Document:

Form of Second Priority Equitable Share Mortgage

Table of Contents

 EXHIBIT NO. 10.10 
 DATED 1 MAY 2009 
  

							
		 	(1)	  	[SEAGATE ENTITY]	  	
		 		  	as Mortgagor	  	
				
		 	(2)	  	WELLS FARGO BANK, NATIONAL ASSOCIATION	  	
		 		  	as Collateral Agent	  	

  
  
 SECOND PRIORITY EQUITABLE SHARE MORTGAGE 
 IN RESPECT OF SHARES OF [SEAGATE ENTITY] 
  
  
 WARNING 
 THE TAKING OR SENDING BY
ANY PERSON OF AN ORIGINAL OF THIS DOCUMENT INTO THE 
 CAYMAN ISLANDS MAY GIVE RISE TO THE IMPOSITION OF CAYMAN ISLANDS STAMP DUTY 

 

 
 REF: NP/ab/87451 

Table of Contents

 TABLE OF CONTENTS 
  

					
	 CLAUSE
	  	 PAGE

	 1.
	  	DEFINITIONS AND INTERPRETATION	  	1
			
	 2.
	  	REPRESENTATION AND WARRANTIES	  	4
			
	 3.
	  	COVENANT TO PAY	  	6
			
	 4.
	  	SECURITY	  	6
			
	 5.
	  	RIGHTS IN RESPECT OF MORTGAGED PROPERTY	  	7
			
	 6.
	  	PRESERVATION OF SECURITY	  	7
			
	 7.
	  	ENFORCEMENT OF SECURITY	  	11
			
	 8.
	  	APPOINTMENT OF A RECEIVER	  	12
			
	 9.
	  	POWERS OF A RECEIVER	  	13
			
	 10.
	  	FURTHER ASSURANCES	  	13
			
	 11.
	  	INDEMNITIES	  	14
			
	 12.
	  	POWER OF ATTORNEY	  	15
			
	 13.
	  	EXPENSES	  	15
			
	 14.
	  	RELEASE	  	16
			
	 15.
	  	NOTICES	  	16
			
	 16.
	  	ASSIGNMENTS	  	16
			
	 17.
	  	COLLATERAL AGENT	  	17
			
	 18.
	  	SET-OFF	  	17
			
	 19.
	  	SUBSEQUENT SECURITY INTERESTS	  	17
			
	 20.
	  	MISCELLANEOUS	  	17
			
	 21.
	  	LAW AND JURISDICTION	  	18
			
	 22.
	  	INTERCREDITOR AGREEMENT	  	18
		
	 SCHEDULE 1
	  	21
		
	 SCHEDULE 2
	  	23
		
	 SCHEDULE 3
	  	25

  

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 THIS EQUITABLE SHARE MORTGAGE is made on 1 May 2009 
 BETWEEN 
  

	(1)	[SEAGATE ENTITY], an exempted company with limited liability incorporated under the laws of the Cayman Islands with company number [ ] and having its registered office
at P.O Box 309, Ugland House, George Town, Grand Cayman KY1-1104, Cayman Islands (the “Mortgagor”); and 

  

	(2)	WELLS FARGO BANK, NATIONAL ASSOCIATION, a company established under the laws of the United States of America as Collateral Agent and trustee for and on behalf of the Secured
Parties (the “Collateral Agent” or “Mortgagee”). 

 WHEREAS 
  

	(A)	Pursuant to the Indenture, Seagate Technology International, an exempted company with limited liability incorporated under the laws of the Cayman Islands, as Issuer (the
“Issuer”) has agreed to issue USD430,000,000 in aggregate principal amount of 10.00% Senior Secured Second-Priority Notes due 2014 (the “Notes”) to be guaranteed by the Mortgagor as Guarantor.

  

	(B)	The Mortgagor holds legal and beneficial title to the entire issued capital of the Company, currently [ ] fully paid [Class A]/[ordinary] shares of US$1.00 par value (the
“Initial Shares”). 

  

	(C)	In order to secure the Obligations of the Mortgagor under the Note Guaranty, the Indenture and the Notes, the Mortgagor has agreed to grant security over the Mortgaged Shares in
favour of the Collateral Agent for the benefit of the Secured Parties in respect of the Secured Obligations. 

  

	(D)	The Security Interests granted hereunder in respect of the Mortgaged Shares are subject to the terms, conditions and provisions of the Intercreditor Agreement in all respects.

 NOW THIS MORTGAGE WITNESSETH 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Mortgage, unless the context otherwise requires, words and expressions which are capitalised but not defined herein (including in the recitals hereto) shall have the same
meanings as are given to them in the Indenture. In addition, the following definitions shall apply: 

 “Companies
Law” means the Companies Law (as amended) of the Cayman Islands; 
 “Company” means [Seagate Entity], an
exempted company with limited liability incorporated under the laws of the Cayman Islands with a company number [ ] and having its registered office at P.O Box 309, Ugland House, George Town, Grand Cayman KY1-1104, Cayman Islands; 

“Event of Default” means the occurrence of an Event of Default as defined in the Indenture and/or the failure by the Mortgagor to
observe or perform any covenant or agreement contained in this Mortgage or any default in the payment of any of the Secured Obligations; 
 “First Priority Obligation” has the meaning given to it in the Intercreditor Agreement; 
 “First Priority
Secured Party” means JPMorgan Chase Bank, N.A. as administrative agent under the Senior Credit Facility or any other administrative agent under a Senior Credit Facility that is a First Priority Obligation; 
  

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 “First Priority Share Mortgage” means the Equitable Share Mortgage dated 29 April
2009 between the Mortgagor and the First Priority Secured Party; 
 “gross negligence” shall be interpreted according to the
laws of the State of New York, United States of America; 
 “Guarantor” means each of Seagate Technology HDD Holdings,
Seagate Technology, the Issuer and each of the Cayman Islands subsidiaries of the Issuer, all of which entities have guaranteed the Notes under the Indenture; 
 “Indenture” means the Indenture dated as of 1 May 2009 and made among the Issuer, Seagate Technology, Wells Fargo Bank, N.A. as trustee and the other guarantors party thereto; 
 “Indenture Documents” has the meaning given to it in the U.S. Security Agreement; 
 “Intercreditor Agreement” means the Intercreditor Agreement dated on or about the date of this Mortgage among the Collateral Agent,
JPMorgan Chase Bank, N.A., Seagate Technology HDD Holdings, the Issuer and the other Loan Parties (as defined therein); 
 “Mortgage” means this share mortgage; 
 “Mortgaged Property” means the Mortgaged Shares and all
rights, benefits and advantages now or at any time in the future deriving from or incidental to any of the Mortgaged Shares including: 
  

	 	(a)	all dividends or other distributions (whether in cash, securities or other property), interest and other income paid or payable in relation to any Mortgaged Shares;

  

	 	(b)	all shares, securities, rights, monies or other property whether certificated or uncertificated accruing, offered or issued at any time by way of redemption, conversion, exchange,
substitution, preference, option, bonus issue or otherwise in respect of any Mortgaged Shares (including but not limited to proceeds of sale); and 

  

	 	(c)	all certificates or other evidence of title to any of the Mortgaged Shares now and from time to time hereafter deposited with the Collateral Agent; 

 “Mortgaged Shares” means: 
  

	 	(d)	the Initial Shares; 

  

	 	(e)	any shares acquired in respect of Mortgaged Shares by reason of a stock split, stock dividend, reclassification or otherwise; and 

  

	 	(f)	all other shares in the Company from time to time legally or beneficially owned by the Mortgagor; 

 “Note Guaranty” means the guaranty of the Notes by the Mortgagor as Guarantor pursuant to the Indenture; 
 “Other Guarantor” means any of the Guarantors other than the Mortgagor; 
 “Parties” means the parties to this Mortgage; 
 “Register of Charges” means the register of charges of the Mortgagor maintained by the Mortgagor in accordance with Section 54 of the Companies Law; 
  

