Document:

Notes Debenture

 Exhibit 4.9 
 Execution Version 
 Dated 2 July 2009 
 SOLO CUP (UK) LIMITED, 
 INSULPAK
HOLDINGS LIMITED 
 AND 
 SOLO CUP EUROPE LIMITED 
 as the Chargors 
 - and - 
 U.S. BANK NATIONAL ASSOCIATION 
 as Collateral Trustee 
  
  
 NOTES DEBENTURE

  
  
 Notwithstanding any other provision of this Deed, the Security constituted by this Deed and the exercise of 
 any right or remedy by the Collateral Trustee hereunder shall be subject to the Collateral Trust Agreement 
 (as defined herein). In the event of any conflict between the terms of the Collateral Trust Agreement and the 
 terms of this Deed (to the extent permitted by law) the terms of the Collateral Trust Agreement shall prevail, 
 provided that in the event of any conflict between the terms of the Collateral Trust Agreement and the terms 
 of the Intercreditor Agreement (to the extent permitted by law) the terms of the Intercreditor Agreement shall 
 prevail. 

 CONTENTS 
  

			
	 Clause
	  	Page
		
	 1.      DEFINITIONS AND INTERPRETATION
	  	1
		
	 2.      COVENANT TO PAY
	  	5
		
	 3.      SECURITY
	  	6
		
	 4.      REAL PROPERTY OBLIGATIONS
	  	8
		
	 5.      OTHER OBLIGATIONS
	  	9
		
	 6.      ENFORCEMENT
	  	12
		
	 7.      APPOINTMENT AND RIGHTS OF RECEIVERS AND ADMINISTRATORS
	  	13
		
	 8.      DISTRIBUTION
	  	16
		
	 9.      SECURITY TRUST
	  	16
		
	 10.    COLLATERAL TRUSTEE’S RIGHTS
	  	20
		
	 11.    RESPONSIBILITIES OF COLALTERAL TRUSTEE, RECEIVERS AND DELEGATES
	  	21
		
	 12.    FURTHER ASSURANCE
	  	22
		
	 13.    POWER OF ATTORNEY
	  	22
		
	 14.    PROTECTION OF THIRD PARTIES
	  	23
		
	 15.    EXPENSES, STAMP DUTY AND INDEMNITIES
	  	23
		
	 16.    PAYMENTS
	  	24
		
	 17.    EFFECTIVENESS OF SECURITY
	  	24
		
	 18.    SET-OFF
	  	27
		
	 19.    COMMUNICATIONS
	  	28
		
	 20.    THIRD PARTIES
	  	28
		
	 21.    COUNTERPARTS
	  	28
		
	 22.    ASSIGNMENT AND TRANSFER
	  	28
		
	 23.    GOVERNING LAW AND SUBMISSION TO JURISDICTION
	  	28
		
	 SCHEDULE 1 The Chargors
	  	29
		
	 SCHEDULE 2 Details of the Scheduled Real Property
	  	30
		
	 SCHEDULE 3 Details of the Scheduled Intellectual Property
	  	31
		
	 SCHEDULE 4 Details of the Scheduled Bank Accounts
	  	32
		
	 SCHEDULE 5 Notices for Bank Accounts
	  	33

  

 i 

			
		
	 SCHEDULE 6 Form of Notice of Charge to Insurers
	  	35
		
	 SCHEDULE 7 General Undertakings
	  	38
		
	 SCHEDULE 8 Representations and Warranties
	  	39
		
	 SIGNATORIES
	  	40

  

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 THIS DEED is dated 2 July 2009 
 BETWEEN: 
  

	(1)	The COMPANIES detailed in Schedule 1 (The Chargors) as the chargors; and 

  

	(2)	U.S.BANK NATIONAL ASSOCIATION as collateral trustee (in such capacity, together with any successor collateral trustee appointed in accordance with the provisions of the
Collateral Trust Agreement (as defined below) and this Deed) (the “Collateral Trustee”) for the Secured Parties. 

 IT IS
AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions: In this Deed: 

 “ABL
Debenture” means the debenture dated on or about the date of this Deed entered into by the Chargors in favour of the ABL Agent; 
 “Account Bank” means any bank or financial institution with which a Chargor maintains a Bank Account; 
 “Administrator” means an administrator appointed under Schedule B1 of the Insolvency Act 1986; 
 “Bank
Account” means any account with any bank or financial institution in which any Chargor now or in the future has an interest (including the Scheduled Bank Accounts) including any replacement or substitute account or subdivision or
sub-account of that account and to the extent of such interest, all credit balances now or in the future on such accounts and all Related Rights; 
 “Charged Assets” means the assets and undertakings from time to time which are the subject of any Security created or purported to be created by or pursuant to this Deed and, where the context permits, the proceeds of sale
of such assets; 
 “Charged Real Property” means all Real Property forming part of the Charged Assets and any buildings,
fixtures, fittings, fixed plant or machinery from time to time situated on or forming part of such Real Property and all Related Rights; 
 “Charges” means any Security from time to time created or expressed to be created by or pursuant to this Deed; 
 “Chargors” means the companies detailed in Schedule 1 (The Chargors); 
 “Collateral Trust
Agreement” means the collateral trust agreement dated as of 2 July 2009 and made between Solo, SCOC, the Issuers, the Collateral Trustee and the other representatives and agents from time to time party thereto; 
 “Collection Account(s)” means any Bank Account that may from time to time be specified in writing by the Collateral Trustee as an account
into which the amount of the Monetary Claims are to be paid pursuant to Clause 5.2(b) (Release of Monetary Claims); 
 “Delegate” means a delegate, sub-delegate, attorney or trustee appointed, directly or indirectly, pursuant to Clause 10.3 (Delegation); 
 “Derivative Rights” include: 
  

	 	(a)	all rights relating to Investments which are deposited with or registered in the name of any agent, depositary, custodian, nominee, fiduciary, investment manager or clearing system
or other similar person or its nominee, in each case whether or not on a fungible basis (including rights against such person); and 

  

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	 	(b)	all other rights or cash or other assets attaching or relating to or accruing or offered on or deriving now or subsequently from Investments or from such rights (whether by way of
redemption, conversion, exercise of option rights, substitution, exchange, preference, bonus or otherwise); 

 “Excluded
Assets” has the meaning given to that term in the Intercreditor Agreement; 
 “Fixtures” means trade and other
fixtures and fittings and fixed plant, machinery and other apparatus; 
 “Insurance Policy” means any contract or policy of
insurance (including life insurance or assurance) in which any Chargor may from time to time have an interest as beneficiary under its terms; 
 “Intellectual Property” means all patents, trademarks, service marks, brand and business names, copyrights (including any rights in computer software), design rights, registered designs, moral rights, inventions (including
any software), topography and similar rights, database rights, domain name rights, confidential information, know-how and all other intellectual property rights and interests (whether or not registered) (including, without limitation, all Scheduled
Intellectual Property) and the benefit of all applications and rights to use such assets and all Related Rights; 
 “Intercreditor
Agreement” means the lien subordination and intercreditor agreement dated on or about the date of this Deed between, among others, the ABL Agent , the Collateral Trustee, Solo, SCOC and the other subsidiaries of Solo named therein (as
amended, amended and restated, supplemented or otherwise modified from time to time); 
 “Inventory” means all inventory in
all its forms; 
 “Investments” means: 
  

	 	(a)	any shares, stocks, debentures, certificates of deposit, securities, bonds or other securities; 

  

	 	(b)	all interests in collective investment schemes; and 

  

	 	(c)	all warrants, options and other rights to subscribe or acquire any investment referred to in paragraph (a) or (b), 

 in each case whether held directly by the Chargors or by any collateral agent, finance party, depositary, custodian, nominee, fiduciary, investment
manager or clearing system on its behalf and all Related Rights (including all rights against such person) and all Derivative Rights but excluding any securities referred to in paragraph (h) of the definition of Excluded Assets in the
Intercreditor Agreement; 
 “LPA” means the Law of Property Act 1925; 
 “Material Adverse Effect” means the effect of any event or circumstance that, taken alone or in conjunction with other events or
circumstances: 
  

	 	(a)	has or could be reasonably expected to have a material adverse effect on the business, operations, properties, liabilities or financial condition of the Issuers and Guarantors taken
as a whole, on the value of the Collateral taken as a whole, on the enforceability of any Priority Lien Documents, or on the validity or priority of Collateral Trustee’s Liens on any material portion of the Noteholder First Lien Collateral (as
defined in the Intercreditor Agreement); 

  

	 	(b)	impairs the ability of the Issuers and Guarantors, taken as a whole, to perform any payment obligations or other material obligations under the Priority Lien Documents; or

  

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	 	(c)	otherwise impairs the ability of Collateral Trustee or any holder of Secured Obligations to enforce or collect any Secured Obligations or to realise upon any material portion of the
Noteholder First Lien Collateral; 

 provided that for purposes of representations and warranties made as of the
date of the original issuance of the Notes under the Indenture, “Material Adverse Effect” shall not include any state of facts, event, change or effect caused by events, changes or developments arising from changes in GAAP or from
any changes in the market in which the Issuers and Guarantors operate which do not disproportionately affect any of the Issuers or Guarantors; and 
 provided further that the limitations on remedies in the Intercreditor Agreement shall be deemed not to impair any rights of Collateral Trustee or any holder of Secured Obligations for purposes of this definition;

 “Monetary Claims” means any book and other debts and monetary claims owing to any Chargor and any proceeds of such debts
and claims (including any claims or sums of money deriving from or in relation to any Intellectual Property, any Investment, any claim, return of premium or the proceeds paid or payable in respect of any Insurance Policy, any court order or
judgment, any contract or agreement to which any Chargor is a party and any other assets, property, rights or undertaking of any Chargor, but excluding the Bank Accounts); 
 “Notice of Charge to Insurers” means a notice of charge in the form set out in Schedule 6 (Form of Notice of Charge to Insurers) or such other form as the Collateral Trustee may approve, acting
reasonably; 
 “Personal Chattels” means plant, machinery, office equipment, computers, goods and other chattels (including
all spare parts, replacements, modifications and additions) but not Fixtures on Real Property charged under Clause 3.2(a) (Real Property) or stock in trade or work in progress and all Related Rights and excluding any personal chattels
referred to in paragraph (e) of the definition of Excluded Assets in the Intercreditor Agreement; 
 “Real Property”
means freehold property situated in England and Wales (including, without limitation, the Scheduled Real Property) and such interests appurtenant thereto and any buildings, fixtures, fittings, fixed plant or machinery from time to time situated on
or forming part of such property, and includes all Related Rights but excluding any such property referred to in paragraphs (a) and (b) of the definition of Excluded Assets in the Intercreditor Agreement; 
 “Receiver” means a receiver, receiver and manager or, where permitted by law, administrative receiver appointed in respect of the Charged
Assets by the Collateral Trustee pursuant to this Deed or otherwise; 
 “Related Rights” means, in relation to any asset:

  

	 	(a)	the proceeds of sale of any part of that asset; 

  

	 	(b)	all rights under any licence, agreement for sale or agreement for lease in respect of that asset; 

  

	 	(c)	all rights, powers, benefits, claims, contracts, warranties, negotiable instruments, remedies, Security, guarantees, indemnities or covenants for title in respect of that asset; and

  

	 	(d)	any moneys and proceeds paid or payable in respect of that asset; 

 “Release Date” has the meaning ascribed thereto in Clause 17.11 (Final Redemption); 
 “Scheduled
Bank Accounts” means the Bank Accounts described in Schedule 4 (Details of the Scheduled Bank Accounts); 
  

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 “Scheduled Intellectual Property” means the Intellectual Property described in Schedule
3 (Details of the Scheduled Intellectual Property); 
 “Scheduled Real Property” means the Real Property described in
Schedule 2 (Details of the Scheduled Real Property) and all Related Rights; 
 “Secured Obligations” means all Secured
Obligations of each Chargor now or hereafter existing under or in connection with each Series of Priority Lien Debt issued pursuant to the Priority Lien Documents (or any of them) to the Collateral Trustee and/or the Secured Parties and/or any
Receiver (including, without limitation, under any amendments, supplements or restatements of any of the Priority Lien Documents or in relation to any new or increased advances or utilisations thereunder or any extension of any date for payment or
repayment thereunder), and whether such indebtedness or liabilities were originally owed to all or any of the Secured Parties and/or any Receiver or any other person or persons and whether actual or contingent, matured or not matured, liquidated or
unliquidated, whether incurred solely or jointly and/or severally and whether as principal or surety or in any other capacity whatsoever, in any currency or currencies, including all interest accruing thereon (calculated in accordance with Clause
2.2 (Interest)), after as well as before judgment, and all costs, charges and expenses (to the extent payable by the relevant Issuer or Guarantor pursuant to the terms of the Priority Lien Documents) incurred in connection therewith (each
such obligation being a “Secured Obligation”); 
 “Secured Parties” means the holders of Priority Lien
Obligations, the Collateral Trustee and the Priority Lien Representative; 
 “Security” means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest, trust arrangement or encumbrance of any kind in respect of such asset whether or not filed, registered or otherwise perfected under applicable law or any agreement or arrangement having a similar
effect (including any conditional sale or other type of retention agreement, any lease in the nature thereof or any option or other agreement to sell or give a security interest therein), in each case for the purpose of securing any obligation of
any person; 
 “Specified Default” means any event or condition which, under the terms of any credit agreement, indenture or
other agreement governing any Series of Priority Lien Debt causes, or permits holders of Priority Lien Obligations outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or not notice has been given or
time has lapsed) to cause, the Priority Lien Debt outstanding thereunder to become immediately due and payable; and 
 “this
Deed” means this debenture as varied, amended or supplemented from time to time. 
  

	1.2	Collateral Trust Agreement: Terms defined in the Collateral Trust Agreement and not otherwise defined in this Deed shall have the same meaning in this Deed or any notice
given in relation to this Deed as are given to such terms in the Collateral Trust Agreement. 

  

	1.3	Construction: 

  

	 	(a)	The provisions of Section 1.2 (Rules of Interpretation) of the Collateral Trust Agreement shall apply to this Deed with all necessary modifications as if they were
expressly set out in full in this Deed. 

  

	 	(b)	Any reference to “assets” includes present and future property, revenues and rights of every kind. 

  

	 	(c)	“rights” shall be construed as including rights, benefits, privileges, consents, authorities, discretions, remedies and powers and “right” shall be
construed accordingly. 

  

	 	(d)	A reference to “Secured Obligations” includes any liabilities which would be treated as such but for the liquidation or dissolution or similar event affecting an
Issuer or Guarantor. 

  

 4 

	 	(e)	Any reference to the Collateral Trustee, a Chargor, the Secured Parties or the ABL Agent shall be construed so as to include its or their (and any subsequent) successors and any
permitted transferees in accordance with their respective interests. 

  

	 	(f)	References in this Deed to any Clause or Schedule shall be to a clause or schedule of this Deed unless otherwise specified. 

  

	 	(g)	For the avoidance of doubt, save as provided in Clause 6.3 (Effect of Moratorium) below, references in this Deed to the Charges becoming “enforceable” shall
be construed as references to when the Collateral Trustee (for the benefit of itself and the other Secured Parties) is entitled to enforce those Charges, being only upon the occurrence and during the continuation of a Specified Default.

  

	1.4	Law of Property (Miscellaneous Provisions) Act 1989: The terms of the documents under which the Secured Obligations arise and of any side letters relating thereto between
each Chargor and any of the Secured Parties are incorporated herein to the extent required for any purported disposition of the Charged Assets contained in this Deed to be a valid disposition in accordance with section 2(1) of the Law of Property
(Miscellaneous Provisions) Act 1989. 

  

	1.5	Deed: This document is to take effect as a deed notwithstanding that the Collateral Trustee has executed it under hand only. 

  

	1.6	Law of Property (Miscellaneous Provisions) Act 1994: The obligations of the Chargors under this Deed and any document entered into pursuant to this Deed shall be in addition
to the covenants deemed to be included in this Deed or such other document by virtue of Part I of the Law of Property (Miscellaneous Provisions) Act 1994. 

  

	1.7	Schedules: Any failure to state any Intellectual Property, Bank Accounts or Real Property of any Chargor on the date of this Deed in any of Schedule 2 (Details of the
Scheduled Real Property), Schedule 3 (Details of the Scheduled Intellectual Property), or Schedule 4 (Details of the Scheduled Bank Accounts) will not affect any Charges over such assets. 

  

	1.8	Covenants and Representations: 

  

	 	(a)	Each covenant of a Chargor contained in this Deed remains in force until the Release Date. 

  

	 	(b)	The representations and warranties set out in this Deed are made on the date of this Deed and are, unless otherwise stated herein, deemed to be repeated by a Chargor on each day on
which representations are deemed to be repeated by the Issuers or Guarantors pursuant to the Priority Lien Documents from the date of this Deed until the Release Date with reference to the circumstances existing at the time of repetition.

  

	1.9	Collateral Trust Agreement or Intercreditor Agreement to Prevail: Notwithstanding any other provision of this Deed, the Security constituted by this Deed and the exercise of
any right or remedy by the Collateral Trustee hereunder shall be subject to the Collateral Trust Agreement. In the event of any conflict between the terms of the Collateral Trust Agreement and the terms of this Deed (to the extent permitted by law)
the terms of the Collateral Trust Agreement shall prevail, provided that in the event of any conflict between the terms of the Collateral Trust Agreement and the terms of the Intercreditor Agreement (to the extent permitted by law) the terms of the
Intercreditor Agreement shall prevail. 

  

	2.	COVENANT TO PAY 

  

	2.1	Covenant to Pay: Each Chargor shall on demand pay or discharge the Secured Obligations when the same have become due in the manner provided for in the Priority Lien
Documents. 

  

 5 

	2.2	Interest: If a Chargor fails to pay any Secured Obligations on the due date for payment of that sum, such Chargor shall on demand pay to the Collateral Trustee interest on
all such sums from the due date until the date of payment (both before and after judgment) calculated and payable in accordance with the rate and in the manner specified in the Priority Lien Documents. Any such interest not paid when due shall be
compounded and bear interest calculated as provided above. 

  

	3.	SECURITY 

  

	3.1	Creation of Charges: All Charges under this Deed are: 

  

	 	(a)	made in favour of the Collateral Trustee (for the benefit of itself and the other Secured Parties); 

  

	 	(b)	made with full title guarantee; and 

  

	 	(c)	Security for the payment and discharge of all Secured Obligations. 

  

	3.2	Fixed Charges: Each Chargor charges: 

  

	 	(a)	Real Property: by way of fixed charge the Scheduled Real Property and all other Real Property in England or Wales now or subsequently belonging to it;

  

	 	(b)	Investments: by way of fixed charge all its rights, title and interest in the Investments now or subsequently belonging to it; 

  

	 	(c)	Monetary Claims and Related Rights: by way of fixed charge all its rights, title and interest now or subsequently in all Monetary Claims and all Related Rights except to the
extent that such assets are for the time being effectively charged pursuant to paragraph (e) below; 

  

	 	(d)	Intellectual Property: by way of fixed charge all its rights, title and interest now or subsequently in Intellectual Property including, without limitation, the Scheduled
Intellectual Property; 

  

	 	(e)	Bank Accounts: by way of fixed charge all its rights, title and interest now or subsequently in the Bank Accounts (including the Scheduled Bank Accounts);

  

	 	(f)	Insurance Policies: by way of fixed charge all its rights, title and interest now or subsequently in the Insurance Policies and all Related Rights; 

 

	 	(g)	Personal Chattels: by way of fixed charge all its rights, title and interest now or subsequently in the Personal Chattels; 

  

	 	(h)	Inventory: by way of fixed charge all its rights, title and interest now or subsequently in Inventory; 

  

	 	(i)	Goodwill and uncalled capital: by way of fixed charge all its rights, title and interest now or subsequently in: 

  

	 	(i)	all its uncalled capital; and 

  

	 	(ii)	all its goodwill. 

  

	3.3	Ranking: 

 Notwithstanding any other provision
contained in this Deed, the parties agree that the Charges granted by the Chargors under this Deed are granted in accordance with the ranking and subordination provisions contained in the Intercreditor Agreement. 
  

 6 

	3.4	Floating Charge: 

  

	 	(a)	Each Chargor charges by way of floating charge its undertaking and all its assets both present and future other than any asset in England and Wales effectively charged under Clause
3.2 (Fixed Charges) including any assets comprised within a Charge which is reconverted under Clause 3.8 (Reconversion). The floating charge created by each Chargor under this Clause shall be a qualifying floating charge for the
purposes of paragraph 14 of Schedule B1 of the Insolvency Act 1986. 

  

	 	(b)	The floating charges created by this Clause 3.4 (Floating Charge) shall be deferred in point of priority to all fixed Security validly and effectively created by a Chargor
under the Priority Lien Documents in favour of the Collateral Trustee as Security for the Secured Obligations. 

  

	3.5	Automatic Crystallisation: 

  

	 	(a)	Notwithstanding any other provision of this Deed (and without prejudice to any law which may have a similar effect), the floating charge created under this Deed will automatically
be converted with immediate effect and without notice into a fixed charge as regards the Charged Assets subject to such floating charge but subject to Clause 3.7 (Moratorium): 

  

	 	(i)	if any person presents or makes an application for a writ of execution, writ of fieri facias, garnishee order or charging order or otherwise levies or attempts to levy any
distress, execution, attachment, expropriation, sequestration or other legal process against any of the Charged Assets charged by way of the floating charge or any Chargor creates or attempts to create any Security or trust over any of the Charged
Assets secured by the floating charge created by Clause 3.4 (Floating Charge) other than as permitted or not restricted under the Priority Lien Documents; or 

  

	 	(ii)	a resolution is passed or an order is made or a petition is presented for the winding-up or administration, dissolution or reorganisation in relation to any Chargor (except as
expressly permitted or not restricted under the Priority Lien Documents) which (in the case of a winding-up petition) is not discharged within 14 days or in any event before such petition is heard or a resolution is passed for a creditors’
voluntary winding-up or a creditors’ voluntary winding-up is commenced; or 

  

	 	(iii)	an Administrator or Receiver is appointed in respect of any Chargor or the Collateral Trustee receives notice of an intention to appoint an Administrator pursuant to paragraph 15 or
26 of Schedule B1 of the Insolvency Act 1986 in respect of any Chargor. 

  

	 	(b)	Notwithstanding Clause 3.6 (Crystallisation of Floating Charge by notice) and without prejudice to any law which may have a similar effect, the floating charge created by
Clause 3.4 (Floating Charge) will be automatically converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to that floating charge at the same time as the floating charge created by the ABL
Debenture over such assets is crystallised. 

  

	3.6	Crystallisation of Floating Charge by notice: 

 The
Collateral Trustee may at any time by notice in writing to any Chargor convert the floating charge created by such Chargor pursuant to Clause 3.4 (Floating Charge) with immediate effect into a fixed charge as regards such assets as may be
specified (whether generally or specifically) in such notice if: 
  

	 	(a)	a Specified Default has occurred and is continuing; or 

  

	 	(b)	the Collateral Trustee reasonably considers those assets to be in jeopardy (whether due to a risk of being seized or sold pursuant to any distress, attachment, execution,
sequestration or other legal process); or 

  

 7 

	 	(c)	the Collateral Trustee reasonably considers that it is necessary in order to protect the priority of the Charges; or 

  

	 	(d)	if the floating charge over such property or assets created by the ABL Debenture has been crystallised. 

  

	3.7	Moratorium: No floating charge created by this Deed may be converted into a fixed charge on assets for which a moratorium is in force if and for so long as such conversion
would breach paragraph 13 of Schedule A1 of the Insolvency Act 1986. 

  

	3.8	Reconversion: Any charge which has converted into a fixed charge under Clause 3.5 (Automatic Crystallisation) or Clause 3.6 (Crystallisation of Floating Charge by
notice) may be reconverted into a floating charge by notice in writing given at any time by the Collateral Trustee to the Chargor concerned in relation to the assets specified in such notice. 

  

	3.9	Fixed and Floating Security: If for any reason any Security in respect of any asset created or purported to be created pursuant to this Clause 3 as a fixed charge does not,
or ceases to, take effect as a fixed charge, then it shall take effect as a floating charge in respect of such asset. However, it is the intent of the parties that the Security over other Charged Assets shall remain unaffected.

  

	3.10	Excluded Assets: If the rights of any Chargor under any instrument or agreement cannot be the subject of any Charges which this Deed purports to create under Clause 3.2(c)
(Monetary Claims and Related Rights), 3.2(d) (Intellectual Property) or 3.2(f) (Personal Chattels) without the consent of another party: 

  

	 	(a)	this Deed will charge all amounts which the relevant Chargor may receive, or has received, under that instrument or agreement; and 

  

	 	(b)	if the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security interest in relation to the relevant Charge, the ABL Agent) so requires following the
occurrence and during the continuation of a Specified Default, the relevant Chargor will use all reasonable endeavours to promptly obtain the consent of the relevant third party for such rights to be charged under this Deed and, if such consent is
obtained, such rights shall immediately become subject to an effective fixed charge pursuant to Clause 3.2 (Fixed Charges) and the Chargor shall promptly provide a copy of such consent to the Collateral Trustee (or, if the ABL Agent has been
granted a prior ranking security interest in relation to the relevant Charge, the ABL Agent). 

  

	3.11	Security Trust: The Collateral Trustee holds the benefit of this Deed on trust for the Secured Parties on the terms of the Collateral Trust Agreement, this Deed and the other
Priority Lien Documents. 

  

	3.12	Perpetuity Period: The perpetuity period under the rules against perpetuities, if applicable to this Deed, shall be the period of 80 years from the date of this Deed.

  

	4.	REAL PROPERTY OBLIGATIONS 

  

	4.1	Acquisition of Real Property: 

  

	 	(a)	Each Chargor shall promptly notify the Collateral Trustee of any acquisition by it or on its behalf of any Real Property after the date of this Deed (“After-acquired
Property”). 

  

	 	(b)	If title to the relevant After-acquired Property is or is to be registered at the Land Registry, such Chargor shall, as soon as reasonably practicable: 

  

	 	(i)	notify the Collateral Trustee of the relevant title number; and 

  

	 	(ii)	make the relevant Land Registry enter: 

  

	 	(A)	a notice of the charge on the charges register of such property; and 

  

 8 

	 	(B)	the restriction set out in Clause 4.3(a) (Registered Land) on the proprietorship register of such property. 

 In the case of any other After-acquired Property in England or Wales, the relevant Chargor shall apply to register this Deed at the Land Charges Registry
if, for any reason, the title deeds and documents relating thereto are not deposited with the Collateral Trustee. 
  

	4.2	Delivery of Title Documents: Each Chargor shall, as soon as reasonably practicable following the execution of this Deed or, if later, upon receipt, deposit with the
Collateral Trustee all deeds, certificates and other documents evidencing title relating to any Real Property subject to Security created in this Deed unless the same are required to be delivered (and are so delivered) to the ABL Agent for the
benefit of the ABL Secured Parties pursuant to the Liens relating to the ABL Debt for so long as such Liens relating to the ABL Debt rank prior to the Charges created pursuant to Clause 4.1(a) (Real Property) under the terms of the
Intercreditor Agreement. If any such documents are at the relevant time at the Land Registry, such Chargor shall, promptly following a demand by the Collateral Trustee provide or procure the provision to the Collateral Trustee of such undertakings
and such letters addressed to the Land Registry as the Collateral Trustee may reasonably specify. 

  

	4.3	Registered Land: 

  

	 	(a)	Each Chargor consents to an application being made to the Land Registry for a restriction in the following terms to be entered on the Proprietorship Register of such of the Charged
Real Property as is now or hereafter registered at the Land Registry under the Land Registration Act 2002: 

 “No
disposition of the registered estate by the proprietor of the registered estate or by the proprietor of any registered charge, not being a charge registered before the entry of this restriction, is to be registered without a written consent signed
by the proprietor for the time being of the Charge dated [•] in favour of [•] referred to in the Charges Register or if appropriate signed on such proprietor’s behalf by its authorised signatory.” 
  

	 	(b)	To the extent that the Secured Parties are under an obligation to make further advances, each Chargor shall also make an application (and consents to an application being made) to
the Land Registry for a note of such obligation to be entered on the Charges Register of any registered land forming part of the Charged Real Property. 

  

	5.	OTHER OBLIGATIONS 

  

	5.1	Negative pledge and disposals: Except with the consent of the Collateral Trustee, no Chargor shall: 

  

	 	(a)	create or permit to be outstanding any Security over any Charged Assets save as expressly permitted or not restricted under the Priority Lien Documents; or 

 

	 	(b)	sell, transfer, assign, lease, hire out, grant, lend or otherwise dispose of any of the Charged Assets or the equity of redemption therein or permit any person to do any such thing
except as permitted or not restricted under the terms of the Priority Lien Documents. 

  

	5.2	Monetary Claims: 

  

	 	(a)	Dealing with Monetary Claims: 

  

	 	(i)	Save as permitted or not restricted under the Priority Lien Documents, no Chargor shall release, sell, transfer, assign, factor, discount or otherwise deal in any way with any of
the Monetary Claims except as contemplated by Clause 5.2(a)(ii) below. 

  

 9 

	 	(ii)	Each Chargor shall get in and realise in a prudent manner on behalf of the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security interest in such
Monetary Claims, the ABL Agent) all its Monetary Claims and pay such moneys into the Bank Accounts, and after the Charges have become enforceable, such Chargor shall hold such moneys on trust for the Collateral Trustee (or, if the ABL Agent has been
granted a prior ranking security interest in such Monetary Claims, the ABL Agent) prior to such payment. 

