, dilution or other violation of any of the foregoing or for any injury to goodwill; and (v) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income,
payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto. 
 “Trade Secret
Licenses”: all written or oral agreements naming any Grantor as licensor or licensee granting any right in or to any Trade Secrets. 

“Trade Secrets”: (i) all trade secrets and all other confidential or proprietary information and know-how, whether or not such information has been reduced to a writing or other tangible form, including all documents and things embodying, incorporating, or referring in any way to such information, (ii) the
right to sue or otherwise recover for any past, present and future misappropriation or other violation of any such information, and (iii) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments,
claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto. 
 “Trustee”: as defined in
the introductory statements hereto. 
 “Uniform Commercial Code”: the New York UCC or, when the laws of any other
jurisdiction govern the method or manner of the perfection or enforcement of any security interest in any of the Collateral, with respect to such Collateral, the Uniform Commercial Code (or any successor statute) of such jurisdiction. 

1.2    Other Definitional Provisions. (a) The words “hereof”, “herein”, “hereto” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to the Sections and Schedules of
this Agreement (as such Schedules may be amended or supplemented from time to time) unless otherwise specified. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” 
 (b)    The meanings given to terms defined herein shall be equally applicable to both the singular
and plural forms of such terms. 
 (c)    Where the context requires, terms relating to the Collateral or any part
thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
 SECTION 2. GRANT
OF SECURITY INTEREST 
 Each Grantor hereby mortgages and pledges to the Notes Collateral Agent, for the benefit of the Noteholder Secured
Parties, and hereby grants to the Notes Collateral Agent, for the benefit of the Noteholder Secured Parties, a security interest in all of the following property now owned or at any time hereafter acquired by such Grantor

  
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or in which such Grantor now has or at any time in the future may acquire any right, title or interest and wherever the same may be located (collectively, the “Collateral”), as
collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Notes Obligations (including, without limitation, any extensions, modifications, substitutions,
amendments or renewals of any or all of such Notes Obligations): 
 (a)    all Accounts; 

(b)    all Chattel Paper; 

(c)    all Commercial Tort Claims listed on Schedule 6 hereto, as such Schedule 6 may be supplemented pursuant to
Section 4.7; 
 (d)    all Contracts; 

(e)    all Deposit Accounts; 

(f)    all Documents; 

(g)    all Equipment; 

(h)    all Fixtures; 

(i)    all General Intangibles; 

(j)    all Goods; 

(k)    all Instruments; 

(l)    all Intellectual Property and Intellectual Property Licenses; 

(m)    all Inventory; 

(n)    all Investment Property; 

(o)    all Money; 

(p)    all Receivables; 

(q)    all other property not otherwise described above (except for property specifically excluded from any defined term
used in any clause above); 
 (r)    all books and records pertaining to the Collateral; and 

(s)    to the extent not otherwise included, all Proceeds, Supporting Obligations and all accessions to, substitutions and
replacements for, and rents, profits and products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; 

provided that, notwithstanding anything to the contrary herein, (x) this Agreement shall not constitute a grant of a security interest in Excluded
Assets and (y) in no event shall perfection by control or possession or similar arrangements be required with respect to any Collateral, other than in respect of (A) certificated equity interests in the

  
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Issuer and the wholly-owned Restricted Subsidiaries otherwise required to be pledged pursuant to the terms of the Indenture or any other Notes Document and (B) certain Pledged Notes,
including the Global Intercompany Note and (C) Deposit or Securities Accounts requiring perfection through control agreements under the ABL Facility; provided that to the extent that any deposit or securities accounts are under the
control of the ABL Collateral Agent at any time, pursuant to the terms of the ABL Intercreditor Agreement, the ABL Collateral Agent will agree to act as agent and gratuitous bailee for the Notes Collateral Agent for the purpose of perfecting the
Notes Collateral Agent’s liens in such deposit and securities accounts. Notwithstanding anything to the contrary, no actions in any jurisdiction outside the United States shall be required in order to create any security interests in assets
located or titled outside of the United States, or to perfect any security interests in such assets, including any Intellectual Property registered or applied-for in any jurisdiction outside the United States
(it being understood that there shall be no security agreements or pledge agreements governed under the laws of any jurisdiction outside the United States). 

SECTION 3. REPRESENTATIONS AND WARRANTIES 

Each Grantor hereby represents and warrants to the Notes Collateral Agent and each Noteholder Secured Party that: 

3.1    Title; No Other Liens. Except for the security interest granted to the Notes Collateral Agent for the
benefit of the Noteholder Secured Parties pursuant to this Agreement and the other Liens permitted to exist on the Collateral by the Indenture, such Grantor owns each item of the Collateral free and clear of any and all Liens or material claims of
others. No financing statement, fixture filing or other public notice with respect to all or any part of the Collateral, in each case that is authorized by a Grantor, is on file or of record or will be filed in any public office, except such as have
been filed or will be filed in favor of the Notes Collateral Agent, for the benefit of the Noteholder Secured Parties, pursuant to this Agreement or as are otherwise permitted by the Indenture. 

3.2    Perfected First Priority Liens. The security interests granted to the Notes Collateral Agent pursuant to
this Agreement (i) together with the filings and other actions specified on Schedule 2 (which, in the case of all filings referred to on said Schedule, have been made or will substantially concurrently be made, or, in the case of
Additional Grantors, will be made, with copies delivered to the Notes Collateral Agent and constitute (or will constitute, in the case of Additional Grantors) valid perfected security interests in all of the Collateral as of the Issue Date (or, in
the case of Additional Grantors, as of the date such Additional Grantors have or will become parties to this Agreement) in which the security interest may be perfected by such filing, recording or registration or such other action in the United
States in favor of the Notes Collateral Agent, for the benefit of the Noteholder Secured Parties, as collateral security for the Notes Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons
purporting to purchase any Collateral from such Grantor (except to the extent such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law)) and (ii) are prior to all other Liens on the Collateral in existence on the date hereof except for Permitted Liens. 

3.3    Jurisdiction of Organization; Chief Executive Office. Such Grantor’s jurisdiction of organization,
identification number from the jurisdiction of organization (if any), and the location of such Grantor’s chief executive office or sole place of business, as the case may be, in each case as of the Issue Date, are specified on Schedule
3, and except as provided on Schedule 3, such Grantor has not changed its jurisdiction of organization or identification number in the five years preceding the date hereof. 

3.4    Inventory and Equipment. As of the Issue Date all (a) material Inventory and (b) material
Equipment (other than mobile goods) are kept at the locations listed on Schedule 4. 
 3.5    Farm
Products. None of the Collateral constitutes, or is the Proceeds of, Farm Products. 

  
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 3.6    Investment Property. (a) The shares of Pledged Stock
pledged by such Grantor hereunder constitute all the issued and outstanding shares of all classes of the Capital Stock of each Investment Property Issuer owned by such Grantor (other than the shares of Capital Stock that are excluded from the
definition of “Pledged Stock”). 
 (b)    All the shares of, and other interests constituting, the Pledged
Stock of each Subsidiary of such Grantor have been duly and validly issued and are fully paid and nonassessable. 

(c)    Such Grantor is the record and beneficial owner of, and has title to, the Pledged Stock and Pledged Notes pledged
by it hereunder, free of any and all Liens, except the security interests created by this Agreement and other Permitted Liens. 

3.7    Receivables. No amount payable to such Grantor under or in connection with any Receivable is evidenced by
any Instrument (other than checks, drafts or other Instruments that will be promptly deposited in an Investment Account) or Chattel Paper evidencing an amount in excess of $5,000,000 which has not been delivered to the Notes Collateral Agent (or the
Applicable Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in accordance with the Pari Passu Intercreditor Agreement). 

3.8    Intellectual Property. (a) Schedule 5 lists all registrations and applications in existence on the
Issue Date for United States Intellectual Property (including, without limitation, registered or issued Copyrights, Patents, Trademarks and all applications therefor), in each case owned by such Grantor on the Issue Date and issued, registered or
pending registration with any Intellectual Property Registry in the United States. 
 (b)    Such Grantor has performed
all acts and has paid all renewal, maintenance, and other fees and taxes required to maintain each and every registration and application of Intellectual Property owned by such Grantor as of the date hereof and necessary for the conduct in all
material respects of the business of the Issuer and its Subsidiaries, taken as a whole, as currently conducted, in full force and effect. 

(c)    Such Grantor uses adequate standards, as determined in the reasonable good faith judgment of such Grantor, of
quality in the manufacture, distribution, and sale of all products sold and in the provision of all services rendered under or in connection with all Trademarks necessary for the conduct in all material respects of the business of the Issuer and its
Subsidiaries, taken as a whole, as currently conducted, and has taken all action necessary, in the reasonable good faith judgment of such Grantor, to require that all licensees of the Trademarks owned by such Grantor and necessary for the conduct in
all material respects of the business of the Issuer and its Subsidiaries, taken as a whole, as currently conducted use such adequate standards of quality. 

SECTION 4. COVENANTS 
 Each
Grantor covenants and agrees with the Notes Collateral Agent and the other Noteholder Secured Parties that, from and after the date of this Agreement until the Discharge of Notes Obligations: 

4.1    Delivery of Instruments, Certificated Securities and Chattel Paper. 

(a)    If any amount payable under or in connection with any of the Collateral shall be or become evidenced by (i) any
Instrument (other than (x) checks, drafts or other Instruments that will be promptly deposited in an Investment Account and (y) any Intercompany Obligations) evidencing an amount in excess of $5,000,000, (ii) any Chattel Paper evidencing
an amount in excess of $5,000,000 or (iii) any Certificated Security or Certificated Securities not credited to an investment account (in each case, to the extent included in the Collateral), such Instrument, Chattel Paper or Certificated
Security shall be promptly delivered to the Notes Collateral Agent (or the Applicable Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in accordance with the Pari Passu Intercreditor Agreement), duly indorsed in a
manner reasonably satisfactory to the Applicable Collateral Agent, if not the Notes Collateral Agent, if applicable), to be held as Collateral pursuant to this Agreement and in any event within thirty (30) Business Days after the date such
Grantor receives such Instrument, Chattel Paper or Certificated Security. 

  
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 (b)    If any Intercompany Obligation owing to such Grantor in an
aggregate principal amount in excess of $5,000,000 shall be or become evidenced in writing, such Grantor will, as promptly as practicable, cause the obligor thereunder to execute and deliver to the Notes Collateral Agent (or the Applicable
Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in accordance with the Pari Passu Intercreditor Agreement), an amendment or supplement to the Global Intercompany Note as may be reasonably necessary to reflect such
Intercompany Obligation. 
 4.2    Maintenance of Insurance. (a) Such Grantor will maintain, with financially
sound and reputable insurance companies that such Grantor believes (in the good faith judgment of the management of such Grantor) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least
such amounts (after giving effect to any self-insurance which such Grantor believes (in the good faith judgment of management of such Grantor) is reasonable and prudent in light of the size and nature of its business and against at least such risks
similar (and with such risk retentions) as such Grantor believes (in the good faith judgment of management of such Grantor) is reasonable and prudent in light of the size and nature of its business). 

(b)    All such insurance shall (i) provide that no cancellation, material reduction in amount or material change in
coverage thereof shall be effective until at least thirty (30) days (ten (10) days in the case of non-payment of premium) after receipt by the Notes Collateral Agent of written notice thereof,
(ii) name the Notes Collateral Agent as an additional insured party or additional loss payee, as applicable and (iii) be substantially similar in all other respects to the insurance delivered under the Term Loan Facility or to the other
Applicable Collateral Agent (if not the Notes Collateral Agent); provided that such items shall be not be required to be delivered to the Notes Collateral Agent until 45 days after the Issue Date (which date may be extended to the extent the Issuer
has provided an Officer’s Certificate to the Notes Collateral Agent that it is continuing to use commercially reasonable efforts to obtain such insurance endorsements). 

4.3    Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the
security interests of the Notes Collateral Agent and the other Noteholder Secured Parties created by this Agreement as perfected security interests (to the extent such security interests are required to be perfected under the terms of this
Agreement) having at least the priority described in Section 3.2 and shall defend such security interests against the claims and demands of all Persons whomsoever (other than to the extent such claims or demands are based
on Permitted Priority Liens), subject to the rights of such Grantor under the Notes Documents to dispose of Collateral. 