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 “Register of Members” means the register of members of the Company maintained by the
Company in accordance with the Companies Law; 
 “Secured Obligations” has the meaning given to it in the U.S. Security
Agreement; 
 “Secured Party” or “Secured Parties” has the meaning given to it in the U.S. Security
Agreement; 
 “Security Interest” means: 
  

	 	(a)	a mortgage, charge, pledge, lien, assignment by way of security or other encumbrance or security arrangement (including any hold back or “flawed asset” arrangement)
securing any obligation of any person; 

  

	 	(b)	any arrangement under which money or claims to, or the benefit of, a bank or other account may be applied, set off or made subject to a combination of accounts so as to effect
discharge of any sum owed or payable to any person; 

  

	 	(c)	any other type of arrangement having a similar effect; or 

  

	 	(d)	agreements to create the foregoing; 

 “Security
Period” means the period commencing on the date of execution of this Mortgage and terminating on the date when all the Secured Obligations have been discharged in full; 
 “U.S. Pledge Agreement” means the Second Lien U.S. Pledge Agreement among Seagate Technology HDD Holdings, Seagate Technology, each of
the Subsidiaries listed in Schedule I thereto and the Collateral Agent; and 
 “U.S. Security Agreement” means the Second
Lien U.S. Security Agreement among Seagate Technology HDD Holdings, Seagate Technology, the Issuer, each of the Subsidiaries listed in Schedule I thereto and the Collateral Agent. 
  

	1.2	In construing this Mortgage (including the recitals), unless otherwise specified: 

  

	 	(a)	references to any Party shall be construed so as to include that Party’s respective successors in title, permitted assigns and permitted transferees; 

 

	 	(b)	“including” and “in particular” shall not be construed restrictively but shall mean respectively “including, without prejudice to the
generality of the foregoing” and “including, without limitation”, and “in particular, but without prejudice to the generality of the foregoing”; 

  

	 	(c)	references to a “person” shall be construed so as to include any individual, firm, company or other body corporate, government, state or agency of a state, local or
municipal authority or government body or any joint venture, association or partnership (whether or not having separate legal personality); and in each case, its successors and assigns and persons deriving title under or through it, in whole or in
part, and any person which replaces any party to any document in its respective role thereunder, whether by assuming the rights and obligations of the party being replaced or whether by executing a document in or substantially in the form of the
document it replaces; 

  

	 	(d)	“variation” includes any variation, amendment, accession, novation, restatement, modification, assignment, transfer, supplement, extension, deletion or replacement
however effected and “vary” and “varied” shall be construed accordingly; 

  

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	 	(e)	“writing” includes facsimile transmission legibly received except in relation to any certificate, notice or other document which is expressly required by this
Mortgage to be signed and “written” has a corresponding meaning; 

  

	 	(f)	references to the “consent” of the Collateral Agent shall be construed as the consent of the Collateral Agent acting in its absolute discretion;

  

	 	(g)	subject to Clause 20.3, references to this Mortgage or to any other document include references to this Mortgage or such other document as varied in any manner from time to
time, even if changes are made to: 

  

	 	(i)	the composition of the parties to this Mortgage or such other document or to the nature or amount (including any increase) of any facilities made available under such other
document; or 

  

	 	(ii)	the nature or extent of any obligations under such other document; 

  

	 	(h)	references to uncertificated shares are to shares the title to which can be transferred by means of an electronic or other entry and references to certificated shares are to shares
which are not uncertificated shares; 

  

	 	(i)	references to the singular shall include the plural and vice versa and references to the masculine shall include the feminine or neuter and vice versa; 

  

	 	(j)	references to clauses and schedules are to clauses of, and schedules to, this Mortgage; 

  

	 	(k)	references to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be amended, modified or re-enacted;

  

	 	(l)	headings and titles are for convenience only and do not affect the interpretation of this Mortgage; 

  

	 	(m)	an Event of Default is “continuing” if it has not been remedied or waived; and 

  

	 	(n)	this Mortgage is a “Security Agreement” under the terms of the Indenture. 

  

	2.	REPRESENTATION AND WARRANTIES 

  

	2.1	The Mortgagor hereby represents and warrants to the Collateral Agent and each Secured Party on the date of this Mortgage that: 

  

	 	(a)	the Mortgagor is the sole legal and beneficial owner of the Mortgaged Property free from any Security Interest (other than that created by the First Priority Share Mortgage and this
Mortgage) or other interest and any options or rights of pre-emption; 

  

	 	(b)	the Mortgaged Shares represent 100% (one hundred percent) of the issued shares of the Company; 

  

	 	(c)	any Mortgaged Shares are, or will be when mortgaged and charged, duly authorised, validly issued, fully paid, non-assessable, freely transferable and constitute shares in the
capital of a Cayman Islands exempted company. To the extent they are in existence there are no moneys or liabilities outstanding or payable in respect of any such shares nor will there be any and they have not been redeemed nor cancelled in any
way nor will they be; 

  

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	 	(d)	no person has or is entitled to any conditional or unconditional option, warrant or other right to subscribe for, purchase or otherwise acquire any issued or unissued shares,
or any interest in shares, in the capital of the Company; 

  

	 	(e)	the Mortgaged Shares are not issued with any preferred, deferred or other special rights or restrictions whether in regard to dividends, voting, return of any amount paid on account
of shares or otherwise which are not expressly set out in the memorandum and articles of association of the Company; 

  

	 	(f)	there are no covenants, agreements, conditions, interest, rights or other matters whatsoever which adversely affect the Mortgaged Property; 

  

	 	(g)	the Mortgagor has not received any notice of an adverse claim by any person in respect of the ownership of the Mortgaged Property or any interest in the Mortgaged Property;

  

	 	(h)	the Mortgagor has full power and authority to: 

  

	 	(i)	execute and deliver this Mortgage and the other Indenture Documents to which it is a party; 

  

	 	(ii)	be the legal and beneficial owner of the Mortgaged Property; and 

  

	 	(iii)	comply with the provisions of, and perform all its obligations under this Mortgage and the other Indenture Documents to which it is a party; 

  

	 	(i)	it is able to pay its debts as they fall due and it has not taken any action nor have any steps been taken or legal proceedings been started or threatened in writing against it for:

  

	 	(i)	winding up, dissolution or reorganisation; 

  

	 	(ii)	the enforcement of any Security Interest over its assets; or 

  

	 	(iii)	the appointment of a liquidator, receiver, administrative receiver, administrator, trustee or similar officer of it or of any or all of its assets; 

  

	 	(j)	it is not in breach (nor would be in breach with the giving of notice, passing of time, or satisfaction of any other condition) or in default under any deed, instrument or any
agreement to which it is a party or which is binding on it or any of its assets; 

  

	 	(k)	it has not taken any action whereby the rights attaching to the Mortgaged Property are altered or diluted save to the extent such alteration or dilution is expressly permitted under
this Mortgage or any other Indenture Document; and 

  

	 	(l)	this Mortgage is effective to create a valid and enforceable second priority equitable mortgage and second priority fixed charge upon the Mortgaged Property in favour of the
Collateral Agent ranking in priority to any claims by any liquidator (or similar officer) or creditor of the Mortgagor other than the parties secured by the First Priority Share Mortgage. 

  

	2.2	The Mortgagor also represents and warrants to and undertakes with the Collateral Agent that the foregoing representations and warranties will be true and accurate throughout the
continuance of this Mortgage with reference to the facts and circumstances subsisting from time to time. 

  

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	3.	COVENANT TO PAY 

 The Mortgagor hereby covenants
with the Collateral Agent as primary obligor and not merely as surety to pay and discharge the Secured Obligations in the manner provided in the relevant Indenture Documents. 
  