  

	 	(b)	Release of Monetary Claims: 

  

	 	(i)	Prior to the Charges becoming enforceable, the proceeds of the realisation of the Monetary Claims received by any Chargor shall, upon such proceeds being credited to a Bank Account,
be released from the fixed charge created by Clause 3.2(b) (Monetary Claims and Related Rights) and only be subject to the floating charge created by Clause 3.4 (Floating Charge) and the relevant Chargor may withdraw such proceeds from
such Bank Accounts subject to any applicable restrictions set out in the Priority Lien Documents and this Deed. 

  

	 	(ii)	After the Charges have become enforceable, each Chargor shall not, except with the consent of the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security
interest in such Monetary Claims, the ABL Agent), withdraw or otherwise transfer the proceeds of realisation of any Monetary Claims standing to the credit of any Bank Account and shall pay all moneys received by any Chargor from any source into such
Collection Accounts as are specified by the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security interest in such Monetary Claims, the ABL Agent) and give notice to the debtors of any of its Monetary Claims of the
Security created by this Deed in such form as the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security interest in such Monetary Claims, the ABL Agent) may require. 

  

	5.3	Bank Account(s): 

  

	 	(a)	Bank Accounts: notification, maintenance and variation: 

 Each Chargor shall: 
  

	 	(i)	after the Charges have become enforceable, promptly deliver to the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security interest in such Bank Account
and the same is required to be delivered to the ABL Agent (and is so delivered) pursuant to the terms of the ABL Debenture, the ABL Agent) a duly completed notice and acknowledgement in respect of each Bank Account in the relevant form set out in
Schedule 5 (as applicable) or in such other form as the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security interest in such Bank Account, the ABL Agent) may approve, acting reasonably; 

  

	 	(ii)	use all reasonable endeavours to procure the prompt delivery to the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security interest in such Bank Account
and the same is required to be delivered to the ABL Agent pursuant to the terms of the ABL Debenture, the ABL Agent) of a duly completed acknowledgement in respect of any notice delivered pursuant to paragraph (i) in the relevant form set out
in Schedule 5 (as applicable) or in such other form as the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security interest in such Bank Account, the ABL Agent) may approve, acting reasonably; 

  

	 	(iii)	deliver to the Collateral Trustee on the date of this Deed (and, if any Bank Account is charged thereafter, on the date falling five Business Days after such charge), details of
each Bank Account maintained by such Chargor (other than with the Collateral Trustee); and 

  

 10 

	 	(iv)	not without the Collateral Trustee’s prior written consent, permit or agree to any variation of the rights attached to any Bank Account the result of which is materially
prejudicial to the Secured Parties. 

 The execution of this Deed by a Chargor and the Collateral Trustee shall constitute
notice to the Collateral Trustee of the Security created over any Bank Account opened or maintained with the Collateral Trustee. 
  

	 	(b)	Operation of Bank Accounts: 

  

	 	(i)	Until the Charges become enforceable, the Chargors shall be entitled to receive, withdraw or otherwise transfer any credit balance from time to time on any Bank Account subject to
the terms of the Priority Lien Documents; 

  

	 	(ii)	After the Charges have become enforceable, the Chargors shall not be entitled to receive, withdraw or otherwise transfer any credit balance from time to time on any Bank Account
except with the prior written consent of the Collateral Trustee (or, if the ABL Agent has been granted a prior ranking security interest in such Bank Account, the ABL Agent). 

  

	 	(c)	Bank Accounts: Application of Moneys: 

 The Collateral Trustee (or its Receiver) may (subject to the Intercreditor Agreement) apply, transfer or set-off any credit balances from time to time on any Bank Accounts in or towards payment or satisfaction of all or part of the Secured
Obligations in accordance with Clause 8.1 (Application) after the Charges have become enforceable or at any time when the Secured Parties are entitled to exercise the relevant set-off rights under the terms of the Priority Lien Documents.

  

	 	(d)	Exercise of rights following enforcement by Collateral Trustee: 

 After the Charges have become enforceable, the Collateral Trustee shall (subject to the Intercreditor Agreement) be entitled without notice to exercise all rights and powers held by it in relation to the Bank Accounts
and to: 
  

	 	(i)	demand and receive any moneys due under or arising out of each Bank Account; 

  

	 	(ii)	exercise all rights the relevant Chargor was then entitled to exercise in relation to the Bank Accounts or would, but for this Deed, be entitled to exercise.

  

	5.4	Intellectual Property: 

 Each Chargor undertakes
that it shall in respect of its Intellectual Property execute all such documents and do all such acts as the Collateral Trustee may reasonably request (taking into account, among others, the costs and administrative burden of procuring and
maintaining such registrations and filings and the significance and value to the business of the Obligors (as defined in the Loan Agreement) as a whole of such Intellectual Property) to record the interest of the Collateral Trustee in any registers
relating to any such Intellectual Property which is registrable. 
  

	5.5	Insurance: 

  

	 	(a)	 Each Chargor shall, after the Charges have become enforceable, serve (with a copy to the Collateral Trustee (unless the ABL Agent has been granted a prior security
interest in such Insurance Policy and the same is required to be served to the ABL Agent (and is so served) pursuant to the terms of the ABL Debenture)) a Notice of Charge to Insurers to the 

  

 11 

	 	 
brokers or underwriters of each Insurance Policy and each Chargor shall use all its reasonable endeavours to procure the prompt delivery to the Collateral
Trustee (unless the ABL Agent has been granted a prior security interest in such Insurance Policy and the same is required to be delivered to the ABL Agent pursuant to the terms of the ABL Debenture) of a duly completed acknowledgement in the form
set out in Schedule 6 (Form of Notice of Charge to Insurers) or in such other form as the Collateral Trustee (or, if the ABL Agent has been granted a prior security interest in such Insurance Policy, the ABL Agent) may approve.

  

	 	(b)	Each Chargor shall keep its Charged Assets insured in accordance with the terms of the Priority Lien Documents. 

  

	5.6	Fixtures and Personal Chattels: 

 Each Chargor
undertakes that it shall: 
  

	 	(a)	if it has not already done so and if so requested by the Collateral Trustee (or, if the ABL Agent has been granted a prior security interest in such Fixture or Personal Chattel
described below, the ABL Agent) following the occurrence and during the continuation of a Specified Default, in the case of any Fixture or Personal Chattel subject to a fixed charge hereunder located on leasehold premises, obtain evidence in writing
from any lessor of any such premises that it waives absolutely all and any rights it may have now or at any time in the future over any such Fixture or Personal Chattel; and 

  

	 	(b)	if so requested by the Collateral Trustee (or, if the ABL Agent has been granted a prior security interest in such Fixture or Personal Chattel described below, the ABL Agent)
following the occurrence and during the continuation of a Specified Default, place and maintain on each Personal Chattel subject to a fixed charge hereunder in a conspicuous place, an identification marking as appears below and not conceal, alter or
remove such marking or permit it to be concealed, altered or removed: 

 “NOTICE OF CHARGE” 
 This [specify nature of Personal Chattel] and additions and ancillary equipment are subject to a fixed charge in favour of [“name of the
Collateral Trustee or ABL Agent”]. 
  

	5.7	General Undertakings: 

 Each Chargor shall comply
with the provisions of Schedule 7 (General Undertakings). 
  

	5.8	Representations and Warranties: 

 Each Chargor makes
each of the representations and warranties set out in Schedule 8 (Representations and Warranties). 
  

	6.	ENFORCEMENT 

  

	6.1	Power of Sale: The power of sale or other disposal and other powers conferred on the Collateral Trustee and on any Receiver by this Deed shall operate as a variation and
extension of the statutory power of sale and other powers conferred on mortgagees under section 101 of the LPA and such powers shall arise on the date of this Deed free from the restrictions imposed by section 103 of the LPA, which shall not apply
to the Charges. 

  

	6.2	Enforceability of Security: 

  

	 	(a)	For the purposes of all powers implied by the LPA or any other applicable statute, the Secured Obligations shall be deemed to have become due and payable upon the date of this Deed.

  

 12 

	 	(b)	Save as provided in Clause 6.3 (Effect of Moratorium) below, the Charges given by a Chargor shall become immediately enforceable upon the occurrence and during the
continuation of a Specified Default and the power of sale conferred by section 101 of the LPA and all other powers conferred on mortgagees and Receivers by law (as varied and extended by this Deed) shall be exercisable in relation to the Charges and
the Collateral Trustee may take possession, hold or dispose of any Charged Assets at any time after the Charges have become enforceable in accordance with this Clause 6.2(b) (Enforceability of Security). 

  

	 	(c)	The statutory power of leasing conferred upon the Collateral Trustee shall be extended so as to authorise the Collateral Trustee to lease, make agreements for leases, accept
surrenders of leases and grant options as the Collateral Trustee thinks fit and without the need to comply with any of the provisions of sections 99 and 100 of the LPA and any lease granted will bind any holder of a subsequent Security deriving
title under the Collateral Trustee. 

  

	6.3	Effect of Moratorium: The Charges will not become enforceable solely as a result of any person obtaining or taking steps to obtain a moratorium under Schedule A1 of the
Insolvency Act 1986. 

  

	6.4	Contingencies: If the Charges are enforced at a time when no amount is due under the Priority Lien Documents but at a time when amounts may or will become due, the Collateral
Trustee (or the Receiver) may pay the proceeds of any recoveries effected by it into a suspense account. 

  

	6.5	Renewal of Deposits: Without prejudice to any right of set-off any Secured Party may have under any other Priority Lien Documents or otherwise, if any time deposit matures on
any account a Chargor has with any Secured Party prior to the Release Date when: 

  

	 	(a)	the Charges have become enforceable; and 

  

	 	(b)	no Secured Obligation is at that time due and payable, 

 that time deposit will automatically be renewed for any further period which that Secured Party considers appropriate. 
  

	6.6	Right of Appropriation: Financial Collateral: to the extent that any of the Charged Assets constitute “financial collateral” and this Deed and the obligations of
any Chargor hereunder constitute a “security financial collateral arrangement” (in each case, as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226; the
“Regulations”)), the Collateral Trustee shall have the right following enforcement of this Deed to appropriate all or any part of such financial collateral in or towards discharge of the Secured Obligations. For this purpose, the
parties agree that the value of such financial collateral so appropriated shall be (i) in the case of cash, the amount standing to the credit of each of the Bank Accounts, together with any accrued but unposted interest, at the time the right
of appropriation is exercised, and (ii) in the case of Investments, the market price of such Investments determined by the Collateral Trustee by reference to a public index or by such other process as the Collateral Trustee may select,
including independent valuation. In each case, the parties agree that the method of valuation provided for in the Deed shall constitute a commercially reasonable method of valuation for the purposes of the Regulations. 

  

	6.7	Chargors’ discretion. Each Chargor may assume (without any obligation to investigate) that, unless it has received actual notice to the contrary or has otherwise become
aware that such is not the case, if the ABL Agent or the Collateral Trustee claims to have been granted a prior security interest with respect to any Charged Asset, then it has been granted such prior security interest. 

  

	7.	APPOINTMENT AND RIGHTS OF RECEIVERS AND ADMINISTRATORS 

  

	7.1	Appointment of Receivers and Administrators: 

  

	 	(a)	If: 

  

	 	(i)	a Specified Default occurs and is continuing; 

  

 13 

	 	(ii)	so requested by the relevant Chargor; or 

  

	 	(iii)	a petition is presented or application made for the appointment of an administrator, a liquidator or a provisional liquidator in respect of the relevant Chargor or notice is given
by any person entitled to do so of the intention to appoint an Administrator or such notice is filed with the court or an application or order is made for the application of an Administrator, 

 the Collateral Trustee may, by deed or otherwise in writing signed by any officer of the Collateral Trustee or any other person authorised by the
Collateral Trustee for this purpose: 
  

	 	(A)	appoint one or more persons to be Receiver of any Charged Assets of the relevant Chargor and/or appoint two or more Receivers of separate parts of the Charged Assets; or

  

	 	(B)	when permitted by law, appoint an Administrator of the relevant Chargor pursuant to paragraph 14 of Schedule B1 of the Insolvency Act 1986; or 

  

	 	(C)	(subject to any requirement for a court order under the Insolvency Act 1986 or any other applicable insolvency law) remove any Receiver so appointed and, at its option, appoint
another person(s) to be an additional or replacement Receiver. 

  

	 	(b)	If more than one person is appointed Receiver or Administrator of any assets, each Receiver or Administrator may act either jointly or severally unless the document appointing him
states otherwise. 

  

	 	(c)	Section 109(1) of the LPA does not apply to this Deed. 

  

	 	(d)	The powers of appointment of a Receiver under this Deed shall be in addition to all other statutory and other powers of appointment of the Collateral Trustee under the LPA or
otherwise. 

  

	7.2	Rights of Receivers: Any Receiver appointed pursuant to this Deed shall (subject to any restrictions in the instrument appointing him) have in relation to the Charged Assets
(and any other assets which when got in, would be Charged Assets) in relation to which he is appointed: 

  

	 	(a)	all the powers conferred on an administrative receiver or receivers under the Insolvency Act 1986; 

  

	 	(b)	all the powers conferred by the LPA or any other applicable law on mortgagees, mortgagees in possession and on receivers; and 

  

	 	(c)	all the powers and rights of an absolute owner and power to do or omit to do anything which the Chargor itself could do or omit to do. 

 In addition, a Receiver shall be entitled (either in his own name or in the name of the relevant Chargor or any trustee or nominee for the relevant
Chargor) or otherwise and in such manner and upon such terms and conditions as the Receiver thinks fit and either alone or jointly with any other person: 
  

	 	(d)	Take possession: to enter upon, take possession of, get in and collect the Charged Assets, to require directors of such Chargor to call up unpaid share capital and to take
action to enforce payment of unpaid calls and to require payment to him or the Secured Parties of any Monetary Claims or credit balance on any Bank Account; 

  

 14 

	 	(e)	Carry on business: to manage or carry on any business of such Chargor; 

  

	 	(f)	Contracts: to enter into any contract or arrangement and to perform, repudiate, rescind or vary any contract or arrangement to which the Chargor is a party to the extent
necessary to dispose of the Charged Assets and to perform its obligations; 

  

	 	(g)	Deal with Charged Assets: to sell, transfer, assign, exchange, hire out, lend or otherwise dispose of, convert into money or realise the Charged Assets (including any
Fixtures, other than landlord’s fixtures, which may be severed and sold separately from the Real Property containing them) either by public offer or auction, tender or private contract to any person on any terms and for a consideration of any
nature he thinks fit; 

  

	 	(h)	New Subsidiary: 

  

	 	(i)	to form or procure the formation of any new corporation, trust or partnership (a “new vehicle”); 

  

	 	(ii)	to subscribe for or acquire any Investment in such new vehicle; 

  

	 	(iii)	to transfer or transfer any right in or grant any lease or licence in any Charged Assets to such new vehicle; and 

  

	 	(iv)	to sell, transfer, assign, exchange or otherwise dispose of any such investments or any rights attaching thereto; 

  

	 	(i)	Borrowings: to borrow or raise money either unsecured or on the Security of the Charged Assets either in priority to the Charges or otherwise and on such terms as he thinks
fit; 

  

	 	(j)	Covenants and guarantees: to lend money or advance credit to any customer of a Chargor, enter into bonds, covenants, commitments, guarantees, indemnities or like matters and
to make all requisite payments to effect, maintain or satisfy the same; 

  

	 	(k)	Leases and tenancies: to lease or licence any Charged Assets to any person on any terms and for any rent or fee, to agree to any change to such terms or rent and to accept
any surrender of such lease or licence on any terms (including the payment of any surrender premium) and to make agreements and arrangements with and make allowances to any lessees, tenants or other persons from whom any rents and profits may be
payable, in each case it shall think fit; 

  

	 	(l)	Repairs: to effect any repairs or improvements to or insurance on, or do any act which he may think desirable to protect or improve, any Charged Asset or any business of any
Chargor or make it more productive, to carry out and/or complete any building operations and to apply for and maintain any planning permissions, building regulation approvals and other consents, in each case as he thinks fit;

  

	 	(m)	Proceedings and Claims: to bring, prosecute, enforce, defend and abandon actions, suits and proceedings in relation to the Charged Assets or the business of such Chargor;

  

	 	(n)	Compromise of Claims: to settle, adjust, refer to arbitration, compromise and arrange any claims, accounts, disputes, questions and demands with or by any person who is or
claims to be a creditor of such Chargor or relating in any way to the Charged Assets; 

  

	 	(o)	Redemption of Security: to redeem any Security (whether or not having priority to the Charges) over the Charged Assets and to settle the accounts of encumbrancers;

  

	 	(p)	Employment: to appoint and discharge officers, employees, agents and advisors and others for the purposes of this Deed and to discharge any person appointed by such Chargor;

  

 15 

	 	(q)	Receipts: to give a valid receipt for any moneys and execute any document which is necessary or desirable for realising any Charged Assets; 

  

	 	(r)	Insolvency Act 1986: to exercise all powers set out in Schedule 1 or Schedule B1 or (in the case of a Scottish Receiver) Schedule 2 to the Insolvency Act 1986 (whether or not
the Receiver is an administrative receiver) and any powers added to Schedule 1, Schedule B1 or Schedule 2, as the case may be, after the date of this Deed; and 

  

	 	(s)	Other Powers: to do all such other acts and things the Receiver may consider necessary or expedient for preserving, improving or realising the Charged Assets or the getting
in and collection of the Charged Assets (or any assets which when got in would constitute Charged Assets) or which are incidental to the exercise of any of the rights, powers and discretions conferred on the Receiver under or by virtue of this Deed
or by law. 

 Each of the powers specified in each of the above paragraphs shall (except as otherwise provided) be distinct and
shall not be in any way limited by reference to any other paragraph or the order in which they appear. 
  

	7.3	Agent of Chargor: Any Receiver shall be the agent of the relevant Chargor for all purposes unless and until the Chargor goes into liquidation after which time the Receiver
shall act as principal and shall not become agent of the Secured Parties. Subject to any applicable law, the relevant Chargor alone shall be responsible for his contracts, engagements, acts, omissions, defaults and liabilities and for any payment of
his remuneration. No Secured Party shall incur any liability by reason of the appointment of a Receiver under this Deed. 

  

	7.4	Remuneration: The Collateral Trustee may from time to time determine the remuneration of any Receiver and the maximum rate specified in section 109(6) of the LPA will not
apply. The Collateral Trustee may direct payment of such remuneration out of moneys accruing to the Receiver but the relevant Chargor alone shall be liable for the payment of such remuneration and for all other costs, charges and expenses of the
Receiver. 

  

	8.	DISTRIBUTION 

  

	8.1	Application: All moneys from time to time received by the Collateral Trustee or a Receiver or Delegate pursuant to this Deed or pursuant to the powers conferred by it shall
(subject to the payment of any liabilities having priority to the Secured Obligations by law and by way of variation of the provisions of the LPA), be applied in the following order: 

  

	 	(a)	in or towards the payment of or provision for all costs, losses, liabilities and expenses incurred by the Collateral Trustee or any Receiver or Delegate under or in connection with
this Deed or their appointment and the Receiver’s remuneration due in connection with this Deed; 

  

	 	(b)	in or towards discharge of the Secured Obligations in accordance with the Intercreditor Agreement; and 

  

	 	(c)	after all Secured Obligations have been repaid and discharged in full, in payment of the surplus (if any) to any Chargor or any other person entitled to it.

  

	9.	SECURITY TRUST 

  

	9.1	Appointment of Collateral Trustee as trustee 

  

	 	(a)	 Pursuant to the terms of the Collateral Trust Agreement, each Secured Party appoints the Collateral Trustee to act as its trustee and representative in connection
with this Deed and authorises the Collateral Trustee to exercise such rights, powers and discretions as are specifically delegated to the Collateral Trustee by the terms hereof together with all rights, powers and discretions as are reasonably
incidental thereto or necessary to give effect to the trusts hereby created and each of the 

  

 16 

	 	 
Secured Parties irrevocably authorises the Collateral Trustee on its behalf to release any existing security being held in favour of the Secured Parties, to
enter into any and each Security Document and to deal with any formalities in relation to the perfection of any security created by such Security Documents (including, inter alia, entering into such other documents as may be necessary to such
perfection). 

  

	 	(b)	In the event of any inconsistency between the provisions of this Clause 9 (Security Trust) and the Collateral Trust Agreement, this Clause 9 (Security Trust) shall
prevail. 

  

	9.2	Trust 

  

	 	(a)	The Collateral Trustee declares that it shall hold the benefit of this Deed on trust for the Secured Parties on the terms contained in this Deed. 

  

	 	(b)	Pursuant to the terms of the Collateral Trust Agreement, each of the parties to the Collateral Trust Agreement agrees that the Collateral Trustee shall have only those duties,
obligations and responsibilities expressly specified in the Collateral Trust Agreement and this Deed with respect to the Security created by this Deed (and no others shall be implied). 

  

	9.3	No independent power 

 The Secured Parties shall not
have any independent power to enforce, or have recourse to, any of the Charges created by this Deed or to exercise any rights or powers arising under this Deed except through the Collateral Trustee. 
  

	9.4	Collateral Trustee’s discretions 

 The
Collateral Trustee may: 
  

	 	(a)	assume, unless it has in its capacity as trustee for the Secured Parties, received actual notice to the contrary or has otherwise become aware that such is not the case, that
(i) no Default has occurred and no Issuer or Guarantor is in breach of or default under its obligations under any of the Priority Lien Documents and (ii) any right, power, authority or discretion vested by any Priority Lien Document in any
person has not been exercised; 

  

	 	(b)	if it receives any instructions or directions pursuant to the Priority Lien Documents to take any action in relation to the Charges created by this Deed, assume that all applicable
conditions under the Priority Lien Documents for taking that action have been satisfied; 

  

	 	(c)	engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts (whether obtained by the Collateral Trustee or by any other Secured Party)
whose advice or services may at any time seem necessary, expedient or desirable; 

  

	 	(d)	rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of any Secured
Party, rely upon a certificate signed by or on behalf of that Secured Party; and 

  

	 	(e)	refrain from acting in accordance with the instructions received pursuant to the Priority Lien Documents (including bringing any legal action or proceeding arising out of or in
connection with the Priority Lien Documents) until it has received any indemnification and/or security that it may in its absolute discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it
may incur in bringing any such legal action or proceedings. 

  

 17 

	9.5	Excluded obligations 

 Notwithstanding anything to
the contrary expressed or implied in the Priority Lien Documents, the Collateral Trustee shall not: 
  

	 	(a)	be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance, default or any breach by an Issuer or Guarantor of its obligations under any
of the Priority Lien Documents; 

  

	 	(b)	be bound to account to any other party for any sum or the profit element of any sum received by it for its own account; 

  

	 	(c)	be bound to disclose to any other person (i) any confidential information or (ii) any other information if disclosure would or might in its reasonable opinion constitute a
breach of any law or be a breach of fiduciary duty; 

  

	 	(d)	be under any obligations other than those which are specifically provided for in the Priority Lien Documents; or 

  

	 	(e)	have or be deemed to have any duty, obligation or responsibility to, or relationship of trust or agency with, any Issuer or Guarantor. 

  

	9.6	Exclusion of Collateral Trustee’s liability 

 Unless caused directly by its gross negligence or wilful misconduct the Collateral Trustee shall not accept responsibility or be liable for: 
  

	 	(a)	the adequacy, accuracy and/or completeness of any information (whether written or oral) supplied by the Collateral Trustee or any other person in connection with the Priority Lien
Documents or the transactions contemplated in the Priority Lien Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with the Priority Lien Documents;

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Priority Lien Document or the Charges created by this Deed or any other agreement, arrangement or document
entered into, made or executed in anticipation of, under or in connection with any Priority Lien Documents or the Charges created by this Deed; 

  

	 	(c)	any losses to any person or any liability arising as a result of taking or refraining from taking any action in relation to any of the Priority Lien Documents or the Charges created
by this Deed or otherwise; 

  

	 	(d)	the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Priority Lien Documents, the Charges created by this
Deed or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with the Priority Lien Documents or the Charges created by this Deed; or 

  

	 	(e)	any shortfall which arises on the enforcement of the Charges created by this Deed. 

  

	9.7	No responsibility to perfect Charges 

 The
Collateral Trustee shall not be liable for any failure to: 
  

	 	(a)	require the deposit with it of any deed or document certifying, representing or constituting the title of any Issuer or Guarantor to any of the Charged Assets;

  

 18 

	 	(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Priority Lien Documents or
the Charges; 

  

	 	(c)	register, file or record or otherwise protect any of the Charges (or the priority of any of the Charges) under any applicable laws in any jurisdiction or to give notice to any
person of the execution of any of the Priority Lien Documents or of the Charges; 

  

	 	(d)	take, or to require any of the Chargors to take, any steps to perfect its title to any of the Charged Assets or to render the Charges effective or to secure the creation of any
ancillary Security under the laws of any jurisdiction; or 

  

	 	(e)	require any further assurances in relation to this Deed, 

 except where such failure arises as a result of the wilful misconduct or gross negligence of the Collateral Trustee. 
  

	9.8	Insurance by Collateral Trustee 

  

	 	(a)	The Collateral Trustee shall not be under any obligation to insure any of the Charged Assets, to require any other person to maintain any insurance or to verify any obligation to
arrange or maintain insurance contained in the Priority Lien Documents. The Collateral Trustee shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any insurance.

  

	 	(b)	Where the Collateral Trustee is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of, directly or
indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind. 

  

	9.9	Custodians and nominees 

 The Collateral Trustee may
appoint and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Collateral Trustee may determine, including for the purpose of depositing with a custodian this Deed or any document relating to
the trust created under this Deed and the Collateral Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed
by it under this Deed or be bound to supervise the proceedings or acts of any person. 
  

	9.10	Acceptance of title 

 The Collateral Trustee shall
be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Chargors may have to any of the Charged Assets and shall not be liable for or bound to require any Chargor to remedy any defect in
its right or title. 
  

	9.11	Refrain from illegality 

 The Collateral Trustee may
refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction which would or might otherwise render it liable to any person, and the Collateral Trustee may do anything which
is, in its opinion, necessary to comply with any such law, directive or regulation. 
  

	9.12	Business with the Chargors 

 The Collateral Trustee
may accept deposits from, lend money to, and generally engage in any kind of banking or other business with any Chargor. 
  

 19 

	9.13	Powers supplemental 

 The rights, powers and
discretions conferred upon the Collateral Trustee by this Deed shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Collateral Trustee by general law or otherwise. 
  

	9.14	Trustee division separate 

 In acting as trustee for
the Secured Parties, the Collateral Trustee shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments and any information received by any other division or
department of the Collateral Trustee may be treated as confidential and shall not be regarded as having been given to the trustee division. 
  

	9.15	Disapplication 

 Section 1 of the Trustee Act
2000 shall not apply to the duties of the Collateral Trustee in relation to the trusts constituted by this Deed. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Deed, the provisions
of this Deed shall, to the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Deed shall constitute a restriction or exclusion for the purposes of that Act. 
  

	9.16	Winding up of trust 

 If the Collateral Trustee
determines that (a) all of the Secured Obligations and all other obligations secured by this Deed have been fully and finally discharged and (b) none of the Secured Parties is under any commitment, obligation or liability (whether actual
or contingent) to make advances or provide other financial accommodation to any Issuer or Guarantor under the Priority Lien Documents, the trusts set out in this Deed shall be wound up. At that time the Collateral Trustee shall release, without
recourse or warranty, all of the Charges then held by it and the rights of the Collateral Trustee under this Deed. 
  

	10.	COLLATERAL TRUSTEE’S RIGHTS 

  

	10.1	General Rights: All or any of the rights which are conferred by this Deed (either expressly or impliedly) or by law upon a Receiver may be exercised after the Charges become
enforceable by the Collateral Trustee irrespective of whether the Collateral Trustee shall have taken possession or appointed a Receiver of the Charged Assets. 

  

	10.2	Redemption of Prior Security: 

  

	 	(a)	Subject to the Intercreditor Agreement, in the event of any action, proceeding or step being taken to exercise any powers or remedies conferred by any prior ranking Security or upon
the exercise of any power of sale under this Deed by the Collateral Trustee or any Receiver, the Collateral Trustee may at any time redeem any Security having priority to any Charges or procure the transfer of that Security to itself and may settle
the accounts of the prior encumbrancer and any accounts so settled shall, in the absence of manifest error, be conclusive and binding on each Chargor. 

  

	 	(b)	Each Chargor shall, on demand of the Collateral Trustee, pay to the Collateral Trustee all the costs and expenses incurred by it in connection with any such redemption or transfer.

  

	 	(c)	All the rights conferred by a prior charge upon the chargee or any receiver thereunder shall be exercisable by the Collateral Trustee or a Receiver in like manner as if the same
were expressly included herein and the Collateral Trustee shall be entitled to exercise all the rights of a receiver appointed thereunder. 

  

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	10.3	Delegation: 

  

	 	(a)	The Collateral Trustee or any Receiver may delegate in any manner to any person it may think fit any right, power or discretion exercisable by it under this Deed.

  

	 	(b)	Any such delegation may be made upon such terms, consistent with the terms of the Priority Lien Documents (including power to sub-delegate), as the Collateral Trustee or any
Receiver may think fit. 