(b)    At any time and from time to time, and at the sole expense of such Grantor, such Grantor will promptly and duly
execute and deliver, and have recorded, such further instruments and documents and take such further actions as are necessary or appropriate under the Indenture, or as the Notes Collateral Agent may reasonably request for the purpose of obtaining or
preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, subject to Section 2, authorizing the filing of any financing or continuation statements under the
Uniform Commercial Code (or other similar laws) in effect with respect to the security interests created hereby and filing and recording documents necessary to record the Notes Collateral Agent’s and the other Noteholder Secured Parties’
security interest in such Grantor’s Intellectual Property in any and all Intellectual Property Registries. 

4.4    Changes in Locations, Name, etc. Such Grantor will not 

(a)    change its name, 

(b)    change its corporate structure as in effect on the Issue Date or 

(c)    change its jurisdiction of organization, identification number from the jurisdiction of organization (if any) or the
location of its chief executive office or sole place of business, as appropriate, from that referred to in Section 3.3, 

  
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 unless such Grantor shall deliver to the Notes Collateral Agent (in the case of foregoing clause (a) or
(b), on or before the date that is thirty (30) days (or if later, the date such notice has been delivered to the Term Loan Administrative Agent under the Term Loan Facility) following such event or occurrence or, in the case of foregoing clause
(c), at least twenty (20) days prior to such event or occurrence (or if later, the date such notice has been delivered to the Term Loan Administrative Agent under the Term Loan Facility)) (i) written notice thereof, (ii) if applicable, a
written supplement to Schedule 3 showing the relevant new jurisdiction of organization, location of chief executive office or sole place of business, as appropriate, and (iii) all additional financing statements and other documents are
necessary or appropriate under the Indenture, or as reasonably required or otherwise delivered to the Term Loan Administrative Agent in respect of the Term Loan Facility or any other Applicable Collateral Agent to maintain the validity, perfection
and priority of the security interests provided for herein. 
 4.5    Investment Property. (a) If such Grantor
shall become entitled to receive or shall receive any certificate (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate
issued in connection with any reorganization), in respect of the Capital Stock of any Investment Property Issuer included in the Collateral, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the
Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as the agent of the Notes Collateral Agent and the other Noteholder Secured Parties, hold the same in trust for the Notes Collateral Agent and the other Noteholder
Secured Parties and deliver the same promptly to the Notes Collateral Agent (or the Applicable Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in accordance with the Pari Passu Intercreditor Agreement) in the exact
form received, duly indorsed by such Grantor to the Notes Collateral Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor to be held by the Notes Collateral Agent, subject to the
terms hereof, as additional collateral security for the Notes Obligations; provided that with respect to the Pledged Stock, such Grantor shall not be required to deliver such certificate to the Notes Collateral Agent to the extent and for so
long as such Capital Stock is not required to be pledged hereunder pursuant to the Indenture. 
 (b)    In the case of
each Grantor which is an Investment Property Issuer, such Investment Property Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the Capital Stock issued by it and will comply with such terms insofar as such
terms are applicable to it, (ii) it will notify the Notes Collateral Agent promptly in writing of the occurrence of any of the events described in Section 4.5(a) with respect to the Capital Stock issued by it and
(iii) the terms of Sections 5.3(c) and 5.7 shall apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 5.3(c) or 5.7 with respect
to the Capital Stock issued by it. 
 4.6    Intellectual Property. Except as otherwise permitted under the
Indenture: (a) Such Grantor (either itself or through licensees) will, consistent with its reasonable business judgment, (i) continue to use each Trademark that in such Grantor’s reasonable judgment is material to the business of Parent
and its Subsidiaries, taken as a whole, in order to maintain such Trademark in full force free from any claim of abandonment for non-use and (ii) not (and not permit any licensee or sublicensee thereof
to) do any act or knowingly omit to do any act whereby any such Trademark may become invalidated or impaired in any way. 

(b)    Such Grantor (either itself or through licensees) will, consistent with its reasonable business judgment, not do
any act, or knowingly omit to do any act, whereby any Patent that in such Grantor’s reasonable judgment is material to the business of Parent and its Subsidiaries, taken as a whole, may become forfeited, unenforceable, abandoned or dedicated to
the public. 
 (c)    Such Grantor (either itself or through licensees) will, consistent with its reasonable business
judgment, not (and will, consistent with its reasonable business judgment, not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any Copyright that in such Grantor’s reasonable judgment is
material to the business of Parent and its Subsidiaries, taken as a whole, may become invalidated or otherwise impaired. Such Grantor will not (either itself or through licensees) do any act whereby any material portion of any such Copyright may
fall into the public domain. Such Grantor (either itself or through licensees) will, after the Issue Date, where warranted in its reasonable business judgment, use any statutory notice of registration in connection with use of its registered
Trademarks, markings in connection with use of its Patents, and notices of copyright in connection with the publication of its Copyrights, in each instance as required by law. 

  
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 (d)    Such Grantor will notify the Notes Collateral Agent promptly if
it knows that any application or registration relating to any United States Intellectual Property that in such Grantor’s reasonable judgment is material to the business of Parent and its Subsidiaries, taken as a whole, has become forfeited,
rendered unenforceable, abandoned or dedicated to the public, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent
and Trademark Office, the United States Copyright Office or any court or tribunal in the United States) regarding such Grantor’s ownership of, or the validity or enforceability of, any material United States Intellectual Property, except, in
each case, for rejections of applications to register Intellectual Property received in the ordinary course and for dispositions permitted under the Indenture. 

(e)    In the event that any Intellectual Property owned by a Grantor and material to the business of Parent and its
Subsidiaries, taken as a whole, is infringed, misappropriated or otherwise violated by a third party, the applicable Grantor shall at such Grantor’s sole cost and expense, take such actions as such Grantor shall reasonably deem appropriate
under the circumstances relating to such Intellectual Property. 
 (f)    Within five (5) Business Days after the
delivery of financial statements pursuant to Section 4.03(a)(1) of the Indenture, such Grantor shall report any filings whereby such Grantor, either by itself or through any agent, employee, licensee or designee, has filed a new application for
the registration of any material Intellectual Property with any Intellectual Property Registry or a new “Statement of Use” or “Amendment to Allege Use” with respect to any material “intent-to-use” Trademark applications, in each case, with any Intellectual Property Registry and shall report any filings or acquisitions of Intellectual Property which have been reported to the
Term Loan Administrative Agent in respect of the Term Loan Facility (and to the extent the Term Loan Facility is no longer outstanding, shall report any acquisition of any material Intellectual Property that is registered with or applied for in any
Intellectual Property Registry). Promptly thereafter, and in any case concurrently with any delivery thereof to the Term Loan Administrative Agent in respect of the Term Loan Facility, such Grantor shall execute and deliver, and have recorded, any
and all agreements, instruments, documents, and papers as may be reasonably required (and in any case concurrently with any delivery thereof to the Term Loan Administrative Agent in respect of the Term Loan Facility ) to evidence the Notes
Collateral Agent’s and the other Noteholder Secured Parties’ security interest in any such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby. 

(g)    Such Grantor will, consistent with its reasonable business judgment, take all reasonable and necessary steps,
including, without limitation, in any proceeding before any Intellectual Property Registry to maintain and pursue each material application (and to obtain the relevant registration) and to maintain each registration of Intellectual Property that in
such Grantor’s reasonable judgment are material to the business of Parent and its Subsidiaries, taken as a whole, including, without limitation, in filing of applications for renewal, affidavits of use and affidavits of incontestability. 

4.7    Commercial Tort Claims. If any Grantor shall obtain an interest in any Commercial Tort Claim in excess of
$10,000,000, such Grantor shall deliver to the Notes Collateral Agent a supplement to Schedule 8 to this Agreement describing such Commercial Tort Claim together with the delivery of financial statements following the end of each fiscal quarter of
the Issuer in accordance with the Indenture. 
 SECTION 5. REMEDIAL PROVISIONS 

Subject to the terms of the Intercreditor Agreements, each Grantor covenants and agrees with the Notes Collateral Agent and the other
Noteholder Secured Parties that, from and after the date of this Agreement until the Discharge of Notes Obligations: 

5.1    Certain Matters Relating to Receivables. (a) The Notes Collateral Agent hereby authorizes each Grantor to
collect such Grantor’s Receivables and the Notes Collateral Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. The Notes Collateral Agent may, acting pursuant to
Section 6.5 hereof, at any time after the occurrence and during the continuance of an Event of Default, require that any payments of Receivables, when collected by any Grantor, (i) be forthwith (and, in any event, within two
(2) Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Notes Collateral Agent if required, in a Collateral Account maintained under the sole dominion and control of

  
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the Notes Collateral Agent, subject to withdrawal by the Notes Collateral Agent for the account of the Noteholder Secured Parties only as provided in Section 5.5, and
(ii) until so turned over, shall be held by such Grantor in trust for the Notes Collateral Agent and the other Noteholder Secured Parties, segregated from other funds of such Grantor. After the occurrence and during the continuance of an Event
of Default, the Notes Collateral Agent may, acting pursuant to Section 6.5 hereof, request that each such deposit of Proceeds of Receivables be accompanied by a report identifying in reasonable detail the nature and source of the payments
included in the deposit. 
 (b)    The Notes Collateral Agent may, acting pursuant to Section 6.5 hereof,, request
that after the occurrence and during the continuance of an Event of Default each Grantor deliver to the Notes Collateral Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the
Receivables, including, without limitation, all original orders, invoices and shipping receipts. 

5.2    Communications with Obligors; Grantors Remain Liable. (a) The Notes Collateral Agent in its own name or in
the name of others may, but shall not be required to, at any time after the occurrence and during the continuance of an Event of Default communicate with obligors under the Receivables to verify with them to the Notes Collateral Agent’s
satisfaction the existence, amount and terms of any Receivables. 
 (b)    The Notes Collateral Agent may, acting
pursuant to Section 6.5 hereof, at any time after the occurrence and during the continuance of an Event of Default, require that each Grantor shall notify obligors on the Receivables that the Receivables have been assigned to the Notes
Collateral Agent for the benefit of the Noteholder Secured Parties and that payments in respect thereof shall be made directly to the Notes Collateral Agent. 

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

5.3    Investment Property. (a) Unless an Event of Default shall have occurred and be continuing and the Notes
Collateral Agent shall have given notice to the relevant Grantor of the Notes Collateral Agent’s intent to exercise its corresponding rights pursuant to Section 5.3(b), each Grantor shall be permitted to receive all
cash dividends paid in respect of the Pledged Stock and all payments made in respect of the Pledged Notes, to the extent permitted in the Indenture, and to exercise all voting and corporate or other organizational rights with respect to the
Investment Property; provided, however, that no vote shall be cast or corporate or other organizational right exercised or other action taken which would reasonably be expected to have a material adverse effect or that would be
inconsistent with this Agreement or any other Notes Document. 
 (b)    If an Event of Default shall occur and be
continuing and the Notes Collateral Agent shall have given written notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the Notes Collateral Agent shall have the right to receive any and all cash dividends,
payments or other Proceeds paid in respect of the Investment Property and make application thereof to the Notes Obligations in such order required by the Notes Documents, and (ii) any or all of the Investment Property shall, if requested by the
Notes Collateral Agent acting pursuant to Section 6.5 hereof,, be registered in the name of the Notes Collateral Agent or its nominee, and the Notes Collateral Agent or its nominee shall have the right, acting pursuant to Section 6.5
hereof, during the continuation of an Event of Default to exercise (x) all voting, corporate and other rights pertaining to such Investment Property at any meeting of shareholders of the relevant Investment Property Issuer or Investment
Property Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining 

  
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to such Investment Property as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Investment Property upon the
merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate or other organizational structure of any Investment Property Issuer, or upon the exercise by any Grantor or the Notes Collateral Agent of any right,
privilege or option pertaining to such Investment Property, and in connection therewith, the right to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent, registrar or other designated agency),
all without liability except to account for property actually received by it, but the Notes Collateral Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or
delay in so doing. 
 (c)    Each Grantor hereby authorizes and instructs each Investment Property Issuer of any Pledged
Stock or Pledged Notes pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Notes Collateral Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is
otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Investment Property Issuer shall be fully protected in so complying, and (ii) comply with
any request of the Notes Collateral Agent made during the continuance of an Event of Default, to pay any dividends or other payments with respect to the Pledged Stock and Pledged Notes directly to the Notes Collateral Agent. 