	4.	SECURITY 

  

	4.1	As a continuing security for the payment and discharge of the Secured Obligations, the Mortgagor as legal and beneficial owner hereby: 

  

	 	(a)	mortgages to the Collateral Agent, by way of a second equitable mortgage, the Mortgaged Shares; 

  

	 	(b)	charges to the Collateral Agent, by way of a second fixed charge, all of its right, title and interest in and to the Mortgaged Property including all benefits, present and future,
actual and contingent accruing in respect of the Mortgaged Property; and 

  

	 	(c)	assigns, and agrees to assign, absolutely by way of security to the Collateral Agent all its rights, present and future, relating to any of the Mortgaged Property.

  

	4.2	The Mortgagor hereby agrees to deliver, or cause to be delivered, to the Collateral Agent on the date hereof: 

  

	 	(a)	copies of the memorandum and articles of association and board and committee resolutions of the Mortgagor required to authorise the execution of this Mortgage;

  

	 	(b)	an executed but undated share transfer certificate in respect of the Initial Shares in favour of the Collateral Agent or its nominees (as the Collateral Agent shall direct) in the
form set out in Schedule 1 to this Mortgage and any other documents which from time to time may be requested by the Collateral Agent in order to enable the Collateral Agent or its nominees to be registered as the owner or otherwise obtain legal
title to the Mortgaged Shares; 

  

	 	(c)	all share certificates (if any) representing the Mortgaged Shares (when a share certificate is so issued by the Company and is not in the possession of the First Priority Secured
Party) and a certified copy of the Register of Members of the Company showing the Mortgagor as registered owner of the Mortgaged Shares; 

  

	 	(d)	an executed irrevocable proxy and power of attorney made in respect of the Mortgaged Shares in favour of the Collateral Agent in the form set out in Schedule 2 to this Mortgage;
 

  

	 	(e)	an executed irrevocable letter of instructions from the Company to its registered office provider appointing an instructing party for the Company in the form set out in Schedule 3
of this Mortgage; 

  

	 	(f)	a copy of the special resolution passed by the Mortgagor in the form agreed by the parties; and 

  

	 	(g)	a certified copy of the Mortgagor’s Register of Mortgages and Charges which has been updated to record the particulars of this Mortgage in a form satisfactory to the Collateral
Agent. 

  

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	4.3	The Mortgagor will procure that there shall be no increase in the issued share capital of the Company (other than by way of an issuance of further shares to the person in whose name
the Mortgaged Shares are registered) without the prior consent in writing of the Collateral Agent subject to the terms, conditions and provisions of the Intercreditor Agreement. 

  

	4.4	The Mortgagor will deliver, or cause to be delivered, to the Collateral Agent immediately upon (without prejudice to Clause 4.3) the issue of any further Mortgaged Shares,
the items listed in Clauses 4.2(b) and 4.2(c) in respect of all such further Mortgaged Shares. 

  

	4.5	The Mortgagor shall, immediately after execution of this Mortgage procure that the following notation be entered on the Register of Members of the Company: 

“All the [Class A]/[ordinary] shares issued as fully paid up and registered in the name of Seagate Technology are subject to a second priority
mortgage and charge in favour of Wells Fargo Bank, National Association pursuant to a share mortgage dated 1 May 2009, as amended from time to time.” 
  

	4.6	The Mortgagor shall, immediately after execution of this Mortgage, provide the Collateral Agent with a certified true copy of the Register of Members of the Company with the
annotation referred to in Clause 4.5. 

  

	5.	RIGHTS IN RESPECT OF MORTGAGED PROPERTY 

  

	5.1	Unless and until the declaration by the Collateral Agent of an occurrence of an Event of Default: 

  

	 	(a)	the Mortgagor shall be entitled to exercise all voting and consensual powers pertaining to the Mortgaged Property or any part thereof for all purposes not inconsistent with the
terms of this Mortgage or the other Indenture Documents; and 

  

	 	(b)	the Mortgagor shall be entitled to receive and retain any dividends, interest or other moneys or assets accruing on or in respect of the Mortgaged Property or any part thereof.

  

	5.2	The Collateral Agent shall not have any duty to ensure that any dividends, interest or other moneys and assets receivable in respect of the Mortgaged Property are duly and
punctually paid, received or collected as and when the same become due and payable or to ensure that the correct amounts (if any) are paid or received on or in respect of the Mortgaged Property or to ensure the taking up of any (or any offer of any)
stocks, shares, rights, moneys or other property paid, distributed, accruing or offered at any time by way of redemption, bonus, rights, preference, or otherwise on or in respect of, any of the Mortgaged Property. 

  

	5.3	Subject to the Intercreditor Agreement, the Mortgagor hereby authorises the Collateral Agent to arrange at any time and from time to time after the occurrence of an Event of Default
for the Mortgaged Property or any part thereof to be registered in the name of the Collateral Agent (or its nominee) thereupon to be held, as so registered, subject to the terms of this Mortgage and, at the request of the Collateral Agent,
the Mortgagor shall without delay procure that the foregoing shall be done. 

  

	6.	PRESERVATION OF SECURITY 

  

	6.1	It is hereby agreed and declared that: 

  

	 	(a)	the security created by this Mortgage shall be held by the Collateral Agent as a continuing security for the payment and discharge of the Secured Obligations and the security so
created shall not be satisfied by any intermediate payment or satisfaction of any part of the Secured Obligations; 

  

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	 	(b)	the Collateral Agent shall not be bound to enforce any other security before enforcing the security created by this Mortgage; 

  

	 	(c)	no delay or omission on the part of the Collateral Agent in exercising any right, power or remedy under this Mortgage shall impair such right, power or remedy or be construed as a
waiver thereof nor shall any single or partial exercise of any such right, power or remedy preclude any further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and remedies herein provided are cumulative and
not exclusive of any rights, powers and remedies provided by law and may be exercised from time to time and as often as the Collateral Agent may deem expedient; and 

  

	 	(d)	any waiver by the Collateral Agent of any terms of this Mortgage shall only be effective if given in writing and then only for the purpose and upon the terms for which it is given.

  

	6.2	Any settlement or discharge under this Mortgage between the Collateral Agent and the Mortgagor shall be conditional upon no security or payment to the Collateral Agent by the
Company or the Mortgagor or any other person (including, without limitation, any Other Guarantor) being avoided or set aside or ordered to be refunded or reduced by virtue of any provision or enactment relating to bankruptcy, insolvency,
administration or liquidation for the time being in force and, if such condition is not satisfied, the Collateral Agent shall be entitled to enforce this Mortgage as if such settlement or discharge had not been made, provided that such settlement or
discharge shall become unconditional six months and one day after the date of such settlement or discharge. 

  

	6.3	The rights of the Collateral Agent under this Mortgage and the security hereby constituted shall not be affected by any act, omission, matter or thing which, but for this provision,
might operate to impair, affect or discharge such rights and security, in whole or in part, including without limitation, and whether or not known to or discoverable by the Company, the Mortgagor, the Collateral Agent or any other person:

  

	 	(a)	any time or waiver granted to or composition with the Company, the Mortgagor or any other person; 

  

	 	(b)	the taking, variation, compromise, renewal or release of or refusal or neglect to perfect or enforce any rights, remedies or securities against the Company, the Mortgagor or any
other person; 

  

	 	(c)	any legal limitation, disability, incapacity or other circumstances relating to the Company, the Mortgagor or any other person; 

  

	 	(d)	any amendment or supplement to any Indenture Document or any other document or security (including any amendment the effect of which is to change the nature or amount of any
facilities made available thereunder or to change the nature or extent of any obligations thereunder); 

  

	 	(e)	the dissolution, liquidation, amalgamation, reconstruction or reorganisation of the Company, the Mortgagor or any other person; or 

  

	 	(f)	the unenforceability, invalidity or frustration of any obligations of the Company, the Mortgagor or any other person under any Indenture Document or any other document or
security. 