  

	 	(c)	The Collateral Trustee shall not be in any way liable to any Chargor or any other person for any losses, liabilities or expenses arising from any act, default, omission or
misconduct on the part of any Delegate. 

  

	10.4	Continuation of Accounts: At any time following the commencement of the winding-up of any Chargor or if any Secured Party receives notice or is deemed to have received notice
of any subsequent Security affecting the Charged Assets or of any assignment or transfer (other than to the extent such Security is permitted or not restricted under the Priority Lien Documents), the Secured Party may open a new account with it in
the name of such Chargor. If the Secured Party does not open a new account, it shall nevertheless be treated as if it had done so at the time when the winding-up commenced or the Secured Party received, or was deemed to have received, notice of such
subsequent Security. All payments made thereafter by a Chargor to that Secured Party shall be treated as having been credited to a new account of such Chargor and not as having been applied in reduction of the Secured Obligations as at the time when
the winding-up commenced or the Collateral Trustee received such notice. 

  

	10.5	Retention of Documents: Subject to the provisions of the Intercreditor Agreement, the Collateral Trustee shall be entitled to continue to retain any document delivered to it
under this Deed relating to a Charged Asset until the Charges over such Charged Asset are released in accordance with this Deed. If, for any reason, it ceases to hold any such document before such time, it may by notice to the relevant Chargor
require that the relevant document be redelivered to it and the relevant Chargor shall promptly comply with that requirement or procure that it is complied with. 

  

	10.6	Custody: Subject to the provisions of the Intercreditor Agreement, the Collateral Trustee shall be entitled to keep all certificates and documents of title relating to the
Charged Assets in safe custody at any of its branches or otherwise provide for their safe custody by third parties and shall not be responsible for any loss or damage occurring to or in respect thereof unless such loss or damage shall be caused by
its own gross negligence or wilful misconduct. 

  

	10.7	Recovery of Debts: The Collateral Trustee and any manager or officer of the Collateral Trustee or of any branch is hereby irrevocably empowered on or after the date the
Charges are first enforced to receive all Monetary Claims and on payment to give an effectual discharge therefor and on non-payment to take (if the Collateral Trustee in its sole discretion so decides) all steps and proceedings either in the name of
each Chargor or in the name of the Collateral Trustee for the recovery thereof and also to agree accounts and to make allowances and to give time to any surety. Neither the Collateral Trustee nor any Receiver shall be obliged to make any enquiry as
to the sufficiency of any sums received in respect of any Monetary Claims or to make any claims or take any other action to collect or enforce the same. 

  

	11.	RESPONSIBILITIES OF COLALTERAL TRUSTEE, RECEIVERS AND DELEGATES 

  

	11.1	No Obligation to Remain in Possession: If the Collateral Trustee, any Receiver or any Delegate shall take possession of the Charged Assets, it may from time to time in its
absolute discretion relinquish such possession. 

  

	11.2	No Liability as Mortgagee in Possession: Neither the Collateral Trustee nor any Receiver or Delegate will be liable, by reason of entering upon or into possession of a
Charged Asset (or viewing or repairing any Charged Assets or otherwise), to account as mortgagee in possession in respect of any Charged Assets or for any loss on realisation or for any default or omission in respect of any Charged Assets for which
a mortgagee in possession might otherwise be liable. 

  

 21 

	11.3	Collateral Trustee’s Obligation to Account: Neither the Collateral Trustee nor any Receiver or Delegate shall (either by reason of taking possession of the Charged
Assets or for any other reason): 

  

	 	(a)	be liable to account to any Chargor or any other person for anything except the Collateral Trustee’s own actual receipts which have not been distributed or paid to such Chargor
or the persons entitled (or at the time of payment reasonably believed by the Collateral Trustee to be entitled) thereto; or 

  

	 	(b)	be liable to such Chargor or any other person for any costs, losses, liabilities or expenses related to any realisation of any Charged Assets or from any act, default, omission or
misconduct of the Collateral Trustee, any Receiver, any Delegate or their respective officers, employees or agents in relation to the Charged Assets or in connection with any Priority Lien Document unless caused by its own gross negligence or wilful
misconduct. 

  

	12.	FURTHER ASSURANCE 

 Subject to the provisions of the
Intercreditor Agreement, each Chargor shall, at its own expense, promptly do all such acts and things as the Collateral Trustee may reasonably require for: 
  

	 	(a)	creating, registering, perfecting, maintaining or protecting the Charges or any Security intended to be created by or pursuant to this Deed or any of the Charged Assets; or

  

	 	(b)	after the Charges have become enforceable, facilitating the realisation of any Charge or the exercise of any right, power or discretion in relation to any Charged Asset or Charge
vested in the Collateral Trustee, any Receiver or any Delegate, 

 including, without limitation, the execution (including by
sealing) of any transfer, assignment, mortgage, charge or Security or any other document or any notice or instruction which the Collateral Trustee may reasonably require, including any such document, notice or instruction required to enable the
Collateral Trustee or its nominee to obtain legal title to any Charged Assets in circumstances in which it is entitled to obtain such legal title under this Deed. 
  

	13.	POWER OF ATTORNEY 

  

	13.1	Appointment: Each Chargor by way of Security irrevocably appoints the Collateral Trustee, every Receiver and every Delegate severally to be its attorney:

  

	 	(a)	to do all acts and things which such Chargor is obliged to do under this Deed but has failed to do within 10 Business Days of being notified of that failure and being requested to
comply; 

  

	 	(b)	to transfer any interest in any Charged Assets in the circumstances in which such transfer may be required under this Deed, including on an enforcement of the Charges over such
Charged Assets; and 

  

	 	(c)	in its name and on its behalf to exercise any right conferred on the Collateral Trustee, any Receiver or any Delegate in relation to the Charged Assets under this Deed or any other
Priority Lien Document or by law after such right has become exercisable, 

 provided at all times however, the exercise of
powers under this Power of Attorney shall be subject to the provisions of the Intercreditor Agreement. 
  

	13.2	Ratification: Each Chargor agrees to ratify and confirm whatever any such attorney shall do or purport to do in the exercise or purported exercise of the power of attorney
granted by Clause 13.1 (Appointment). 

  

 22 

	13.3	Sums Recoverable: All moneys expended by the Collateral Trustee, any Receiver, any Delegate or any attorneys shall be recoverable from the Chargor under Clause 15
(Expenses, Stamp Duty and Indemnities). 

  

	14.	PROTECTION OF THIRD PARTIES 

  

	14.1	No Duty to Enquire: No person dealing with the Collateral Trustee, any Receiver or any Delegate shall be concerned to enquire: 

  

	 	(a)	whether any right which the Collateral Trustee or any Receiver or Delegate is purporting to exercise or any of its powers has arisen or become exercisable; 

 

	 	(b)	whether the Secured Obligations have become payable or any amount remains outstanding under the Priority Lien Documents; 

  

	 	(c)	as to the application of any money borrowed or raised or paid to the Collateral Trustee or any Receiver, Administrator or Delegate; or 

  

	 	(d)	as to the propriety or regularity of such dealings. 

  

	14.2	Receipt: The receipt of the Collateral Trustee or any Receiver shall be conclusive discharge to a purchaser and, in making any sale or disposal of any of the Charged Assets
or in making any acquisition, the Collateral Trustee or any Receiver may do so for any such consideration, in such manner and on such terms as it thinks fit. 

  

	14.3	Statutory Protection: All the protection to purchasers contained in sections 104 and 107 of the LPA, section 42(3) of the Insolvency Act 1986 or in any other applicable
legislation shall apply to any person purchasing from or dealing with the Collateral Trustee, any Secured Party, any Receiver or any Delegate. 

  

	15.	EXPENSES, STAMP DUTY AND INDEMNITIES 

  

	15.1	Expenses: Each Chargor will promptly following demand pay to and reimburse the Collateral Trustee or any other Secured Party, Receiver, Delegate, agent or attorney on the
basis of a full indemnity, all reasonable costs and expenses (including legal fees and other out of pocket expenses and any VAT in accordance with the Priority Lien Documents) incurred by the Collateral Trustee or any other Secured Party, Receiver,
Delegate, agent or attorney in connection with this Deed and will indemnify them against any failure to pay such amounts including any amounts arising from any actual or alleged breach of any Environmental Law or other law provided that
notwithstanding the preceding language in this Clause 15.1, any costs and expenses arising in relation to the enforcement of any Charges hereunder shall be reimbursed on a full indemnity basis. 

  

	15.2	Stamp Duties: Each Chargor will promptly following demand pay to and indemnify the Collateral Trustee, each other Secured Party and any Receiver, Delegate, agent or attorney
from and against any liability for any stamp duty, stamp duty reserve, stamp duty land tax, documentary or registration or similar Taxes or notarial fees which are or may subsequently become payable in connection with the entry into, performance,
execution or enforcement of this Deed or to which this Deed may otherwise be or become subject or give rise. Each Chargor will in addition on demand indemnify the Collateral Trustee, each other Secured Party, any Receiver, Delegate, agent or
attorney from and against any losses or liabilities which they incur as a result of any delay or omission by such Chargor to so pay any such amounts. 

  

	15.3	Currency Indemnity: 

  

	 	(a)	If any sum (a “Sum”) owing by a Chargor under this Deed, or any judgment, award or order given in relation to this Deed, has to be converted from the currency in
which that Sum is payable into another currency for the purpose of: 

  

	 	(i)	making or filing a claim or proof against that Chargor; 

  

 23 

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings; or 

  

	 	(iii)	applying the Sum in satisfaction of any Secured Obligations, 

 that Chargor shall, as an independent obligation, within three Business Days of demand, indemnify the Collateral Trustee, each other Secured Party or any Receiver or Delegate from any cost, loss or liability incurred as a result of the
conversion including any discrepancy between (A) the rate of exchange used to make the conversion and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	Each Chargor waives any right it may have in any jurisdiction to pay any amount under this Deed in a currency or currency unit other than that in which it is expressed to be payable
unless required to do so by any applicable law. 

  

	16.	PAYMENTS 

  

	16.1	Certificates: A certificate, determination, notification or opinion of the Collateral Trustee or any other Secured Party as to the amount of the Secured Obligations or any
other matter connected with this Deed or the Charges shall, in the absence of manifest error, be prima facie evidence of the matters to which it relates. 

  

	16.2	Payments: All payments under or pursuant to this Deed (including damages in respect of breaches hereof) shall be made in accordance with the Priority Lien Documents and the
Intercreditor Agreement or in such other manner as the Collateral Trustee may agree and direct. 

  

	17.	EFFECTIVENESS OF SECURITY 

  

	17.1	Chargors’ Obligations Continuing: Each Chargor’s obligations under Clause 2 (Covenant to Pay) and the Charges are continuing obligations and will extend to
the ultimate balance of the Secured Obligations regardless of any intermediate payment or discharge in whole or in part. 

  

	17.2	Cumulative Rights: The rights and remedies provided in this Deed are cumulative and in addition to and independent of and not in any way prejudiced by any rights or remedies
provided by law or any other Security, guarantees or rights of set-off or combination thereof held by any Secured Party. 

  

	17.3	Failure to Exercise Rights: No failure by the Collateral Trustee to exercise or delay in the exercise of any right or remedy under this Deed will operate as a waiver thereof
nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. 

  

	17.4	Immediate Recourse: This Deed and the Chargors’ obligations under this Deed are in addition to, and not to be prejudiced by or to be merged with, any other guarantee,
indemnity or Security at any time existing in favour of any person. Each Chargor waives any right it may have to require any Secured Party (or any trustee or agent on its behalf) to make demand of, proceed against or enforce any other rights or
Security or claim payment from any person before claiming against such Chargor. This waiver applies irrespective of any law or any provision of any Priority Lien Documents (other than the Intercreditor Agreement) to the contrary.

  

	17.5	Grant of Waivers: A waiver given or consent granted by the Collateral Trustee under this Deed will be effective only if given in writing and then only in the instance and for
the purpose for which it is given. 

  

 24 

	17.6	Waiver of Defences: As between each Chargor and the Secured Parties but without affecting the obligations of any Issuer or Guarantor each Chargor shall be liable under Clause
2 (Covenant to Pay) as if it were the principal debtor and not merely a surety. Neither the Charges nor the obligations of each Chargor under this Deed shall be discharged or affected by (and each Chargor hereby irrevocably waives any
defences it may now or hereafter acquire in any way relating to) any act, omission, matter or thing which, but for this Clause 17, would reduce, release or prejudice any of its obligations under this Deed (without limitation and whether or not known
to such Chargor or any Secured Party) including: 

  

	 	(a)	any time, waiver or consent given to, or any composition with, any Issuer or Guarantor or any other person; 

  

	 	(b)	the release of the Chargor or any other person under the terms of any composition or arrangement with any creditor of the Chargor or any other person (other than any express release
of the Charges given in accordance with this Deed); 

  

	 	(c)	any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case, however fundamental and of whatever nature) or replacement of any
Priority Lien Document or any other Security or document; 

  

	 	(d)	the taking, perfection, enforcement, variation, compromise, exchange, renewal, release of, or the refusal or neglect to take, perfect or enforce, any rights against, or Security
over, assets of, or any guarantee or undertaking given by, any Issuer or Guarantor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value
of any Security; 

  

	 	(e)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or constitution or status of an Issuer or Guarantor, Secured Party or any
other person; 

  

	 	(f)	the illegality, invalidity or unenforceability of any obligation of any person under, or expressed to arise under, any Priority Lien Document or other document;

  

	 	(g)	any insolvency or similar proceedings under the laws of any jurisdiction or the making of any arrangement or composition with or for the benefit of creditors by any other Issuer or
Guarantor, any Secured Party or any other person; 

  

	 	(h)	any Secured Party ceasing or refraining from giving credit or making loans or advances to or otherwise dealing with any Issuer or Guarantor or any other person (but without
prejudice to any rights which any Chargor may have against a Secured Party by reason of default by that Secured Party under the Priority Lien Documents); or 

  

	 	(i)	the failure of any Secured Party to disclose to any Chargor any information relating to the business, assets, financial condition or prospects of any other Issuer or Guarantor now
or hereafter known to such Secured Party (each Chargor waiving any duty on the part of the Secured Parties to disclose such information). 

  

	17.7	Deferral of Chargor’s Rights: Until all Secured Obligations have been irrevocably and unconditionally paid and discharged in full or the Collateral Trustee otherwise
directs, no Chargor will exercise any rights which it may have (by reason of performance by its obligations under the Priority Lien Documents) or by reason of any amount being payable, or liability arising, under this Deed: 

 

	 	(a)	to be indemnified by any other Issuer or Guarantor; 

  

	 	(b)	to claim any contribution or payment from any other provider of Security or surety of any Issuer or Guarantor’s obligations under the Priority Lien Documents;

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of any Secured Parties under the Priority Lien Documents or of any other
Security or guarantee taken pursuant to, or in connection with, the Priority Lien Documents by any Secured Party; 

  

 25 

	 	(d)	to bring legal or other proceedings for an order requiring any other Issuer or Guarantor to make any payment, or perform any obligation, in respect of which any Chargor has given a
guarantee, undertaking or indemnity under this Deed; 

  

	 	(e)	to exercise any right of set-off against any Issuer or Guarantor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Issuer or Guarantor in competition with any Secured Party. 

 Such Chargor shall hold any benefit, payment or distribution received by it in relation to such rights on trust for the Secured Parties and shall pay an
amount equal to the benefit, payment or distribution received immediately to the Collateral Trustee. 
  

	17.8	Partial Invalidity: If at any time any provision of this Deed is or becomes invalid, illegal or unenforceable in any respect (or any of the Charges intended to be created by
or pursuant to this Deed is ineffective) in any jurisdiction, that shall not affect the legality, validity or enforceability of: 

  

	 	(a)	the remaining provisions or the effectiveness of any of the remaining Charges in that jurisdiction; or 

  

	 	(b)	that or any other provision or the effectiveness of such Charges in any other jurisdiction. 

  

	17.9	Reinstatement: If any discharge, release or arrangement (whether in respect of the obligations of any Issuer or Guarantor or any Security for those obligations or otherwise)
is made by a Secured Party in whole or in part on the faith of any payment, Security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation: 

  

	 	(a)	the liability of each Issuer or Guarantor will continue or be reinstated as if the release, arrangement, discharge, settlement, avoidance or reduction had not occurred;

  

	 	(b)	each Secured Party shall be entitled to recover the value or amount of that payment, release, arrangement, discharge, Security or settlement from each Chargor, as if the payment,
discharge, settlement, avoidance or reduction had not occurred together with any other cost, loss, expense or liability incurred by such Secured Party as a result of such avoidance or discharge; and 

  

	 	(c)	each Chargor shall on demand indemnify the Collateral Trustee against any funding or other cost, loss, liability or expense incurred by the Collateral Trustee as a result of the
Collateral Trustee being required for any reason to refund all or part of any amount received by it in respect of any of the Secured Obligations. 

  

	17.10 	Security Retention: If the Collateral Trustee, acting reasonably, considers that any amount paid or credited under any Priority Lien Documents is capable of being avoided or
otherwise set aside under any laws relating to insolvency or otherwise, that amount shall not be treated as paid for the purposes of determining whether the Secured Obligations have been paid. 

  

	17.11 	Final Redemption: 

  

	 	(a)	The Collateral Trustee shall at the cost of the Chargors concerned on the date on which it is satisfied (acting reasonably) that all the Secured Obligations have been irrevocably
and unconditionally paid and discharged in full and no further Secured Obligations are capable of becoming outstanding (the “Release Date”) or following receipt of a notice under paragraph (b) below, take all reasonable steps
to release and/or re-assign the Charged Assets from the Charges but without recourse to or any representation or warranty by the Collateral Trustee or any of its nominees. 

  

 26 

	 	(b)	If any Chargors are entitled to, under the terms of the Priority Lien Documents, and wish to, require the release of any of the Charges the Collateral Trustee shall, at the written
request and cost of the relevant Chargor release such Charges upon receipt of such request from the relevant Chargor in accordance with the provisions of the Priority Lien Documents. 

  

	 	(c)	All documents which are necessary in connection with the redemption of the Charges or the transfer of the Charged Assets back to the relevant Chargor shall be in such form as the
Collateral Trustee shall reasonably require. 

  

	 	(d)	Upon any release of all or any portion of the Charged Assets from the Charges in accordance with Section 4.1 of the Collateral Trust Agreement the Security created hereunder in
relation to such Charged Assets shall be automatically released. 

  

	 	(e)	If all of the ownership interests in any Chargor are sold, transferred or otherwise disposed of to any entity that is not an Affiliate pursuant to a transaction expressly permitted
under the Priority Lien Documents that results in such Chargor ceasing to be a Restricted Subsidiary or if a Chargor is designated as an Unrestricted Subsidiary in accordance with the terms therof, or upon the effectiveness of any written consent
under the Priority Lien Documents to the release of the guarantee granted by such Chargor, the Security created hereunder in relation to that Chargor’s Charged Assets shall be automatically released. 

  

	17.12 	Consolidation: Section 93 of the LPA (restricting the right of consolidation of the Charges with any other Security) shall not apply to the Charges and the Collateral
Trustee may consolidate all or any of the Charges with any other Security to the extent lawful. 

  

	17.13 	Appropriations: 

 Until all Secured Obligations have
been irrevocably and unconditionally paid and discharged in full and all facilities which might give rise to Secured Obligations have been terminated, each Secured Party (or any trustee or agent on its behalf) may, subject to the terms of the
Intercreditor Agreement and without affecting the liability of any Chargor under this Deed: 
  

	 	(a)	refrain from applying or enforcing any other moneys, Security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts,
or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Chargor shall be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any moneys received from any Chargor or on account of any Chargor’s liability under this Deed. 

  

	18.	SET-OFF 

  

	18.1	Set-Off: Upon the occurrence and during the continuation of a Specified Default the Collateral Trustee and each other Secured Party may (without notice to the relevant
Chargor) set off or otherwise apply against the Secured Obligations any credit balance to which any Chargor is entitled on any account with the Collateral Trustee or such Secured Party and any other obligation (contingent or otherwise) owing by the
Collateral Trustee or such Secured Party regardless of the place of payment, booking branch or currency of either obligation or the terms of any deposit standing to the credit of such account. 

  

	18.2	Currency Conversion: A Secured Party may exercise such rights notwithstanding that the obligations concerned may be expressed in different currencies and each Secured Party
is authorised to convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

  

 27 

	18.3	Set-Off Rights Cumulative: This Clause 18 (Set-Off) shall be in addition to and without prejudice to any rights of set-off or any other rights or remedies which a
Secured Party may have. 

  

	19.	COMMUNICATIONS 

 Each communication under this Deed
shall be made as provided in the Priority Lien Documents. 
  

	20.	THIRD PARTIES 

 Save as expressly stated in this
Deed, a person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Deed. 
  

	21.	COUNTERPARTS 

  

	21.1	Counterparts: This Deed may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of the Deed.

  

	21.2	Non-signatories: Failure by one or more parties (“Non-Signatories”) to execute this Deed on the date hereof will not invalidate the provisions of this Deed
as between the other parties who do execute this Deed. Such Non Signatories may execute this Deed (or a counterpart thereof) on a subsequent date and will thereupon become bound by its provisions. 

  

	22.	ASSIGNMENT AND TRANSFER 

  

	22.1	Assignment: The Collateral Trustee and any Secured Party may at any time assign or otherwise transfer all or any part of its rights under this Deed in accordance with and
subject to the Priority Lien Documents. 

  

	23.	GOVERNING LAW AND SUBMISSION TO JURISDICTION 

  

	23.1	Governing Law: This Deed is governed by and shall be construed in accordance with English law. Any non-contractual obligations arising out of or in connection with this Deed
are governed by English law. 

  

	23.2	Jurisdiction: 

  

	 	(a)	Subject to paragraph (c) below, the courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute
regarding the existence, validity or termination of this Deed or any non-contractual obligation arising out of or in connection with this Deed) or the consequences of its nullity (a “Dispute”). 

  

	 	(b)	The parties agree that the courts of England are the most appropriate and convenient courts to settle any Disputes and accordingly no party will argue to the contrary.

  

	 	(c)	This Clause is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from taking: 

  

	 	(i)	proceedings relating to a Dispute in any other courts with jurisdiction; and 

  

	 	(ii)	to the extent allowed by law, concurrent proceedings in any number of jurisdictions. 

 IN WITNESS WHEREOF the parties hereto have caused this Deed to be duly executed as a deed but it shall not be treated as being delivered until the date first written above. 
  

 28 

 SCHEDULE 1 
 THE CHARGORS 
  

					
	 Chargor
	  	 Jurisdiction of Chargor
	  	 Register Number

			
	Solo Cup (UK) Limited	  	England and Wales	  	04003596
			
	Insulpak Holdings Limited	  	England and Wales	  	03813634
			
	Solo Cup Europe Limited	  	England and Wales	  	00979390

  

 29 

 SCHEDULE 2 
 DETAILS OF THE SCHEDULED REAL PROPERTY 
 None at the date of this Deed 
  

 30 

 SCHEDULE 3 
 DETAILS OF THE SCHEDULED INTELLECTUAL PROPERTY 
  

					
	 Patent/Trademark/Registered
 Design/Application Number
	  	 Country
	  	 Registered Proprietor/Applicant

			
	 STYROWEAVE
 (1152821)
	  	United Kingdom	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

			
	 STYROWEAVE
 (99055)
	  	Ireland	  	 Insulpak Limited
 (Registered Proprietor)

			
	 INSULPAK FOAM CONE
 (1503926)
	  	United Kingdom	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

			
	 (1514892)
	  	United Kingdom	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

			
	 (1533831)
	  	United Kingdom	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

			
	 (2277515)
	  	United Kingdom	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

			
	 Retropolitan
 (2472452)
	  	United Kingdom	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

			
	 (006611271)
	  	European Community	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

			
	 (006613236)
	  	European Community	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

			
	 DeliLite
 (2482834)
	  	United Kingdom	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

			
	 Yin Yang
 (2488753)
	  	United Kingdom	  	 Solo Cup Europe Ltd.
 (Registered Proprietor)

  

 31 

 SCHEDULE 4 DETAILS OF THE SCHEDULED BANK ACCOUNTS 
  

					
	 Account Holder
	  	 Bank
	  	 Bank Account number

			
	Solo Cup Europe Limited	  	 Lloyds TSB
 99 High Street
 Huntingdon Cambridgeshire,
 PE18 6DU England
	  	
			
	Solo Cup Europe Limited	  	 Lloyds TSB
 99 High Street
 Huntingdon Cambridgeshire,
 PE18 6DU England
	  	
			
	Solo Cup Europe Limited	  	 Lloyds TSB
 99 High Street
 Huntingdon Cambridgeshire,
 PE18 6DU England
	  	
			
	Solo Cup Europe Limited	  	 Lloyds TSB
 99 High Street
 Huntingdon Cambridgeshire,
 PE18 6DU England
	  	
			
	Solo Cup Europe Limited	  	 Lloyds TSB
 99 High Street
 Huntingdon Cambridgeshire,
 PE18 6DU England
	  	

  

 32 

 SCHEDULE 5 
 NOTICES FOR BANK ACCOUNTS 
  

			
	To:	  	[name of Account Bank] [address]
		
	Dated:	  	[•]

 Dear Sirs 
 [•] (the “Chargor”) 
 [number and description of the relevant account] (the “Specified Accounts”):
debenture dated [•] made between [, amongst others,] the Chargor and U.S. Bank National Association as Collateral Trustee (the “Deed”) 
  

	1.	Pursuant to the Deed, the Chargor has charged by way of first fixed charge in favour of the Collateral Trustee all its rights to, and interest in, the balance standing from time to
time to the credit of the Specified Accounts and any other bank account maintained with you and the debts represented by them (the “Accounts”). A copy of the Deed is enclosed. The Deed prohibits any dealing with the Accounts except
with the consent of the Collateral Trustee as provided in the Deed. 

  

	2.	The Chargor hereby irrevocably and unconditionally instructs and authorises you: 

  

	 	(a)	to disclose to the Collateral Trustee any information relating to the Accounts which the Collateral Trustee requests you to disclose; 

  

	 	(b)	to pay or to release any moneys standing to the credit of the Accounts, in accordance with any instructions which you receive from the Collateral Trustee; 

 

	 	(c)	not to permit any withdrawal by the Chargor of any moneys standing to the credit of the Accounts, without the prior written consent of the Collateral Trustee and to hold all such
moneys to the order of the Collateral Trustee; and 

  

	 	(d)	to comply with the terms of any written notices or instructions relating to the Deed and/or the Accounts and the debts represented by them which you receive from the Collateral
Trustee. 

  

	3.	The instructions and authorisations which are contained in this letter shall remain in full force and effect until the Chargor and the Collateral Trustee together give you notice in
writing revoking or amending them. You may comply with the instructions contained in this letter without further authority from the Chargor. 

  

	4.	The instructions and authorisations in this letter supersede any instructions and authorisations to the contrary given to you by or on behalf of any Chargor.

  

	5.	This letter is governed by English law. 

  

	6.	Please acknowledge your acceptance of the instructions and authorisations contained in this notice by signing the attached Form of Acknowledgement and returning it to the Collateral
Trustee at [•] copied to us. 

  

									
	Yours faithfully	 		 	
			
	[name of Chargor]	 		 	U.S. Bank National Association
					
	By	 	 	 		 	By	 	 
		 	Authorised Signatory	 		 		 	Authorised Signatory

  

 33 

 Form of Acknowledgement of Notice to Account Bank for a Bank Account 
  

			
	To:	  	U.S. Bank National Association
		
	Copy:	  	[Chargor]

 Dear Sirs 
 Debenture
dated [•] made between [, amongst others,] the Chargor and U.S. Bank National Association as Collateral Trustee (the “Deed”) 
 We hereby acknowledge receipt of the notice (a copy of which is attached hereto) dated [•] and addressed to us by you regarding the Accounts and confirm that we: 
  

	 	(a)	accept the instructions and authorisations contained in the notice and agree to comply with the terms thereof; 

  

	 	(b)	do not have, and will not make or exercise, any claims or demands, any rights of counterclaim, Security, rights of set-off or rights against the Chargor in respect of the Accounts
and/or the debts represented by them other than in respect of fees for operating the accounts; and 

  

	 	(c)	(other than in relation to the interest of the ABL Agent pursuant to the ABL Debenture) have not received notice of any interest of any third party in any Account and/or the debts
represented by them and to our knowledge there are no restrictions on the creation of Security over the Accounts pursuant to the Deed. 

 We
agree that, in the event that we become aware at any time that any person other than yourselves has or will have any right or interest in the Accounts and/or the debts represented by them, we will promptly notify you. 
 The only Account[s] maintained with us [is] [are] the Specified Account[s] referred to in the notice [and [•]]. 
  

	
	Yours faithfully
	
	  
	[name of bank]

  

 34 

 SCHEDULE 6 
 FORM OF NOTICE OF CHARGE TO INSURERS 
  

			
	To:	  	[insert name and address of insurance company]
		
	[•]	  	

 Dear Sirs, 
  

	Re:	[identify the relevant Insurance Policy(ies)] (the “Policies”) 

  

	1.	We hereby notify you that [insert name of relevant Chargor] (the “Company”) has granted a fixed charge in favour of U.S. Bank National Association (the
“Collateral Trustee”) for the benefit of itself and certain other banks and financial institutions (the “Secured Parties”) all its right, title and interest in the Policies as Security for certain obligations owed
by the Company to the Secured Parties. 