5.4    Proceeds to be Turned Over to Notes Collateral Agent. In addition to the rights of the Notes Collateral
Agent and the other Noteholder Secured Parties specified in Section 5.1 with respect to payments of Receivables, if an Event of Default shall occur and be continuing and the Notes Collateral Agent shall have given written
notice of its intent to exercise its rights and remedies under this Section 5.4, all Proceeds received by any Grantor consisting of cash, checks, Cash Equivalents and other near-cash items shall be held by such Grantor in
trust for the Notes Collateral Agent and the other Noteholder Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Notes Collateral Agent in the exact form received by
such Grantor (duly indorsed by such Grantor to the Notes Collateral Agent, if required). All Proceeds received by the Notes Collateral Agent hereunder shall be held by the Notes Collateral Agent in a Collateral Account maintained under its sole
dominion and control. All Proceeds while held by the Notes Collateral Agent in a Collateral Account (or by such Grantor in trust for the Notes Collateral Agent and the other Noteholder Secured Parties) shall continue to be held as collateral
security for all the Notes Obligations and shall not constitute payment thereof until applied as provided in Section 5.5.    The Notes Collateral Agent shall have no duty to any Grantor or any Noteholder
Secured Party to exercise any such right, privilege or option and shall not be responsible to any Person for any failure to do so or delay in so doing. 

5.5    Application of Proceeds. If an Event of Default shall have occurred and be continuing, the Notes Collateral
Agent shall apply, at such time or times as required by the Notes Documents, all or any part of Proceeds constituting Collateral, whether or not held in any Collateral Account, to payment of the Notes Obligations in the order set forth in the
Indenture. 
 5.6    Code and Other Remedies. If an Event of Default shall occur and be continuing, the Notes
Collateral Agent, on behalf of the Noteholder Secured Parties, may (but shall not be obligated to) exercise, in addition to all other rights and remedies granted to it in this Agreement and in any other instrument or agreement securing, evidencing
or relating to the Notes Obligations, all rights and remedies of a secured party under the New York UCC or any other applicable law or in equity. Without limiting the generality of the foregoing, the Notes Collateral Agent, without demand of
performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby
waived), may (but shall not be obligated to) in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or
otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Notes Collateral Agent or
any other Noteholder Secured Party or elsewhere, for cash or on credit or for future delivery without assumption of any credit risk. The Notes Collateral Agent or any other Noteholder Secured Party shall have the right upon any such public sale

  
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or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any
Grantor, which right or equity is hereby waived and released. Each Grantor further agrees that it will comply with any request by the Notes Collateral Agent, to assemble the Collateral and make it available to the Notes Collateral Agent at places
which the Notes Collateral Agent shall instruct (acting pursuant to Section 6.5 hereof), whether at such Grantor’s premises or elsewhere. The Notes Collateral Agent shall apply the net proceeds of any action taken by it pursuant to this
Section 5.6, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the
rights of the Notes Collateral Agent and the other Noteholder Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Notes Obligations, in such order as
the Notes Collateral Agent may elect, and only after such application and after the payment by the Notes Collateral Agent of any other amount required by any provision of law, including, without limitation,
Section 9-615(a)(3) of the New York UCC, need the Notes Collateral Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages
and demands it may acquire against the Notes Collateral Agent or any other Noteholder Secured Party arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by
law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. 

5.7    Registration Rights. 

(a)    Each Grantor recognizes that the Notes Collateral Agent may be unable to effect a public sale of any or all the
Pledged Stock, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be
obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and
other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Notes Collateral Agent shall be
under no obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the Investment Property Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state
securities laws, even if such Investment Property Issuer would agree to do so. 
 (b)    Each Grantor agrees to use
commercially reasonable efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Stock pursuant to this Section 5.7 valid and binding and in
compliance with any applicable requirement of law. Each Grantor further agrees that a breach of any of the covenants contained in this Section 5.7 will cause irreparable injury to the Notes Collateral Agent and the other
Noteholder Secured Parties, that the Notes Collateral Agent and the other Noteholder Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this
Section 5.7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that
no Event of Default has occurred and is continuing under the Indenture. 
 5.8    Intellectual Property. 

(a)    Upon the occurrence and during the continuation of an Event of Default: 

(i)    and to the extent Grantor fails to use commercially reasonable efforts to enforce its Intellectual
Property, the Notes Collateral Agent shall have the right (but not the obligation) to bring suit or otherwise commence any action or proceeding in the name of any Grantor, the Notes Collateral Agent or otherwise, to enforce any Intellectual
Property, in which event such Grantor shall, at the request of the Notes Collateral Agent, do any and all lawful and reasonable acts and execute any and all documents reasonably required by the Notes Collateral Agent in aid of such enforcement, and
such Grantor shall promptly, upon demand, reimburse and indemnify the Notes Collateral Agent as provided in Section 6.1(c), and, to the extent that the Notes Collateral Agent shall elect not to bring suit to enforce any
Intellectual Property as provided in this Section, each Grantor agrees to use all commercially reasonable measures, whether by action, suit, 

  
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proceeding or otherwise, to prevent the infringement, misappropriation, dilution or other violation of any of such Grantor’s rights in the Intellectual Property by others and to the extent
reasonable agrees to diligently maintain any action, suit or proceeding against any Person so infringing, misappropriating, diluting or otherwise violating as shall be necessary to prevent such infringement, misappropriation, dilution or violation;

 (ii)    upon written demand from the Notes Collateral Agent, each Grantor shall grant, assign, convey
or otherwise transfer to the Notes Collateral Agent an absolute assignment of all of such Grantor’s right, title and interest in and to the Intellectual Property, including the right to sue for past, present and future infringement, dilution,
misappropriation, or other violation or impairment thereof, and shall execute and deliver to the Notes Collateral Agent such documents as are necessary or appropriate to carry out the intent and purposes of this Agreement; and 

(iii)    the Notes Collateral Agent shall have the right (but not the obligation) to notify, or require
each Grantor to notify, any obligors with respect to amounts due or to become due to such Grantor in respect of the Intellectual Property, of the existence of the security interest created herein, to direct such obligors to make payment of all such
amounts directly to the Notes Collateral Agent, and, upon such notification and at the expense of such Grantor, to enforce collection of any such amounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and to
the same extent as such Grantor might have done; 
 (A)    all amounts and proceeds (including checks and
other instruments) received by Grantor in respect of amounts due to such Grantor in respect of the Collateral or any portion thereof shall be received in trust for the benefit of the Notes Collateral Agent hereunder, shall be segregated from other
funds of such Grantor and shall be forthwith paid over or delivered to the Notes Collateral Agent in the same form as so received (with any necessary endorsement) to be held as cash Collateral and applied in such order as required by the Notes
Documents; and 
 (B)    Grantor shall not adjust, settle or compromise the amount or payment of any such
amount or release wholly or partly any obligor with respect thereto or allow any credit or discount thereon. 

(b)    If (i) an Event of Default shall have occurred and, by reason of cure, waiver, modification, amendment or
otherwise, no longer be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment or other transfer to the Notes Collateral Agent of any rights, title and interests in and to the Intellectual
Property shall have been previously made and shall have become absolute and effective, and (iv) the Notes Obligations shall not have become immediately due and payable, upon the written request of any Grantor, the Notes Collateral Agent shall
promptly execute and deliver to such Grantor, at such Grantor’s sole cost and expense, such assignments or other transfer (without recourse, representation or warranty of any kind) as may be reasonably requested by such Grantor to reassign to
such Grantor any such rights, title and interests as may have been assigned to the Notes Collateral Agent as aforesaid, subject to any disposition thereof that may have been made by the Notes Collateral Agent; provided that after giving
effect to such reassignment, the Notes Collateral Agent’s security interest granted pursuant hereto, as well as all other rights and remedies of the Notes Collateral Agent granted hereunder, shall continue to be in full force and effect; and
provided, further, that the rights, title and interests so reassigned shall be free and clear of any other Liens granted by or on behalf of the Notes Collateral Agent and the Noteholder Secured Parties. 

(c)    Solely for the purpose of enabling the Notes Collateral Agent to exercise rights and remedies under this
Section 5.8 and at such time as the Notes Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Notes Collateral Agent for the benefit of the Noteholder Secured
Parties, an irrevocable, non-exclusive, fully paid-up, worldwide license or (for third party rights) sublicense to use, license or sublicense any of the Intellectual
Property now owned, licensed (to the fullest extent permitted by such license), held for use or hereafter acquired by such Grantor (exercisable only during the continuance of an Event of Default and without payment of royalty or other compensation
to such Grantor), provided that such license shall be granted (i) only to the extent such grant (A) does not result in the breach of any license or similar agreement with a 

  
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third party or give such third party any right of acceleration, termination or cancellation therein (provided that such third party license or similar agreement was not entered into in
contemplation of such grant) and (B) is not prohibited by any law, and (ii) subject, (A) in the case of Trademarks, to sufficient rights to quality control and inspection in favor of such Grantor to avoid the risk of invalidation of said
Trademarks and to the inurement of any goodwill created by the use of such Trademarks to the benefit of the applicable Grantor, and (B) in the case of Trade Secrets, to sufficient requirements that the secret status of such Trade Secrets be
maintained. Such license or sublicense shall include access to all media in which any of the applicable Intellectual Property may be recorded, processed or stored and all computer programs related thereto. For the avoidance of doubt, at the time of
the release of the Liens on any Intellectual Property as set forth in Section 7.14 and of any sale or transfer of any Intellectual Property permitted by the Notes Documents, the license granted to the Notes Collateral Agent
pursuant to this Section 5.8(c) with respect to such Intellectual Property shall automatically and immediately terminate. 

5.9    Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other
disposition of the Collateral are insufficient to pay its Notes Obligations and the fees and disbursements of any attorneys employed by the Notes Collateral Agent or any other Noteholder Secured Party to collect such deficiency. 

SECTION 6. THE NOTES COLLATERAL AGENT 

Each Grantor covenants and agrees with the Notes Collateral Agent and the other Noteholder Secured Parties that: 

6.1    Notes Collateral Agent’s Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and appoints the Notes Collateral Agent and any officer or agent thereof, with full power of substitution, as its true and
lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, in each
case, from time to time after the occurrence and during the continuance of any Event of Default, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments
which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Notes Collateral Agent the power and right (but the Notes Collateral Agent shall
not have the obligation), on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following during the continuance of an Event of Default: 

(i)    in the name of such Grantor or its own name, or otherwise, take possession of and indorse and
collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable or Contract or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law
or equity or otherwise required by the Notes Collateral Agent acting pursuant to Section 6.5 hereof, for the purpose of collecting any and all such moneys due under any Receivable or Contract or with respect to any other Collateral whenever
payable; 
 (ii)    in the case of any Intellectual Property and Intellectual Property Licenses, execute
and deliver, and have recorded, any and all agreements, instruments, documents and papers as the Notes Collateral Agent may request to evidence the Notes Collateral Agent’s and the other Noteholder Secured Parties’ security interest in
such Intellectual Property and Intellectual Property Licenses and the goodwill and general intangibles of such Grantor relating thereto or represented thereby; 

(iii)    pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect
any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 

(iv)    execute, in connection with any sale provided for in Section 5.6 or
5.7, any indorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and 

  
 - 15 - 

 (v)    (1) direct any party liable for any payment under
any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Notes Collateral Agent or as the Notes Collateral Agent, acting pursuant to Section 6.5 hereof,, shall direct; (2) ask or demand
for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills,
bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in
equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to
any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Notes Collateral Agent, acting pursuant to Section 6.5 hereof, may require;
(7) assign and/or license any Copyright, Patent or Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such
manner, as the Notes Collateral Agent acting pursuant to Section 6.5 hereof, require; and (8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as
though the Notes Collateral Agent were the absolute owner thereof for all purposes, and do, at the Notes Collateral Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Notes
Collateral Agent acting pursuant to Section 6.5 hereof, requests to protect, preserve or realize upon the Collateral and the Notes Collateral Agent’s and the other Noteholder Secured Parties’ security interests therein and to effect
the intent of this Agreement, all as fully and effectively as such Grantor might do. 
 (b)    During the continuance of
an Event of Default, if any Grantor fails to perform or comply with any of its agreements contained herein, the Notes Collateral Agent, shall have the right, but without any obligation so to do, perform or comply, or otherwise cause performance or
compliance, with such agreement. 
 (c)    The expenses of the Notes Collateral Agent incurred in connection with
actions undertaken as provided in this Section 6.1, together with interest thereon at a rate per annum equal to the then applicable rate per annum at which interest would then be payable on any Notes under the Indenture,
from the date of payment by the Notes Collateral Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Notes Collateral Agent on demand. 