  

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	6.4	During the Security Period, the Mortgagor shall not by virtue of any payment made hereunder on account of the Secured Obligations or by virtue of any enforcement by the Collateral
Agent of its rights under, or the security constituted by, this Mortgage or any Indenture Document or by virtue of any relationship between or transaction involving the Mortgagor and/or the Company (whether such relationship or transaction shall
constitute the Mortgagor a creditor of the Company, a guarantor of the obligations of the Company or in part subrogated to the rights of others against the Company or otherwise howsoever and whether or not such relationship or transaction shall be
related to, or in connection with, the subject matter of this Mortgage): 

  

	 	(a)	exercise any rights of subrogation against the Company or any other person in relation to any rights, security or moneys held or received or receivable by the Collateral Agent or
any person; 

  

	 	(b)	exercise any right of contribution from any co-surety liable in respect of such moneys and liabilities under any other guarantee, security or agreement; 

  

	 	(c)	exercise any right of set-off or counterclaim against the Company or any such co-surety; 

  

	 	(d)	receive, claim or have the benefit of any payment, distribution, security or indemnity from the Company or any such co-surety; or 

  

	 	(e)	unless so directed by the Collateral Agent (when the Mortgagor will prove in accordance with such directions), claim as a creditor of the Company or any such co-surety in
competition with the Collateral Agent. 

 The Mortgagor shall hold in trust for the Collateral Agent and forthwith pay or
transfer (as appropriate) to the Collateral Agent any such payment (including an amount to any such set-off), distribution or benefit of such security, indemnity or claim in fact received by it. 
  

	6.5	During the Security Period, the Collateral Agent may at any time keep in a separate account or accounts (without liability to pay interest thereon) in the name of the Collateral
Agent for as long as it may think fit, any moneys received recovered or realised under this Mortgage or under any other guarantee, security or agreement relating in whole or in part to the Secured Obligations without being under any intermediate
obligation to apply the same or any part thereof in or towards the discharge of the Secured Obligations or any other amount owing or payable under the Indenture Documents; provided that the Collateral Agent shall be obliged to apply amounts standing
to the credit of such account or accounts once the aggregate amount held by the Collateral Agent in any such account or accounts opened pursuant hereto is sufficient to satisfy the outstanding amount of the Secured Obligations in full.

  

	6.6	Subject to the Intercreditor Agreement, except as otherwise permitted by the First Priority Share Mortgage, the Mortgagor shall not, without the prior written consent of the
Collateral Agent: 

  

	 	(a)	cause or permit any rights attaching to the Mortgaged Property to be varied or abrogated; 

  

	 	(b)	cause or permit any of the Mortgaged Property to be consolidated, sub-divided or converted or the capital of the Company to be re-organised, exchanged or repaid; or

  

	 	(c)	cause or permit anything to be done which may depreciate, jeopardise or otherwise prejudice the value of the security hereby given. 

  

	6.7	The Mortgagor hereby covenants that during the Security Period it will remain the legal and beneficial owner of the Mortgaged Property (subject to the Security Interests hereby
created) and that it will not (other than as permitted by the Indenture Documents): 

  

	 	(a)	create or suffer the creation of any Security Interests (other than those created by this Mortgage and the First Priority Share Mortgage) or any other interest on or in respect of
the whole or any part of the Mortgaged Property or any of its interest therein; 

  

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	 	(b)	sell, assign, transfer or otherwise dispose of any of its interest in the Mortgaged Property without the prior consent in writing of the Collateral Agent; or

  

	 	(c)	permit the register of members to be maintained outside of the Cayman Islands or by a service provider other than the person to whom the letter of instructions in Schedule 3 has
been given (unless in the later case, the Mortgagor has provided a new letter of instructions substantially in the form of Schedule 3 by the new service provider). 

  

	6.8	The Mortgagor shall remain liable to perform all the obligations assumed by it in relation to the Mortgaged Property and the Collateral Agent shall be under no obligation of any
kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Mortgagor to perform its obligations in respect thereof. 

  

	6.9	The Mortgagor shall ensure that it shall not, without the prior written consent of the Collateral Agent, use its voting rights to permit the Company to amend its memorandum or
articles of association in a way which could be expected to adversely affect the interests of the Collateral Agent or any of the Secured Parties. 

  

	6.10	The Mortgagor shall procure that the Company shall not: 

  

	 	(a)	create or permit to subsist any Security Interest upon the whole or any part of its assets, except as permitted by the Indenture Documents; 

  

	 	(b)	register any transfer of the Mortgaged Shares to any person (except (i) to the Collateral Agent or its nominees pursuant to the provisions of this Mortgage and (ii) as
permitted by the Indenture Documents); 

  

	 	(c)	issue any replacement share certificates in respect of any of the Mortgaged Shares; 

  

	 	(d)	continue its existence under the laws of any jurisdiction other than the Cayman Islands; 

  

	 	(e)	do anything which might result in the Company being struck off the register as an exempted company; 

  

	 	(f)	issue, allot or grant warrants or options with respect to any additional shares; 

  

	 	(g)	exercise any rights of forfeiture over any of the Mortgaged Shares; or 

  

	 	(h)	purchase, redeem, otherwise acquire, cancel, sub-divide, amalgamate, reclassify or otherwise restructure any of the Mortgaged Property, 

 during the Security Period without the prior written consent of the Collateral Agent. 
  

	6.11	The Mortgagor shall procure that the Company shall irrevocably consent to any transfer of the Mortgaged Shares by the Collateral Agent or its nominee to any other person pursuant to
the exercise of the Collateral Agent’s rights under this Mortgage. 

  

	6.12	The Mortgagor shall not, without the prior written consent of the Collateral Agent, participate in any vote concerning a members’ liquidation or compromise pursuant to the
Companies Law. 

  

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	7.	ENFORCEMENT OF SECURITY 

  

	7.1	At any time after the occurrence of an Event of Default or if a demand is made for the payment of the Secured Obligations, the security hereby constituted shall become immediately
enforceable and the rights of enforcement of the Collateral Agent under this Mortgage shall be immediately exercisable upon and at any time thereafter and, without prejudice to the generality of the foregoing, the Collateral Agent without further
notice to the Mortgagor may, whether acting on its own behalf or through a receiver or agent: 

  

	 	(a)	solely and exclusively exercise all voting and/or consensual powers pertaining to the Mortgaged Property or any part thereof and may exercise such powers in such manner as the
Collateral Agent may think fit; 

  

	 	(b)	date and present to the Company or any other person any undated documents provided to it pursuant to Clause 4 or any other provision of this Mortgage; 

 

	 	(c)	receive and retain all dividends, interest or other moneys or assets accruing on or in respect of the Mortgaged Property or any part thereof, such dividends, interest or other
moneys or assets to be held by the Collateral Agent, as additional security mortgaged and charged under and subject to the terms of this Mortgage and any such dividends, interest and other moneys or assets received by the Mortgagor after such
time shall be held in trust by the Mortgagor for the Collateral Agent and paid or transferred to the Collateral Agent on demand; 

  

	 	(d)	take possession of, get in, assign, exchange, sell, transfer, grant options over or otherwise dispose of the Mortgaged Property or any part thereof at such place and in such manner
and at such price or prices as the Collateral Agent may deem fit, and thereupon the Collateral Agent shall have the right to deliver, assign and transfer in accordance therewith the Mortgaged Property so sold, transferred, granted options over or
otherwise disposed of including by way of changing the ownership of the Mortgaged Shares as shown on the Register of Members; 

  

	 	(e)	borrow or raise money either unsecured or on the security of the Mortgaged Property (either in priority to the Mortgage or otherwise); 

  

	 	(f)	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 the
Mortgagor or relating to the Mortgaged Property; 

  

	 	(g)	bring, prosecute, enforce, defend and abandon actions, suits and proceedings in relation to the Mortgaged Property or any business of the Mortgagor; 

  

	 	(h)	redeem any security (whether or not having priority to the Mortgage) over the Mortgaged Property and to settle the accounts of any person with an interest in the
Mortgaged Property; 

  

	 	(i)	exercise and do (or permit the Mortgagor or any nominee of the Mortgagor to exercise and do) all such rights and things as the Collateral Agent would be capable of exercising or
doing if it were the absolute beneficial owner of the Mortgaged Property; 

  

	 	(j)	do anything else it may think fit for the realisation of the Mortgaged Property or incidental to the exercise of any of the rights conferred on the Collateral Agent under or by
virtue of any document to which the Mortgagor is party; and 

  

	 	(k)	exercise all rights and remedies afforded to it under this Mortgage and applicable law. 