  

	2.	We further notify you that: 

  

	 	(a)	the Company may not agree to amend, modify or terminate the Policies without the prior written consent of the Collateral Trustee; 

  

	 	(b)	[subject to paragraph (a) above, you may continue to deal with the Company in relation to the Policies until you receive written notice to the contrary from the Collateral
Trustee. Thereafter the Company will cease to have any right to deal with you in relation to the Policies and therefore from that time you should deal only with the Collateral Trustee;] 

  

	 	(c)	you are authorised to disclose information in relation to the Policies to the Collateral Trustee on request; 

  

	 	(d)	[you must hold all sums from time to time due and payable by you to us under the Policies to the order of the Collateral Trustee;] 

  

	 	(e)	you will pay or release all moneys to which the Company is entitled under the Policies to such persons as the Collateral Trustee shall direct; 

  

	 	(f)	you will notify the Collateral Trustee promptly of any claim, or notification likely to result in a claim, under any Policy; and 

  

	 	(g)	the provisions of this notice may only be revoked with the written consent of the Collateral Trustee. 

  

	3.	Please sign and return the enclosed copy of this notice to the Collateral Trustee (with a copy to the Company) by way of confirmation that: 

  

	 	(a)	you agree to the terms set out in this notice and to act in accordance with its provisions; 

  

	 	(b)	you have noted the Collateral Trustee’s interest as additional insured or loss payee, as the case may be, on the Policies; 

  

	 	(c)	you will not cancel, avoid, release or otherwise allow the Policies to lapse without giving the Collateral Trustee at least 30 days’ written notice; 

 

	 	(d)	(except in relation to the ABL Agent pursuant to the ABL Debenture) you have not received notice that the Company has assigned its rights under the Policies to a third party or
created any other interest (whether by way of Security or otherwise) in the Policies in favour of a third party; 

  

 35 

	 	(e)	you shall not permit any sums to be paid to the Company or any other person under or pursuant to the Policies without the prior written consent of the Collateral Trustee;

  

	 	(f)	the Collateral Trustee shall not in any circumstances be liable for the premiums in relation to the Policies; and 

  

	 	(g)	the Policies shall not be rendered void, voidable or unenforceable by reason of any non-disclosure by the Collateral Trustee. 

  

	4.	The provisions of this notice are governed by English law. 

  

	
	Yours faithfully
	
	  
	 for and on behalf of
 [insert name of Company]

  

 36 

 Form of Acknowledgement of Notice of Charge to Insurers 
  

			
	To:	  	U.S. Bank National Association [insert address]
		
	Copy to:	  	[insert name and address of Chargor]

 We hereby acknowledge receipt of the above notice and confirm the matters set out in paragraph 3 above.

  

	
	  
	 for and on behalf of
 [insert name of insurance
company]

 Dated: 
  

 37 

 SCHEDULE 7 
 GENERAL UNDERTAKINGS 
  

	1.	Real Property: Save as permitted or not restricted by the Priority Lien Documents, each of the Chargors undertakes that it shall not do or omit to do anything which would
materially and adversely affect the value of the Charged Real Property except with the consent of the Collateral Trustee. 

  

	2.	Intellectual Property: Each Chargor undertakes that it shall in respect of its Intellectual Property: 

  

	 	(a)	take all such steps and do all such acts as may be necessary to preserve and maintain the subsistence and the validity of any such Intellectual Property except where such Chargor
determines that the use or the preservation or maintenance of such Intellectual Property is no longer desirable in the conduct of such Chargor’s business and that the loss thereof could not reasonably be likely to have a Material Adverse
Effect; and 

  

	 	(b)	use all its reasonable endeavours to detect any infringement of any Intellectual Property subject to the Charges that is material to such Chargor’s business and if it becomes
aware of any such infringement, to promptly notify the Collateral Trustee and take all such steps as such Chargor or the Collateral Trustee deems reasonable and appropriate under the circumstances to prevent such infringement including, if so
requested by the Collateral Trustee, by bringing legal proceedings or permitting the Collateral Trustee in the name of, but at the cost of, such Chargor to bring such legal proceedings. 

  

	3.	Insurance: 

  

	 	(a)	Any moneys received under any Insurance Policies relating to Charged Assets shall be applied (subject to the terms of the Intercreditor Agreement and the rights of any person having
a prior claim to such moneys): 

  

	 	(i)	prior to the occurrence of a Specified Default, in accordance with the terms of the Priority Lien Documents; and 

  

	 	(ii)	following the occurrence and during the continuation of a Specified Default, the Chargor shall hold such moneys upon trust for the Collateral Trustee (or, if the ABL Agent has been
granted a priority security interest in such moneys, the ABL Agent) pending payment to the Collateral Trustee (or, if the ABL Agent has been granted a priority security interest in such moneys, the ABL Agent) for application in accordance with
Clause 8.1 (Application). 

  

	 	(b)	Each Chargor must promptly on request by the Collateral Trustee (acting reasonably) produce to the Collateral Trustee a copy of each Insurance Policy relating to the Charged Assets.
If required by the Collateral Trustee (acting reasonably) (but subject to the provisions of any lease of Charged Assets), a Chargor shall deposit all its Insurance Policies relating to the Charged Assets with the Collateral Trustee (unless the ABL
Agent has been granted a priority security interest in such Insurance Policies and the same is required to be deposited with the ABL Agent (and is so deposited) pursuant to the terms of the ABL Debenture). 

  

	4.	Fixtures and Personal Chattels: Each Chargor undertakes that it shall in each case except as could not reasonably be expected to have a Material Adverse Effect maintain each
Fixture and Personal Chattel subject to a fixed charge hereunder in good repair and working order (ordinary wear and tear excepted) and as soon as reasonably practicable, or in the case of any loss or damage to any such Fixture or Personal Chattel
as soon as reasonably practicable after the occurrence thereof, make or cause to be made all necessary repairs, replacements and other improvements in connection therewith. 

  

 38 

 SCHEDULE 8 
 REPRESENTATIONS AND WARRANTIES 
  

	1.	Real Property: Each Chargor represents and warrants to the Collateral Trustee that: 

  

	 	(a)	it is the sole legal and beneficial owner of all the Scheduled Real Property listed against its name in Schedule 2 (Details of the Scheduled Real Property) and no other
person has any legal or beneficial interest in or rights on or over all or any part of the Charged Real Property (other than as granted to the Collateral Trustee pursuant to this Deed or granted to the ABL Agent pursuant to the ABL Debenture or as
otherwise permitted or not restricted under the Priority Lien Documents); and 

  

	 	(b)	as at the date of this Deed, except for the Scheduled Real Property, it does not own any estate or interest in any Real Property. 

  

	2.	Investments: Each Chargor represents and warrants to the Collateral Trustee that its Investments are free from security, options and other third party rights (except as
created by this Deed or the ABL Debenture) or as otherwise permitted or not restricted under the Priority Lien Documents. 

  

	3.	Intellectual Property: Each Chargor represents and warrants to the Collateral Trustee that: 

  

	 	(a)	except where it could not be reasonably likely to have a Material Adverse Effect it is the sole legal and beneficial owner of the Scheduled Intellectual Property listed against its
name in Schedule 3 (Details of the Scheduled Intellectual Property) and it is the sole legal and beneficial owner of, or is otherwise entitled to use, any other Intellectual Property necessary for it to carry on its business as it is
presently carried on free from all Security, options and other rights in favour of third parties (except as created by this Deed or the ABL Debenture or as otherwise permitted or not restricted under the Priority Lien Documents); and

  

	 	(b)	except where it could not be reasonably likely to have a Material Adverse Effect it is not aware of any infringement or threatened infringement of its Intellectual Property.

  

 39 

 SIGNATORIES 
  

			
	EXECUTED AS A DEED by	  	)
	SOLO CUP (UK) LIMITED 	  	)
	acting by one director or one director and another	  	)
	authorised signatory	  	)

  

			
	Name(s)	 	/s/ Richard Hernke
		 	 Richard Hernke 

  

			
	 Witness’s
 Signature
	 	/s/ Kim C. Frankovich
	(if signed by one director only)

 Name Kim Frankovich 
 Address 1700 Old Deerfield Rd, Highland Park, IL 
 60035, USA 
 Notice Details 
 Address: Towers Close, St. Peters Industrial Park, 
 Huntingdon, PE29 7BZ UK 
 Facsimile: 44 0 1480459274 
 Attention: VP Finance 
  

			
	EXECUTED AS A DEED by	  	)
	INSULPAK HOLDINGS LIMITED 	  	)
	acting by one director or one director and another	  	)
	authorised signatory	  	)

  

			
	Name(s)	 	/s/ Richard Hernke
		 	 Richard Hernke 

  

			
	 Witness’s
 Signature
	 	/s/ Kim C. Frankovich
	(if signed by one director only)

 Name Kim Frankovich 
 Address 1700 Old Deerfield Rd, Highland Park, IL 
 60035, USA 
  

 40 

 Notice Details 
 Address: Towers Close, St. Peters Industrial Park, 
 Huntingdon, PE29 7BZ UK 
 Facsimile: 44 0 1480459274 
 Attention: VP Finance 
  

			
	EXECUTED AS A DEED by	  	)
	SOLO CUP EUROPE LIMITED 	  	)
	acting by one director or one director and another	  	)
	authorised signatory	  	)

  

			
	Name(s)	 	/s/ Richard Hernke
		 	Richard Hernke

  

			
	 Witness’s
 Signature
	 	/s/ Kim C. Frankovich
	(if signed by one director only)

 Name Kim Frankovich 
 Address 1700 Old Deerfield Rd, Highland Park, IL 
 60035, USA 
 Notice Details 
 Address: Towers Close, St. Peters Industrial Park, 
 Huntingdon, PE29 7BZ UK 
 Facsimile: 44 0 1480459274 
 Attention: VP Finance 
  

 41 

					
	EXECUTED by	 	)
	U.S. BANK NATIONAL ASSOCIATION 	 	)
	the Collateral Trustee	 	)
			
	acting by:	 	/s/ Raymond S. Haverstock	 	)

 Notice Details 
 Address: 60 Livingston Avenue, EP-MN-WS3C 
 St. Paul, MN 55107 
 Facsimile: 651/ 495-8097 
 Attention: Corporate Trust Services 
  

 42Collateral Trust Agreement

 Exhibit 4.10 
 EXECUTION VERSION 
  
  
 COLLATERAL TRUST AGREEMENT 
 dated as
of July 2, 2009 
 among 
 SOLO CUP COMPANY 
 and 
 SOLO CUP OPERATING CORPORATION, 
 as Issuers 
 the Guarantors from time to time party hereto, 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee under the Indenture, 
 the other
Secured Debt 
 Representatives from time to time party hereto 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Collateral Trustee 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	Page
	 ARTICLE 1.      DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	1
	 SECTION 1.1
	  	Defined Terms	  	1
	 SECTION 1.2
	  	Rules of Interpretation	  	21
		
	 ARTICLE 2.      THE TRUST ESTATES
	  	23
	 SECTION 2.1
	  	Declaration of Senior Trust	  	23
	 SECTION 2.2
	  	Declaration of Subordinated Trust	  	24
	 SECTION 2.3
	  	Priority of Liens	  	24
	 SECTION 2.4
	  	Restrictions on Enforcement of Subordinated Liens	  	25
	 SECTION 2.5
	  	Waiver of Right of Marshalling	  	28
	 SECTION 2.6
	  	Discretion in Enforcement of Priority Liens	  	28
	 SECTION 2.7
	  	Discretion in Enforcement of Priority Lien Obligations	  	28
	 SECTION 2.8
	  	Insolvency or Liquidation Proceedings	  	29
	 SECTION 2.9
	  	Collateral Shared Equally and Ratably within Class	  	30
		
	 ARTICLE 3.      OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE
	  	31
	 SECTION 3.1
	  	Undertaking of the Collateral Trustee	  	31
	 SECTION 3.2
	  	Release or Subordination of Liens	  	32
	 SECTION 3.3
	  	Enforcement of Liens	  	32
	 SECTION 3.4
	  	Application of Proceeds	  	33
	 SECTION 3.5
	  	Powers of the Collateral Trustee	  	35
	 SECTION 3.6
	  	Documents and Communications	  	35
	 SECTION 3.7
	  	For Sole and Exclusive Benefit of Holders of Secured Obligations	  	35
	 SECTION 3.8
	  	Additional Secured Debt	  	35
		
	 ARTICLE 4.      OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER GUARANTORS
	  	37
	 SECTION 4.1
	  	Release of Liens on Collateral	  	37
	 SECTION 4.2
	  	Delivery of Copies to Secured Debt Representatives	  	39
	 SECTION 4.3
	  	Collateral Trustee not Required to Serve, File, Register or Record	  	39
	 SECTION 4.4
	  	Release of Liens in Respect of Notes	  	39
		
	 ARTICLE 5.      IMMUNITIES OF THE COLLATERAL TRUSTEE
	  	39
	 SECTION 5.1
	  	No Implied Duty	  	39
	 SECTION 5.2
	  	Appointment of Agents and Advisors	  	40
	 SECTION 5.3
	  	Other Agreements	  	40
	 SECTION 5.4
	  	Solicitation of Instructions	  	40
	 SECTION 5.5
	  	Limitation of Liability	  	40
	 SECTION 5.6
	  	Documents in Satisfactory Form	  	40
	 SECTION 5.7
	  	Entitled to Rely	  	40
	 SECTION 5.8
	  	Secured Debt Default	  	41
	 SECTION 5.9
	  	Actions by Collateral Trustee	  	41
	 SECTION 5.10
	  	Security or Indemnity in Favor of the Collateral Trustee	  	41
	 SECTION 5.11
	  	Rights of the Collateral Trustee	  	41

  

 i 

					
	 SECTION 5.12
	  	Limitations on Duty of Collateral Trustee in Respect of Collateral	  	42
	 SECTION 5.13
	  	Assumption of Rights, Not Assumption of Duties	  	42
	 SECTION 5.14
	  	No Liability for Clean Up of Hazardous Materials	  	42
		
	 ARTICLE 6.      RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE
	  	43
	 SECTION 6.1
	  	Resignation or Removal of Collateral Trustee	  	43
	 SECTION 6.2
	  	Appointment of Successor Collateral Trustee	  	43
	 SECTION 6.3
	  	Succession	  	44
	 SECTION 6.4
	  	Merger, Conversion or Consolidation of Collateral Trustee	  	44
		
	 ARTICLE 7.      MISCELLANEOUS PROVISIONS
	  	44
	 SECTION 7.1
	  	Amendment	  	44
	 SECTION 7.2
	  	Voting	  	47
	 SECTION 7.3
	  	Further Assurances; Insurance	  	47
	 SECTION 7.4
	  	Perfection of Subordinated Trust Estate	  	48
	 SECTION 7.5
	  	Successors and Assigns; Third Party Beneficiaries	  	49
	 SECTION 7.6
	  	Delay and Waiver	  	49
	 SECTION 7.7
	  	Notices	  	49
	 SECTION 7.8
	  	Notice Following Discharge of Priority Lien Obligations	  	50
	 SECTION 7.9
	  	Entire Agreement	  	51
	 SECTION 7.10
	  	Compensation; Expenses	  	51
	 SECTION 7.11
	  	Indemnity	  	52
	 SECTION 7.12
	  	Severability	  	52
	 SECTION 7.13
	  	Headings	  	52
	 SECTION 7.14
	  	Obligations Secured	  	52
	 SECTION 7.15
	  	Governing Law	  	52
	 SECTION 7.16
	  	Consent to Jurisdiction	  	53
	 SECTION 7.17
	  	Waiver of Jury Trial	  	53
	 SECTION 7.18
	  	Counterparts	  	53
	 SECTION 7.19
	  	Effectiveness	  	54
	 SECTION 7.20
	  	Additional Guarantors	  	54
	 SECTION 7.21
	  	Continuing Nature of this Agreement	  	54
	 SECTION 7.22
	  	Insolvency	  	54
	 SECTION 7.23
	  	Rights and Immunities of Secured Debt Representatives	  	54
	 SECTION 7.24
	  	Intercreditor Agreement	  	55

 EXHIBIT A – Additional Secured Debt Designation 
 EXHIBIT B – Form of Collateral Trust Joinder—Additional Secured Debt 
 EXHIBIT C – Form of Collateral Trust
Joinder—Additional Guarantors 
 EXHIBIT D – Form of Intercreditor Agreement 
 EXHIBIT E – Form of Security Agreement 
  

 ii 

 This Collateral Trust Agreement (this “Agreement”) is dated as of
July 2, 2009 and is by and among Solo Cup Company, a Delaware corporation (“Solo”), Solo Cup Operating Corporation, a Delaware corporation (“SCOC” and, together with Solo, the
“Issuers”), the Guarantors from time to time party hereto, U.S. Bank National Association, as trustee (in such capacity and together with its successors in such capacity, the
“Trustee”), the other Secured Debt Representatives from time to time party hereto, and U.S. Bank National Association, as Collateral Trustee (in such capacity and together with its successors in such capacity,
the “Collateral Trustee”). 
 RECITALS 
 The Issuers intend to issue 10.5% Senior Secured Notes due 2013 (together with any additional notes issued under the Indenture (as defined below), the
“Notes”) in an aggregate principal amount of $300,000,000 pursuant to an Indenture dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified and in effect from time to
time, the “Indenture”) among the Issuers, the Guarantors party thereto from time to time, the Collateral Trustee and the Trustee. 
 The Issuers and the Guarantors intend to secure the Obligations under the Notes, the Guarantees of the Notes and the Indenture and any future Priority Lien Debt, with Liens on all current and future Collateral to the
extent that such Liens have been provided for in the applicable Security Documents. 
 This Agreement sets forth the terms on which each
Secured Party has appointed the Collateral Trustee to act as the collateral trustee for the current and future holders of the Secured Obligations to receive, hold, maintain, administer and distribute the Collateral at any time delivered to the
Collateral Trustee or the subject of the Security Documents, and to enforce the Security Documents and all interests, rights, powers and remedies of the Collateral Trustee with respect thereto or thereunder and the proceeds thereof. 
 Capitalized terms used in this Agreement have the meanings assigned to them above or in Article 1 below. 
 AGREEMENT 
 In consideration of the
premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 ARTICLE 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
 SECTION 1.1 Defined Terms. The following terms
will have the following meanings: 
 “ABL Agent” means the Administrative Agent and any other agent, collateral
agent, collateral trustee or other representative of lenders or holders of ABL Debt Obligations that becomes party to the Intercreditor Agreement upon the refinancing or replacement of the ABL Credit Agreement, or any successor representative acting
in such capacity. 

 “ABL Collateral” means all present and future right, title and interest of the
Issuers and the Guarantors in and to the following, whether now owned or hereafter acquired, existing or arising, and wherever located: 
 (a) “accounts” and “payment intangibles,” including tax refunds but excluding “payment intangibles” that constitute identifiable proceeds of Notes Collateral; 
 (b) “inventory” and indebtedness owed to Solo or any of its Subsidiaries that arises from cash advances to enable the obligor thereof to
acquire “inventory”; 
 (c) “deposit accounts,” “commodity accounts,” “securities accounts” and
lock-boxes, including all “money” and “certificated securities,” “uncertificated securities,” “securities entitlements” and “investment property” credited thereto or deposited therein (including all
cash, marketable securities and other funds held in or on deposit in any such deposit account, commodity account or securities account); “instruments,” including intercompany notes; “chattel paper”; and all cash and cash
equivalents, including cash and cash equivalents securing reimbursement obligations in respect of letters of credit or other ABL Debt Obligations; 
 (d) “general intangibles” pertaining to the other items of property included within clauses (a), (b), (c), (e) and (f) of this definition; 
 (e) books and “records,” “supporting obligations,” “documents” and related “letters of credit,” and “commercial tort claims” or other claims and causes of action, in
each case, to the extent related primarily to any of the foregoing; and 
 (f) all substitutions, replacements, accessions, products and
proceeds (including, without limitation, insurance proceeds, licenses, royalties, income, payments, claims, damages and proceeds of suit) of all or any of the foregoing; 
 except to the extent that any item of property included in clauses (a) through (f) constitutes an Excluded Asset; provided, that in no case shall ABL Collateral include any identifiable cash proceeds
from a Sale of Notes Collateral that have been deposited in the Collateral Proceeds Account until such time as such cash proceeds are released therefrom in accordance with the terms of the Indenture; provided further, that in the case of any
Guarantor that is organized under the laws of any part of the United Kingdom, the description of the items of property referred to in clauses (a) through (f) above shall be subject to adjustment to reflect the classification of assets used
under the laws of the applicable part of the United Kingdom and to reflect the categories of assets that are subject to the security documents governing such Guarantors. 
 “ABL Credit Agreement” means that certain Loan Agreement, to be dated as of July 2, 2009, by and among the Issuers, the Guarantors party thereto, Bank of America, N.A., as administrative
agent (in such capacity and together with its successors in such capacity, the “Administrative Agent”), and the other agents and lenders party thereto from time to time, and any related notes, Guarantees, collateral
documents, instruments and agreements executed in connection therewith, and in each case, as amended, restated, adjusted, waived, renewed, modified, refunded, replaced, restated, restructured, increased, supplemented or refinanced in whole or in
part from time to time, regardless of whether such amendment, restatement, adjustment, waiver, modification, renewal, refunding, replacement, restatement, restructuring, increase, supplement or refinancing is with the same financial institutions
(whether as agents or lenders) or otherwise in accordance with the terms of the Intercreditor Agreement. 
  

 2 

 “ABL Debt” means the principal amount of indebtedness for borrowed
money and letters of credit incurred under the ABL Debt Documents in an aggregate principal amount (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of Solo and its Restricted Subsidiaries
thereunder) not to exceed, as of any date of incurrence, the ABL Debt Cap as of such date of incurrence; provided that Banking Product Obligations and Hedging Obligations will not be treated as ABL Debt. 
 “ABL Debt Cap” means as of any date of incurrence of any ABL Debt, an aggregate principal amount not to exceed the greatest of
(i) $275,000,000, (ii) the amount of the Borrowing Base (as defined in the Indenture) as of such date of incurrence, and (iii) the maximum aggregate principal amount of ABL Debt permitted to be incurred under all Secured Documents as
of such date; provided that the ABL Debt Cap may be reduced at any time by an amendment to the Intercreditor Agreement executed by the ABL Agent and the Issuers without the consent of the Collateral Trustee. 
 “ABL Debt Documents” means the ABL Credit Agreement, any additional credit agreement or indenture and all other loan documents,
security documents, notes, guarantees, instruments and agreements governing or evidencing, or executed or delivered in connection with, the ABL Credit Agreement in accordance with the terms of the Intercreditor Agreement. 
 “ABL Debt Obligations” means ABL Debt incurred or arising under the ABL Debt Documents and all other
“Obligations” as defined in the ABL Credit Agreement (excluding any such Obligations that would constitute ABL Debt), including: 
 (1) Banking Product Obligations of either of the Issuers or any other Guarantor relating to services, provided to either of the Issuers or any other Guarantor, that are secured, or intended to be secured, by the ABL
Debt Documents if the provider of such Banking Product Obligations has agreed to be bound by the terms of the Intercreditor Agreement or its interest in the ABL Collateral is subject to the terms of the Intercreditor Agreement; and 
 (2) Hedging Obligations that are secured, or intended to be secured, under the ABL Debt Documents if the provider of such Hedging
Obligations has agreed to be bound by the terms of the Intercreditor Agreement or its interest in the ABL Collateral is subject to the terms of the Intercreditor Agreement. 
 “ABL Secured Parties” means, at any time, the ABL Agent, the Administrative Agent, each lender party to the ABL Credit Agreement
from time to time, each Issuing Bank (as defined in the ABL Credit Agreement), each holder, provider or obligee under any secured hedge agreement and secured cash management agreement designated as a secured party under any ABL Credit Agreement, the
beneficiaries of each indemnification obligation undertaken by any Guarantor under any ABL Credit Agreement and each other holder of, or obligee in respect of, any ABL Debt Obligations outstanding at such time. 
  

 3 

 “Act of Required Debtholders” means, as to any matter at any time:

 (1) prior to the Discharge of Priority Lien Obligations, a direction in writing delivered to the Collateral Trustee by or
with the written consent of the holders of at least 50.1% of the sum of: 
 (a) the aggregate outstanding principal amount of
Priority Lien Debt (including outstanding letters of credit whether or not then drawn); and 
 (b) other than in connection
with the exercise of remedies, the aggregate unfunded commitments to extend credit which, when funded, would constitute Priority Lien Debt; and 
 (2) at any time after the Discharge of Priority Lien Obligations, a direction in writing delivered to the Collateral Trustee by or with the written consent of the holders of Subordinated Lien Debt representing the
Required Subordinated Lien Debtholders. 
 For purposes of this definition, (a) Secured Debt registered in the name of, or beneficially owned by, the
Issuers or any Affiliate of the Issuers will be deemed not to be outstanding and (b) votes will be determined in accordance with Section 7.2. 
 “Additional Secured Debt” has the meaning set forth in Section 3.8(b). 
 “Additional Secured Debt Designation” means a notice in substantially the form of Exhibit A. 
 “Administrative Agent” has the meaning given thereto in the definition of “ABL Credit Agreement.” 
 “Affiliate” of any specified Person means (1) any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person or (2) any executive
officer or director of such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and
“under common control with” shall have correlative meanings. 
 “Agreement” has
the meaning set forth in the preamble. 
 “Attributable Debt” in respect of a sale and leaseback transaction means,
at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction, including any period for which such lease has been
extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
  

 4 

 “Banking Product Obligations” means, with respect to either of the Issuers or any
Guarantor, any obligations of such Issuer or Guarantor owed to any Person in respect of treasury management services (including, without limitation, services in connection with operating, collections, payroll, trust, or other depository or
disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depositary, information reporting, lock-box and stop payment services), commercial credit card and
merchant card services, stored valued card services, other cash management services, or lock-box leases and other banking products or services related to any of the foregoing. 
 “Bankruptcy Code” means Title 11 of the United States Code. 
 “Business Day” means any day other than a Legal Holiday. 
 “Capital Lease Obligation” means, at the time any determination thereof is to be made,
the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Capital Stock” means: 
 (1) in the case of a
corporation, corporate stock; 
 (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or
limited liability company, partnership or membership interests (whether general or limited); and 
 (4) any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Cash Equivalents” means: 
 (1) United States dollars;

 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than one year from the date of acquisition; 
 (3) time deposits, demand deposits, money market deposits, certificates of deposit and eurodollar time deposits with maturities of one
year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year from the date of acquisition and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in
excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better; 
 (4) repurchase obligations with a term
of not more than seven days for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
  

 5 

 (5) commercial paper having the highest rating obtainable from Moody’s or S&P
and in each case maturing within one year after the date of acquisition; 
 (6) securities issued by any state of the United
States or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and having the highest rating obtainable from Moody’s or S&P; 
 (7) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through
(6) of this definition of Cash Equivalents; and 
 (8) in the case of any Foreign Subsidiary: 
 (a) local currency held by such Foreign Subsidiary from time to time in the ordinary course of business; 
 (b) securities issued or directly and fully guaranteed by the sovereign nation or any agency thereof (provided that the full faith
and credit of such sovereign nation is pledged in support thereof) in which such Foreign Subsidiary is organized and is conducting business having maturities of not more than one year from the date of acquisition; and 
 (c) investments of the type and maturity described in clauses (3) through (5) above of foreign obligors, which investments or
obligors satisfy the requirements and have ratings described in such clauses; 
 (d) provided that the aggregate amount
of any obligations and investments that are at any time outstanding pursuant to subclauses (b) and (c) of this clause (8) may not exceed the U.S. dollar equivalent of $15,000,000. 
 “Class” means (a) in the case of Subordinated Lien Debt, every Series of Subordinated Lien Debt, taken
together, and (b) in the case of Priority Lien Debt, every Series of Priority Lien Debt, taken together. 
 “Collateral” means, in the case of each Series of Secured Debt, all properties and assets of each Issuer and each Guarantor now owned or hereafter acquired in which Liens have been granted to the
Collateral Trustee to secure the Secured Obligations, and shall exclude any properties and assets in which the Collateral Trustee is required to release its Liens pursuant to Section 3.2; provided, that, if such Liens are required to be
released as a result of the sale, transfer or other disposition of any properties or assets of any Issuer or any Guarantor, such assets or properties will cease to be excluded from the Collateral if such Issuer or such Guarantor thereafter acquires
or reacquires such assets or properties. 
 “Collateral Proceeds Account” means one or more deposit accounts or
securities accounts established or maintained by any Issuer or the Collateral Trustee or its agent for the sole purpose of holding the proceeds of any sale or other disposition of any Notes Collateral that are required to be held in trust in such
account or accounts pursuant to the terms of the Indenture as in effect 

  

 6 

 
on the date hereof (or as modified from time to time to the extent such modifications, taken as a whole, are not materially adverse to the ABL Secured
Parties) or pursuant to the documentation governing any other Priority Lien Document that contains comparable provisions that are not materially adverse to the ABL Secured Parties. 
 “Collateral Trustee” has the meaning set forth in the preamble. 
 “Collateral Trust Joinder” means (a) with respect to the provisions of this Agreement relating to any
Additional Secured Debt, an agreement substantially in the form of Exhibit B and (b) with respect to the provisions of this Agreement relating to the addition of additional Guarantors, an agreement substantially in the form of
Exhibit C. 
 “Covenant Defeasance” has the meaning assigned to it in the Indenture.