(d)    Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof or
otherwise in accordance with applicable laws. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are
released. 
 6.2    Duty of Notes Collateral Agent. The Notes Collateral Agent’s sole duty with respect to
the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the Uniform Commercial Code or otherwise, shall be to deal with it in the same manner as the
Notes Collateral Agent deals with similar property for its own account. Neither the Notes Collateral Agent, any other Noteholder Secured Party nor any of their respective officers, directors, employees or agents shall be liable for failure to
demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Notes Collateral Agent and the other Noteholder Secured Parties hereunder are solely to protect the Notes Collateral Agent’s and the other Noteholder
Secured Parties’ interests in the Collateral and shall not impose any duty upon the Notes Collateral Agent or any other Noteholder Secured Party to exercise any such powers. The Notes Collateral Agent and the other Noteholder Secured Parties
shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act
hereunder, except for their own gross negligence or willful misconduct as determined in a final non-appealable judgment of a court competent jurisdiction. 

  
 - 16 - 

 6.3    Authorization for Filing Financing Statements. Pursuant to
any applicable law, each Grantor agrees to file, or authorizes the Notes Collateral Agent or its designees for such purpose to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral
(though the foregoing shall not relieve the Grantor of such obligation to file and record such documents or instruments) without the signature of such Grantor in such form and in such offices as are (and in any event which have been filed or
recorded in respect of the Term Loan Facility) appropriate to perfect the security interests of the Notes Collateral Agent (for the benefit of the Noteholder Secured Parties) under this Agreement. Each Grantor authorizes the use of the collateral
description “all personal property, whether now owned or hereafter acquired”, “all assets of the Grantor, whether now existing or hereafter arising” or any other similar collateral description in any such financing statements.

 6.4    Authority of Notes Collateral Agent. Each Grantor acknowledges that the rights and responsibilities of
the Notes Collateral Agent under this Agreement with respect to any action taken by the Notes Collateral Agent or the exercise or non-exercise by the Notes Collateral Agent of any option, voting right,
request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Notes Collateral Agent and the other Noteholder Secured Parties, be governed by the Indenture and by such other
agreements with respect thereto as may exist from time to time among them, but, as between the Notes Collateral Agent and the Grantors, the Notes Collateral Agent shall be conclusively presumed to be acting as agent for the Noteholder Secured
Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 

6.5    Concerning the Notes Collateral Agent. Wilmington Trust, National Association is entering this Agreement and
each other Notes Document solely in its capacity as Notes Collateral Agent under the Indenture. In acting hereunder and under each other Notes Document, whether or not expressly provided herein or therein, the Notes Collateral Agent shall be
entitled to the rights, protections, immunities and indemnities of the Notes Collateral Agent set forth in the Indenture as if the provisions setting forth those rights, protections, immunities and indemnities were set forth herein and therein. 

Notwithstanding anything herein to the contrary, the Notes Collateral Agent shall be under no obligation to exercise any discretion in
connection with its duties herein, and shall act or refrain from acting as directed in writing by the Trustee or the Holders of the requisite percentage in aggregate principal amount of the Notes as permitted by and in accordance with the Indenture,
and shall have no liability to any Person and will be fully protected in acting or refraining from acting in accordance therewith. 
 SECTION
7. MISCELLANEOUS 
 7.1    Amendments in Writing. None of the terms or provisions of this Agreement may be
waived, amended, supplemented or otherwise modified except in accordance with Article 9 of the Indenture. 

7.2    Notices. All notices, requests and demands to or upon the Notes Collateral Agent or any Grantor hereunder
shall be in writing and effected in the manner provided for in Section 12.02 of the Indenture. 

7.3    No Waiver by Course of Conduct; Cumulative Remedies. Neither the Notes Collateral Agent nor any other
Noteholder Secured Party shall by any act (except by a written instrument pursuant to Section 7.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in
any Default or Event of Default, as applicable. No failure to exercise, nor any delay in exercising, on the part of the Notes Collateral Agent or any other Noteholder Secured Party, any right, power or privilege hereunder shall operate as a waiver
thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Notes Collateral Agent or any other
Noteholder Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Notes Collateral Agent or such other Noteholder Secured Party would otherwise have on any future occasion.
The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

  
 - 17 - 

 7.4    Tax Indemnity. (a) Each Grantor agrees to jointly and
severally pay, and to save the Notes Collateral Agent and each other Noteholder Secured Party harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other similar taxes
which may be payable or determined to be payable with respect to any of the Collateral. 
 (b)    The agreements in this
Section 7.4 shall survive repayment of the Notes Obligations and any other amounts payable under the Indenture and the other Notes Documents. 

7.5    Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and
shall inure to the benefit of the Notes Collateral Agent and each other Noteholder Secured Party and their respective successors, indorsees, transferees and assigns; provided that, except as otherwise permitted under the Indenture, no Grantor
may assign, transfer or delegate any of its rights or obligations under this Agreement. 
 7.6    Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 7.7    Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 7.8    Section Headings. The Section headings
used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

7.9    Integration. This Agreement and the other Notes Documents represent the agreement of the Grantors, the Notes
Collateral Agent and the other Noteholder Secured Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Notes Collateral Agent or any other Noteholder Secured
Party relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Notes Documents. 

7.10    GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION (OTHER THAN ANY MANDATORY
PROVISIONS OF THE UNIFORM COMMERCIAL CODE RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE SECURITY INTEREST). 

7.11    SUBMISSION TO JURISDICTION; WAIVERS. EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY: 

(a)    SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND ANY OTHER
NOTES DOCUMENT TO WHICH IT IS A PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF
NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF, TO THE EXTENT SUCH COURTS WOULD HAVE SUBJECT MATTER JURISDICTION WITH RESPECT THERETO, AND AGREES THAT NOTWITHSTANDING THE FOREGOING (X) A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW AND (Y) LEGAL ACTIONS OR PROCEEDINGS BROUGHT BY THE NOTEHOLDER SECURED PARTIES IN 

  
 - 18 - 

 
CONNECTION WITH THE EXERCISE OF RIGHTS AND REMEDIES WITH RESPECT TO COLLATERAL MAY BE BROUGHT IN OTHER JURISDICTIONS WHERE SUCH COLLATERAL IS LOCATED OR SUCH RIGHTS OR REMEDIES MAY BE EXERCISED;

 (b)    CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND WAIVES ANY RIGHT TO CLAIM THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

(c)    AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY
REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 12.02 OF THE INDENTURE OR AT SUCH OTHER ADDRESS OF WHICH THE NOTES COLLATERAL AGENT
SHALL HAVE BEEN NOTIFIED PURSUANT THERETO; 
 (d)    AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT
SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW;  
 (e)    WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED
BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN THIS SECTION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES; AND 

(f)    WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER NOTES DOCUMENT
AND FOR ANY COUNTERCLAIM THEREIN. 
 7.12    Acknowledgements. Each Grantor hereby acknowledges that: 

(a)    it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Notes
Documents to which it is a party; 
 (b)    neither the Notes Collateral Agent nor any other Noteholder Secured Party
has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Notes Documents, and the relationship between the Grantors, on the one hand, and the Notes Collateral Agent and the
other Noteholder Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 

(c)    no joint venture is created hereby or by the other Notes Documents or otherwise exists by virtue of the
transactions contemplated hereby among any of the Noteholder Secured Parties or among the Grantors and any of the Noteholder Secured Parties. 

7.13    Additional Grantors. Each Subsidiary of the Issuer that is required to become a party to this Agreement
pursuant to the Indenture shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex I hereto. 

7.14    Releases. (a) Upon the Discharge of Notes Obligations, the Collateral shall be automatically and without
further action released from the Liens in favor of the Notes Collateral Agent and the other Noteholder Secured Parties created hereby, this Agreement shall terminate with respect to the Notes Collateral Agent and the other Noteholder Secured
Parties, and all obligations (other than those expressly stated to survive such termination) of each Grantor to the Notes Collateral Agent or any other Noteholder Secured Party hereunder shall terminate, all without

  
 - 19 - 

 
delivery of any instrument or performance of any act by any party. At the sole expense of any Grantor following any such termination and receipt of an Officer’s Certificate and Opinion of
Counsel to the extent required by the Indenture, the Notes Collateral Agent shall deliver such documents as such Grantor shall reasonably request to evidence such release and termination. 

(b)    If any of the Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a sale, transfer or
other disposition permitted by the Indenture, other than with respect to a sale, transfer or other disposition to another Grantor, or if any Collateral is required to be automatically released pursuant to Section 13.03 of the Indenture, then
such Collateral shall be automatically and without further action released from the security interests created by this Agreement. If a Grantor is disposed of pursuant to a transaction permitted by the Indenture or is otherwise released from its
guarantee of the Notes Obligations pursuant to the Indenture, such Grantor shall be automatically and without further action released from its obligations under this Agreement. In each case, the Notes Collateral Agent, at the request and sole
expense of such Grantor and upon receipt of an Officer’s Certificate and Opinion of Counsel to the extent required by the Indenture, shall execute and deliver to such Grantor all releases or other documents reasonably requested by such Grantor
for the termination and release of the Liens created hereby on Collateral of such Grantor, or such Grantor, as applicable. 

7.15    Intercreditor Agreements. Notwithstanding anything herein to the contrary, the Lien and security
interest granted pursuant to this Agreement and the exercise of any right or remedy hereunder are subject to the provisions of the Intercreditor Agreements. In the event of any conflict between the terms of the ABL Intercreditor Agreement and this
Agreement, the terms of the ABL Intercreditor Agreement shall govern and control. In the event of any conflict between the terms of the Pari Passu Intercreditor Agreement and this Agreement, the terms of the Pari Passu Intercreditor Agreement shall
govern and control. Without limiting the generality of the foregoing, and notwithstanding anything herein to the contrary until the Discharge of ABL Obligations (as defined in the ABL Intercreditor Agreement), any obligation of any Grantor hereunder
or under any other Collateral Document with respect to the delivery of any ABL Collateral shall be deemed to be satisfied by delivery of such ABL Collateral to the ABL Agent pursuant to the ABL Collateral Documents (as defined in the Intercreditor
Agreement). 
 [Signature pages follow.] 

  
 - 20 - 

 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed
and delivered as of the date first above written. 
 GRANTORS: 
  

			
	JELD-WEN HOLDING, INC.

 
			
		
	By:	 	 /s/ John R. Linker

	Name:	 	John R. Linker
	Title:	 	Executive Vice President and Chief Financial Officer

 
			
	
	JELD-WEN, INC.

 
			
		
	By:	 	 /s/ John R. Linker

	Name:	 	John R. Linker
	Title:	 	Executive Vice President and Chief Financial Officer

 
			
	
	AMERICAN BUILDING SUPPLY, INC.

 
			
		
	By:	 	 /s/ Daniel Castillo

	Name:	 	Daniel Castillo
	Title:	 	President

 
			
	
	JELD WEN DOOR REPLACEMENT SYSTEMS, INC.

 
			
		
	By:	 	 /s/ Wallace D. Corwin

	Name:	 	Wallace D. Corwin
	Title:	 	President

 
			
	
	HARBOR ISLES, LLC

 
			
		
	By:	 	 /s/ John R. Linker

	Name:	 	John R. Linker
	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature page to Pledge and Security Agreement] 

 
			
	J B L HAWAII, LIMITED

 
			
		
	By:	 	 /s/ John R. Linker

	Name:	 	John R. Linker
	Title:	 	Chief Financial Officer

 
			
	
	JW INTERNATIONAL HOLDINGS, INC.

 
			
		
	By:	 	 /s/ Gary S. Michel

	Name:	 	Gary S. Michel
	Title:	 	President

 
			
	
	JW REAL ESTATE, INC.