  

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	7.2	The Collateral Agent shall not be obliged to make any enquiry as to the nature or sufficiency of any payment received by it under this Mortgage or to make any claim or to take any
action to collect any moneys assigned by this Mortgage or to enforce any rights or benefits assigned to the Collateral Agent by this Mortgage or to which the Collateral Agent may at any time be entitled hereunder. 

  

	7.3	Upon any sale of the Mortgaged Property or any part thereof by the Collateral Agent, the purchaser shall not be bound to see or enquire whether the Collateral Agent’s power of
sale has become exercisable in the manner provided in this Mortgage and the sale shall be deemed to be within the power of the Collateral Agent, and the receipt of the Collateral Agent for the purchase money shall effectively discharge the purchaser
who shall not be concerned with the manner of application of the proceeds of sale or be in any way answerable therefor. 

  

	7.4	Any money received or realised by the Collateral Agent under the powers conferred by this Mortgage shall be paid or applied in a manner consistent with Section 6.02 of the U.S.
Security Agreement. 

  

	7.5	During the Security Period, the Collateral Agent may refrain from applying or enforcing any other moneys, security or rights held by it in respect of the Secured Obligations or may
apply and enforce such moneys, security or rights in such manner and in such order as it shall decide in its unfettered discretion. 

  

	7.6	Neither the Collateral Agent nor its agents, managers, officers, employees, delegates and advisers shall be liable for any claim, demand, liability, loss, damage, cost or expense
incurred or arising in connection with the exercise or purported exercise of any rights, powers and discretions hereunder in the absence of dishonesty or wilful default. 

  

	7.7	The Collateral Agent shall not, by reason of the taking of possession of the whole or any part of the Mortgaged Property or any part thereof, be liable to account as
mortgagee-in-possession or for anything except actual receipts or be liable for any loss upon realisation or for any default or omission for which a Collateral Agent-in-possession might be liable. 

  

	8.	APPOINTMENT OF A RECEIVER 

  

	8.1	At any time after: 

  

	 	(a)	the occurrence of an Event of Default; or 

  

	 	(b)	a request has been made by the Mortgagor to the Collateral Agent for the appointment of a receiver over its assets or in respect of the Mortgagor, 

  

	  	then notwithstanding the terms of any other agreement between the Mortgagor and any person, the Collateral Agent may (unless precluded by law) appoint in writing any person or
persons to be a receiver or receiver and manager of all or any part of the Mortgaged Property as the Collateral Agent may choose in its entire discretion. 

  

	8.2	Where more than one receiver is appointed, the appointees shall have power to act jointly or separately unless the Collateral Agent shall specify to the contrary.

  

	8.3	The Collateral Agent may from time to time determine the remuneration of a receiver. 

  

	8.4	The Collateral Agent may remove a receiver from all or any of the Mortgaged Property of which he is the receiver and after the receiver has vacated office or ceased to act in
respect of any of the Mortgaged Property, appoint a further receiver over all or any of the Mortgaged Property in respect of which he shall have ceased to act. 

  

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	8.5	Such an appointment of a receiver shall not preclude: 

  

	 	(a)	the Collateral Agent from making any subsequent appointment of a receiver over all or any Mortgaged Property over which a receiver has not previously been appointed or has ceased to
act; or 

  

	 	(b)	the appointment of an additional receiver to act while the first receiver continues to act. 

  

	8.6	The receiver shall be the agent of the Mortgagor (which shall be solely liable for his acts, defaults and remuneration) unless and until the Mortgagor is placed into
liquidation, after which time he shall act as principal. The receiver shall not at any time become the agent of the Collateral Agent. 

  

	9.	POWERS OF A RECEIVER 

  

	9.1	Subject to the terms of the Intercreditor Agreement, in addition to those powers conferred by law, a receiver shall have and be entitled to exercise in relation to the Mortgagor all
the powers set forth below: 

  

	 	(a)	to exercise all rights of the Collateral Agent under or pursuant to this Mortgage, including all voting and other rights attaching to the Mortgaged Property;

  

	 	(b)	to make any arrangement or compromise with others as he shall think fit; 

  

	 	(c)	to appoint managers, officers and agents for the above purposes at such remuneration as the receiver may determine; 

  

	 	(d)	to redeem any prior encumbrance and settle and pass the accounts of the encumbrancer and any accounts so settled and passed shall (subject to any manifest error) be conclusive and
binding on the Mortgagor and the money so paid shall be deemed an expense properly incurred by the receiver; 

  

	 	(e)	to pay the proper administrative charges in respect of time spent by its agents and employees in dealing with matters raised by the receiver or relating to the receivership of the
Mortgagor; and 

  

	 	(f)	to do all such other acts and things as may be considered by the receiver to be incidental or conducive to any of the above matters or powers or otherwise incidental or conducive to
the preservation, improvement or realisation of the Mortgaged Property or the value thereof. 

  

	10.	FURTHER ASSURANCES 

  

	10.1	The Mortgagor shall at its own expense promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as
the Collateral Agent may reasonably specify and in such form as the Collateral Agent may reasonably require in order to: 

  

	 	(a)	perfect or protect the security created or intended to be created under or evidenced by this Mortgage (which may include the execution of a charge, assignment or other security over
all or any of the assets which are, or are intended to be, the subject of this Mortgage) or for the exercise of any rights, powers and remedies of the Collateral Agent provided by or pursuant to this Mortgage, the Indenture Documents or by law; or

  

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	 	(b)	following an Event of Default, subject to the Intercreditor Agreement, facilitate the realisation of the assets which are, or are intended to be, the subject of this Mortgage.

  

	10.2	Without limiting the other provisions of this Mortgage, the Mortgagor shall at its own expense take all such action as is available to it (including making all filings and
registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any security conferred or intended to be conferred on the Collateral Agent by or pursuant to this Mortgage. 

  

	11.	INDEMNITIES 

  

	11.1	The Mortgagor will indemnify and save harmless the Collateral Agent, any receiver and each agent or attorney appointed under or pursuant to this Mortgage from and against any and
all reasonable expenses, claims, liabilities, losses, taxes, costs, duties, fees and charges suffered, incurred or made by the Collateral Agent or such agent or attorney other than as a result of the gross negligence or wilful default of the
Mortgagee: 

  

	 	(a)	in the exercise or purported exercise of any rights, powers or discretions vested in them pursuant to this Mortgage; 

  

	 	(b)	in the preservation or enforcement of the Collateral Agent’s rights under this Mortgage or the priority thereof; 

  

	 	(c)	on the release of any part of the Mortgaged Property from the security created by this Mortgage; or 

  

	 	(d)	arising out of any breach by the Mortgagor of any term of this Mortgage, 

 and the Collateral Agent or such receiver, agent or attorney may retain and pay all sums in respect of the same out of money received under the powers conferred by this Mortgage. All amounts suffered, incurred or paid
by the Collateral Agent or such receiver, agent or attorney or any of them shall be recoverable on a full indemnity basis provided that nothing in this Clause 11.1 shall require the Mortgagor to indemnify and save harmless the Collateral Agent
from and against any expenses, claims, liabilities, losses, taxes, costs, duties, fees and charges suffered, incurred or made by the Collateral Agent as a result of the Collateral Agent’s dishonesty or wilful default. 
  