 “Credit Facilities” means one or more debt facilities, commercial paper facilities, note purchase
agreements or indentures, in each case with banks, other lenders or trustees, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to
borrow from such lenders against such receivables), letters of credit, notes or other borrowings, in each case, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in
part from time to time. 
 “Discharge of ABL Debt Obligations” means the occurrence of all of the following:

 (1) termination or expiration of all commitments to extend credit that would constitute ABL Debt; 
 (2) payment in full in cash of the principal of, and interest and premium, if any, on all ABL Debt (other than any undrawn letters of
credit), other than from the proceeds of an incurrence of ABL Debt; 
 (3) discharge or cash collateralization (at the lower
of (A) 105% of the aggregate undrawn amount and (B) the percentage of the aggregate undrawn amount required for release of liens under the terms of the applicable ABL Debt Document) of all outstanding letters of credit constituting ABL
Debt; and 
 (4) payment in full in cash of all other ABL Debt Obligations that are outstanding and unpaid at the time the ABL
Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time). 
 “Discharge of Priority Lien Obligations” means the occurrence of all of the following: 
 (1) termination or expiration of all commitments to extend credit that would constitute Priority Lien Debt; 
  

 7 

 (2) payment in full in cash of the principal of, and interest and premium, if any, and
Special Interest, if any, on, all Priority Lien Debt (other than any undrawn letters of credit), other than from the proceeds of an incurrence of Priority Lien Debt; 
 (3) discharge or cash collateralization (at the lower of (A) 105% of the aggregate undrawn amount and (B) the percentage of the
aggregate undrawn amount required for release of liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting Priority Lien Debt; and 
 (4) payment in full in cash of all other Priority Lien Obligations that are outstanding and unpaid at the time the Priority Lien Debt is
paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time). 
 “Discharge of Senior Obligations” means, collectively, the Discharge of ABL Debt Obligations and the Discharge of
Priority Lien Obligations. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is one year after the date on which any outstanding Series of Secured Debt matures; provided, however, that only the portion of the
Capital Stock which so matures, is mandatorily redeemable or is redeemable at the option of the holder prior to such date shall be deemed to be Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock that would constitute
Disqualified Stock solely because the holders thereof have the right to require the issuer to repurchase such Capital Stock upon the occurrence of a Change of Control or an Asset Sale (each as defined in the Indenture or Secured Debt Documents)
shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the issuer may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with all outstanding
Secured Debt Documents. The term “Disqualified Stock” shall also include any options, warrants or other rights that are convertible into Disqualified Stock or that are redeemable at the option of the holder, or required to be redeemed,
prior to the date that is one-year after the date on which the Notes mature. 
 “Domestic
Subsidiary” means any Restricted Subsidiary of Solo other than a Restricted Subsidiary that is (1) a “controlled foreign corporation” under Section 957 of the Internal Revenue Code or (2) a Subsidiary of
any such controlled foreign corporation.  
 “Equally and Ratably” means, in reference to
sharing of Liens or proceeds thereof as between holders of Secured Obligations within the same Class, that such Liens or proceeds: 
 (1) will be allocated and distributed first to the Secured Debt Representative for each outstanding Series of Priority Lien Debt or Subordinated Lien Debt within that Class, for the account of the holders of such Series of Priority Lien
Debt or Subordinated Lien Debt, ratably in proportion to the principal of, and interest and premium (if any) and Special Interest (if 

  

 8 

 
any) and reimbursement obligations (contingent or otherwise) with respect to letters of credit, if any, outstanding (whether or not drawings have been made
on such letters of credit) on, each outstanding Series of Priority Lien Debt or Subordinated Lien Debt within that Class when the allocation or distribution is made, and thereafter 
 (2) will be allocated and distributed (if any remain after payment in full of all of the principal of, and interest and premium (if any)
and reimbursement obligations (contingent or otherwise) with respect to letters of credit, if any, outstanding (whether or not drawings have been made on such letters of credit) on all outstanding Secured Obligations within that Class) to the
Secured Debt Representative for each outstanding Series of Priority Lien Debt or Subordinated Lien Debt within that Class, for the account of the holders of any remaining Secured Obligations within that Class, ratably in proportion to the aggregate
unpaid amount of such remaining Secured Obligations within that Class due and demanded (with written notice to the applicable Secured Debt Representative and the Collateral Trustee) prior to the date such distribution is made. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute. 
 “Excluded Assets” means each of the following: 
 (1) all interests in real property other than fee interests and other interests appurtenant thereto; 
 (2) fee interests in real property if the greater of the cost or the book value of such fee interest is less than $1,000,000; 

(3) any property or asset to the extent that the grant of a Lien under the Security Documents in such property or asset is prohibited
by applicable law or requires any consent of any governmental authority not obtained pursuant to applicable law; provided that such property or asset will be an Excluded Asset only to the extent and for so long as the consequences specified
above will result and will cease to be an Excluded Asset and will become subject to the Lien granted under the Security Documents, immediately and automatically, at such time as such consequences will no longer result; 
 (4) any lease, license, contract, property right or agreement to which either of the Issuers or any Guarantor is a party or any of its
rights or interests thereunder only to the extent and only for so long as the grant of a Lien under the Security Documents will constitute or result in a breach, termination or default under or requires any consent not obtained under any such lease,
license, contract, agreement or property right (other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant
jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); provided that such lease, license, contract, property right or agreement will be an Excluded Asset only to the extent and for so long as the
consequences specified above will result and will cease to be an Excluded Asset and will become subject to the Lien granted under the Security Documents, immediately and automatically, at such time as such consequences will no longer result;

  

 9 

 (5) any motor vehicles, vessels and aircraft, or other property subject to a certificate
of title statute of any jurisdiction; 
 (6) cash or Cash Equivalents, or deposit or securities accounts that solely contain
such cash or Cash Equivalents, (a) securing reimbursement obligations under letters of credit or surety bonds (other than, in the case of ABL Collateral, reimbursement obligations in respect of letters of credit securing or constituting ABL
Debt Obligations), (b) solely consisting of earnest money deposits made or received in connection with any disposition of property or assets or in connection with any Investment or (c) securing Hedging Obligations, in each case to the
extent permitted under the Secured Documents; 
 (7) assets or property subject to purchase money liens or capital leases
permitted to be incurred under the Secured Documents, to the extent a lien on such assets or property is not permitted under the terms of the documents governing such purchase money liens, purchase money indebtedness or capital leases to be created
to secure any Secured Obligations 
 (8) all “securities” of any of the Issuers’ “affiliates” (as the
terms “securities” and “affiliates” are used in Rule 3-16 of Regulation S-X under the Securities Act of 1933); 
 (9) Capital Stock in any joint venture with a third party that is not an Affiliate, to the extent a pledge of such Capital Stock is prohibited by the documents governing such joint venture; 
 (10) the real property located at 1951 Highway 304, Belen, New Mexico, the real property located at 177 Florence Street, Leominster,
Massachusetts, and the real property located at 1900 S. Clark Road, Havre de Grace, Maryland, in each case, including all fixtures and improvements located thereon; and 
 (11) the real property located at 3333 East 87th Street, Chicago, Illinois (formerly known as the USX South Works site), including all
fixtures and improvements located thereon. 
 “Fair Market Value” means the price that would be paid in an
arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. Fair market value will be determined (1) if with respect to a security registered
under the Exchange Act, based on the average of the closing prices, regular way, of such security for the 20 consecutive trading days immediately preceding the acquisition or sale of such security, (2) if such Person or assets, other than cash
and Cash Equivalents, have a fair market value equal to or in excess $5,000,000, by Solo’s Board of Directors and evidenced by a resolution of Solo’s Board of Directors and set forth in an Officers’ Certificate, dated within 30 days
of the relevant transaction, and (3) if such Person or assets (other than cash and Cash Equivalents) have a fair market value equal to or in excess of $15,000,000, by an independent accounting, appraisal, financial advisory or investment
banking firm of national standing and set forth in a written opinion of such firm which shall be delivered to each Secured Debt Representative. 
  

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 “Foreign Subsidiary” means any Restricted Subsidiary of Solo other than a
Domestic Subsidiary. 
 “GAAP” means generally accepted accounting principles in the United States as
set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and in the statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time. 
 “Guarantee” means, as to any Person, a guarantee other than by endorsement of negotiable instruments for collection
in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness of
another Person. 
 “Guarantors” means (1) each direct or indirect Domestic Subsidiary of Solo on
the date of the Indenture (other than SCOC and any Excluded Subsidiary); and (2) any other Restricted Subsidiary of Solo that executes a Note Guarantee in accordance with the provisions of the Indenture; and, in each case, their respective
successors and assigns until released from their obligations under their Note Guarantees and the Indenture in accordance with the terms of the Indenture. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 
 (1) interest rate swap agreements, interest rate cap agreements, interest rate collar agreements and other agreements or arrangements
designed for the purpose of fixing, hedging or swapping interest rate risk; 
 (2) commodity swap agreements, commodity option
agreements, forward contracts and other agreements or arrangements designed for the purpose of fixing, hedging or swapping commodity price risk; and 
 (3) foreign exchange contracts, currency swap agreements and other agreements or arrangements designed for the purpose of fixing, hedging or swapping foreign currency exchange rate risk. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not
contingent: 
 (1) in respect of borrowed money; 
  

 11 

 (2) evidenced by bonds, notes, debentures or similar instruments; 
 (3) evidenced by letters of credit (or reimbursement agreements in respect thereof), but excluding obligations with respect to letters of
credit (including trade letters of credit) securing obligations (other than obligations described in clause (1) or (2) above or clause (4), (5), (6), (7) or (8) below) entered into in the ordinary course of business of such
Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement; 
 (4) in respect of banker’s acceptances; 
 (5) in respect of Capital Lease Obligations and Attributable Debt; 
 (6) in respect of the
balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable; 
 (7) representing Hedging Obligations, other than Hedging Obligations that are incurred in the normal course of business and not for speculative purposes, and that do not increase the Indebtedness of the obligor
outstanding at any time other than as a result of fluctuations in interest rates, commodity prices or foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder; or 
 (8) representing Disqualified Stock valued at the greater of its voluntary or involuntary maximum fixed repurchase price. 
 In addition, the term “Indebtedness” includes (1) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such
Indebtedness is assumed by the specified Person); provided, that the amount of such Indebtedness shall be the lesser of (A) the Fair Market Value of such asset at such date of determination and (B) the amount of such Indebtedness,
and (2) to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock which does not have a
fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to the Indenture, and if
such price is based upon, or measured by, the Fair Market Value of such Disqualified Stock, such Fair Market Value shall be determined in good faith by the board of directors of the issuer of such Disqualified Stock. 
 The amount of any Indebtedness outstanding as of any date shall be the outstanding balance at such date of all unconditional obligations as described
above in this definition of Indebtedness and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation, and shall be: 
 (1) the accreted value thereof, in the case of any Indebtedness issued with original issue discount; and 
  

 12 

 (2) the principal amount thereof, together with any interest thereon that is more than 30
days past due, in the case of any other Indebtedness; 
 provided that Indebtedness shall not include: 
 (a) any liability for federal, state, local or other taxes, 
 (b) performance, bid, surety, appeal and similar bonds and completion of performance guarantees provided by Solo or any Restricted
Subsidiary thereof in the ordinary course of business, 
 (c) any liability arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such liability is extinguished within five Business Days of its incurrence,

 (d) any liability owed to any Person in connection with workers’ compensation, health, disability or other employee
benefits or property, casualty or liability insurance provided by such Person pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business, 
 (e) any indebtedness existing on the date of the Indenture that has been satisfied and discharged or defeased by Legal Defeasance,

 (f) agreements providing for indemnification, adjustment of purchase price or similar obligations, or Guarantees or letters
of credit, surety bonds or performance bonds securing any obligations of Solo or any of its Restricted Subsidiaries pursuant to such agreements, in any case incurred in connection with the disposition of any business, assets or Restricted Subsidiary
(other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition), so long as the principal amount does not exceed the gross
proceeds actually received by Solo or any Restricted Subsidiary in connection with such disposition, or 
 (g) indebtedness
under leases that exists solely as a result of the implementation of the proposed revisions to lease accounting standards by the Financial Accounting Standards Board and the International Accounting Standards Board, as described in the discussion
paper “Leases: Preliminary Views” dated March 2009. 
 No Indebtedness of any Person will be deemed to be contractually subordinated in right of
payment to any other Indebtedness of such Person solely by virtue of being unsecured or by virtue of being secured on a junior priority basis. 
 “Indemnified Liabilities” means any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with
respect to the execution, delivery, performance, administration or enforcement of this Agreement or any of the other Security Documents, including any of the foregoing relating to the use of proceeds of any Secured Debt or the violation of,
noncompliance with or liability under, any law applicable to or 

  

 13 

 
enforceable against the Issuers, any of their Subsidiaries or any Guarantor or any of the Collateral and all reasonable costs and expenses (including
reasonable fees and expenses of legal counsel selected by the Indemnitee) incurred by any Indemnitee in connection with any claim, action, investigation or proceeding in any respect relating to any of the foregoing, whether or not suit is brought.

 “Indemnitee” has the meaning set forth in Section 7.11(a). 
 “Indenture” has the meaning set forth in the recitals. 
 “Insolvency or Liquidation Proceeding” means: 
 (1) any case commenced by or against Solo, SCOC or any Guarantor under the Bankruptcy Code, or any similar federal or state law for the
relief of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of Solo, SCOC or any Guarantor, any receivership or assignment for the benefit of creditors relating to Solo,
SCOC or any Guarantor or any similar case or proceeding relative to Solo, SCOC or any Guarantor or its creditors, as such, in each case whether or not voluntary; 
 (2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to Solo, SCOC or any Guarantor,
in each case whether or not voluntary and whether or not involving bankruptcy or insolvency, unless otherwise permitted by the Indenture and the Security Documents; 
 (3) any proceeding seeking the appointment of a trustee, receiver, liquidator, custodian or other insolvency official with respect to
either of the Issuers or any Guarantor or any of their assets; 
 (4) any other proceeding of any type or nature in which
substantially all claims of creditors of Solo, SCOC or any Guarantor are determined and any payment or distribution is or may be made on account of such claims; or 
 (5) any analogous procedure or step in any jurisdiction. 
 “Intercreditor Agreement” means an intercreditor agreement entered into by and among the Collateral Trustee, the ABL Agent, the Issuers and the other parties signatory thereto, in substantially
the form attached as Exhibit D, as amended, supplemented, restated, modified, renewed or replaced (whether upon or after termination or otherwise), in whole or in part from time to time, or any other successor agreement and whether among the
same or any other parties. 
 “Issuers” has the meaning set forth in the preamble. 
 “Legal Defeasance” has the meaning assigned to it in the Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York or at a place of
payment are authorized by law, regulation or executive order to remain closed. 
  

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 “Lien” means, with respect to any asset, any mortgage, lien,
pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the
nature thereof, any option or other agreement to sell or give a security interest in and any filing, authorized by or on behalf of the Issuers, of or agreement to give any financing statement under the UCC (or equivalent statutes) of any
jurisdiction. 
 “Lien Sharing and Priority Confirmation” means: 
 (1) as to any Series of Priority Lien Debt, the written agreement of the holders of such Series of Priority Lien Debt, as set forth in the indenture,
credit agreement or other agreement governing such Series of Priority Lien Debt, for the benefit of all holders of Secured Debt and each future Secured Debt Representative: 
 (a) that all Priority Lien Obligations will be and are secured Equally and Ratably by all Priority Liens at any time granted by the
Issuers or any Guarantor to secure any Obligations in respect of such Series of Priority Lien Debt, whether or not upon property otherwise constituting Collateral, and that all such Priority Liens will be enforceable by the Collateral Trustee for
the benefit of all holders of Priority Lien Obligations Equally and Ratably; 
 (b) that the holders of Obligations in respect
of such Series of Priority Lien Debt are bound by the provisions of this Agreement, including the provisions relating to the ranking of Priority Liens and the order of application of proceeds from enforcement of Priority Liens; and 
 (c) consenting to the terms of this Agreement and the Intercreditor Agreement and the Collateral Trustee’s performance of, and
directing the Collateral Trustee to perform, its obligations under this Agreement and the Intercreditor Agreement; 
 (2) as to any Series of
ABL Debt, the written agreement of the holders of such Series of ABL Debt, as set forth in the credit agreement, indenture or other agreement governing such Series of ABL Debt, for the benefit of all holders of Secured Debt and each future Secured
Debt Representative, that the holders of Obligations in respect of such Series of ABL Debt are bound by the provisions of the Intercreditor Agreement; and 
 (3) as to any Series of Subordinated Lien Debt, the written agreement of the holders of such Series of Subordinated Lien Debt, as set forth in the indenture, credit agreement or other agreement governing such Series
of Subordinated Lien Debt, for the benefit of all holders of Secured Debt and each future Secured Debt Representative: 
 (a)
that all Subordinated Lien Obligations will be and are secured Equally and Ratably by all Subordinated Liens at any time granted by the Issuers or any Guarantor to secure any Obligations in respect of such Series of Subordinated Lien Debt, whether
or not upon property otherwise constituting collateral for such Series of Subordinated Lien Debt, and that all such Subordinated Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Subordinated Lien Obligations
Equally and Ratably; 
  

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 (b) that the holders of Obligations in respect of such Series of Subordinated Lien Debt
are bound by the provisions of this Agreement and the Intercreditor Agreement, including the provisions relating to the ranking of Subordinated Liens and the order of application of proceeds from the enforcement of Subordinated Liens; and

 (c) consenting to the terms of this Agreement and the Intercreditor Agreement and the Collateral Trustee’s performance
of, and directing the Collateral Trustee to perform, its obligations under this Agreement and the Intercreditor Agreement. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and any successor to its rating agency business. 
 “Notes” has the meaning set forth in the recitals. 
 “Note Guarantee” means a Guarantee of the Notes pursuant to the Indenture. 
 “Notes Collateral” means all of the tangible and intangible properties and assets at any time owned or acquired by
the Issuers or any Guarantor, except: (1) Excluded Assets; and (2) ABL Collateral. 
 “Obligations” means any principal, interest, penalties, fees, expenses, indemnifications, reimbursements, damages and other liabilities (including all interest, Special Interest (if any), fees and
expenses accruing after the commencement of any Insolvency or Liquidation Proceeding, even if such interest, fees and expenses are not enforceable, allowable or allowed as a claim in such proceeding) under any Secured Documents, and, to the extent
applicable, Banking Product Obligations and Hedging Obligations. 
 “Officer” means, with respect to
any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Senior Vice President, any Vice
President or any Assistant Vice President of such Person.  
 “Officers’ Certificate” means
a certificate with respect to compliance with a condition or covenant provided for in this Agreement, signed on behalf of the applicable Issuer by at least two Officers of such Issuer, one of whom must be the principal executive officer, the
principal financial officer, the treasurer or the principal accounting officer of such Issuer, including: 
 (a) a statement
that the Person making such certificate has read such covenant or condition; 
 (b) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate are based; 
 (c) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been
satisfied; and 
  

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 (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied. 
 “Permitted Liens” has the meaning assigned to it in the Indenture. 

“Permitted Prior Liens” has the meaning assigned to it in the Indenture. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Priority Lien”
means a Lien granted by a Security Document to the Collateral Trustee, at any time, upon any property of the Issuers or any Guarantor to secure Priority Lien Obligations. 
 “Priority Lien Debt” means: 
 (1) the Notes issued on the date hereof under the Indenture; and 
 (2) additional notes issued under any indenture or other Indebtedness (including letters of credit and reimbursement obligations with
respect thereto) of either of the Issuers that is secured Equally and Ratably with the Notes by a Priority Lien that was permitted to be incurred and so secured under each applicable Secured Debt Document; provided, in the case of any
additional notes or other Indebtedness referred to in this clause (2), that: 
 (a) on or before the date on which such
additional notes were issued or Indebtedness is incurred by such Issuer, such additional notes or other Indebtedness, as applicable, is designated by Solo, in an Additional Secured Debt Designation executed and delivered in accordance with
Section 3.8(b), as “Priority Lien Debt” for the purposes of the Secured Debt Documents; provided that no Series of Secured Debt may be designated as both Subordinated Lien Debt and Priority Lien Debt and no Series of Secured
Debt may be designated as both ABL Debt and Priority Lien Debt; 
 (b) the Priority Lien Representative for such Indebtedness
executes and delivers a Collateral Trust Joinder in accordance with Section 3.8(a); 
 (c) such additional notes or such
Indebtedness is governed by an indenture or a credit agreement, as applicable, or other agreement that includes a Lien Sharing and Priority Confirmation; and 
 (d) all other requirements set forth in Section 3.8 hereof have been complied with (and the satisfaction of such requirements will be
conclusively established if Solo delivers to the Collateral Trustee an Officers’ Certificate stating that such requirements and other provisions have been satisfied and that such notes or such Indebtedness is “Priority Lien Debt”).

  

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 “Priority Lien Documents” means the Indenture and any additional
indenture, Credit Facility or other agreement pursuant to which any Priority Lien Debt is incurred and the Security Documents related thereto (other than any Security Documents that do not secure Priority Lien Obligations). 
 “Priority Lien Obligations” means Priority Lien Debt and all other Obligations in respect thereof. 
 “Priority Lien Representative” means: 
 (a) the Collateral Trustee, in the case of the Notes; or 
 (b) in the case of any other Series of Priority Lien Debt, the trustee, agent or representative of the holders of such Series of Priority
Lien Debt who maintains the transfer register for such Series of Priority Lien Debt and is appointed as a representative of such Series of Priority Lien Debt (for purposes related to the administration of the Security Documents) pursuant to the
indenture, credit agreement or other agreement governing such Series of Priority Lien Debt, and who has executed a Collateral Trust Joinder. 
 “Registration Rights Agreement” means the registration rights agreement, to be dated the date of the Indenture, among the Issuers, the Guarantors, Goldman, Sachs & Co., Banc of America Securities LLC and
Wachovia Capital Markets, LLC. 
 “Required Priority Lien Debtholders” means, at any time, the holders
of a majority in aggregate principal amount of all Priority Lien Debt then outstanding, calculated in accordance with the provisions of Section 7.2. For purposes of this definition, Priority Lien Debt registered in the name of, or beneficially
owned by, any Issuer, any Guarantor or any Affiliate of any Issuer or any Guarantor will be deemed not to be outstanding. 
 “Required Subordinated Lien Debtholders” means, at any time, the holders of a majority in aggregate principal amount of all Subordinated Lien Debt then outstanding, calculated in accordance with the
provisions of Section 7.2. For purposes of this definition, Subordinated Lien Debt registered in the name of, or beneficially owned by, any Issuer, any Guarantor or any Affiliate of any Issuer or any Guarantor will be deemed not to be
outstanding. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is
not an Unrestricted Subsidiary. 
 “S&P” means Standard & Poor’s Ratings Services, a
division of The McGraw Hill Companies, Inc., and any successor to its rating agency business. 
 “SCOC”
has the meaning set forth in the preamble. 
 “Secured Debt” means Priority Lien Debt and Subordinated
Lien Debt. 
  

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 “Secured Debt Default” means any event or condition which, under
the terms of any credit agreement, indenture or other agreement governing any Series of Secured Debt causes, or permits holders of Secured Debt outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or
not notice has been given or time has lapsed) to cause, the Secured Debt outstanding thereunder to become immediately due and payable. 
 “Secured Debt Documents” means the Priority Lien Documents and the Subordinated Lien Documents. 
 “Secured Debt Representative” means each Priority Lien Representative and each Subordinated Lien Representative. 
 “Secured Documents” means the ABL Debt Documents, the Priority Lien Documents and the Subordinated Lien Documents. 
 “Secured Obligations” means the Subordinated Lien Obligations and Priority Lien Obligations. 
 “Secured Parties” means the holders of Secured Obligations and the Secured Debt Representatives. 
 “Security Agreement” means the Security Agreement, dated as of July 2, 2009, among the Issuers, the subsidiaries of the Issuers from time to time party thereto and the Collateral Trustee,
as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time. 
 “Security Documents” means this Agreement, the Intercreditor Agreement, each Lien Sharing and Priority Confirmation, each Collateral Trust Joinder, the Security Agreement and all security agreements,
pledge agreements, collateral assignments, collateral agency agreements, debentures, control agreements, mortgages, deeds of trust or other grants or transfers for security executed and delivered by the Issuers or any Guarantor creating (or
purporting to create) a Lien upon Collateral in favor of the Collateral Trustee, for the benefit of the Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with
its terms and Section 7.2. 
 “Senior Trust” has the meaning set forth in Section 2.1. 
 “Senior Trust Estate” has the meaning set forth in Section 2.1. 
 “Series of ABL Debt” means, severally, the ABL Credit Agreement and any Credit Facility and other Indebtedness that
constitutes ABL Debt Obligations. 
 “Series of Priority Lien Debt” means, severally, the Notes and any
additional notes, any Credit Facility (other than the ABL Credit Agreement) and other Indebtedness that constitutes Priority Lien Debt. 
 “Series of Secured Debt” means each Series of Subordinated Lien Debt and each Series of Senior Debt. 
  

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 “Series of Senior Debt” means each Series of ABL Debt and each
Series of Priority Lien Debt. 
 “Series of Subordinated Lien Debt” means, severally, each issue or
series of Subordinated Lien Debt for which a single transfer register is maintained. 
 “Solo”
has the meaning set forth in the preamble. 
 “Special Interest” means all special interest then owing pursuant to
the Registration Rights Agreement. 
 “Subordinated Lien” means a Lien granted by a Security Document
to the Collateral Trustee, at any time, upon any Collateral of either of the Issuers or any Guarantor to secure Subordinated Lien Obligations. 
 “Subordinated Lien Debt” means any Indebtedness (including letters of credit and reimbursement obligations with respect thereto) of either of the Issuers or any Guarantor that is secured on a
subordinated basis to the Priority Lien Debt by a Subordinated Lien that was permitted to be incurred and so secured under each applicable Secured Debt Document; provided that: 
 (1) on or before the date on which such Indebtedness is incurred by such Issuer or Guarantor, such Indebtedness is designated by Solo in
an Additional Secured Debt Designation executed and delivered in accordance with Section 3.8(b) as “Subordinated Lien Debt” for the purposes of the Secured Debt Documents; provided, that no Series of Secured Debt may be
designated as both Subordinated Lien Debt and Priority Lien Debt; 
 (2) the Subordinated Lien Representative for such
Indebtedness executes and delivers a Collateral Trust Joinder in accordance with Section 3.8(a); 
 (3) such Indebtedness
is governed by an indenture, credit agreement or other agreement that includes a Lien Sharing and Priority Confirmation; and 
 (4) all other requirements set forth in Section 3.8 have been complied with (and the satisfaction of such requirements will be conclusively established if Solo delivers to the Collateral Trustee an Officers’ Certificate stating
that such requirements and other provisions have been satisfied and that such Indebtedness is “Subordinated Lien Debt”). 
 “Subordinated Lien Documents” means, collectively, any indenture, credit agreement or other agreement governing each Series of Subordinated Lien Debt and the Security Documents (other than any Security
Documents that do not secure Subordinated Lien Obligations). 
 “Subordinated Lien Obligations” means
Subordinated Lien Debt and all other Obligations in respect thereof. 
  

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 “Subordinated Lien Representative” means, in the case of any future
Series of Subordinated Lien Debt, the trustee, agent or representative of the holders of such Series of Subordinated Lien Debt who maintains the transfer register for such Series of Subordinated Lien Debt and (A) is appointed as a Subordinated
Lien Representative (for purposes related to the administration of the Security Documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Subordinated Lien Debt, together with its successors in such capacity,
and (B) that has executed a Collateral Trust Joinder. 
 “Subordinated Trust” has the meaning set forth in
Section 2.2. 
 “Subordinated Trust Estate” has the meaning set forth in Section 2.2.

 “Subsidiary” means, with respect to any specified Person: 
 (1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of
that Person (or a combination thereof); and 
 (2) any partnership (a) the sole general partner or the managing general
partner of which is such Person or a subsidiary of such Person or (b) the only general partners of which are such Person or one or more subsidiaries of such Person (or any combination thereof). 
 “Trustee” has the meaning set forth in the recitals. 
 “Trust Estates” has the meaning set forth in Section 2.2. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in any applicable jurisdiction. 

“Unrestricted Subsidiary” has the meaning assigned to it in the Indenture. 
 SECTION 1.2 Rules of Interpretation. 
 (a) All terms used in this Agreement that are defined in Article 1, 8 or 9, as the case may be, of the UCC and not otherwise defined herein have the meanings assigned to them in Article 1, 8 or 9, as the case may
be, of the UCC. 
 (b) Unless otherwise indicated, any reference to any agreement or instrument will be deemed to include a
reference to that agreement or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or replaced in accordance with the terms of this Agreement. 
  