 
			
		
	By:	 	 /s/ Scott Vining

	Name:	 	Scott Vining
	Title:	 	President

 
			
	
	KARONA, INC.

 
			
		
	By:	 	 /s/ Daniel Castillo

	Name:	 	Daniel Castillo
	Title:	 	President

 [Signature page to Pledge and Security Agreement] 

 
			
	Wilmington Trust, National Association, as Notes Collateral Agent

 
			
		
	By:	 	 /s/ W. Thomas Morris, II

	Name:	 	W. Thomas Morris, II
	Title:	 	Vice President

 [Signature page to First Lien Pledge and Security Agreement] 

 Annex I to 

First Lien Pledge and Security Agreement 

ASSUMPTION AGREEMENT, dated as of
                    ,         , made by
                 (the “Additional Grantor”), in favor of Wilmington Trust, National Association, as notes collateral agent (together with its
successors, in such capacity, the “Notes Collateral Agent”) for the Noteholder Secured Parties (as defined in the Indenture, dated as of May 4, 2020 as amended, restated, amended and restated, supplemented, restructured or
otherwise modified, renewed or replaced from time to time, the “Indenture”), among Jeld-Wen, Inc., a Delaware corporation (the “Issuer”), the Guarantors, Wilmington Trust,
National Association, as Trustee and as Notes Collateral Agent. Unless otherwise defined herein, terms defined in the Indenture and used herein shall have the meanings given to them in the Indenture. 

W I T N E S S E T H : 
 WHEREAS,
in connection with the Indenture, the Issuer and certain of its Affiliates (other than the Additional Grantor) entered into the Pledge and Security Agreement, dated as of May 4, 2020, in favor of the Notes Collateral Agent for the benefit of
the Noteholder Secured Parties (as amended, restated, amended and restated, supplemented, restructured or otherwise modified, renewed or replaced from time to time, the “Pledge and Security Agreement”); 

WHEREAS, the Indenture requires the Additional Grantor to become a party to the Pledge and Security Agreement; and 

WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Pledge and
Security Agreement; 
 NOW, THEREFORE, IT IS AGREED: 

1. Pledge and Security Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in
Section 7.13 of the Pledge and Security Agreement, (a) hereby becomes a party to the Pledge and Security Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting the
generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Grantor, and (b) hereby collaterally assigns, grants, mortgages and pledges to the Notes Collateral Agent and hereby grants to the Notes Collateral
Agent, for the benefit of the Noteholder Secured Parties, as collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Notes Obligations of such Additional
Grantor (including, without limitation, any extensions, modifications, substitutions, amendments or renewals of any or all of such Notes Obligations), a security interest in all of the Collateral of the Additional Grantor, in each case whether now
owned or at any time hereafter acquired by the Additional Grantor or in which the Additional Grantor now has or at any time in the future may acquire any right, title or interests and wherever the same may be located, but subject in all respects to
the terms, conditions and exclusions set forth in the Pledge and Security Agreement. The information set forth in Annex I-A hereto is hereby added to the information set forth in the Schedules to the
Pledge and Security Agreement. The Additional Grantor hereby represents and warrants that each of the representations and warranties applicable to the Additional Grantor contained in Section 3 of the Pledge and Security Agreement is true and
correct in all material respects on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date. 

2. Governing Law. THIS ASSUMPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS ASSUMPTION AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

[Signature page follows.] 

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed
and delivered as of the date first above written. 
  

			
	 [ADDITIONAL
GRANTOR]

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:EX-10.1

 Exhibit 10.1 
  

 
  

INVESTMENT AGREEMENT 
 by and
between 
 Front Yard Residential Corporation 

and 
 Amherst Single Family
Residential Partners VI, LP 
 Dated as of May 4, 2020 
  

 
  

 INVESTMENT AGREEMENT 

INVESTMENT AGREEMENT, dated as of May 4, 2020 (this “Agreement”), by and between Front Yard Residential Corporation, a
Maryland corporation (the “Company”), and Amherst Single Family Residential Partners VI, LP, a Delaware limited partnership (together with its successors and any Permitted Transferee, the “Purchaser”). 

WHEREAS, the Company, BAF Holdings, LLC (“Parent”) and BAF Sub, LLC (“Merger Sub”) previously entered into
an Agreement and Plan of Merger, dated as of February 17, 2020 (the “Merger Agreement”), pursuant to which the Company was to be merged with and into Merger Sub on the terms and subject to the conditions set forth in the Merger
Agreement (the “Merger”); 
 WHEREAS, concurrently with the execution of this Agreement, (i) the parties to the Merger
Agreement (and Purchaser) are entering into a Termination and Settlement Agreement and (ii) the Company and an affiliate of the Purchaser are entering into a Non-Negotiable Promissory Note (the
“Promissory Note”); and 
 WHEREAS, in accordance with the terms set forth herein, the Company desires to issue, sell and
deliver to the Purchaser, and the Purchaser desires to purchase and acquire from the Company, an aggregate of 4,400,000 shares of the Company’s common stock, par value $0.01 per share (the “Shares”). 

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained in this Agreement, the receipt
and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 ARTICLE I 

Definitions 

Section 1.01 Definitions. (a) As used in this Agreement (including the recitals hereto), the following terms shall have the
following meanings: 
 “Acquired Shares” has the meaning given to it in Section 2.01. 

“Affiliate” means, when used with respect to any Person, any other Person who controls, or is controlled by, or is under
common control with, such Person. For this purpose, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or
partnership or other ownership interests, by contract or otherwise. 
 “Agreement” has the meaning given to it in the
preamble. 
 “Asset Sale Transaction” has the meaning given to it in Section 5.07. 

“Bankruptcy and Equity Exception” has the meaning given to it in Section 3.03. 

 “beneficially own,” “beneficial ownership of” or
“beneficially owning” any securities shall have the meaning set forth in Rule 13d-3 of the rules and regulations under the Exchange Act. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day of the year on which banks are not required or authorized by Law to close in New York City. 

“Chancery Court” has the meaning given to it in Section 7.04. 

“Change of Control Date” has the meaning given to it in Section 5.06(d). 

“Chosen Courts” has the meaning given to it in Section 7.04. 

“Closing” has the meaning given to it in Section 2.02. 

“Closing Date” has the meaning given to it in Section 2.02. 

“Company” has the meaning given to it in the preamble. 

“Company Charter Documents” means the Company’s charter (as amended, restated or supplemented as of the date hereof) or
the Amended and Restated Bylaws of the Company, effective as of February 21, 2018. 
 “Company Stock Plans” means the
Front Yard Residential Corporation Conversion Option Plan, the Front Yard Residential Corporation Special Conversion Option Plan, Front Yard Residential Corporation 2016 Equity Incentive Plan or the Front Yard Residential Corporation 2019 Equity
Incentive Plan. 
 “Excess Shares” means a number of Acquired Shares that could have been Transferred by Purchaser in the
prior quarters (determined on a cumulative basis) but were not Transferred by Purchaser. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Financing
Transaction” has the meaning given to it in Section 5.07. 
 “GAAP” means generally
accepted accounting principles in the United States, consistently applied. 
 “Governmental Authority” means any
government, court, regulatory or administrative agency, commission, arbitrator (public or private) or authority or other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether
federal, state or local, domestic, foreign or multinational. 
 “Judgment” means any order, judgment, injunction, ruling,
writ, award or decree of any Governmental Authority. 

  
 2 

 “Law” means any federal, state, local, foreign or transnational law,
statute or ordinance, common law, or any rule or regulation. 
 “Liens” means liens, encumbrances, mortgages, charges,
claims, restrictions, pledges, security interests, title defects, easements, rights-of-way, covenants, encroachments or other adverse claims of any kind with respect to
a property or asset. 
 “Material Adverse Effect” means, with respect to the Company and its Subsidiaries, any change,
effect, event, occurrence, development, circumstance, condition or effect that, individually or in the aggregate (x) has or would reasonably be expected to prevent or materially impair or delay the ability of the Company and its Subsidiaries,
to consummate the transactions contemplated hereby or (y) has had or would reasonably be expected to have a material adverse effect on the financial condition, properties, assets, business or results of operations of the Company and its
Subsidiaries, taken as a whole, excluding for the purposes of clause (y), any such effect resulting from or arising in connection with: (1) changes in, or events generally affecting, the financial, securities or capital markets,
(2) general economic or political conditions in the United States or any foreign jurisdiction in which the Company or any of its Subsidiaries operate, including any changes in currency exchange rates, interest rates, monetary policy or
inflation, (3) changes in, or events generally affecting, the industries in which the Company or any of its Subsidiaries operate, (4) any acts of war, pandemic (including COVID-19), sabotage, civil
disobedience or terrorism or natural disasters (including hurricanes, tornadoes, floods or earthquakes), (5) any failure by the Company or any of its Subsidiaries to meet any internal or published budgets, projections, forecasts or predictions in
respect of financial performance for any period, (6) a decline in the price of the Shares, or a change in the trading volume of the Shares, on the NYSE, including as a result of the termination of the Merger Agreement, provided, that the
exceptions in clauses (5) and (6) shall not prevent or otherwise affect a determination that any change, effect, circumstance or development underlying such failure or decline or change (if not otherwise falling within any of the exclusions
pursuant to the other clauses of this definition) has resulted in, or contributed to, a Company Material Adverse Effect, (7) changes in applicable Law, (8) changes in GAAP (or authoritative interpretation thereof), (9) the taking of any
specific action expressly required by this Agreement or taken with Purchaser’s written consent, (10) the announcement or pendency (but, for the avoidance of doubt, not the consummation) of this Agreement, including the impact thereof on
the relationships with customers, suppliers, distributors, partners, other third parties with whom the Company has a relationship or (11) any litigation brought by stockholders of the Company or the Purchaser alleging breach of duty or
inadequate disclosure in connection with this Agreement or any of the transactions contemplated hereby (it being understood and agreed that the exception in this clause (11) shall apply to the effects arising out of or relating to the bringing
of such litigation and not those arising out of or resulting from an actual breach (or other claim) that is the subject thereof); provided, that the changes, effects, circumstances or developments set forth in the foregoing clauses (1), (2), (3),
(4), (7) and (8) shall be taken into account in determining whether a “Material Adverse Effect” has occurred to the extent such changes, effects, circumstances or developments have a disproportionate adverse effect on the Company and
its Subsidiaries, taken as a whole, relative to other participants in the industries in which the Company and its Subsidiaries operate (but only the incremental disproportionate effect on the Company and its Subsidiaries, taken as a whole). 

  
 3 

 “Measurement Date” has the meaning set forth in
Section 3.02. 
 “Merger” has the meaning given to it in the recitals. 

“Merger Agreement” has the meaning given to it in the recitals. 

“Merger Sub” has the meaning given to it in the recitals. 

“MGCL” means the Maryland General Corporation Law, as amended, supplemented or restated from time to time. 

“Parent” has the meaning given to it in the recitals. 

“Permitted Transferee” means, with respect to any Person, any Affiliate of such Person. 

“Person” means an individual, corporation, limited liability company, partnership, joint venture, association, trust,
unincorporated organization or any other entity, including a Governmental Authority. 
 “Preferred Shares” has the meaning
given to it in Section 3.02. 
 “Promissory Note” has the meaning given to it in the recitals.

 “Purchase” has the meaning given to it in Section 2.01. 

“Purchase Price” has the meaning given to it in Section 2.01. 

“Purchaser” has the meaning given to it in the preamble. 

“Purchaser Material Adverse Effect” means any event, change, circumstance or effect that, individually or in the aggregate,
prevents, materially delays, materially impairs or has a material adverse effect on the ability of Purchaser to perform its obligations under this Agreement (including paying the Purchase Price). 

“Representatives” means, with respect to any Person, its officers, directors, principals, partners, managers, members,
employees, consultants, agents, financial advisors, investment bankers, attorneys, accountants, other advisors and other representatives. 

“Restrictive Legend” has the meaning given to it in Section 5.04(a). 

“Quarterly Cap” has the meaning given to it in Section 5.06(b)(ii). 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Shares” has the meaning given to it in the recitals. 