	11.2	If, under any applicable law or regulation, and whether pursuant to a judgment being made or registered against the Mortgagor or the bankruptcy or liquidation of the Mortgagor or
for any other reason any payment under or in connection with this Mortgage is made or fails to be satisfied in a currency (the “Payment Currency”) other than the currency in which such payment is due under or in connection with this
Mortgage (the “Contractual Currency”), then to the extent that the amount of such payment actually received by the Collateral Agent when converted into the Contractual Currency at the rate of exchange, falls short of the amount due
under or in connection with this Mortgage, the Mortgagor, as a separate and independent obligation, shall indemnify and hold harmless the Collateral Agent against the amount of such shortfall. For the purposes of this Clause 11.2, “rate
of exchange” means the rate at which the Collateral Agent is able on or about the date of such payment to purchase the Contractual Currency with the Payment Currency and shall take into account any premium and other costs of exchange with
respect thereto. 

  

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	12.	POWER OF ATTORNEY 

  

	12.1	The Mortgagor, by way of security and in order more fully to secure the performance of its obligations hereunder, hereby irrevocably appoints the Collateral Agent and the persons
deriving title under it (including, but without any limitation, any receiver) jointly and also severally (with full power of substitution and delegation) to be its attorney-in-fact: 

  

	 	(a)	to execute and complete in favour of the Collateral Agent or its nominees or of any purchaser any documents which the Collateral Agent may from time to time require for perfecting
the Collateral Agent’s title to, for vesting any of the assets and property hereby mortgaged, or charged in the Collateral Agent or its nominees or in any purchaser or for any of the purposes contemplated in Clause 7.1 hereof;

  

	 	(b)	after the occurrence of an Event of Default, to give effectual discharges for payments, to take and institute on non-payment (if the Collateral Agent in its sole discretion so
decides) all steps and proceedings in the name of the Mortgagor or of the Collateral Agent for the recovery of such moneys, property and assets hereby mortgaged or charged; 

  

	 	(c)	after the declaration by the Collateral Agent of an Event of Default, to agree accounts and make allowances and give time or other indulgence to any surety or other person liable;

  

	 	(d)	so as to enable the Collateral Agent to carry out in the name of the Mortgagor any obligation imposed on the Mortgagor by this Mortgage (including the execution and delivery of any
deeds, charges, assignments or other security and any transfers of the Mortgaged Property and the exercise of all the Mortgagor’s rights and discretions in relation to the Mortgaged Property); 

  

	 	(e)	so as to enable the Collateral Agent and any receiver or other person to exercise, or delegate the exercise of, any of the rights, powers and authorities conferred on them by or
pursuant to this Mortgage or by law (including, after the occurrence of an Event of Default, the exercise of any right of a legal and beneficial owner of the Mortgaged Property), and 

  

	 	(f)	generally for it and in its name and on its behalf and as its act and deed or otherwise execute, seal and deliver and otherwise perfect and do any such legal assignments and other
assurances, charges, authorities and documents over the moneys, property and assets hereby charged, and all such deeds, instruments, acts and things which may be required for the full exercise of all or any of the powers conferred or which may be
deemed proper on or in connection with any of the purposes aforesaid, 

 in each case, subject to the terms, conditions and
provisions of the Intercreditor Agreement. 
  

	12.2	Notwithstanding any other provision of Clause 12.1, the power of attorney created by Clause 12.1 shall not be exercisable by or on behalf of the Collateral Agent as the case may be
until an Event of Default has occurred. 

  

	12.3	The power hereby conferred shall be a general power of attorney and the Mortgagor hereby ratifies and confirms and agrees to ratify and confirm any instrument, act or thing which
any attorney appointed pursuant hereto may execute or do. In relation to the power referred to herein, the exercise by the Collateral Agent of such power shall be conclusive evidence of its right to exercise the same. 

  

	13.	EXPENSES 

  

	13.1	The Mortgagor shall pay to the Collateral Agent on demand all reasonable costs, fees and expenses (including, but not limited to, properly incurred legal fees and expenses) and
taxes thereon incurred by the Collateral Agent or for which the Collateral Agent may become liable in connection with: 

 (a)
the negotiation, preparation and execution of this Mortgage; 
  

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	 	(b)	the preserving or enforcing of, or attempting to preserve or enforce, any of its rights under this Mortgage or the priority hereof; 

  

	 	(c)	any variation of, or amendment or supplement to, any of the terms of this Mortgage; or 

  

	 	(d)	any consent or waiver required from the Collateral Agent in relation to this Mortgage, 

 and in the case referred to in Clauses 13.1(c) and 13.1(d) regardless of whether the same is actually implemented, completed or granted, as the case may be. 
  

	13.2	The Mortgagor shall pay promptly all registration, stamp, documentary and other like duties and taxes to which this Mortgage may be subject or give rise and shall indemnify the
Collateral Agent on demand against any and all liabilities with respect to or resulting from any delay or omission on the part of the Mortgagor to pay any such duties or taxes. 

  

	14.	RELEASE 

  

	14.1	Subject to Clause 14.2, when all the Secured Obligations have been paid in full in cash or the Security Interest created by this Mortgage is automatically released pursuant to
Section 11.04 of the Indenture, the Collateral Agent shall (at the request and cost of the Mortgagor) execute such documents and do all such reasonable acts as may be necessary to release the Mortgaged Property from the security
constituted by this Mortgage. Such release shall not prejudice the rights of the Collateral Agent under Clause 11. 

  

	14.2	If the Collateral Agent considers in good faith that any amount received in payment or purported payment of the Secured Obligations (whether received from or paid by the Company,
any Other Guarantor or any other relevant person) is capable of being avoided or reduced by virtue of any insolvency or other similar laws: 

  

	 	(a)	the liability of the Mortgagor under this Mortgage and the security constituted by this Mortgage shall continue and such amount shall not be considered to have been irrevocably
paid; and 

  

	 	(b)	the Collateral Agent may keep any security held by it in respect of the Mortgagor’s liability under the Indenture Documents in order to protect the Secured Parties against any
possible claim under insolvency law for up to six years after all Secured Obligations have been satisfied. If a claim is made against a Secured Party within that period, the Collateral Agent may keep the security until that claim has finally
been dealt with. 

  

	15.	NOTICES 

 Any notice or other communication given or
made under or in connection with the matters contemplated by this Mortgage shall be provided in accordance with Section 12.03 of the Indenture. 
  

	16.	ASSIGNMENTS 

  

	16.1	This Mortgage shall be binding upon and shall enure to the benefit of the Mortgagor, the Collateral Agent and each of their respective successors and (subject to clauses 16.2
and 16.3) assigns and references in this Mortgage to any of them shall be construed accordingly. 

  

	16.2	The Mortgagor may not assign or transfer all or any part of its rights and/or obligations under this Mortgage. 

  

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	16.3	The Collateral Agent may assign and transfer its rights pursuant to this Mortgage in accordance with the terms of Section 7.05 of the U.S. Security Agreement.

  

	17.	COLLATERAL AGENT 

  

	17.1	The Collateral Agent holds the benefit of this Mortgage (and any other security created in its favour pursuant to this Mortgage) as agent for and on behalf of the Secured
Parties pursuant to the terms of the Indenture and the U.S. Security Agreement. The retirement of the person for the time being acting as Collateral Agent and the appointment of a successor shall be effected in the manner provided for in the
Indenture. 