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 (c) The use in this Agreement or any of the other Security Documents of the word
“include” or “including,” when following any general statement, term or matter, will not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to
similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but will be deemed to refer to all other items or
matters that fall within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.” 
 (d) References to “Sections,” “clauses,” “recitals” and the “preamble” will be to Sections,
clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles” will be to Articles of this Agreement unless otherwise specifically provided. References to
“Exhibits” will be to Exhibits to this Agreement unless otherwise specifically provided. 
 (e) Notwithstanding
anything to the contrary in this Agreement, any references contained herein to any section, clause, paragraph, definition or other provision of the Indenture (including any definition contained therein) shall be deemed to be a reference to such
section, clause, paragraph, definition or other provision as in effect on the date of this Agreement; provided, that any reference to any such section, clause, paragraph or other provision shall refer to such section, clause, paragraph or
other provision of the Indenture (including any definition contained therein) as amended or modified from time to time if such amendment or modification has been (1) made in accordance with the Indenture and (2) approved by an Act of the
Required Debtholders in a writing delivered to the applicable Secured Debt Representative and the Collateral Trustee. Notwithstanding the foregoing, whenever any term used in this Agreement is defined or otherwise incorporated by reference to the
Indenture, such reference shall be deemed to have the same effect as if such definition or term had been set forth herein in full and such term shall continue to have the meaning established pursuant to the Indenture notwithstanding the termination
or expiration of the Indenture or redemption of all Obligations evidenced thereby. 
 (f) This Agreement and the other
Security Documents will be construed without regard to the identity of the party who drafted it and as though the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that any rule of construction
that a document is to be construed against the drafting party will not be applicable either to this Agreement or the other Security Documents. 
 (g) In the event of any conflict between any terms and provisions set forth in this Agreement and those set forth in any other Security Document (other than the Intercreditor Agreement), the terms and provisions of
this Agreement shall supersede and control the terms and provisions of such other Security Document (other than the Intercreditor Agreement). In the event of any conflict between any terms and provisions set forth in this Agreement and those set
forth in the Intercreditor Agreement, the terms and provisions of the Intercreditor Agreement shall supersede and control the terms and provisions of this Agreement. 
  

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 ARTICLE 2. THE TRUST ESTATES 
 SECTION 2.1 Declaration of Senior Trust. 
 To secure the payment of the Priority Lien Obligations and in consideration of the mutual agreements set forth in this Agreement, each Issuer and each Guarantor hereby grants to the Collateral Trustee, and the Collateral Trustee hereby
accepts and agrees to hold, in trust under this Agreement for the benefit of all current and future holders of Priority Lien Obligations, all of such Issuer’s or Guarantor’s right, title and interest in, to and under all Collateral granted
to the Collateral Trustee under any Security Document for the benefit of the holders of Priority Lien Obligations, together with all of the Collateral Trustee’s right, title and interest in, to and under the Security Documents, and all
interests, rights, powers and remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively, the “Senior Trust Estate”). 
 The Collateral Trustee and its successors and assigns under this Agreement will hold the Senior Trust Estate in trust for the benefit solely and
exclusively of all current and future holders of Priority Lien Obligations as security for the payment of all current and future Priority Lien Obligations (the “Senior Trust”). 
 Notwithstanding the foregoing, if at any time: 
 (1) all Liens securing the Priority Lien Obligations have been released as provided in Section 4.1; 
 (2) the Collateral Trustee holds no other property in trust as part of the Senior Trust Estate; 
 (3) no monetary obligation (other than indemnification and other contingent obligations not then due and payable and letters of credit that have been cash collateralized as provided in clause (3) of the definition of “Discharge
of Priority Lien Obligations”) is outstanding and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity); and 
 (4) Solo delivers to the Collateral Trustee an Officers’ Certificate stating that all Priority Liens of the Collateral Trustee have
been released in compliance with all applicable provisions of the Priority Lien Documents and that the Issuers and the Guarantors are not required by any Priority Lien Document to grant any Priority Lien upon any property, 
 then the Senior Trust arising hereunder will terminate, except that all provisions set forth in Sections 7.10 and 7.11 that are enforceable by the Collateral
Trustee or any of its co-trustees or agents (whether in an individual or representative capacity) will remain enforceable in accordance with their terms. 
 The parties further declare and covenant that the Senior Trust Estate will be held and distributed by the Collateral Trustee subject to the further agreements herein. 
  

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 SECTION 2.2 Declaration of Subordinated Trust. To secure the payment of the Subordinated Lien
Obligations and in consideration of the premises and the mutual agreements set forth herein, the Issuers and each of the Guarantors hereby grants to the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to hold, in trust under
this Agreement for the benefit of all current and future holders of Subordinated Lien Obligations, all of such Issuers’ or Guarantor’s right, title and interest in, to and under all Collateral granted to the Collateral Trustee under any
Security Document for the benefit of the holders of Subordinated Lien Obligations, together with all of the Collateral Trustee’s right, title and interest in, to and under the Security Documents, and all interests, rights, powers and remedies
of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively, the “Subordinated Trust Estate” and, together with the Senior Trust Estate, the
“Trust Estates”). 
 The Collateral Trustee and its successors and assigns under this Agreement will
hold the Subordinated Trust Estate in trust for the benefit solely and exclusively of all current and future holders of Subordinated Lien Obligations as security for the payment of all current and future Subordinated Lien Obligations (the
“Subordinated Trust”). 
 Notwithstanding the foregoing, if at any time: 
 (1) all Liens securing the Subordinated Lien Obligations have been released as provided in Section 4.1; 
 (2) the Collateral Trustee holds no other property in trust as part of the Subordinated Trust Estate; 
 (3) no monetary obligation (other than indemnification and other contingent obligations not then due and payable and letters of credit
that have been cash collateralized as provided in clause (3) of the definition of “Discharge of Priority Lien Obligations”) is outstanding and payable under this Agreement to the Collateral Trustee or any of its co-trustees or
agents (whether in an individual or representative capacity); and 
 (4) Solo delivers to the Collateral Trustee an
Officers’ Certificate stating that all Subordinated Liens of the Collateral Trustee have been released in compliance with all applicable provisions of the Subordinated Lien Documents and that the Issuers and the Guarantors are not required by
any Subordinated Lien Document to grant any Subordinated Lien upon any property, 
 then the Subordinated Trust arising hereunder will terminate, except that
all provisions set forth in Sections 7.10 and 7.11 that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity) will remain enforceable in accordance with their terms.

 The parties further declare and covenant that the Subordinated Trust Estate will be held and distributed by the Collateral Trustee subject
to the further agreements herein. 
 SECTION 2.3 Priority of Liens. Notwithstanding (1) anything else contained herein or in any
other Security Document; (2) the time of incurrence of any Series of Priority Lien 

  

 24 

 
Debt; (3) the order or method of attachment or perfection of any Liens securing any Series of Priority Lien Debt; (4) the time or order of filing
or recording of financing statements or other documents filed or recorded to perfect any Priority Lien upon any Priority Lien Collateral; (5) the time of taking possession or control over any Priority Lien Collateral; (6) that any Priority
Lien may not have been perfected or may be or have become subordinated, by equitable subordination or otherwise, to any other Lien; or (7) the rules for determining priority under any law governing relative priorities of Liens, it is the intent
of the parties that: 
 (a) this Agreement and the other Security Documents create two separate and distinct Trust Estates and
Liens: the Senior Trust Estate and the Priority Lien securing the payment and performance of the Priority Lien Obligations and the Subordinated Trust Estate and the Subordinated Lien securing the payment and performance of the Subordinated Lien
Obligations; and 
 (b) the Liens securing the Subordinated Lien Obligations are subject and subordinate to the Liens securing
the Priority Lien Obligations. 
 SECTION 2.4 Restrictions on Enforcement of Subordinated Liens. 
 (a) Until the Discharge of Senior Obligations, the holders of the Notes and the holders of other future Priority Lien Obligations will
have, subject to the provision of reasonable security, pre-funding or indemnity satisfactory to the Collateral Trustee by such holders of the Notes against any costs, loss, liability or expense, and subject also to the Intercreditor Agreement and
the exceptions set forth below in clauses (1) through (4), and subject to the rights of the holders of Permitted Prior Liens, the exclusive right to authorize and direct the Collateral Trustee with respect to the Collateral (including, without
limitation, the exclusive right to authorize or direct the Collateral Trustee to enforce, collect or realize on any Collateral or exercise any other right or remedy with respect to the Collateral) and the provisions of the Security Documents
relating thereto, and no Subordinated Lien Representative or holder of Subordinated Lien Obligations may authorize or direct the Collateral Trustee with respect to such matters. Notwithstanding the foregoing, the holders of Subordinated Lien
Obligations may, subject to the rights of the holders of other Permitted Prior Liens and subject to the limitations set forth in the Intercreditor Agreement, direct the Collateral Trustee with respect to Collateral: 
 (1) without any condition or restriction whatsoever, at any time after the Discharge of Senior Obligations; 
 (2) as necessary to redeem any Collateral in a creditor’s redemption permitted by law or to deliver any notice or demand necessary to
enforce (subject to the prior Discharge of Senior Obligations) any right to claim, take or receive proceeds of Collateral remaining after the Discharge of Senior Obligations in the event of foreclosure or other enforcement of any Permitted Prior
Lien; 
 (3) as necessary to perfect or establish the priority (subject to the priority of the Liens securing Priority Lien
Obligations, Liens securing ABL Debt Obligations and Permitted Prior Liens) of the Subordinated Liens upon any Collateral; provided that, unless otherwise agreed to by the Collateral Trustee in the Intercreditor Agreement and the other
Security Documents, the holders of Subordinated Lien Obligations may not require the Collateral Trustee to take any action to perfect any Subordinated Liens on any Collateral through possession or control; or 
  

 25 

 (4) as necessary to create, prove, preserve or protect (but not enforce) the Subordinated
Liens upon any Collateral. 
 (b) Subject to the Intercreditor Agreement, both before and during an Insolvency or Liquidation
Proceeding, until the Discharge of Senior Obligations, none of the holders of Subordinated Lien Obligations, the Collateral Trustee (unless acting pursuant to an Act of Required Debtholders) or any Subordinated Lien Representative will be permitted
to: 
 (1) request judicial relief, in an Insolvency or Liquidation Proceeding or in any other court, that would hinder,
delay, limit or prohibit the lawful exercise or enforcement of any right or remedy otherwise available to the holders of Priority Lien Obligations in respect of the Priority Liens or to the holders of ABL Debt Obligations in respect of their Liens
securing ABL Debt Obligations or that would limit, invalidate, avoid or set aside any Priority Lien or Lien securing ABL Debt Obligations or subordinate the Priority Liens or Liens securing ABL Debt Obligations to the Subordinated Liens or grant the
Subordinated Liens equal ranking to the Priority Liens or Liens securing ABL Debt Obligations; 
 (2) oppose or otherwise
contest any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement of Priority Liens or Liens securing ABL Debt Obligations made by any holder of Priority Lien Obligations, any Priority Lien
Representative, any holder of ABL Debt Obligations or the ABL Agent or other representative with respect to any ABL Debt Obligations in any Insolvency or Liquidation Proceeding; 
 (3) oppose or otherwise contest any lawful exercise by any holder of Priority Lien Obligations, any holder of ABL Debt Obligations, any
Priority Lien Representative or the ABL Agent or other representative with respect to any ABL Debt Obligations of the right to credit bid Priority Lien Debt or ABL Debt at any sale of Collateral in foreclosure of Priority Liens or Liens securing ABL
Debt Obligations; 
 (4) oppose or otherwise contest any other request for judicial relief made in any court by any holder of
Priority Lien Obligations, any holder of ABL Debt Obligations, any Priority Lien Representative or the ABL Agent or other representative with respect to any ABL Debt Obligations or any Lien securing ABL Debt Obligations relating to the lawful
enforcement of any Priority Lien; or 
 (5) challenge the validity, enforceability, perfection or priority of the Priority
Liens or Liens securing ABL Debt Obligations. 
 Notwithstanding the foregoing, and subject to the terms of the Intercreditor Agreement, both before and
during an Insolvency or Liquidation Proceeding, the holders of Subordinated Lien Obligations or Subordinated Lien Representatives may take any actions and exercise any and all rights that would be available to a holder of unsecured claims,
including, without limitation, the commencement 

  

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of an Insolvency or Liquidation Proceeding against either of the Issuers or any Guarantor in accordance with applicable law; provided, that no holder
of Subordinated Lien Obligations or Subordinated Lien Representative will be permitted to take any action prohibited by the Intercreditor Agreement or any of the actions prohibited by clauses (1) through (5) of this Section 2.4(b) or
oppose or contest any order that it has agreed not to oppose or contest under Section 2.8. 
 (c) At any time prior to
the Discharge of Senior Obligations and after the (1) commencement of any Insolvency or Liquidation Proceeding in respect of either of the Issuers or any Guarantor, or (2) the Collateral Trustee and each Subordinated Lien Representative
have received written notice from any Priority Lien Representative or the ABL Agent or other representative with respect to any ABL Debt Obligations that (A) any Series of Senior Debt has become due and payable in full (whether at maturity,
upon acceleration or otherwise) or (B) (i) the holders of Priority Liens securing one or more Series of Priority Lien Debt have become entitled under any Priority Lien Document to and desire to enforce any or all of the Priority Liens by
reason of a default under such Priority Lien Documents or (ii) the holders of Liens securing one or more Series of ABL Debt have become entitled under any ABL Debt Document to and desire to enforce any or all of the Liens securing ABL Debt
Obligations by reason of a default under such ABL Debt Documents, no payment of money (or the equivalent of money) shall be made from the proceeds of Collateral by either of the Issuers or any Guarantor to the Collateral Trustee (other than
distributions to the Collateral Trustee for the benefit of the holders of Priority Lien Obligations or ABL Debt Obligations), any Subordinated Lien Representative or any holder of Subordinated Lien Obligations (including, without limitation,
payments and prepayments made for application to Subordinated Lien Obligations). 
 (d) All proceeds of Notes Collateral
received by the Collateral Trustee, any Subordinated Lien Representative or any holder of Subordinated Lien Obligations in violation of Section 2.4(c) shall be held by such Person for the account of (1) prior to the Discharge of Priority
Lien Obligations, the holders of Priority Liens and remitted to any Priority Lien Representative upon demand by such Priority Lien Representative, and (2) after the Discharge of the Priority Lien Obligations, the ABL Agent or other
representative with respect to any ABL Debt Obligations and remitted to the ABL Agent or such representative upon demand. 
 (e) All proceeds of ABL Collateral received by the Collateral Trustee, any Subordinated Lien Representative or any holder of Subordinated Lien Obligations in violation of Section 2.3(d) will be held by such Person for the account of
(1) prior to the Discharge of ABL Debt Obligations, the ABL Agent or other representative with respect to any ABL Debt Obligations and remitted to the ABL Agent or other representative upon demand by the ABL Agent or other representative, and
(2) thereafter, the holders of Priority Liens and remitted to any Priority Lien Representative upon demand by such Priority Lien Representative. 
 The
Subordinated Liens will remain attached to and, subject to Section 2.3, enforceable against all proceeds so held or remitted. All proceeds of Collateral received by the Collateral Trustee, any Subordinated Lien Representative or any holder of
Subordinated Lien Obligations not in violation of Section 2.4(c) will be received by such Person free from the Priority Liens, Liens securing ABL Debt Obligations and all other Liens except Subordinated Liens and Permitted Prior Liens, subject
to the terms of the Intercreditor Agreement. 
  

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 SECTION 2.5 Waiver of Right of Marshalling. 
 (a) Prior to the Discharge of Senior Obligations, the holders of Subordinated Lien Obligations, each Subordinated Lien Representative and
the Collateral Trustee may not assert or enforce any right of marshalling accorded to a junior lienholder, as against the holders of Priority Lien Obligations, the Priority Lien Representatives (in their capacity as priority lienholders), the
holders of ABL Debt Obligations or the ABL Agent or other representative with respect to any ABL Debt Obligations (in their capacity as priority lienholders) with respect to Collateral. 
 (b) Following the Discharge of Senior Obligations, the holders of Subordinated Lien Obligations and any Subordinated Lien Representative
may assert their right under the UCC or otherwise to any proceeds remaining following a sale or other disposition of Collateral by, or on behalf of, the holders of Priority Lien Obligations and ABL Debt Obligations. 
 SECTION 2.6 Discretion in Enforcement of Priority Liens. 
 (a) Subject to the terms of the Intercreditor Agreement, in exercising rights and remedies with respect to the Collateral, the Priority
Lien Representatives may enforce (or refrain from enforcing) or instruct the Collateral Trustee to enforce the provisions of the Priority Lien Documents and exercise (or refrain from exercising) or instruct the Collateral Trustee to exercise
remedies thereunder or any such rights and remedies, all in such order and in such manner as they may determine in the exercise of their sole and exclusive discretion, including: 
 (1) the exercise or forbearance from exercise of all rights and remedies in respect of the Collateral and/or the Priority Lien
Obligations; 
 (2) the enforcement or forbearance from enforcement of any Priority Lien in respect of the Collateral;

 (3) the exercise or forbearance from exercise of rights and powers of a holder of shares of stock included in the Senior
Trust Estate to the extent provided in the Security Documents; 
 (4) the acceptance of the Collateral in full or partial
satisfaction of the Priority Lien Obligations; and 
 (5) the exercise or forbearance from exercise of all rights and remedies
of a secured lender under the UCC or any similar law of any applicable jurisdiction or in equity. 
 SECTION 2.7 Discretion in Enforcement
of Priority Lien Obligations. Subject to the terms of the Intercreditor Agreement, but without in any way limiting the generality of Section 2.6, the holders of Priority Lien Obligations and the Priority Lien Representatives may, at any
time and from time to time, without the consent of or notice to holders of Subordinated Lien Obligations or the Subordinated Lien Representatives, without incurring responsibility to holders of Subordinated Lien Obligations and the Subordinated Lien
Representatives and without 

  

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impairing or releasing the subordination provided in this Agreement or the obligations hereunder of holders of Subordinated Lien Obligations and the
Subordinated Lien Representatives, do any one or more of the following: 
 (1) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, the Priority Lien Obligations, or otherwise amend or supplement in any manner the Priority Lien Obligations, or any instrument evidencing the Priority Lien Obligations or any agreement under which
the Priority Lien Obligations are outstanding; 
 (2) release any Person or entity liable in any manner for the collection of
the Priority Lien Obligations; 
 (3) release the Priority Lien on any Collateral; and 
 (4) exercise or refrain from exercising any rights against any Guarantor. 
 SECTION 2.8 Insolvency or Liquidation Proceedings. 
 (a) If in any Insolvency or Liquidation Proceeding and prior to the Discharge of Senior Obligations, the holders of Priority Lien Obligations or the holders of ABL Debt Obligations by an Act of Required Debtholders
consent to any order: 
 (1) for use of cash collateral; 
 (2) approving a debtor-in-possession financing secured by a Lien that is (A) if prior to the Discharge of Priority Lien Obligations,
senior to or on a parity with all Priority Liens upon any property of the estate in such Insolvency or Liquidation Proceeding, and (B) if prior to the Discharge of ABL Debt Obligations, senior to or on a parity with all Liens securing ABL Debt
Obligations upon any property of the estate in such Insolvency or Liquidation Proceeding; 
 (3) granting any relief on
account of Priority Lien Obligations or ABL Debt Obligations as adequate protection (or its equivalent) for the benefit of the holders of Priority Lien Obligations or ABL Debt Obligations in the Collateral; or 
 (4) relating to a sale of assets of either of the Issuers or any Guarantor that provides, to the extent the Collateral sold is to be free
and clear of Liens, that all Priority Liens, Liens securing ABL Debt Obligations and Subordinated Liens will attach to the proceeds of the sale; 
 then, the
holders of Subordinated Lien Obligations and the Subordinated Lien Representatives, in their capacity as holders or representatives of secured claims, will not oppose or otherwise contest the entry of such order, so long as none of the holders of
Priority Lien Obligations, any Priority Lien Representative, the holders of ABL Debt Obligations or the ABL Agent or other representative with respect to any ABL Debt Obligations in any respect opposes or otherwise contests any request made by the
holders of Subordinated Lien Obligations or a Subordinated Lien Representative for the grant to the Collateral Trustee, for the 

  

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benefit of the holders of Subordinated Lien Obligations and the Subordinated Lien Representatives, of a junior Lien upon any property on which a Lien is (or
is to be) granted under such order to secure the Priority Lien Obligations or ABL Debt Obligations, co-extensive in all respects with, but subordinated (as set forth in Section 2.3) to, such Lien and all Priority Liens and Liens securing ABL
Debt Obligations on such property. 
 Notwithstanding the foregoing and subject to the terms of the Intercreditor Agreement,
both before and during an Insolvency or Liquidation Proceeding, the holders of Subordinated Lien Obligations and the Subordinated Lien Representatives may take any actions and exercise any and all rights that would be available to a holder of
unsecured claims, including, without limitation, the commencement of Insolvency or Liquidation Proceedings against either of the Issuers or any Guarantor in accordance with applicable law; provided, that, no holder of Subordinated Lien
Obligations or Subordinated Lien Representative will be permitted to take any action prohibited by the Intercreditor Agreement or any of the actions prohibited under Section 2.4(b) or oppose or contest any order that it has agreed not to oppose
or contest under Section 2.8(a)(1) through (4). 
 (b) The holders of Subordinated Lien Obligations or any Subordinated
Lien Representative will not file or prosecute in any Insolvency or Liquidation Proceeding any motion for adequate protection (or any comparable request for relief) based upon their interest in the Collateral under the Subordinated Liens, except
that, subject to the provisions of the Intercreditor Agreement: 
 (1) they may freely seek and obtain relief:
(A) granting a junior Lien co-extensive in all respects with, but subordinated (as set forth in Section 2.3) to, all Liens granted in such Insolvency or Liquidation Proceeding to, or for the benefit of, the holders of Priority Lien
Obligations or the holders of ABL Debt Obligations; or (B) in connection with the confirmation of any plan of reorganization or similar dispositive restructuring plan; and 
 (2) they may freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition or
restriction whatsoever, at any time after the Discharge of Senior Obligations. 
 SECTION 2.9 Collateral Shared Equally and Ratably within
Class. The parties to this Agreement agree that the payment and satisfaction of all of the Secured Obligations within each Class will be secured Equally and Ratably by the Liens established in favor of the Collateral Trustee for the benefit of
the Secured Parties belonging to such Class. It is understood and agreed that nothing in this Section 2.9 is intended to alter the priorities among Secured Parties belonging to different Classes as provided in Section 2.3. 
  

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 ARTICLE 3. OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE 
 SECTION 3.1 Undertaking of the Collateral Trustee. 
 (a) Subject to, and in accordance with, this Agreement, including without limitation Section 5.3, the Collateral Trustee will, as collateral trustee, for the benefit solely and exclusively of the current and
future Secured Parties: 
 (1) accept, enter into, hold, maintain, administer and, where directed following a Secured Debt
Default, enforce all Security Documents, including all Collateral subject thereto, and all Liens created thereunder, perform its obligations under the Security Documents and protect, exercise and enforce the interests, rights, powers and remedies
granted or available to it under, pursuant to or in connection with the Security Documents; 
 (2) take all lawful and
commercially reasonable actions permitted under the Security Documents that it may deem necessary to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies; 
 (3) deliver and receive notices pursuant to the Security Documents; 
 (4) sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect to, or otherwise exercise or enforce the
rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the Security Documents and its other interests, rights, powers and remedies;

 (5) remit as provided in Section 3.4 all cash proceeds received by the Collateral Trustee from the collection,
foreclosure or enforcement of its interest in the Collateral under the Security Documents or any of its other interests, rights, powers or remedies; 
 (6) execute and deliver amendments to the Security Documents as from time to time authorized pursuant to Section 7.1 accompanied by an Officers’ Certificate to the effect that the amendment was permitted
under Section 7.1; 
 (7) release any Lien granted to it by any Security Document upon any Collateral if and as required
by Section 4.1; and 
 (8) enter into and perform its obligations and protect, exercise and enforce its interest, rights,
powers and remedies under the Intercreditor Agreement. 
 (b) Each party to this Agreement acknowledges and consents to the
undertaking of the Collateral Trustee set forth in Section 3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee. 
  

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 (c) Notwithstanding anything to the contrary contained in this Agreement, the Collateral
Trustee will not commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Collateral (other than actions as necessary to prove, protect or preserve the Liens securing the Secured
Obligations) unless and until it shall have been directed by written notice of an Act of Required Debtholders and then only in accordance with the provisions of this Agreement. 
 (d) Notwithstanding anything to the contrary contained in this Agreement: (1) neither the Issuers nor their Affiliates may act as
Collateral Trustee; and (2) no Secured Debt Representative may serve as Collateral Trustee, provided, that the Trustee may serve as the Collateral Trustee if the Notes are the only Priority Lien Obligations or Subordinated Lien
Obligations outstanding (other than Hedging Obligations). 
 SECTION 3.2 Release or Subordination of Liens. The Collateral Trustee
will not release or subordinate any Lien of the Collateral Trustee or consent to the release or subordination of any Lien of the Collateral Trustee, except: 
 (a) as directed by an Act of Required Debtholders accompanied by an Officers’ Certificate to the effect that the release or
subordination was permitted by each applicable Secured Debt Document; 
 (b) as required by Article 4; 
 (c) as ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction;

 (d) for the subordination of the Subordinated Trust Estate and the Subordinated Liens to the Senior Trust Estate and the
Priority Liens; or 
 (e) for the subordination of the Liens on the ABL Collateral securing the Secured Obligations to the
Liens on the ABL Collateral securing the ABL Debt Obligations to the extent required by the Intercreditor Agreement. 
 SECTION 3.3
Enforcement of Liens. If the Collateral Trustee at any time receives written notice stating that any event has occurred that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or
otherwise enforce its Liens thereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative. Thereafter, the Collateral Trustee may await direction by an Act of Required Debtholders and will act,
or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law
and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders, subject to the limitations set
forth in the Intercreditor Agreement with respect to the rights of the Collateral Trustee in the ABL Collateral. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will not be
obligated to) take or refrain from taking such action with respect to any default under any Secured Debt Document as it may deem advisable and in the best interest of the holders of Secured Obligations, subject in all cases to the limitations in the
Intercreditor Agreement. 
  

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 SECTION 3.4 Application of Proceeds. 
 (a) If any Collateral is sold or otherwise realized upon by the Collateral Trustee in connection with any foreclosure, collection or other
enforcement of Priority Liens granted to the Collateral Trustee in the Security Documents, the proceeds received by the Collateral Trustee from such foreclosure, collection or other enforcement will be distributed by the Collateral Trustee, subject
to the provisions in the Intercreditor Agreement, in the following order of application: 
 FIRST, to the payment of all
amounts payable under this Agreement on account of the Collateral Trustee’s fees and any reasonable legal fees, costs and expenses or other liabilities of any kind incurred by the Collateral Trustee or any co-trustee or agent of the Collateral
Trustee in connection with any Security Document; 
 SECOND, to the repayment of Indebtedness and other obligations, other
than Secured Debt, secured by a Permitted Prior Lien on the Collateral sold or realized upon to the extent that such other Indebtedness or obligation is to be discharged in connection with such sale or other realization; 
 THIRD, to the respective Priority Lien Representatives for application to the payment of all outstanding Notes and other Priority Lien
Debt and any other Priority Lien Obligations that are then due and payable in such order as may be provided in the Priority Lien Documents in an amount sufficient to pay in full in cash all outstanding Notes and other Priority Lien Debt and all
other Priority Lien Obligations that are then due and payable (including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate, specified in the
Priority Lien Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding, and including the discharge or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and
(2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting Priority Lien Debt); 
 FOURTH, to the ABL Agent or other representative with respect to any ABL Debt Obligations for application to the payment of all
outstanding ABL Debt Obligations that are then due and payable in an amount sufficient to pay in full in cash all outstanding ABL Debt and all other ABL Debt Obligations that are then due and payable (including, all interest accrued thereon after
the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate, specified in the ABL Debt Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding,
and including the discharge or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable ABL Debt
Document) of all outstanding letters of credit constituting ABL Debt); 
  

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 FIFTH, to the respective Subordinated Lien Representatives for application to the payment
of all outstanding Subordinated Lien Debt and any other Subordinated Lien Obligations that are then due and payable in such order as may be provided in the Subordinated Lien Documents in an amount sufficient to pay in full in cash all outstanding
Subordinated Lien Debt and all other Subordinated Lien Obligations that are then due and payable (including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable
post-default rate, specified in the Subordinated Lien Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding, and including the discharge or cash collateralization (at the lower of (1) 105% of
the aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Subordinated Lien Document) of all outstanding letters of credit, if any, constituting
Subordinated Lien Debt); and 
 SIXTH, any surplus remaining after the payment in full in cash of the amounts described in the
preceding clauses will be paid to the Issuers or the applicable Guarantor, as the case may be, or its successors or assigns, or as a court of competent jurisdiction may direct. 
 (b) If any Subordinated Lien Representative or any holder of a Subordinated Lien Obligation collects or receives any proceeds with respect
to Subordinated Lien Obligations of such foreclosure, collection or other enforcement that should have been applied to the payment of the Priority Lien Obligations or ABL Debt Obligations in accordance with Section 3.4(a) above, whether after
the commencement of an Insolvency or Liquidation Proceeding or otherwise, such Subordinated Lien Representative or such holder of a Subordinated Lien Obligation, as the case may be, will forthwith deliver the same to the Collateral Trustee, for the
account of the holders of the Priority Lien Obligations, the ABL Agent or other representative with respect to any ABL Debt Obligations for the account of the holders of ABL Debt Obligations or other Obligations secured by a Permitted Prior Lien, to
be applied in accordance with Section 3.4(a). Until so delivered, such proceeds will be held by that Subordinated Lien Representative or that holder of a Subordinated Lien Obligation, as the case may be, for the benefit of the holders of the
Priority Lien Obligations, the ABL Agent or other representative with respect to any ABL Debt Obligations for the account of the holders of ABL Debt Obligations and other Obligations secured by a Permitted Prior Lien. This Section 3.4(b) will
not apply to payments received by any holder of Subordinated Lien Obligations if such payments are not proceeds of realization upon Collateral. 
 (c) This Section 3.4 is intended for the benefit of, and will be enforceable by, each current and future holder of Secured Obligations, each current and future Secured Debt Representative and the Collateral
Trustee as holder of Priority Liens and Subordinated Liens, and each current and future ABL Agent or other representative in connection with any ABL Debt Obligations, in each case, as a third party beneficiary. The Secured Debt Representative of
each future Series of Secured Debt will be required to deliver a Collateral Trust Joinder including a Lien Sharing and Priority Confirmation as provided in Section 3.8 at the time of incurrence of such Series of Secured Debt. 
 (d) In connection with the application of proceeds pursuant to Section 3.4(a), except as otherwise directed by an Act of Required
Debtholders, the Collateral Trustee may sell any non-cash proceeds for cash prior to the application of the proceeds thereof. 
  