  
 4 

 “Standstill Termination” has the meaning given to it in
Section 5.02(a). 
 “Subsidiary” means, with respect to any Person, any other Person with respect
to which the first Person (x) has the voting power or such other right to elect a majority of the board of directors or other persons performing similar functions or (y) beneficially owns more than fifty percent (50%) of the voting stock
(or of any other form of voting or controlling equity interest in the case of a Person that is not a corporation) or economic interest, in each case, directly or indirectly through one or more other Persons. 

“Termination and Settlement Agreement” means that certain agreement, dated as of the date hereof, by and between the Company,
the Purchaser, Parent and Merger Sub. 
 “Transaction Documents” means this Agreement, the Termination and Settlement
Agreement, the Promissory Note and all other documents, certificates or agreements executed in connection with the transactions contemplated by this Agreement and the Termination and Settlement Agreement. 

“Transactions” means the transactions expressly contemplated by this Agreement and the other Transaction Documents. 

“Transfer” by any Person means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or otherwise
dispose of or transfer (by the operation of law or otherwise), or to enter into any contract, option or other arrangement, agreement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or other
disposition or transfer (by the operation of law or otherwise), of any voting interest in any equity securities beneficially owned by such Person; provided, that transfers of any equity interests in Amherst Single Family Residential Partners
VI, LP or any parent company thereof shall not be deemed a Transfer. 
 ARTICLE II 

Purchase and Sale 

Section 2.01 Purchase and Sale. At the Closing, the Purchaser shall purchase and acquire from the Company an aggregate of
4,400,000 Shares, and the Company shall issue, sell and deliver to the Purchaser, such Shares (the “Acquired Shares”) for a purchase price per Acquired Share equal to $12.50 in cash and an aggregate purchase price of $55,000,000
(such aggregate purchase price, the “Purchase Price”). The purchase and sale of the Acquired Shares pursuant to this Section 2.01 is referred to as the “Purchase.” 

Section 2.02 Closing. (a) The closing of the sale and purchase of the Acquired Shares (the “Closing”) shall
occur at 10:00 a.m. (New York City time) as promptly as reasonable practicable following the date of this Agreement on a date selected by Purchaser that is no later than May 19, 2020, at the offices of Weil, Gotshal & Manges LLP, 767
Fifth Avenue, New York, New York 10153, or at such other place, time and date as shall be agreed between the Company and the Purchaser (the date on which the Closing occurs, the “Closing Date”). The Purchaser shall provide the
Company with at least two (2) Business Days prior written notice of the Closing Date. 

  
 5 

 (b) At the Closing, (i) the Company shall deliver to the Purchaser the Acquired Shares
free and clear of all Liens, except restrictions imposed by this Agreement, the Securities Act and any applicable securities Laws and (ii) the Purchaser shall pay (or cause to be paid) the Purchase Price to the Company, by wire transfer in
immediately available U.S. federal funds, to the account designated by the Company in writing. 
 ARTICLE III 

Representations and Warranties of the Company 

The Company hereby represents and warrants to the Purchaser as follows: 

Section 3.01 Organization and Good Standing. The Company is a legal entity duly organized, validly existing and in good standing
under the Laws of its jurisdiction of organization and has all requisite corporate or similar power and authority to own, lease and operate its properties and assets and to carry on its business as presently conducted and is qualified to do business
and is in good standing as a foreign legal entity in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires such qualification, except where the failure to be so organized,
qualified or in good standing, or to have such power or authority, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 3.02 Equity Capital Structure. The authorized capital stock of the Company consists of (A) 200,000,000 Shares and (B)
100,000,000 preferred shares, par value $0.01 per share (the “Preferred Shares”). As of the close of business on May 1, 2020 (the “Measurement Date”), 54,070,851 Shares were issued and outstanding and no
Preferred Shares were issued and outstanding. All of the outstanding Shares have been duly authorized and validly issued and are fully paid and nonassessable and free of preemptive rights, were issued in accordance with applicable Law and were not
issued in violation of any preemptive or other similar rights. As of the Measurement Date there were an aggregate of 1,650,071 Shares reserved for, and 2,456,856 Shares subject to, issuance pursuant to the Company Stock Plans. Except as provided in
the preceding sentence and except for Shares that after the date hereof become reserved for issuance or subject to issuance as permitted under this Agreement, the Company has no Shares reserved for, or subject to, issuance. The Company has no
Preferred Shares or other shares of capital stock reserved for or subject to issuance (it being understood that “other shares of capital stock” shall not include Shares). 

Section 3.03 Authority; Noncontravention. (a) The Company has full right, power and authority to execute and deliver
this Agreement and the other Transaction Documents and to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance by the Company of this Agreement and the other Transaction
Documents, and the consummation by it of the Transactions, have been duly authorized by the Board (or a duly authorized committee thereof) and no other action on the part of the Company or its stockholders is necessary to authorize the execution,
delivery and performance by the Company of this Agreement and the other Transaction Documents and the consummation by it of the Transactions. This Agreement has been duly executed and delivered by the Company and, assuming due authorization,
execution and delivery hereof by the 

  
 6 

 
Purchaser, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforceability (i) may be limited
by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general application affecting or relating to the enforcement of creditors’ rights generally and (ii) is subject to general principles of
equity, whether considered in a proceeding at law or in equity (the “Bankruptcy and Equity Exception”). 
 (b) Neither the
execution and delivery of this Agreement or the other Transaction Documents by the Company, nor the consummation of the Transactions by the Company, nor performance or compliance by the Company with any of the terms or provisions hereof or thereof,
will (i) conflict with or violate any provision of the Company Charter Documents, or (ii)(x) violate any Law or Judgment applicable to the Company or any of its Subsidiaries or (y) violate or constitute a default (or constitute an event
which, with notice or lapse of time or both, would violate or constitute a default) under any of the terms, conditions or provisions of any Contract (as defined in the Merger Agreement) to which the Company or any of its Subsidiaries is a party or
accelerate the Company’s or any of its Subsidiaries’, if applicable, obligations under any such Contract, except, in the case of clause (ii), as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. 
 Section 3.04 No Consents Required. No consent, approval, authorization, order, registration or qualification
of or with any Governmental Authority is required for the execution and delivery of this Agreement and the other Transaction Documents by the Company, the performance by the Company of its obligations hereunder and thereunder and the consummation by
the Company of the Transactions, except for (a) filings with the SEC under the Securities Act and Exchange Act, (b) filing pursuant to state securities or blue sky laws, (c) the filing and approval of a Supplemental Listing
Application with the New York Stock Exchange and (d) such consents, approvals, authorizations, orders, registrations or qualifications (i) as have already been made or obtained or (ii) where the failure to obtain any such consent,
approval, authorization, order, registration or qualification would not, individually or in the aggregate, have a Material Adverse Effect. 

Section 3.05 Brokers and Finders. The Company has not employed any broker or finder or incurred any liability for any brokerage
fees, commissions or finders’ fees in connection with the Merger or the other transactions contemplated in this Agreement, except that the Company has engaged Deutsche Bank as the Company’s financial advisor, the fees and expenses of which
shall be paid solely by the Company. 
 Section 3.06 No Other Representations or Warranties. Except for the representations and
warranties made by the Company in this Article III, in any Transaction Documents or in any certificate or other document delivered in connection with this Agreement or the Transaction Documents, neither the Company nor any other Person acting
on its behalf makes any other express or implied representation or warranty with respect to the Shares, the Company or any of its Subsidiaries or their respective businesses, operations, properties, assets, liabilities, condition (financial or
otherwise) or prospects, notwithstanding the delivery or disclosure to the Purchaser or its Representatives of any documentation, forecasts or other information with respect to any one or more of the foregoing, and the Purchaser acknowledges the
foregoing. In particular, and without limiting the generality of the foregoing, except for the representations and warranties 

  
 7 

 
made by the Company in this Article III, the Transaction Documents, or in any certificate or other document delivered in connection with this Agreement or the Transaction Documents,
neither the Company nor any other Person makes or has made any express or implied representation or warranty to the Purchaser or its Representatives with respect to (a) any financial projection, forecast, estimate, budget or prospect
information relating to the Company, any of its Subsidiaries or their respective businesses or (b) any oral or written information presented to the Purchaser or its Representatives in the course of its due diligence investigation of the
Company, the negotiation of this Agreement or the course of the Transactions or any other transactions or potential transactions involving the Company and the Purchaser. 

ARTICLE IV 
 Representations
and Warranties of the Purchaser 
 The Purchaser represents and warrants to the Company: 

Section 4.01 Organization; Standing. The Purchaser is duly organized, validly existing and in good standing under the Laws of its
jurisdiction of organization and has all requisite power and authority to consummate the transactions contemplated hereby. 

Section 4.02 Authority; Noncontravention. (a) The Purchaser has all necessary power and limited partnership authority to
execute and deliver this Agreement and the other Transaction Documents to which it is a party and to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance by the Purchaser of
this Agreement and the other Transaction Documents to which it is a party, and the consummation by the Purchaser of the Transactions, have been duly authorized and approved by all necessary action on the part of the Purchaser, and no further action,
approval or authorization by any of its members, is necessary to authorize the execution, delivery and performance by the Purchaser of this Agreement and the other Transaction Documents and the consummation by the Purchaser of the Transactions. This
Agreement has been duly executed and delivered by the Purchaser and, assuming due authorization, execution and delivery hereof by the Company, constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in
accordance with its terms, except that such enforceability may be limited by the Bankruptcy and Equity Exception. 
 (b) Neither the
execution and delivery of this Agreement or the other Transaction Documents by the Purchaser, nor the consummation of the Transactions by the Purchaser, nor performance or compliance by the Purchaser with any of the terms or provisions hereof or
thereof, will (i) conflict with or violate any provision of the limited partnership agreement of the Purchaser, or (ii)(x) violate any Law or Judgment applicable to the Purchaser or any of its Subsidiaries or (y) violate or constitute a
default (or constitute an event which, with notice or lapse of time or both, would violate or constitute a default) under any of the terms, conditions or provisions of any Contract to which the Purchaser or any of its Subsidiaries is a party or
accelerate the Purchaser’s or any of its Subsidiaries’, if applicable, obligations under any such Contract, except, in the case of clause (ii), as would not, individually or in the aggregate, reasonably be expected to have a Purchaser
Material Adverse Effect. 

  
 8 

 Section 4.03 No Consents Required. No consent, approval, authorization, order,
registration or qualification of or with any Governmental Authority is required for the execution and delivery of this Agreement and the other Transaction Documents by the Purchaser, the performance by the Purchaser of its obligations hereunder and
thereunder and the consummation by the Purchaser of the Transactions, except for such consents, approvals, authorizations, orders, registrations or qualifications (i) as have already been made or obtained or (ii) where the failure to
obtain any such consent, approval, authorization, order, registration or qualification would not, individually or in the aggregate, have a Purchaser Material Adverse Effect. 

Section 4.04 Financing. The Purchaser currently has capital commitments sufficient to, and at the Closing will have available
funds necessary to, consummate the Purchase and pay the Purchase Price on the terms and conditions contemplated by this Agreement. The Purchaser is not aware of any reason why the funds sufficient to fulfill its obligations under Article II
(including paying the Purchase Price) will not be available on the Closing Date. 
 Section 4.05 Brokers and Finders. The
Purchaser has not employed any broker or finder or incurred any liability for any brokerage fees, commissions or finders’ fees in connection with the Merger or the other transactions contemplated in this Agreement, except for Persons whose fees
and expenses shall be paid by the Purchaser or its affiliates. 
 Section 4.06 Ownership of Shares; Interested Stockholder.
Neither the Purchaser nor any of its Affiliates beneficially owns, directly or indirectly, any Shares, any rights or options to acquire any Shares, or any securities or instruments convertible into, exchangeable for, or exercisable for Shares and
neither the Purchaser nor any of its Affiliates has any rights to acquire any Shares except pursuant to this Agreement and the Merger Agreement (which is being terminated pursuant to the Settlement Agreement). Neither the Purchaser nor any of its
Affiliates is, nor at any time has been, an “interested stockholder” of the Company as defined in Section 3-601 of the MGCL. 