  

	17.2	Nothing in this Mortgage shall constitute or be deemed to constitute a partnership between any of the Secured Parties and the Collateral Agent. 

  

	18.	SET-OFF 

  

	18.1	The Mortgagor authorises the Collateral Agent (but the Collateral Agent shall not be obliged to exercise such right), after the occurrence of an Event of Default to set off against
the Secured Obligations any amount or other obligation (contingent or otherwise) owing by the Collateral Agent to the Mortgagor. 

  

	19.	SUBSEQUENT SECURITY INTERESTS 

  

	19.1	If the Collateral Agent at any time receives or is deemed to have received notice of any subsequent Security Interest affecting all or any part of the Mortgaged Property or any
assignment or transfer of the Mortgaged Property which is prohibited by the terms of this Mortgage, all payments thereafter by or on behalf of the Mortgagor to the Collateral Agent shall be treated as having been credited to a new account of the
Mortgagor and not as having been applied in reduction of the Secured Obligations as at the time when the Collateral Agent received such notice. 

  

	20.	MISCELLANEOUS 

  

	20.1	The Collateral Agent, at any time and from time to time, may delegate by power of attorney or in any other manner to any person or persons all or any of the powers, authorities and
discretions which are for the time being exercisable by the Collateral Agent under this Mortgage in relation to the Mortgaged Property or any part thereof. Any such delegation may be made upon such terms and be subject to such regulations as the
Collateral Agent may think fit. The Collateral Agent shall not be in any way liable or responsible to the Mortgagor for any loss or damage arising from any act, default, omission or misconduct on the part of any such delegate provided the Collateral
Agent has acted reasonably in selecting such delegate. 

  

	20.2	If any of the clauses, conditions, covenants or restrictions (the “Provision”) of this Mortgage or any deed or document emanating from it shall be found to be void
but would be valid if some part thereof were deleted or modified, then the Provision shall apply with such deletion or modification as may be necessary to make it valid and effective. 

  

	20.3	This Mortgage (together with any documents referred to herein) constitutes the whole agreement between the Parties relating to its subject matter and no variations hereof shall be
effective unless made in writing and signed by each of the Parties. 

  

	20.4	Each document, instrument, statement, report, notice or other communication delivered in connection with this Mortgage shall be in English or where not in English shall be
accompanied by a certified English translation which translation shall with respect to all documents of a contractual nature and all certificates and notices to be delivered hereunder be the governing version and upon which in all cases the
Collateral Agent and the Secured Parties shall be entitled to rely. 

  

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	20.5	This Mortgage may be executed in counterparts each of which when executed and delivered shall constitute an original but all such counterparts together shall constitute one and the
same instrument. 

  

	20.6	The parties intend that this Mortgage takes effect as a deed notwithstanding the fact that the Collateral Agent may only execute it under hand. 

  

	21.	LAW AND JURISDICTION 

  

	21.1	This Mortgage shall be governed by and construed in accordance with the laws of the Cayman Islands and the Parties hereby irrevocably submit to the non-exclusive jurisdiction
of the courts of the Cayman Islands, provided that nothing in this clause shall affect the right of the Collateral Agent to serve process in any manner permitted by law or limit the right of the Collateral Agent to take proceedings with respect
to this Mortgage against the Mortgagor in any jurisdiction nor shall the taking of proceedings with respect to this Mortgage in any jurisdiction preclude the Collateral Agent from taking proceedings with respect to this Mortgage in any other
jurisdiction, whether concurrently or not. 

  

	22.	INTERCREDITOR AGREEMENT 

  

	22.1	The Security Interests created by this Mortgage on the property described herein are subordinate to the Security Interests on such property created by any similar instrument already
granted to any First Priority Secured Party, in such property, in accordance with the provisions of the Intercreditor Agreement. Notwithstanding anything to the contrary, the exercise of any right or remedy by the Collateral Agent hereunder is
subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and this Mortgage, the terms of the Intercreditor Agreement shall govern. 

  

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 IN WITNESS whereof this Equitable Share Mortgage has been entered into by the parties and executed as a deed on
the day and the year first before written. 
  

							
	EXECUTED AS A DEED by [SEAGATE ENTITY]:	 	)	 	  

		 	)	 	Duly Authorised Signatory
		 	)	 		 	
		 	)	 	Name:	 	  

		 	)	 		 	
		 	)	 	Title:	 	  

		 	)	 		 	

  

			
	in the presence of:
	  
  

	Signature of Witness
		
	Name:	 	  

		
	Address:	 	  

		
	Occupation:	 	  

  

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	 EXECUTED AS A DEED by WELLS FARGO
 BANK,
NATIONAL ASSOCIATION
	 	 )
 )
	 	  
 Duly Authorised Signatory

		 	)	 	
		 	)	 	
		 	)	 	

  

			
	in the presence of:
	  
  

	Signature of Witness
		
	Name:	 	  

		
	Address:	 	  

		
	Occupation:	 	  

  

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 SCHEDULE 1 
 [SEAGATE ENTITY] 
 (THE “COMPANY”) 
 SHARE TRANSFER CERTIFICATE 
 [LEFT
UNDATED] 
 SHARE TRANSFER CERTIFICATE DATED
                                        

                                        
 (the “Transferor”) does hereby transfer to
                                        
(the “Transferee”)
                                        
(the “Shares”) of a par value of              each. 
  

							
	SIGNED by the Transferor by:	 	)	 	  

		 	)	 	Duly Authorised Signatory
		 	)	 		 	
		 	)	 	Name:	 	  

		 	)	 		 	
		 	)	 	Title:	 	  

		 	)	 		 	

  

			
	in the presence of:
	  
  

	Signature of Witness
		
	Name:	 	  

		
	Address:	 	  

		
	Occupation:	 	  

  

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 And I/we do hereby agree to take the Shares. 
  

							
	SIGNED by the Transferee by:	 	)	 	  

		 	)	 	Duly Authorised Signatory
		 	)	 		 	
		 	)	 	Name:	 	  

		 	)	 		 	
		 	)	 	Title:	 	  

		 	)	 		 	

  

			
	in the presence of:
	  
  

	Signature of Witness
		
	Name:	 	  

		
	Address:	 	  

		
	Occupation:	 	  

  

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 SCHEDULE 2 
 IRREVOCABLE APPOINTMENT OF PROXY 
 SEAGATE TECHNOLOGY HDD HOLDINGS 
 SEAGATE TECHNOLOGY INTERNATIONAL 
 SEAGATE TECHNOLOGY (IRELAND) 
 SEAGATE TECHNOLOGY MEDIA (IRELAND) 
 SEAGATE MEMORY PRODUCTS INTERNATIONAL 
 SEAGATE TECHNOLOGY ASIA HOLDINGS 
 SEAGATE TECHNOLOGY CHINA HOLDING COMPANY 
 SEAGATE TECHNOLOGY (PHILLIPINES) 
 SEAGATE TECHNOLOGY (MALAYSIA) HOLDING COMPANY 
 (THE “COMPANIES”) 
 This Irrevocable Appointment of Proxy shall not become effective until the Irrevocable Appointment of Proxy dated 29 April 2009 granted by the Companies in favour
of JPMorgan Chase Bank, N.A. as first priority secured party has been terminated pursuant to and in accordance with the Articles of Association of the respective Companies. 
 Each of the undersigned being the legal and beneficial owner of all of the issued and outstanding shares of US$1.00 par value each (the “Initial Shares”) in one of more of the Companies, exempted
companies incorporated with limited liability in the Cayman Islands (other than Seagate Technology China Holding Company which is incorporated with unlimited liability), hereby irrevocably, with respect to the Company or Companies in which it is
registered in the register of members as the sole member of such Company: 
  