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 SECTION 3.5 Powers of the Collateral Trustee. 
 (a) The Collateral Trustee is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect,
exercise and enforce its interest, rights, powers and remedies under the Security Documents and applicable law and in equity and to act as set forth in this Article 3 or as requested in any lawful directions given to it from time to time in
respect of any matter by an Act of Required Debtholders. 
 (b) No Secured Debt Representative or holder of Secured
Obligations will have any liability whatsoever for any act or omission of the Collateral Trustee. 
 SECTION 3.6 Documents and
Communications. The Collateral Trustee will permit each Secured Debt Representative and each holder of Secured Obligations upon reasonable written notice from time to time to inspect and copy, at the cost and expense of the party requesting such
copies, any and all Security Documents and other documents, notices, certificates, instructions or communications received by the Collateral Trustee in its capacity as such. 
 SECTION 3.7 For Sole and Exclusive Benefit of Holders of Secured Obligations. The Collateral Trustee will accept, hold, administer and enforce all
Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies at any time granted to or enforceable by the Collateral Trustee and all other property of the Trust Estates solely and
exclusively for the benefit of the current and future holders of current and future Secured Obligations, and will distribute all proceeds received by it in realization thereon or from enforcement thereof solely and exclusively pursuant to the
provisions of Section 3.4. 
 SECTION 3.8 Additional Secured Debt. 
 (a) The Collateral Trustee will, as trustee hereunder, perform its undertakings set forth in Section 3.1(a) with respect to each
holder of Secured Obligations of a Series of Secured Debt that is issued or incurred after the date hereof that: 
 (1) holds
Secured Obligations that are identified as Subordinated Lien Debt or Priority Lien Debt in accordance with the procedures set forth in Section 3.8(b); and 
 (2) signs, through its designated Secured Debt Representative identified pursuant to Section 3.8(b), a Collateral Trust Joinder and
delivers the same to the Collateral Trustee and each other Secured Debt Representative at the time of incurrence of such Series of Secured Debt. 
 (b) Subject to the terms of Section 2.10 of the Intercreditor Agreement, the Issuers will be permitted to designate as an additional holder of Secured Obligations hereunder each Person who is, or who becomes, the
registered holder of Subordinated Lien Debt or the registered holder of Priority Lien Debt incurred by the Issuers or any Guarantor after the date of this Agreement in accordance with the terms of all applicable Secured Documents. The Issuers may
only effect such designation by delivering to the Collateral Trustee an Additional Secured Debt Designation stating that: 
 (1) the Issuers or such Guarantor intends to incur additional Secured Debt (“Additional Secured Debt”) which will either be (i) Priority Lien Debt permitted by each applicable Secured Document to
be secured by a Priority Lien Equally and Ratably with all previously existing and future Priority Lien Debt or (ii) Subordinated Lien Debt permitted by each applicable Secured Document to be secured (pursuant to a security agreement in
substantially the form attached as Exhibit E) with a Subordinated Lien Equally and Ratably with all previously existing and future Subordinated Lien Debt; 
  

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 (2) specifying the name and address of the Secured Debt Representative for such series of
Additional Secured Debt for purposes of Section 7.7; 
 (3) the Issuers and each Guarantor has duly authorized, executed
(if applicable) and recorded (or caused to be recorded), or agreed to record (or agreed to cause to be recorded), in each appropriate governmental office all relevant filings and recordations deemed necessary by the Issuers or the Guarantors and the
holder of such Additional Secured Debt, or its Secured Debt Representative, to ensure that the Additional Secured Debt is secured by the Collateral in accordance with the Security Documents; and 
 (4) the Issuers have caused a copy of the Additional Secured Debt Designation to be delivered to each then existing Secured Debt
Representative. 
 Although the Issuers shall be required to deliver a copy of each Additional Secured Debt Designation and each Collateral Trust Joinder to
each then existing Secured Debt Representative, the failure to so deliver a copy of the Additional Secured Debt Designation and/or Collateral Trust Joinder to any then existing Secured Debt Representative shall not affect the status of such debt as
Additional Secured Debt if the other requirements of this Section 3.8 are complied with. Each of the Collateral Trustee and the other then existing Secured Debt Representative shall have the right to request that the Issuers shall provide a
copy of any legal opinion of counsel (which may be provided by internal counsel to the Issuers) provided to the holders of Additional Secured Debt or their Secured Debt Representatives as to the Additional Secured Debt being secured by a valid and
perfected security interest; provided, however, that such legal opinion or opinions need not address any collateral of a type or located in a jurisdiction not previously covered by any legal opinion delivered by or on behalf of the
Issuers. Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Issuers or any Guarantor to incur additional Indebtedness unless otherwise permitted by the terms of all applicable Secured Documents. 
 The Security Documents creating or evidencing the Priority Lien Collateral and the Subordinated Lien Collateral and Guarantees for the Priority Lien Obligations and the
Subordinated Lien Obligations shall be in all material respects the same forms of documents other than with respect to the first lien, second lien or third lien nature of the Obligations thereunder. 
  

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 ARTICLE 4. OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER GUARANTORS 
 SECTION 4.1 Release of Liens on Collateral. 
 (a) The Collateral Trustee’s Liens on the Collateral will be released: 
 (1) in whole,
upon (A) payment in full and discharge of all outstanding Secured Debt and all other Secured Obligations that are outstanding, due and payable at the time all of the Secured Debt is paid in full and discharged and (B) termination or
expiration of all commitments to extend credit under all Secured Debt Documents and the cancellation or termination or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and (2) the percentage of the aggregate
undrawn amount required for release of Liens under the terms of the applicable Secured Debt Documents) of all outstanding letters of credit issued pursuant to any Secured Debt Documents; 
 (2) as to any Collateral that is sold, transferred or otherwise disposed of by either of the Issuers or any Guarantor (including
indirectly, by way of a sale or other disposition of Capital Stock of SCOC or a Guarantor) to a Person that is not (either before or after such sale, transfer or disposition) Solo or a Restricted Subsidiary of Solo in a transaction or other
circumstance that is not prohibited by either Section 4.10 of the Indenture or by the terms of any applicable Secured Debt Documents, at the time of such sale, transfer or other disposition or to the extent of the interest sold, transferred or
otherwise disposed of; provided, that the Collateral Trustee’s Liens upon the Collateral will not be released if the sale or disposition is subject to Section 5.01 of the Indenture; 
 (3) upon completion of any Repurchase Offer (as defined in the Indenture) conducted in compliance with Section 3.08 of the Indenture
to the extent any Net Proceeds (as defined in the Indenture) constituted Excess Proceeds (as defined in the Indenture) with respect to such Repurchase Offer (as defined in the Indenture) and remain unexpended following the consummation of such
Repurchase Offer; 
 (4) as to less than all or substantially all of the Collateral, if consent to the release of all Priority
Liens (or, at any time after the Discharge of Priority Lien Obligations, consent to the release of all Subordinated Liens) on such Collateral has been given by an Act of Required Debtholders; 
 (5) as to all or substantially all of the Collateral, if (A) consent to the release of that Collateral has been given by the
requisite percentage or number of holders of each Series of Secured Debt at the time outstanding as provided for in the applicable Secured Debt Documents, and (B) Solo has delivered an Officers’ Certificate to the Collateral Trustee
certifying that all such necessary consents have been obtained, or 
 (6) if and to the extent required by
Section 2.05(a) of the Intercreditor Agreement; 
  

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 and, in each such case, upon request of Solo, the Collateral Trustee will execute (with such acknowledgements and/or
notarizations as are required) and deliver evidence of such release to Solo; provided, however, to the extent Solo requests the Collateral Trustee to deliver evidence of the release of Collateral in accordance with this
Section 4.1(a), Solo will deliver to the Collateral Trustee an Officers’ Certificate to the effect that such release of Collateral pursuant to this Section 4.1(a) did not violate the terms of any applicable Secured Debt Document or
the ABL Debt Documents. Notwithstanding the foregoing, subject to the Intercreditor Agreement, all Liens will remain attached to and enforceable against all proceeds of any sale or disposition. 
 (b) The Collateral Trustee agrees for the benefit of the Issuers and the Guarantors that if the Collateral Trustee at any time receives:

 (1) an Officers’ Certificate stating that (A) the signing officer has read Article 4 of this Agreement and
understands the provisions and the definitions relating hereto, (B) such officer has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not the conditions precedent in
this Agreement and all other Secured Debt Documents and the ABL Debt Documents, if any, relating to the release of the Collateral have been complied with and (C) in the opinion of such officer, such conditions precedent, if any, have been
complied with; and 
 (2) the proposed instrument or instruments releasing such Lien as to such property in recordable form,
if applicable; 
 then the Collateral Trustee will execute (with such acknowledgements and/or notarizations as are required) and deliver such release to the
Issuers or Guarantors as soon as practicable, but no later than the later of (x) the date specified in such request for such release and (y) the fifth Business Day after the date of receipt of the items required by this Section 4.1(b)
by the Collateral Trustee. 
 (c) The Collateral Trustee hereby agrees that: 
 (1) in the case of any release pursuant to clause (2) of Section 4.1(a), if the terms of any such sale, transfer or other
disposition require the payment of the purchase price to be contemporaneous with the delivery of the applicable release, then, at the written request of and at the expense of the Issuers or Guarantor, the Collateral Trustee will either (A) be
present at and deliver the release at the closing of such transaction or (B) deliver the release under customary escrow arrangements that permit such contemporaneous payment and delivery of the release; and 
 (2) at any time when a Secured Debt Default under a Series of Secured Debt that constitutes Subordinated Lien Debt has occurred and is
continuing, within one Business Day of the receipt by it of any Act of Required Debtholders pursuant to Section 4.1(a)(4), the Collateral Trustee will deliver a copy of such Act of Required Debtholders to each Secured Debt Representative.

 (d) Each Secured Debt Representative hereby agrees that within one Business Day of the receipt by it of any notice from the
Collateral Trustee pursuant to Section 4.1(c)(2), such Secured Debt Representative will deliver a copy of such notice to each registered holder of the Series of Priority Lien Debt or Series of Subordinated Lien Debt for which it acts as Secured
Debt Representative. 
  

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 SECTION 4.2 Delivery of Copies to Secured Debt Representatives. The Issuers will deliver to each
Secured Debt Representative a copy of each Officers’ Certificate delivered to the Collateral Trustee pursuant to Section 4.1(b), together with copies of all documents delivered to the Collateral Trustee with such Officers’
Certificate. 
 SECTION 4.3 Collateral Trustee not Required to Serve, File, Register or Record. The Collateral Trustee is not required
to serve, file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided, however, that if the Issuers or any Guarantor shall make a written demand for a termination statement under
Section 9-513(c) of the UCC, the Collateral Trustee shall comply with the written request of the Issuers or such Guarantor to comply with the requirements of such UCC provision; provided, further, that the Collateral Trustee must
first confirm with the Secured Debt Representatives that the requirements of Section 9-513(c) of the UCC have been satisfied. The Collateral Trustee shall conclusively rely on a certificate from the Secured Debt Representative as to such
satisfaction. 
 SECTION 4.4 Release of Liens in Respect of Notes. The Collateral Trustee’s Lien will no longer secure the Notes
outstanding under the Indenture or any other Obligations under the Indenture, and the right of the holders of the Notes and such Obligations to the benefits and proceeds of the Collateral Trustee’s Lien on the Collateral will terminate and be
discharged: 
 (1) upon satisfaction and discharge of the Indenture as set forth under Article 11 of the Indenture;

 (2) upon a Legal Defeasance or Covenant Defeasance of the Notes as set forth under Article 8 of the Indenture; 

(3) upon payment in full and discharge of all Notes outstanding under the Indenture and all Obligations that are outstanding, due and
payable under the Indenture at the time the Notes are paid in full and discharged; 
 (4) in whole or in part, with the
consent of the holders of the requisite percentage of Notes in accordance with Article 9 of the Indenture; or 
 (5) if and to
the extent required by Section 2.05 of the Intercreditor Agreement. 
 ARTICLE 5. IMMUNITIES OF THE COLLATERAL TRUSTEE 
 SECTION 5.1 No Implied Duty. The Collateral Trustee will not have any duties, responsibilities or obligations other than those expressly assumed
by it in this Agreement and the other Security Documents to which it is a party. The Collateral Trustee will not be required to take any action that is contrary to applicable law or any provision of this Agreement or the other Security Documents to
which it is a party. 
  

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 SECTION 5.2 Appointment of Agents and Advisors. The Collateral Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith as it may reasonably require and will not be responsible
for any misconduct or negligence on the part of any of them. 
 SECTION 5.3 Other Agreements. The Collateral Trustee has accepted and
is bound by the Security Documents executed by the Collateral Trustee as of the date of this Agreement and, as directed by an Act of Required Debtholders, the Collateral Trustee shall execute additional Security Documents
delivered to it after the date of this Agreement; provided, however, that such additional Security Documents do not adversely affect the rights, privileges, benefits and immunities of the Collateral Trustee. The Collateral Trustee will
not otherwise be bound by, or be held obligated by, the provisions of any credit agreement, indenture or other agreement governing Secured Debt (other than this Agreement and the other Security Documents to which it is a party). 
 SECTION 5.4 Solicitation of Instructions. 
 (a) The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Required Debtholders, an Officers’ Certificate or an order of a court of competent jurisdiction, as
to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Security Documents. 
 (b) No written direction given to the Collateral Trustee by an Act of Required Debtholders that in the reasonable judgment of the
Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Security Documents will be binding upon
the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction. 
 SECTION 5.5 Limitation of
Liability. The Collateral Trustee will not be responsible or liable for any action taken or omitted to be taken by it hereunder or under any other Security Document, except for its own gross negligence or willful misconduct as determined by a
court of competent jurisdiction. 
 SECTION 5.6 Documents in Satisfactory Form. The Collateral Trustee will be entitled to require
that all agreements, certificates, opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement, be delivered to it in a form and with substantive provisions reasonably satisfactory
to it. 
 SECTION 5.7 Entitled to Rely. The Collateral Trustee may seek and rely upon, and shall be fully protected in relying upon,
any judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by it in good faith and upon any certification, instruction, notice or other writing delivered to it by the
Issuers or any Guarantor 

  

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in compliance with the provisions of this Agreement or delivered to it by any Secured Debt Representative as to the holders of Secured Obligations for whom
it acts, without being required to determine the authenticity thereof or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Trustee may act in reliance upon any instrument comporting with the
provisions of this Agreement or any signature reasonably believed by it to be genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions
hereof or the other Security Documents has been duly authorized to do so. To the extent an Officers’ Certificate or opinion of counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in respect of any
matter, the Collateral Trustee may rely conclusively on an Officers’ Certificate or opinion of counsel as to such matter and such Officers’ Certificate or opinion of counsel shall be full warranty and protection to the Collateral Trustee
for any action taken, suffered or omitted by it under the provisions of this Agreement and the other Security Documents. 
 SECTION 5.8
Secured Debt Default. The Collateral Trustee will not be required to inquire as to the occurrence or absence of any Secured Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any
Secured Debt Default unless and until it is directed by an Act of Required Debtholders. 
 SECTION 5.9 Actions by Collateral Trustee.
As to any matter not expressly provided for by this Agreement or the other Security Documents, the Collateral Trustee will act or refrain from acting as directed by an Act of Required Debtholders and will be fully protected if it does so, and any
action taken, suffered or omitted pursuant hereto or thereto shall be binding on the holders of Secured Obligations. 
 SECTION 5.10
Security or Indemnity in Favor of the Collateral Trustee. The Collateral Trustee will not be required to take any action at the direction of any holders of Secured Obligations, to advance or expend any funds or otherwise incur any financial
liability in the performance of its duties or the exercise of its powers or rights hereunder unless it has been provided with pre-funding, security or indemnity reasonably satisfactory to it against any and all cost, loss, liability or expense which
may be incurred by it by reason of taking or continuing to take such action. 
 SECTION 5.11 Rights of the Collateral Trustee. In the
event there is any bona fide, good faith disagreement between the other parties to this Agreement or any of the other Security Documents resulting in adverse claims being made in connection with Collateral held by the Collateral Trustee and
the terms of this Agreement or any of the other Security Documents do not unambiguously mandate the action the Collateral Trustee is to take or not to take in connection therewith under the circumstances then existing, or the Collateral Trustee is
in doubt as to what action it is required to take or not to take hereunder or under the other Security Documents, it will be entitled to refrain from taking any action (and will incur no liability for doing so) until directed otherwise (subject to
Section 5.10) in writing by a request signed jointly by the parties hereto entitled to give such direction or by order of a court of competent jurisdiction. 
  

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 SECTION 5.12 Limitations on Duty of Collateral Trustee in Respect of Collateral. 
 (a) Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral Trustee will have no duty as to
any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Collateral Trustee will not
be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral. The
Collateral Trustee will be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property, and the Collateral Trustee
will not be liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Trustee in good faith.

 (b) The Collateral Trustee will not be responsible for the existence, genuineness or value of any of the Collateral or for
the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission
constitutes gross negligence or willful misconduct on the part of the Collateral Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Issuers or any
Guarantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims any representation
or warranty to the current and future holders of the Secured Obligations concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral. 
 SECTION 5.13 Assumption of Rights, Not Assumption of Duties. Notwithstanding anything to the contrary contained herein: 
 (1) each of the parties thereto will remain liable under each of the Security Documents (other than this Agreement) to the extent set
forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not been executed; 
 (2) the exercise by the Collateral Trustee of any of its rights, remedies or powers hereunder will not release such parties from any of their respective duties or obligations under the other Security Documents; and

 (3) the Collateral Trustee will not be obligated to perform any of the obligations or duties of any of the parties
thereunder other than the Collateral Trustee. 
 SECTION 5.14 No Liability for Clean Up of Hazardous Materials. In the event that the
Collateral Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the Collateral
Trustee’s sole discretion may cause the Collateral Trustee to be considered an “owner or operator” under any environmental laws or otherwise cause the Collateral Trustee to incur, or be exposed 

  

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to, any environmental liability or any liability under any other federal, state or local law, the Collateral Trustee reserves the right, instead of taking
such action, either to resign as Collateral Trustee or to arrange for the transfer of the title or control of the asset to a court appointed receiver. The Collateral Trustee will not be liable to any Person for any environmental liability or any
environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Trustee’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of
discharge or release or threatened discharge or release of any hazardous materials into the environment. 
 ARTICLE 6. RESIGNATION AND REMOVAL
OF THE COLLATERAL TRUSTEE 
 SECTION 6.1 Resignation or Removal of Collateral Trustee. Subject to the appointment of a successor
Collateral Trustee as provided in Section 6.2 and the acceptance of such appointment by the successor Collateral Trustee: 
 (a) the Collateral Trustee may resign at any time by giving not less than 45 days’ notice of resignation to each Secured Debt Representative and the Issuers, provided that such notice period may be waived by each Secured Debt
Representative and the Issuers; and 
 (b) the Collateral Trustee may be removed at any time, with or without cause, by an Act
of Required Debtholders. 
 SECTION 6.2 Appointment of Successor Collateral Trustee. Upon any such resignation or removal, a successor
Collateral Trustee may be appointed by an Act of Required Debtholders. If no successor Collateral Trustee has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Trustee gave notice of resignation or was
removed, the retiring Collateral Trustee may (at the expense of the Issuers), at its option, appoint a successor Collateral Trustee, or petition a court of competent jurisdiction for appointment of a successor Collateral Trustee, which must be a
bank or trust company: 
 (1) authorized to exercise corporate trust powers; 
 (2) having a combined capital and surplus of at least $100,000,000; 
 (3) maintaining an office in New York, New York; and 
 (4) that is not (a) the Issuers or their Affiliates or (ii) any Secured Debt Representative (other than the Trustee serving in
the role of the Collateral Trustee to the extent the Notes are the only Priority Lien Obligations or Subordinated Lien Obligations outstanding (other than Hedging Obligations)). 
 The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this Section 6.2 has
accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied. 
  

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 SECTION 6.3 Succession. When the Person so appointed as successor Collateral Trustee accepts such
appointment: 
 (1) such Person will succeed to and become vested with all the rights, powers, privileges and duties of the
predecessor Collateral Trustee, and the predecessor Collateral Trustee will be discharged from its duties and obligations hereunder; and 
 (2) the predecessor Collateral Trustee will (at the expense of the Issuers) promptly transfer all Liens and collateral security and other property of the Trust Estates within its possession or control to the
possession or control of the successor Collateral Trustee and will execute instruments and assignments as may be necessary or reasonably requested by the successor Collateral Trustee to transfer to the successor Collateral Trustee all Liens,
interests, rights, powers and remedies of the predecessor Collateral Trustee in respect of the Security Documents or the Trust Estates. 
 Thereafter the
predecessor Collateral Trustee will remain entitled to enforce the immunities granted to it in Article 5 and the provisions of Sections 7.10 and 7.11. 
 SECTION 6.4 Merger, Conversion or Consolidation of Collateral Trustee. Any Person into which the Collateral Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which the Collateral Trustee shall be a party, or any Person succeeding to the business of the Collateral Trustee shall be the successor of the Collateral Trustee pursuant to Section 6.3, provided that
(i) without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything
herein to the contrary notwithstanding, such Person satisfies the eligibility requirements specified in clauses (1) through (4) of Section 6.2 and (ii) prior to any such merger, conversion or consolidation, the Collateral Trustee
shall have notified the Issuers, each Priority Lien Representative and each Subordinated Lien Representative thereof in writing. 
 ARTICLE 7.
MISCELLANEOUS PROVISIONS 
 SECTION 7.1 Amendment. 
 (a) No amendment or supplement to the provisions of this Agreement or any other Security Document will be effective without the approval
of the Collateral Trustee acting as directed by an Act of Required Debtholders, except that any amendment or supplement that has the effect solely of (i) adding or maintaining Collateral, securing additional Secured Debt that was otherwise
permitted by the terms of the Secured Debt Documents to be secured by the Collateral or preserving, perfecting or establishing the priority of the Liens thereon or the rights of the Collateral Trustee therein, (ii) curing any ambiguity, defect
or inconsistency; (iii) providing for the assumption of an Issuer’s or any Guarantor’s Obligations under any Security Document in the case of a merger or consolidation or sale of all or substantially all of the assets of such Issuer
or such Guarantor, as applicable; or (v) making any change that would provide any additional rights or benefits to the Secured Parties or the Collateral Trustee or that does not adversely affect the legal rights under the Indenture or any other
Secured Debt Document of any Secured Party or the Collateral Trustee, will, in each case, become effective when executed and delivered by the Issuers and any applicable Guarantor party thereto and the Collateral Trustee; 
  

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 (b) No amendment or supplement to the provisions of this Agreement or any other Security
Document that: 
 (1) reduces, impairs or adversely affects the right of any holder of Secured Obligations: 
 (A) to vote its outstanding Secured Debt as to any matter described as subject to an Act of Required Debtholders or direction by the
Required Priority Lien Debtholders, 
 (B) to share in the order of application described in Section 3.4 in the proceeds
of enforcement of or realization on any Collateral that has not been released in accordance with the provisions described in Section 4.1, or 
 (C) to require that Liens securing Secured Obligations be released only as set forth in the provisions described in Section 4.1, or 
 (2) amends the provisions of this clause (b) or the definition of “Act of Required Debtholders,” “Required
Priority Lien Debtholders” or “Required Subordinated Lien Debtholders,” 
 will become effective without the consent of the
requisite percentage or number of holders of each Series of Secured Debt so affected under the applicable Secured Debt Documents; and 
 (c) No amendment or supplement to the provisions of this Agreement or any other Security Document that imposes any obligation upon the Collateral Trustee or any Secured Debt Representative or adversely affects the
rights of the Collateral Trustee or any Secured Debt Representative in its individual capacity as such will become effective without the consent of the Collateral Trustee or such Secured Debt Representative, as applicable. 
 (d) Any amendment or supplement to the provisions of this Agreement or any other Security Document that releases Collateral will be
effective only if consent to such release is granted in accordance with the applicable Secured Debt Document (for the avoidance of doubt, including the Intercreditor Agreement) for each Series of Secured Debt that is required to consent to the
release of the Collateral Trustee’s liens on such Collateral in Section 4.1. Any amendment or supplement that results in the Collateral Trustee’s Liens upon the Collateral no longer securing the Notes and all related Note Obligations
under the Indenture may only be effected in accordance with Section 4.4. 
 (e) Notwithstanding anything to the contrary
in Sections 7.1(a) through 7.1(d) but subject to Sections 7.1(b) and 7.1(c): 
 (1) any Security Document that secures
Subordinated Lien Obligations (but not Priority Lien Obligations) may be amended or supplemented with the approval of the Collateral Trustee acting as directed in writing by the Required Subordinated Lien Debtholders, unless such amendment or
supplement would not be permitted under the terms of this Agreement or the other Priority Lien Documents; 
  

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 (2) any amendment or waiver of, or any consent under, any provision of this Agreement or
any other Security Document that secures Priority Lien Obligations will apply automatically to any comparable provision of any comparable Subordinated Lien Document without the consent of or notice to any holder of Subordinated Lien Obligations and
without any action by either of the Issuers or any Guarantor or any holder of Notes or other Priority Lien Obligations or other Subordinated Lien Obligations; and 
 (3) the Issuers may direct the Collateral Trustee to amend, supplement or otherwise modify the Intercreditor Agreement; provided
that the changes made by such amendment, supplement or other modification, taken together with all other changes (whenever and however made) from the form of the Intercreditor Agreement attached as Exhibit D, are not materially adverse to any
holder of Secured Obligations. 
 (f) The Collateral Trustee will not enter into any amendment or supplement unless it has
received an Officers’ Certificate to the effect that such amendment or supplement will not result in a breach of any provision or covenant contained in any of the Secured Debt Documents or the ABL Debt Documents. Prior to executing any
amendment or supplement pursuant to this Section 7.1, the Collateral Trustee will be entitled to receive an opinion of counsel of the Issuers (which may be provided by internal counsel to the Issuers) to the effect that the execution of such
document is authorized or permitted hereunder, and with respect to amendments adding Collateral, an opinion of counsel of the Issuers addressing customary perfection, and if such additional Collateral consists of equity interests of any Person,
priority matters with respect to such additional Collateral (subject to customary qualifications and assumptions). 
 (g) The
holders of Subordinated Lien Obligations and the Subordinated Lien Representatives agree that each Security Document that secures Subordinated Lien Obligations (but not also securing Priority Lien Obligations) will include language substantially to
the effect of the following: 
 “Notwithstanding anything herein to the contrary, the lien and security interest granted to the
Collateral Trustee pursuant to this Agreement and the exercise of any right or remedy by such Collateral Trustee hereunder are subject to the provisions of the Collateral Trust Agreement, dated as of July 2, 2009, among Solo, SCOC, the
Guarantors from time to time party thereto, U.S. Bank National Association, as Trustee under the Indenture (as defined therein) and U.S. Bank National Association, as Collateral Trustee (as amended, supplemented, amended and restated or otherwise
modified and in effect from time to time, the “Collateral Trust Agreement”). In the event of any conflict between the terms of the Collateral Trust Agreement and this Agreement, the terms of the Collateral Trust Agreement will
govern.” 
 ; provided, however, that if the jurisdiction in which any such Subordinated Lien Document will be filed prohibits the inclusion of
the language above or would prevent a document containing such language from being recorded, the Subordinated Lien Representatives and the Priority Lien Representatives agree, prior to such Subordinated Lien Document being entered into, to negotiate
in good faith replacement language stating that the lien and security interest granted under such Subordinated Lien Document is subject to the provisions of this Agreement. 
  