Section 4.07 Purchase for Investment. The Purchaser acknowledges that the Acquired Shares have not been registered under the
Securities Act or under any state or other applicable securities laws. The Purchaser (a) acknowledges that it is acquiring the Acquired Shares pursuant to an exemption from registration under the Securities Act solely for investment with no
intention to distribute any of the foregoing to any Person, (b) has such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the
Acquired Shares and of making an informed investment decision, (c) is an “accredited investor” (as that term is defined by Rule 501 of the Securities Act), (d) is a “qualified institutional buyer” (as that term is defined in
Rule 144A of the Securities Act) and (e) (1) has reviewed the information that it considers necessary or appropriate to make an informed investment decision with respect to the Acquired Shares, (2) has had an opportunity to discuss with
the Company and its Representatives the intended business and financial affairs of the Company and to obtain information necessary to verify the information furnished to it or to which it had access and (3) can bear the economic risk of
(i) an investment in the Acquired Shares indefinitely and (ii) a total loss in respect of such investment. The Purchaser has such knowledge and experience in business and financial matters so as to enable it to understand and evaluate the
risks of, and form an investment decision with respect to its investment in, the Acquired Shares. 

  
 9 

 Section 4.08 Non-Reliance on Company
Estimates, Projections, Forecasts, Forward-Looking Statements and Business Plans. In connection with the due diligence investigation of the Company by the Purchaser and its respective Representatives, the Purchaser and its respective
Representatives have received and may continue to receive from the Company and its Representatives certain estimates, projections, forecasts and other forward-looking information, as well as certain business plan information, in each case containing
forward-looking information, regarding the Company and its Subsidiaries and their respective businesses and operations. The Purchaser hereby acknowledges that there are uncertainties inherent in attempting to make such estimates, projections,
forecasts and other forward-looking statements, as well as in such business plans to the extent each of them contain forward-looking information, with which the Purchaser is familiar, that the Purchaser is making its own evaluation of the adequacy
and accuracy of such forward-looking information so furnished to the Purchaser (including the reasonableness of the assumptions underlying such forward-looking information), and that except for the representations and warranties made by the Company
in Article III, the Transaction Documents and in any certificate or other document delivered in connection with this Agreement or the Transaction Documents, and other than for fraud, the Purchaser will have no claim against the Company or any
of its Subsidiaries, or any of their respective Representatives, with respect thereto. 
 Section 4.09 No Other Representations or
Warranties. Except for the representations and warranties made by the Purchaser in this Article IV, the Transaction Documents and in any certificate or other document delivered in connection with this Agreement or the Transaction
Documents, neither the Purchaser nor any other Person acting on its behalf makes any other express or implied representation or warranty with respect to the Purchaser or any of its Affiliates or their respective businesses, operations, properties,
assets, liabilities, condition (financial or otherwise) or prospects, notwithstanding the delivery or disclosure to the Company or its Representatives of any documentation, forecasts or other information with respect to any one or more of the
foregoing, and the Company acknowledges the foregoing. In particular, and without limiting the generality of the foregoing, except for the representations and warranties made by the Purchaser in this Article IV, the Transaction Documents and
in any certificate or other document delivered in connection with this Agreement or the Transaction Documents, neither the Purchaser nor any other Person makes or has made any express or implied representation or warranty to the Purchaser or its
Representatives with respect to any oral or written information presented to the Company or its Representatives in the course of its due diligence investigation of the Company, the negotiation of this Agreement or the course of the Transactions or
any other transactions or potential transactions involving the Company and the Purchaser. 
 ARTICLE V 

Additional Agreements 

Section 5.01 Public Disclosure. The Purchaser and the Company shall consult with each other before issuing, and give each other
the opportunity to review and comment upon, the initial press release with respect to the Transaction Documents and the Transactions. Additionally, the parties acknowledge that, in connection with the execution and delivery of this Agreement, the
Company will file a Current Report on Form 8-K and the Purchaser will file a 

  
 10 

 
Schedule 13D with the SEC, each of which will report the entry into this Agreement. The Schedule 13D and the Form 8-K shall be in form and substance
reasonably acceptable to the Company and the Purchaser, respectively. 
 Section 5.02 Standstill. 

(a) The Purchaser agrees that until the two-year anniversary of the Closing Date (the
“Standstill Termination”), without the prior written approval of the Board, the Purchaser will not, directly or indirectly, and will cause its Affiliates not to, make any short sale of, or enter into any hedging or similar
transaction with the same economic effect as a short sale of, any Shares, or otherwise establish or increase, directly or indirectly, a put equivalent position, as defined in Rule 16a-1(h) under the Exchange
Act, with respect to any of the Shares (it being agreed that any broad-based index options, broad-based index future, broad-based publicly traded market baskets and trading in (or with respect to) securities of other industry participants shall not
be restricted). 
 (b) Except as may be provided by the prior written approval of the Board, the Purchaser agrees that until the Standstill
Termination the Purchaser will not, and will cause its Affiliates not to, directly or indirectly, in any manner: 
 (i) acquire, offer or
seek to acquire, agree to acquire or make a public proposal to acquire, by purchase or otherwise, any equity securities of the Company, any securities convertible into or exchangeable for any such equity securities, any options or other derivative
securities or contracts or instruments in any way related to the price of Shares (it being agreed that any broad-based index options, broad-based index future, broad-based publicly traded market baskets and trading in (or with respect to) securities
of other industry participants shall not be restricted); provided, that following the Closing, subject to Section 7.2 of the Company’s Articles of Restatement, as amended, the Purchaser and its Affiliates may acquire additional
Shares so long as the Purchaser and its Affiliates beneficially own, in the aggregate, no more than 9.8% of the Company’s then-outstanding Shares; 

(ii) make or in any way participate in any “solicitation” of “proxies” (whether or not relating to the election or removal
of directors), as such terms are used in the rules of the SEC, to vote, or knowingly seek to advise or influence any Person with respect to voting of, any voting securities of the Company or call or seek to call a meeting of the Company’s
stockholders or initiate any stockholder proposal or action by the Company’s stockholders, or seek election to or to place a representative on the Board or seek the removal of any director from the Board; 

(iii) make any public announcement with respect to, or propose any merger or business combination, tender or exchange offer, recapitalization,
reorganization or purchase of a material portion of the assets, properties or securities of the Company or any of its Subsidiaries, or any other extraordinary transaction involving the Company or any of its Subsidiaries, or enter into any
arrangements, understandings or agreements with any other Person regarding any of the foregoing (other than as permitted pursuant to Section 5.06); 

  
 11 

 (iv) otherwise act, alone or in concert with others, to seek to control or influence, in any
manner, the management, Board or policies of the Company or any of its Subsidiaries; 
 (v) except as set forth herein, publicly make any
proposal to the Company or its management or Board with respect to, or issue any press releases or make any statements which could reasonably be expected to become public with respect to: (A) any change in the number or term of directors or the
filling of any vacancies on the Board, (B) any material change in the capitalization or dividend policy of the Company, (C) any other change in the Company’s management, business or corporate structure, (D) any waiver, amendment
or modification to the Company Charter Documents, or other actions which may impede the acquisition of control of the Company by any person in any way whatsoever, (E) causing a class of securities of the Company to be delisted from, or to cease
to be authorized to be quoted on, any securities exchange, or (F) causing a class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; 

(vi) make any request for stock list materials or other books and records of the Company under Maryland law; 

(vii) make any public proposal or statement of inquiry or publicly disclose any intention, plan or arrangement consistent with the foregoing;

 (viii) advise, assist, knowingly encourage or direct any Person to do, or to advise, assist, encourage or direct any other Person to do,
any of the foregoing; 
 (ix) take any action that would, in effect, require the Company to make a public announcement with respect to any of
the foregoing; 
 (x) enter into any arrangements or understandings with any third party (including, without limitation, security holders of
the Company) with respect to any of the foregoing, including, without limitation, forming, joining or in any way participating in a “group” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) with any third party with
respect to any of the foregoing; or 
 (xi) request the Company or any of its Representatives, directly or indirectly, to amend or waive any
provision of this Section 5.02, provided that this clause shall not prohibit the Purchaser from making a confidential request to the Company seeking an amendment or waiver of the provisions of this
Section 5.02, which the Company may accept or reject in its sole discretion, so long as any such request is made in a manner that does not require public disclosure thereof by the Company and, provided
further, that notwithstanding anything to the contrary in this Section 5.02, the Purchaser and its Affiliates may at any time communicate privately with the Company’s directors, officers or advisors or submit to
the Board one or more confidential proposals or offers for a transaction (including a transaction that, if consummated, would result in a change of control of the Company), so long as, in each case, such communications and submissions are not
intended to, and would not reasonably be expected to, require any public disclosure by the Company of such communications or submissions, as applicable. 

  
 12 

 (c) The obligations under this Section 5.02 shall automatically terminate upon a Change
of Control Date. 
 Section 5.03 Voting. 

(a) The Purchaser agrees that until the two-year anniversary of the Closing Date, for so long as the
Purchaser owns any Shares, at each meeting of the stockholders of the Company and at every postponement or adjournment thereof, the Purchaser shall take such action as may be required so that all of the Shares beneficially owned, directly or
indirectly, by the Purchaser and its Affiliates and entitled to vote at such meeting of stockholders are voted (i) in favor of each director nominated and recommended by the Board (or a duly authorized committee thereof) for election at any
such meeting, (ii) against any stockholder nominations for directors which are not approved and recommended by the Board (or a duly authorized committee thereof) for election at any such meeting and (iii) otherwise in accordance with the
Board’s recommendation on all proposals properly brought before any meeting of stockholders of the Company. 
 (b) The Purchaser agrees
that until the two-year anniversary of the Closing Date, for so long as the Purchaser owns any Shares, the Purchaser shall (to the extent necessary to comply with this Section 5.03)
be present, in person or by proxy, at all meetings of the stockholders of the Company so that all Shares beneficially owned by the Purchaser and its Affiliates may be counted for the purposes of determining the presence of a quorum and voted in
accordance with Section 5.03(a) at such meetings (including at any adjournments or postponements thereof). 

Section 5.04 Legend. (a) All Acquired Shares will bear a legend (the “Restrictive Legend”) substantially to
the following effect: 
 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (I) AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS, OR WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS AND (II) THE EXCEPTIONS TO THE RESTRICTIONS ON TRANSFER UNDER THE INVESTMENT AGREEMENT, DATED MAY 4, 2020 BETWEEN THE ISSUER AND AMHERST SINGLE FAMILY RESIDENTIAL PARTNERS VI, LP. 

(b) Upon request of the Purchaser, the Restrictive Legend will be removed on such number of Acquired Shares equal to the Quarterly Cap (as
defined below) in each of the calendar quarters following the one-year anniversary of the Closing Date, and upon a Change of Control Date the Restrictive Legend will be removed on all of the Acquired Shares,
and, in each case, the Company shall issue a certificate representing the Acquired Shares without such legend to the holder of such certificate or issue to such holder by electronic delivery at the applicable balance account at The Depository Trust
Company if (i) such Acquired Shares are registered for 

  
 13 

 
resale under the Securities Act or (ii) such Shares are eligible for sale under Rule 144 under the Securities Act. If required by the Company’s transfer agent, the Company shall cause
its counsel to issue a legal opinion, at the sole cost and expense of the Purchaser, to the Company’s transfer agent to effect the removal of the Restrictive Legend within five (5) Business Days after receipt of customary representation
letters in support of such opinion. 
 Section 5.05 Registration Rights. Following the
one-year anniversary of the Closing Date, upon the Purchaser’s written request (provided, that Purchaser may not make such a request more than one time per quarter), the Company will use commercially
reasonable efforts to cooperate in good faith with the Purchaser to facilitate the Purchaser’s Transfer of the Acquired Shares in accordance with the terms of this Agreement by (i) including the Acquired Shares in any registration
statement and offering made by the Company or (ii) otherwise assisting in the registration of such Acquired Shares. Notwithstanding the foregoing, the Company shall have no obligation to include the Acquired Shares in any registrations on Form S-4 or Form S-8 (or any successor forms thereto). 

Section 5.06 Transfers. 

(a) The Purchaser acknowledges that none of the Acquired Shares have been registered under the Securities Act. 

(b) The Purchaser further agrees that: 

(i) until the first anniversary of the Closing Date, the Purchaser shall not be permitted to Transfer any of the Acquired Shares other than to
a Permitted Transferee; provided, that any Transfer to a Permitted Transferee shall only be permitted if the Permitted Transferee enters into, prior to such Transfer, a customary joinder in form and substance reasonably acceptable to the Company in
which such Permitted Transferee agrees in writing to be bound by the provisions of this Agreement as a “Purchaser”; and 
 (ii)
beginning on the first anniversary of the Closing Date, the Purchaser may Transfer up to 1,100,000 of the Acquired Shares, plus the Excess Shares (if any) (in each case subject to appropriate adjustment in the event of any share dividend,
share split, combination or other similar recapitalization) in the aggregate in each of the calendar quarters following the one-year anniversary of the Closing Date (the “Quarterly Cap”);
provided, that Transfers to Permitted Transferees shall not count towards the Quarterly Cap and may be made without restrictions hereunder to the extent they satisfy the provisions of the proviso in the preceding clause (i). For example, if
Purchaser sells 500,000 Acquired Shares in the first quarter ending after the first anniversary of the Closing Date, Purchaser shall be entitled to Transfer 1,700,000 of the Acquired Shares in the second quarter ending after the first anniversary of
the Closing Date and if Purchaser sells 600,000 of the Acquired Shares in the second quarter of the Closing Date, Purchaser shall be entitled to Transfer 

  
 14 

 
2,200,000 of the Acquired Shares in the third quarter ending after the first anniversary of the Closing Date. 

(c) Following a written request by the Company until such time as Purchaser and its Affiliates no longer beneficially own any Shares, Purchaser
shall inform the Company in writing of the number of Shares beneficially owned by the Purchaser and its Affiliates. 
 (d) Notwithstanding
anything to the contrary contained herein, all restrictions on Transfer in this Section 5.06 and the obligations under clause (c) above, shall automatically terminate on the earlier of (such earlier date, a
“Change of Control Date”) (x) the date that is the second anniversary of the Closing Date and (y) the first date that (i) the Company enters into a definitive agreement with any other person or “group” of persons
that, if consummated, would involve the direct or indirect acquisition of (A) all or a majority of the Company’s equity securities (or, following which transaction the persons and entities who, immediately prior to such transaction,
beneficially owned securities representing a majority of the voting power of the Company do not continue to beneficially own, directly or indirectly, a majority of the voting power of the combined entity) or (B) a majority of the Company and
its subsidiaries’ assets, on a consolidated basis (based on fair market value), in each case (A) and (B), other than in connection with an internal restructuring transaction involving only the Company, one or more of its subsidiaries
and/or any holding company formed for the purpose of such transaction or (ii) a tender or exchange offer (other than a self-tender offer initiated in connection with a share buyback program) is commenced by any person that, if consummated,
would result in all or a majority of the Company’s equity securities being owned by persons other than the Company, and the Board (or a committee thereof) fails to recommend within ten (10) Business Days from the date of commencement of
such offer that its stockholders reject such offer. 
 Section 5.07 Sales of Assets; Financing. For one-year period following the Closing Date, (i) to the extent the Company or any of its Subsidiaries determines to pursue a sale of assets representing five percent (5%) or more of the assets of the Company and
its Subsidiaries, taken as a whole (based on book value) (excluding a transaction that, if consummated, would result in a change of control of the Company) (an “Asset Sale Transaction”), the Company will inform the Purchaser of its
intent to pursue such an Asset Sale Transaction and provide the Purchaser with the opportunity to participate in the process related to such Asset Sale Transaction and (ii) to the extent the Company or any of its Subsidiaries determines to
pursue a debt or equity financing transaction (including a new or replacement credit facility, note, an issuance of debt securities, preferred shares, warrants or other equity-linked securities), for an amount representing five percent (5%) or more
of the equity market capitalization of the Company (a “Financing Transaction”), the Company will inform the Purchaser of its intent to pursue such a Financing Transaction and provide the Purchaser with the opportunity to participate
in the process related to such Financing Transaction; provided, that in no event shall the Company be obligated to enter into an Asset Sale Transaction or Financing Transaction with the Purchaser by virtue of this
Section 5.07. 
 Section 5.08 Trading. The Company acknowledges and agrees that from and after the
filing of the Company’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2020 (which shall be filed with the SEC no later than May 15, 2020), (i) except as otherwise
contemplated by Section 5.02(b)(i) of this Agreement, none of Purchaser or any of its Affiliates 

  
 15 

 
owes the Company or any of its Affiliates any duty or is otherwise subject to any obligation to the Company or its Affiliates that would restrict or prevent Purchaser or any of its Affiliates
from purchasing securities of the Company and (ii) if requested by Purchaser, the Company will inform the Purchaser as to whether the Board is or is not in a “blackout period” in accordance with the Company’s insider trading
policy. For the avoidance of doubt, any such purchases are subject to the ownership limitation set forth in Section 5.02(b)(i) above. 

Section 5.09 Supplemental Listing Application. The Company shall promptly (and within four (4) Business Days of the date
hereof) file with the New York Stock Exchange a supplemental listing application for the Acquired Shares and use its reasonable best efforts to effect the listing of the Acquired Shares on the New York Stock Exchange. 

ARTICLE VI 
 Termination;
Survival 
 Section 6.01 Termination. 

(a) This Agreement may be terminated by either party if the Closing does not occur on or prior to May 20, 2020; provided, that a party may
not terminate this Agreement under this Section 6.01(a) if it is in breach of its obligations under this Agreement. 

(b) This Agreement may be terminated and the Transactions abandoned at any time prior to the Closing by the mutual written consent of the
Company and the Purchaser. 
 Section 6.02 Survival. The representations and warranties contained in Article III and
Article IV of this Agreement shall survive for one year after the Closing. All of the covenants or other agreements of the parties contained in this Agreement shall survive until fully performed or fulfilled, unless and to the extent that non-compliance with such covenants or agreements is waived in writing by the party entitled to such performance. 

ARTICLE VII 
 Miscellaneous

 Section 7.01 Modification or Amendment. This Agreement may only be amended, modified or supplemented in writing by the
parties hereto, by action of the boards of directors (or comparable body) of the respective parties. 
 Section 7.02 Waiver. Any
provision of this Agreement may be waived if, and only if, such waiver is in writing and signed by the party against whom the waiver is to be effective. No failure or delay by any party 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. Except as otherwise herein provided, the rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

  
 16 

 Section 7.03 Counterparts; Effectiveness. This Agreement may be executed in any
number of counterparts (including by attachment to electronic mail in portable document format (PDF)), each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement, and shall
become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto. 

Section 7.04 Governing Law and Venue; Waiver of Jury Trial. (a) THIS AGREEMENT AND ANY DISPUTES ARISING UNDER OR RELATING TO
THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 

(b) Each of the parties (i) irrevocably submits exclusively to the jurisdiction of the Chancery Courts of the State of Delaware (the
“Chancery Court”) or, if the Chancery Court declines jurisdiction, any other Delaware state court, and the federal courts of the United States of America, in each case, located in New Castle County in the State of Delaware
(collectively, “Chosen Courts”) in the event any dispute arises out of this Agreement or any of the transactions contemplated hereby, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from any such court, (iii) agrees that it will not bring any Proceeding (as defined in the Merger Agreement) by or before any Governmental Authority relating to this Agreement or any of the transactions contemplated
hereby in any court other than the Chosen Courts, (iv) waives any objection that it may now or hereafter have to the venue of any such Proceeding in the Chosen Courts or that such Proceeding was brought in an inconvenient court and agrees not
to plead or claim the same and (v) consents to service being made through the notice procedures set forth in Section 7.05. Each of the Company and the Purchaser hereby agrees that service of any process, summons,
notice or document by U.S. registered mail to the respective addresses set forth in Section 7.05 shall be effective service of process for any Proceeding in connection with this Agreement or the transactions contemplated
hereby. 
 (c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG 

  
 17 

 
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.04. 

Section 7.05 Notices. Notices, requests, instructions or other documents to be given under this Agreement shall be in writing and
shall be deemed given, (a) when delivered, if delivered personally to the intended recipient, (b) upon transmission, if sent by email (provided no “bounceback” or notice of non-delivery is
received) and (c) one Business Day later, if sent by overnight delivery via a national courier service (providing proof of delivery), and in each case, addressed to a party at the following address for such party: 

if to the Company 
 Front Yard
Residential Corporation 
 5100 Tamarind Reef 

Christiansted, United States Virgin Islands 00820 

Attention:   Michael Lubin 

Email:         frontyardresidential@altisourceamc.com 

with copies to (which shall not constitute notice): 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention:   Michael J. Aiello 

    Sachin Kohli 

Email:        michael.aiello@weil.com 

      sachin.kohli@weil.com 

if to Purchaser: 
 c/o Amherst
Residential, LLC 
 5001 Plaza on the Lake, Suite 200 

Austin, TX 78746 
 Attention:
    Joseph Gatti 
 Email:     jgatti@amherst.com 

with copies to (which shall not constitute notice): 

Gibson, Dunn & Crutcher LLP 

200 Park Avenue 
 New York, NY
10166 
 Attention:   Eduardo Gallardo 

Email:         egallardo@gibsondunn.com 

or to such other persons or addresses as may be designated in writing by the party to receive such notice as provided above. 

  
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 Section 7.06 Entire Agreement. This Agreement, the Termination and Settlement
Agreement, the letter agreement regarding confidentiality, dated August 31, 2019, between the Company and an affiliate of Purchaser (as amended on the date hereof), the letter agreement regarding confidentiality, dated December 6, 2019,
between the Company and an affiliate of Purchaser, the waiver letter agreement regarding ownership of Shares dated as of the date hereof, by and between the Company and Purchaser, and the Promissory Note (including any exhibits to the foregoing
agreements) constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties both written and oral, among the parties, with respect to the subject matter hereof. 

Section 7.07 No Third-Party Beneficiaries. This Agreement is not intended to, and does not, confer upon any Person other than the
parties hereto any rights or remedies hereunder. 
 Section 7.08 Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is
invalid or unenforceable, (a) a suitable and equitable provision negotiated in good faith by the parties hereto shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid
or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not, subject to clause (a) above, be affected by such invalidity or unenforceability, except
as a result of such substitution, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

Section 7.09 Interpretation. (a) The table of contents and the Article, Section and paragraph headings or captions herein are
for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section or Exhibit, such reference shall
be to a Section of or Exhibit to this Agreement unless otherwise indicated. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”. The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement. The word “or” when used in this Agreement is not exclusive. The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not mean
simply “if”. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement
are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or
instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by
succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. 

  
 19 

 (b) The parties have participated jointly in negotiating and drafting this Agreement. In the
event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provision of this Agreement. 
 Section 7.10 Assignment. This Agreement shall not be assigned by operation of
law or otherwise without the prior written consent of each of the other parties hereto, and any assignment without such consent shall be null and void. 

Section 7.11 Specific Performance. The parties hereto acknowledge and agree that irreparable damage would occur and that the
parties would not have any adequate remedy at Law in the event that any of the obligations, undertakings, covenants or agreements of the parties to this Agreement were not performed in accordance with their specific terms or were otherwise breached,
and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that the Company, on the one hand, and the Purchaser, on the other hand, shall be entitled to seek an injunction or injunctions to
prevent breaches of this Agreement by the other party, and to enforce specifically the terms and provisions of this Agreement by a decree of specific performance, in accordance with Section 7.04 of this Agreement, without
the necessity of proving actual harm or damages or posting a bond or other security therefor, this being in addition to any other remedy to which such party is entitled at law or in equity, and each party agrees that it will not oppose the granting
of an injunction, specific performance or other equitable relief on the basis that any other party has an adequate remedy at law or that any award of specific performance or other equitable remedy is not an appropriate remedy for any reason at law
or in equity. 
 Section 7.12 Expenses. Except as otherwise expressly provided herein or in any other Transaction Document, all
costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the Transactions shall be paid by the party incurring such costs and expenses. 

[Remainder of page intentionally left blank] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	FRONT YARD RESIDENTIAL CORPORATION
		
	By:	 	 /s/ George G. Ellison

		 	Name: George G. Ellison
		 	Title: Chief Executive Officer

 [Signature Page to Investment Agreement] 

 
			
	AMHERST SINGLE FAMILY RESIDENTIAL PARTNERS VI, LP
	  
 By: Amherst SFRP VI GP, LLC, its general
partner

		
	By:	 	 /s/ Joseph Gatti

		 	Name: Joseph Gatti
		 	Title:   Vice President and Secretary

 [Signature Page to Investment Agreement]

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