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 SECTION 7.2 Voting. In connection with any matter under this Agreement requiring a vote of holders
of Secured Debt, each Series of Secured Debt will cast its votes in accordance with the Secured Debt Documents governing such Series of Secured Debt. The amount of Secured Debt to be voted by a Series of Secured Debt will equal (1) the
aggregate principal amount of Secured Debt held by such Series of Secured Debt (including outstanding letters of credit whether or not then available or drawn), plus (2) other than in connection with an exercise of remedies, the
aggregate unfunded commitments to extend credit which, when funded, would constitute Indebtedness of such Series of Secured Debt. Following and in accordance with the outcome of the applicable vote under its Secured Debt Documents, the Secured Debt
Representative of each applicable Series of Secured Debt will vote the total amount of Secured Debt under that Series of Secured Debt as a block in respect of any vote under this Agreement. If any Series of Secured Debt consists of Hedging
Obligations, those Hedging Obligations will vote on matters concerning such Series of Secured Debt in accordance with the applicable Secured Debt Documents. 
 SECTION 7.3 Further Assurances; Insurance. 
 (a) The Issuers and each of the
Guarantors will do or cause to be done all acts and things that may be required, or that the Collateral Trustee from time to time may reasonably request, to assure and confirm that the Collateral Trustee holds, for the benefit of the holders of
Secured Obligations, duly created and enforceable and perfected Liens upon the Collateral, (including any property or assets that are acquired or otherwise become Collateral after the date hereof), in each case as contemplated by, and with the Lien
priority required under, the Secured Debt Documents. 
 (b) Upon the reasonable request of the Collateral Trustee or any
Secured Debt Representative at any time and from time to time, the Issuers and each of the Guarantors will promptly execute, acknowledge and deliver such security documents, instruments, certificates, notices and other documents, and take such other
actions as may be reasonably required, or that the Collateral Trustee may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by the Secured Debt Documents
for the benefit of holders of Secured Obligations (it being expressly agreed that the Collateral Trustee has no responsibility to monitor, protect or perfect any such Liens or benefits). 
 (c) The Issuers and the Guarantors will: 
 (1) keep their properties adequately insured at all times by financially sound and reputable insurers; 
 (2) maintain such other insurance, to such extent and against such risks (and with such deductibles, retentions and exclusions), including fire and other risks insured against by extended coverage, as is customary
with companies in the same or similar businesses operating in the same or similar locations, including public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use
of any properties owned, occupied or controlled by them; 
  

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 (3) maintain such other insurance as may be required by law; and 
 (4) maintain such other insurance as may be required by the Security Documents. 
 (d) Upon the request of the Collateral Trustee, the Issuers and the Guarantors will furnish to the Collateral Trustee full information as
to their property and liability insurance carriers. 
 (e) All insurance policies required by Section 7.3(c) (except for
the insurance described in 7.3(c)(3)) above will: 
 (1) provide that, with respect to third party liability insurance, the
holders of Secured Obligations, as a class, shall be named as additional insureds; 
 (2) name the Collateral Trustee as a
loss payee as its interests may appear and additional insured; and 
 (3) provide that (x) no cancellation or termination
of such insurance and (y) no material change shall be effective until 30 days after written notice is given by the insurers to the Collateral Trustee of such cancellation, termination or change. 
 (f) Upon the request of the Collateral Trustee, the Issuers and the Guarantors will permit the Collateral Trustee or any of its agents or
representatives, at reasonable times and intervals upon reasonable prior notice during regular business hours, to visit their offices and sites and inspect any of the Collateral and to discuss matters relating to the Collateral with their respective
officers. The Issuers and the Guarantors shall, at any reasonable time and from time to time upon reasonable prior notice during regular business hours, permit the Collateral Trustee or any of its agents or representatives to examine and make copies
of and abstracts from the records and books of account of the Issuers and the Guarantors and their respective Subsidiaries, all at the Issuers’ expense. 
 SECTION 7.4 Perfection of Subordinated Trust Estate. 
 Solely for purposes of perfecting the Liens of
the Collateral Trustee in its capacity as agent of the holders of Subordinated Lien Obligations and the Subordinated Lien Representatives in any portion of the Subordinated Trust Estate in the possession or control of the Collateral Trustee (or its
agents or bailees) as part of the Senior Trust Estate including, without limitation, any instruments, goods, negotiable documents, tangible chattel paper, electronic chattel paper, certificated securities, money, deposit accounts and securities
accounts, the Collateral Trustee, the holders of Priority Lien Obligations and the Priority Lien Representatives hereby acknowledge that the Collateral Trustee also holds such property as agent for the benefit of the Collateral Trustee for the
benefit of the holders of Subordinated Lien Obligations and the Subordinated Lien Representatives. 
  

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 SECTION 7.5 Successors and Assigns; Third Party Beneficiaries. 
 (a) Except as provided in Section 5.2, the Collateral Trustee may not, in its capacity as such, delegate any of its duties or assign
any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Collateral Trustee hereunder will inure to the sole and exclusive benefit of, and be enforceable by,
each Secured Debt Representative and ABL Agent and each current and future holder of Secured Obligations and ABL Debt Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their
respective successors and assigns. 
 (b) Neither the Issuers nor any Guarantor may delegate any of its duties or assign any
of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Issuers and the Guarantors hereunder will inure to the sole and exclusive benefit of, and be enforceable
by, the Collateral Trustee, each Secured Debt Representative and each current and future holder of Secured Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective
successors and assigns. 
 SECTION 7.6 Delay and Waiver. No failure to exercise, no course of dealing with respect to the exercise of,
and no delay in exercising, any right, power or remedy arising under this Agreement or any of the other Security Documents will impair any such right, power or remedy or operate as a waiver thereof. No single or partial exercise of any such right,
power or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
 SECTION 7.7 Notices. Any communications, including notices and instructions, between the parties hereto or notices provided herein to be given may
be given to the following addresses: 
  

			
	If to the Collateral Trustee:	  	U.S. Bank National Association
		  	Corporate Trust Services
		  	EP-MN-WS3C
		  	60 Livingston Avenue
		  	St. Paul, Minnesota 55107
		  	Telephone: (651)495-3909
		  	Fax: (651)495-8097
		  	Attention: Raymond S. Haverstock
		
	If to the Issuers or any Guarantor:	  	Solo Cup Company
		  	1700 Old Deerfield Road
		  	Highland Park, Illinois 60035
		  	Telephone: (847)831-4800
		  	 Fax: (847)831-5849
 Attn: Chief Financial
Officer

  

 49 

			
		  	and
		
		  	Solo Cup Operating Corporation
		  	 1700 Old Deerfield Road
 Highland Park, Illinois 60035

		  	Telephone: (847)831-4800
		  	 Fax: (847)831-5849
 Attn: Chief Financial
Officer

		
	If to the Trustee:	  	U.S. Bank National Association
		  	Corporate Trust Services
		  	EP-MN-WS3C
		  	60 Livingston Avenue
		  	St. Paul, Minnesota 55107
		  	Telephone: (651)495-3909
		  	Fax: (651)495-8097
		  	Attention: Raymond Haverstock

 and if to any other Secured Debt Representative, to such address as it may specify by written notice to the
parties named above. 
 All notices and communications will be faxed to the relevant fax number set forth above or mailed by first class
mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to the relevant address set forth above or, as to holders of Secured Debt, all notices and communications will be sent in the manner
specified in the Secured Debt Documents applicable to such holder. Failure to mail a notice or communication to a holder of Secured Debt or any defect in it will not affect its sufficiency with respect to other holders of Secured Debt. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 SECTION 7.8 Notice Following Discharge of Priority Lien Obligations. Promptly following the Discharge of Priority Lien
Obligations with respect to one or more Series of Priority Lien Debt, each Priority Lien Representative with respect to each applicable Series of Priority Lien Debt that is so discharged will provide written notice of such discharge to the
Collateral Trustee and to each other Secured Debt Representative. 
  

 50 

 SECTION 7.9 Entire Agreement. This Agreement states the complete agreement of the parties relating
to the undertaking of the Collateral Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 
 SECTION 7.10 Compensation; Expenses. The Issuers and the Guarantors jointly and severally agree to pay, promptly upon demand: 
 (1) such compensation to the Collateral Trustee and its agents as the Issuers and the Collateral Trustee may agree in writing from time to
time; 
 (2) all reasonable costs and expenses incurred by the Collateral Trustee and its agents in the preparation,
execution, delivery, filing, recordation, administration or enforcement of this Agreement or any other Security Document or any consent, amendment, waiver or other modification relating hereto or thereto; 
 (3) all reasonable fees, expenses and disbursements of legal counsel and any auditors, accountants, consultants or appraisers or other
professional advisors and agents engaged by the Collateral Trustee incurred in connection with the negotiation, preparation, closing, administration, performance or enforcement of this Agreement and the other Security Documents or any consent,
amendment, waiver or other modification relating hereto or thereto and any other document or matter requested by the Issuers or any Guarantor; 
 (4) all reasonable costs and expenses incurred by the Collateral Trustee and its agents in creating, perfecting, preserving, releasing or enforcing the Collateral Trustee’s Liens on the Collateral, including
filing and recording fees, expenses and taxes, stamp or documentary taxes, and search fees; 
 (5) all other reasonable costs
and expenses incurred by the Collateral Trustee and its agents in connection with the negotiation, preparation and execution of the Security Documents and any consents, amendments, waivers or other modifications thereto and the transactions
contemplated thereby or the exercise of rights or performance of obligations by the Collateral Trustee thereunder; and 
 (6)
after the occurrence of any Secured Debt Default, all reasonable costs and expenses incurred by the Collateral Trustee, its agents and any Secured Debt Representative in connection with the preservation, collection, foreclosure or enforcement of the
Collateral subject to the Security Documents or any interest, right, power or remedy of the Collateral Trustee or in connection with the collection or enforcement of any of the Secured Obligations or the proof, protection, administration or
resolution of any claim based upon the Secured Obligations in any Insolvency or Liquidation Proceeding, including all reasonable fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by
the Collateral Trustee, its agents or the Secured Debt Representatives. 
  

 51 

 The agreements in this Section 7.10 will survive repayment of all other Secured Obligations and the removal or
resignation of the Collateral Trustee. 
 SECTION 7.11 Indemnity. 
 (a) The Issuers and the Guarantors jointly and severally agree to defend, indemnify, pay and hold harmless the Collateral Trustee and its
Affiliates and each and all of the directors, officers, employees, attorneys-in-fact and agents, and (in each case) their respective successors and assigns (each of the foregoing, an “Indemnitee”) from and
against any and all Indemnified Liabilities; provided, no Indemnitee will be entitled to indemnification hereunder with respect to any Indemnified Liability to the extent such Indemnified Liability is found to have resulted from the gross
negligence or willful misconduct of such Indemnitee. 
 (b) All amounts due under this Section 7.11 will be payable upon
demand. 
 (c) To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in
Section 7.11(a) may be unenforceable in whole or in part because they violate any law or public policy, each of the Issuers and the Guarantors will contribute the maximum portion that it is permitted to pay and satisfy under applicable law to
the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. 
 (d) Neither the Issuers
nor any Guarantor will assert any claim against any Indemnitee, on any theory of liability, for any lost profits or special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any
punitive damages arising out of, in connection with, or as a result of, this Agreement or any other Secured Debt Document or any agreement or instrument or transaction contemplated hereby or relating in any respect to any Indemnified Liability, and
the Issuers and each of the Guarantors hereby forever waives, releases and agrees not to sue upon any claim for any such lost profits or special, indirect, consequential or (to the fullest extent lawful) punitive damages, whether or not accrued and
whether or not known or suspected to exist in its favor. 
 (e) The agreements in this Section 7.11 will survive
repayment of all other Secured Obligations and the removal or resignation of the Collateral Trustee. 
 SECTION 7.12 Severability. If
any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in
all other jurisdictions, will not in any way be affected or impaired thereby. 
 SECTION 7.13 Headings. Section headings herein have
been inserted for convenience of reference only, are not to be considered a part of this Agreement and will in no way modify or restrict any of the terms or provisions hereof. 
 SECTION 7.14 Obligations Secured. All obligations of the Issuers and the Guarantors set forth in or arising under this Agreement will be Secured
Obligations and are secured by all Liens granted by the Security Documents. 
 SECTION 7.15 Governing Law. THIS AGREEMENT SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 
  

 52 

 SECTION 7.16 Consent to Jurisdiction. All judicial proceedings brought against any party hereto
arising out of or relating to this Agreement or any of the other Security Documents may be brought in any state or federal court of competent jurisdiction in the State, County and City of New York. By executing and delivering this Agreement, the
Issuers and each Guarantor, for itself and in connection with its properties, irrevocably: 
 (1) accepts generally and
unconditionally the nonexclusive jurisdiction and venue of such courts; 
 (2) waives any defense of forum non conveniens;

 (3) agrees that service of all process in any such proceeding in any such court may be made by registered or certified
mail, return receipt requested, to such party at its address provided in accordance with Section 7.7; 
 (4) agrees that
service as provided in clause (3) above is sufficient to confer personal jurisdiction over such party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and 
 (5) agrees that each party hereto retains the right to serve process in any other manner permitted by law or to bring proceedings against
any party in the courts of any other jurisdiction. 
 SECTION 7.17 Waiver of Jury Trial. Each party to this Agreement waives its
rights to a jury trial of any claim or cause of action based upon or arising under this Agreement or any of the other Security Documents or any dealings between them relating to the subject matter of this Agreement or the intents and purposes of the
other Security Documents. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement and the other Security Documents, including contract
claims, tort claims, breach of duty claims and all other common law and statutory claims. Each party to this Agreement acknowledges that this waiver is a material inducement to enter into a business relationship, that each party hereto has already
relied on this waiver in entering into this Agreement, and that each party hereto will continue to rely on this waiver in its related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal
counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. This waiver is irrevocable, meaning that it may not be modified either orally or in writing (other than by a mutual written waiver
specifically referring to this Section 7.17 and executed by each of the parties hereto), and this waiver will apply to any subsequent amendments, renewals, supplements or modifications of or to this Agreement or any of the other Security
Documents or to any other documents or agreements relating thereto. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 
 SECTION 7.18 Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile or electronic transmission), each of which when so executed and delivered will be deemed an
original, but all such counterparts together will constitute but one and the same instrument. 
  

 53 

 SECTION 7.19 Effectiveness. This Agreement will become effective upon the execution of a
counterpart hereof by each of the parties hereto on the date hereof and receipt by each party of written notification of such execution and written or telephonic authorization of delivery thereof. 
 SECTION 7.20 Additional Guarantors. The Issuers will cause each Subsidiary that becomes a Guarantor or is required by any Secured Debt Document to
become a party to this Agreement to become a party to this Agreement, for all purposes of this Agreement, by causing such Subsidiary to execute and deliver to the Collateral Trustee a Collateral Trust Joinder, whereupon such Subsidiary will be bound
by the terms hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof. The Issuers shall promptly provide each Secured Debt Representative with a copy of each Collateral Trust Joinder executed and delivered
pursuant to this Section 7.20; provided, however, that the failure to so deliver a copy of the Collateral Trust Joinder to any then existing Secured Debt Representative shall not affect the inclusion of such Person as a Guarantor
if the other requirements of this Section 7.20 are complied with. 
 SECTION 7.21 Continuing Nature of this Agreement. This
Agreement, including the subordination provisions hereof, will be reinstated if at any time any payment or distribution in respect of any of the Priority Lien Obligations is rescinded or must otherwise be returned in an Insolvency or Liquidation
Proceeding or otherwise by any holder of Priority Lien Obligations or Priority Lien Representative or any representative of any such party (whether by demand, settlement, litigation or otherwise). In the event that all or any part of a payment or
distribution made with respect to the Priority Lien Obligations is recovered from any holder of Priority Lien Obligations or any Priority Lien Representative in an Insolvency or Liquidation Proceeding or otherwise, such payment or distribution
received by any holder of Subordinated Lien Obligations or Subordinated Lien Representative with respect to the Subordinated Lien Obligations from the proceeds of any Collateral at any time after the date of the payment or distribution that is so
recovered, whether pursuant to a right of subrogation or otherwise, that Subordinated Lien Representative or that holder of a Subordinated Lien Obligation, as the case may be, will forthwith deliver the same to the Collateral Trustee, for the
account of the holders of the Priority Lien Obligations and other Obligations secured by a Permitted Prior Lien, to be applied in accordance with Section 3.4. Until so delivered, such proceeds will be held by that Subordinated Lien
Representative or that holder of a Subordinated Lien Obligation, as the case may be, for the benefit of the holders of the Priority Lien Obligations and other Obligations secured by a Permitted Prior Lien. 
 SECTION 7.22 Insolvency. This Agreement will be applicable both before and after the commencement of any Insolvency or Liquidation Proceeding by
or against the Issuers or any Guarantor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency or Liquidation Proceeding on the same basis as prior to the date of the commencement of any
such case, as provided in this Agreement. 
 SECTION 7.23 Rights and Immunities of Secured Debt Representatives. The Secured Debt
Representatives will be entitled to all of the rights, protections, immunities and indemnities set forth in the Indenture and any future Secured Debt Representative will be entitled to all of the rights, protections, immunities and indemnities set
forth in the credit agreement, indenture or 
  

 54 

 other agreement governing the applicable Secured Debt with respect to which such Person is acting or will act as
representative, in each case as if specifically set forth herein. In no event will any Secured Debt Representative be liable for any act or omission on the part of the Issuers or any Guarantor or the Collateral Trustee hereunder. 
 SECTION 7.24 Intercreditor Agreement. Each Person that is secured hereunder, by accepting the benefits of the security provided hereby,
(i) consents (or is deemed to consent), to the subordination of Liens provided for in the Intercreditor Agreement, (ii) agrees (or is deemed to agree) that it will be bound by, and will take no actions contrary to, the provisions of the
Intercreditor Agreement, (iii) authorizes (or is deemed to authorize) the Noteholder Collateral Trustee (as defined in the Intercreditor Agreement) on behalf of such Person to enter into, and perform under, the Intercreditor Agreement and
(iv) acknowledges (or is deemed to acknowledge) that a copy of the Intercreditor Agreement was delivered, or made available, to such Person. 
 [Remainder of this Page Intentionally Left Blank] 
  

 55 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
officers or representatives as of the day and year first above written. 
  

					
	SOLO CUP COMPANY
		
	By	 	/s/ Robert M. Korzenski
	Name:	 	Robert M. Korzenski
	Title:	 	President & CEO
	
	SOLO CUP OPERATING CORPORATION
		
	By	 	/s/ Robert D. Koney, Jr.
	Name:	 	Robert D. Koney, Jr.
	Title:	 	Chief Financial Officer
	
	SF HOLDINGS GROUP, INC.
		
	By	 	/s/ Richard Hernke
	Name:	 	Richard Hernke
	Title:	 	Treasurer	 	
	
	SOLO MANUFACTURING LLC
		
	By	 	/s/ Richard Hernke
	Name:	 	Richard Hernke
	Title:	 	Treasurer	 	
	
	P.R. SOLO CUP, INC.
		
	By	 	/s/ Jan Stern Reed
	Name:	 	Jan Stern Reed
	Title:	 	Vice President & Secretary
	
	LILY-CANADA HOLDING CORPORATION
		
	By	 	/s/ Jan Stern Reed
	Name:	 	Jan Stern Reed
	Title:	 	Vice President & Secretary

  

 Collateral Trust Agreement 
  

			
	SOLO CUP (UK) LIMITED
		
	By	 	/s/ Richard Hernke
	Name:	 	Richard Hernke
	Title:	 	Director
	
	INSULPAK HOLDINGS LIMITED
		
	By	 	/s/ Robert M. Korzenski
	Name:	 	Robert M. Korzenski
	Title:	 	Director
	
	SOLO CUP EUROPE LIMITED
		
	By	 	/s/ Richard Hernke
	Name:	 	Richard Hernke
	Title:	 	Director
	
	SOLO CUP OWINGS MILLS HOLDINGS
		
	By:	 	 Solo Cup Operating Corporation, as
 sole beneficial owner

		
	By	 	/s/ Richard Hernke
	Name:	 	Richard Hernke
	Title:	 	Treasurer

 Collateral Trust Agreement 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee under the Indenture
		
	By:	 	/s/ Raymond S. Haverstock
	Name:	 	Raymond S. Haverstock
	Title:	 	Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION, as
 Collateral Trustee

		
	By:	 	/s/ Raymond S. Haverstock
	Name:	 	Raymond S. Haverstock
	Title:	 	Vice President

 Collateral Trust Agreement 

 EXHIBIT A 
 to Collateral Trust Agreement 
 FORM OF 
 ADDITIONAL SECURED DEBT DESIGNATION 
 Reference is made to the Collateral Trust
Agreement dated as of July 2, 2009 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among Solo Cup Company, a Delaware corporation
(“Solo”), Solo Cup Operating Corporation, a Delaware corporation (“SCOC” and, together with Solo, the “Issuers”), the Guarantors from time to time party thereto, U.S. Bank
National Association, as Trustee under the Indenture (as defined therein), the other Secured Debt Representatives from time to time party thereto and U.S. Bank National Association, as Collateral Trustee. Capitalized terms used but not otherwise
defined herein shall have the meaning set forth in the Collateral Trust Agreement. This Additional Secured Debt Designation is being executed and delivered in order to designate additional secured debt as either Priority Lien Debt or Subordinated
Lien Debt entitled to the benefit of the Collateral Trust Agreement. 
 The undersigned, the duly appointed [specify
title] of Solo hereby certifies on behalf of the Issuers that: 
 (A) [insert name of the Issuers or
Guarantor] intends to incur additional Secured Debt (“Additional Secured Debt”) which will be [select appropriate alternative] [Priority Lien Debt permitted by each applicable
Secured Document to be secured by a Priority Lien Equally and Ratably with all previously existing and future Priority Lien Debt] or [Subordinated Lien Debt permitted by each applicable Secured Document to be secured with a
Subordinated Lien Equally and Ratably with all previously existing and future Subordinated Lien Debt]; 
 (B) the name
and address of the Secured Debt Representative for the Additional Secured Debt for purposes of Section 7.7 of the Collateral Trust Agreement is: 
  

					
		  	______________________________	  	
			
		  	______________________________	  	
			
		  	Telephone:
                                         
     	  	
			
		  	Fax:
                                         
                 	  	

 (C) The Issuers have caused a copy of this Additional Secured Debt Designation to
be delivered to each existing Secured Debt Representative. 

 IN WITNESS WHEREOF, the Issuers have caused this Additional Secured Debt Designation to be duly executed
by the undersigned officer as of                     , 20    . 
  

			
	SOLO CUP COMPANY
		
	By	 	 
	Name:	 	
	Title:	 	
	
	SOLO CUP OPERATING CORPORATION
		
	By	 	 
	Name:	 	
	Title:	 	
	
	SF HOLDINGS GROUP, INC.
		
	By	 	 
	Name:	 	
	Title:	 	
	
	SOLO MANUFACTURING LLC
		
	By	 	 
	Name:	 	
	Title:	 	
	
	P.R. SOLO CUP, INC.
		
	By	 	 
	Name:	 	
	Title:	 	

			
	LILY-CANADA HOLDING CORPORATION
		
	By	 	 
	Name:	 	
	Title:	 	
	
	SOLO CUP (UK) LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	INSULPAK HOLDINGS LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	SOLO CUP EUROPE LIMITED
		
	By	 	 
	Name:	 	
	Title:	 	
	
	SOLO CUP OWINGS MILLS HOLDINGS
		
	By:	 	Solo Cup Operating Corporation, as sole beneficial owner
		
	By	 	 
	Name:	 	
	Title:	 	

 ACKNOWLEDGEMENT OF RECEIPT 
 The undersigned, the duly appointed Collateral Trustee under the Collateral Trust Agreement, hereby acknowledges receipt of an executed copy of this Additional Secured Debt Designation. 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee under the Indenture
		
	By	 	 
	Name:	 	
	Title:	 	
	
	 U.S. BANK NATIONAL ASSOCIATION, as Collateral Trustee

		
	By	 	 
	Name:	 	
	Title:	 	

 EXHIBIT B 
 to Collateral Trust Agreement 
 FORM OF 
 COLLATERAL TRUST JOINDER – ADDITIONAL DEBT 
 Reference is made to the
Collateral Trust Agreement dated as of July 2, 2009 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among Solo Cup Company, a
Delaware corporation (“Solo”), Solo Cup Operating Corporation, a Delaware corporation (“SCOC” and, together with Solo, the “Issuers”), the Guarantors from time to time party
thereto, U.S. Bank National Association, as Trustee under the Indenture (as defined therein), the other Secured Debt Representatives from time to time party thereto and U.S. Bank National Association, as Collateral Trustee. Capitalized terms used
but not otherwise defined herein shall have the meaning set forth in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 3.8 of the Collateral Trust Agreement as a condition
precedent to the debt for which the undersigned is acting as agent being entitled to the benefits of being Additional Secured Debt under the Collateral Trust Agreement. 
 1. Joinder. The undersigned,                             , a
                            , (the “New Representative”) as [trustee,
administrative agent] under that certain [describe applicable indenture, credit agreement or other document governing the Additional Secured Debt] hereby agrees to become party as [a Subordinated Lien
Representative] [a Priority Lien Representative] under the Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the
undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof. 
 2. Lien Sharing and Priority
Confirmation. 
 [Option A: to be used if Additional Debt is Priority Lien Debt] The undersigned New
Representative, on behalf of itself and each holder of Obligations in respect of the Series of Priority Lien Debt for which the undersigned is acting as Priority Lien Representative hereby agrees, for the enforceable benefit of all holders of each
existing and future Series of Priority Lien Debt and Series of Subordinated Lien Debt, each existing and future Subordinated Lien Representative, each other existing and future Priority Lien Representative and each existing and future holder of
Permitted Prior Liens and as a condition to being treated as Secured Debt under the Collateral Trust Agreement: 
 (a) that
all Priority Lien Obligations will be and are secured Equally and Ratably by all Priority Liens at any time granted by the Issuers or any Guarantor to secure any Obligations in respect of any Series of Priority Lien Debt, whether or not upon
property otherwise constituting collateral for such Series of Priority Lien Debt, and that all such Priority Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Priority Lien Obligations Equally and Ratably;

 (b) that the New Representative and each holder of Obligations in respect of the Series
of Priority Lien Debt for which the undersigned is acting as Priority Lien Representative are bound by the provisions of the Collateral Trust Agreement, including the provisions relating to the ranking of Priority Liens and the order of application
of proceeds from the enforcement of Priority Liens; and 
 (c) to the terms of the Collateral Trust Agreement and the
Intercreditor Agreement and the Collateral Trustee’s performance of, and directing the Collateral Trustee to perform, its obligations under the Collateral Trust Agreement and the Intercreditor Agreement. [or] 
 [Option B: to be used if Additional Debt is Subordinated Lien Debt] The undersigned New Representative, on behalf of itself and each
holder of Obligations in respect of the Series of Subordinated Lien Debt for which the undersigned is acting as Subordinated Lien Representative hereby agrees, for the enforceable benefit of all holders of each existing and future Series of Priority
Lien Debt and Series of Subordinated Lien Debt, each existing and future Priority Lien Representative, each other existing and future Subordinated Lien Representative and each existing and future holder of Permitted Prior Liens and as a condition to
being treated as Secured Debt under the Collateral Trust Agreement: 
 (a) that all Subordinated Lien Obligations will be and
are secured Equally and Ratably by all Subordinated Liens at any time granted by the Issuers or any Guarantor to secure any Obligations in respect of any Series of Subordinated Lien Debt, whether or not upon property otherwise constituting
collateral for such Series of Subordinated Lien Debt, and that all such Subordinated Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Subordinated Lien Obligations Equally and Ratably; 
 (b) that the New Representative and each holder of Obligations in respect of the Series of Subordinated Lien Debt for which the
undersigned is acting as Subordinated Lien Representative are bound by the provisions of the Collateral Trust Agreement and the Intercreditor Agreement, including the provisions relating to the ranking of Subordinated Liens and the order of
application of proceeds from the enforcement of Subordinated Liens; and 
 (c) to the terms of the Collateral Trust Agreement
and the Intercreditor Agreement and the Collateral Trustee’s performance of, and directing the Collateral Trustee to perform, its obligations under the Collateral Trust Agreement and the Intercreditor Agreement. 
 3. Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply with like effect to
this Collateral Trust Joinder. 

 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Joinder to be executed by their
respective officers or representatives as of                     , 20    . 

					
	[INSERT NAME OF NEW REPRESENTATIVE]
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

 The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral
Trustee for the New Representative and the holders of the Obligations represented thereby: 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Collateral Trustee
		
	By	 	 
	Name:	 	
	Title:	 	
		
	By	 	 
	Name:	 	
	Title:	 	

 EXHIBIT C 
 to Collateral Trust Agreement 
 FORM OF 
 COLLATERAL TRUST JOINDER – ADDITIONAL GUARANTOR 
 Reference is made to the
Collateral Trust Agreement dated as of July 2, 2009 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among Solo Cup Company, a
Delaware corporation (“Solo”), Solo Cup Operating Corporation, a Delaware corporation (“SCOC” and, together with Solo, the “Issuers”), the Guarantors from time to time party
thereto, U.S. Bank National Association, as Trustee under the Indenture (as defined therein), the other Secured Debt Representatives from time to time party thereto and U.S. Bank National Association, as Collateral Trustee. Capitalized terms used
but not otherwise defined herein shall have the meaning set forth in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 7.20 of the Collateral Trust Agreement. 
 1. Joinder. The undersigned,
                            , a
                            , hereby agrees to become party as a Guarantor under the Collateral Trust
Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof.

 2. Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply with
like effect to this Collateral Trust Joinder. 

 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Joinder to be executed by their
respective officers or representatives as of                     , 20    . 
  

			
	[                                      
                  ]
		
	By	 	 
	Name:	 	
	Title:	 	

 The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral
Trustee with respect to the Collateral pledged by the new Guarantor: 
  

			
	 U.S. BANK NATIONAL ASSOCIATION, as Collateral Trustee

		
	By	 	 
	Name:	 	
	Title:	 	
		
	By	 	 
	Name:	 	
	Title:	 	

 EXHIBIT D 
 to Collateral Trust Agreement 
 FORM OF INTERCREDITOR AGREEMENT 

 EXHIBIT E 
 to Collateral Trust Agreement 
 FORM OF SECURITY AGREEMENT

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