	1.	makes, constitutes and appoints WELLS FARGO BANK, NATIONAL ASSOCIATION as collateral agent and trustee for and on behalf of the Secured Parties (as defined in the Mortgages)
(the “Proxy”) as the irrevocable proxy of the undersigned with full power to appoint a nominee or nominees to act hereunder from time to time and to have all other rights and entitlements of an “Irrevocable Proxy” (as such
term is defined in the Articles of Association of the respective Companies) under the Articles of Association of the respective Companies, including to vote the Initial Shares and all other shares in the respective Companies from time to time
legally owned by each of the undersigned (the “Shares”) registered in its name at all general meetings of shareholders of the relevant Company with the same force and effect as the relevant undersigned might or could do and to
requisition and convene a meeting or meetings of the shareholders of the relevant Company for the purpose of considering any resolution of the members of the relevant Company in respect of any proposal to amend the Memorandum of Association and/or
the Articles of Association with respect to those provisions inserted pursuant to a Special Resolution of the relevant Company passed on or about the 27th April 2009 (the “Reserved Matter”); 

  

	2.	makes, constitutes and appoints the Proxy as the true and lawful attorney-in-fact of each of the undersigned to approve, complete, amend, execute and deliver any resolution in
writing concerning any Reserved Matter or sign any approval in writing concerning any Reserved Matter as contemplated in the Articles of Association of each Company in the name of and on behalf of each of the undersigned, and each of the undersigned
hereby ratifies and confirms all that the said Proxy or its nominee or nominees shall do or cause to be done by virtue hereof. 

 Each of the
Shares are the subject of one of a number of mortgages (the “Mortgages”) dated 1 May 2009, between the Proxy and, severally, Seagate Technology, Seagate Technology HDD Holdings and Seagate Technology International as
mortgagors. 
 Each power of attorney hereby granted is granted irrevocably for full value as part of the security constituted hereby to secure proprietary
interests of and the performance of obligations owed to Wells Fargo Bank, National Association within the meaning of the Powers of Attorney Law (1996 Revision) of the Cayman Islands and the undersigned hereby acknowledges the same.

  

 23 

Table of Contents

 Each power of attorney granted hereunder (and the appointment of the Proxy as irrevocable proxy of each of the
undersigned) shall be governed by and construed in accordance with the laws of the Cayman Islands and shall be irrevocable until the discharge and release of the relevant Mortgage. 
 IN WITNESS whereof this Instrument is executed as a deed the day and year first above written. 
  

					
	 EXECUTED AS A DEED by SEAGATE
 TECHNOLOGY:
	 	 )
 )
 )
	 	  

	 	 	Signature
		 	 	

  

			
	in the presence of:
	  
  

	Signature of Witness
		
	Name:	 	  

		
	Address:	 	  

		
	Occupation:	 	  

  

					
	 EXECUTED AS A DEED by SEAGATE
 TECHNOLOGY HDD HOLDINGS:
	 	)	 	  

	 	)	 	Signature
	 	)	 	

  

			
	in the presence of:
	  
  

	Signature of Witness
		
	Name:	 	  

		
	Address:	 	  

		
	Occupation:	 	  

  

					
	 EXECUTED AS A DEED by SEAGATE
 TECHNOLOGY INTERNATIONAL:
	 	)	 	  

	 	)	 	Signature
	 	)	 	

  

			
	in the presence of:
	  
  

	Signature of Witness
		
	Name:	 	  

		
	Address:	 	  

		
	Occupation:	 	  

  

 24 

Table of Contents

 SCHEDULE 3 
 FORM OF LETTER OF INSTRUCTIONS TO REGISTERED OFFICE PROVIDER APPOINTING 
 INSTRUCTING PARTY 

 SEAGATE TECHNOLOGY HDD HOLDINGS 
 SEAGATE TECHNOLOGY INTERNATIONAL 
 SEAGATE TECHNOLOGY (IRELAND) 
 SEAGATE TECHNOLOGY MEDIA (IRELAND) 
 SEAGATE MEMORY PRODUCTS INTERNATIONAL 

 SEAGATE TECHNOLOGY ASIA HOLDINGS 
 SEAGATE TECHNOLOGY CHINA HOLDING COMPANY 
 SEAGATE TECHNOLOGY (PHILLIPINES) 
 SEAGATE TECHNOLOGY (MALAYSIA) HOLDING COMPANY 
 (THE “COMPANIES”) 
 PO Box 309, Ugland House 
 George Town, Grand Cayman KY1-1104 
 Cayman Islands 
 1 May 2009 
 MAPLES CORPORATE SERVICES LIMITED (“MCS”) 

 PO Box 309, Ugland House 
 George Town, Grand Cayman KY1-1104

 Cayman Islands 
 Dear Sirs 
 INSTRUCTIONS TO THE REGISTERED OFFICE PROVIDER APPOINTING INSTRUCTING PARTY 
 These Instructions to the Registered Office Provider Appointing Instructing Party dated 1 May 2009 from the Companies to MCS shall not become effective until the discharge and release of the mortgages dated 29 April 2009 between
JPMorgan Chase Bank, N.A. as first priority secured party and, severally, Seagate Technology, Seagate Technology HDD Holdings and Seagate Technology International as mortgagors. 
 We hereby notify you that pursuant to a number of mortgages (the “Mortgages”) dated 1 May 2009 between Wells Fargo Bank, National Association as Collateral Agent (the “Collateral
Agent” or “Mortgagee”) and, severally, Seagate Technology, Seagate Technology HDD Holdings and Seagate Technology International as mortgagors (the “Mortgagors”), the Mortgagors have granted a second
priority security interest in favour of the Mortgagee over all the shares standing in their name in the respective Companies identified in such Mortgages and all other shares in such Companies from time to time legally or beneficially owned by the
Mortgagors (the “Shares”). 
 We refer to the registered office agreements each dated 1 January 2002 between MCS and each of the
Companies (the “RO Agreements”) and hereby agree that Clause 9.1 (Instructions and Reliance) of each of such agreements shall be deemed to be amended by the following. At any time after the Mortgagee notifies you in writing that an
Event of Default (as defined in the Mortgage) has occurred you are hereby authorised and entitled to rely upon the instructions of the Mortgagee to register the Mortgagee or its nominee (as the Mortgagee may direct) as the registered holder of the
Shares pursuant to the Mortgage and to otherwise comply with any directions or instructions from the Mortgagee in relation thereto. 
 Such authorisation and
entitlement to rely upon the instructions of the Mortgagee shall, with respect to each Company, terminate upon the discharge and release of the relevant Mortgage. 
  

 25 

Table of Contents

 Please confirm by countersigning below that you agree to such amendment of the RO Agreements. 
 Yours faithfully 
  

	
	  

 Authorised Signatory for and on behalf of each of the Companies 
 Acknowledged and agreed. 
  

	
	  

 Authorised Signatory for and on behalf of Maples Corporate Services Limited 
  

 26Intercreditor Agreement

 EXHIBIT NO. 10.11 
 INTERCREDITOR AGREEMENT 
 Intercreditor Agreement (this “Agreement”), dated as of
May 1, 2009, among JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “First Priority Representative”) for the First Priority
Secured Parties (as defined below), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “Second Priority Representative”) for
the Second Priority Secured Parties (as defined below), SEAGATE TECHNOLOGY HDD HOLDINGS, an exempted limited liability company incorporated under the laws of the Cayman Islands (the “Borrower”), SEAGATE TECHNOLOGY INTERNATIONAL, an
exempted limited liability company incorporated under the laws of the Cayman Islands (the “Second Lien Issuer”), and each of the other Loan Parties (such term, and other capitalized terms used herein but not otherwise defined,
having the meaning set forth in Section 1.1 below) party hereto. 
 WHEREAS, the Borrower, the First Priority Representative and certain
financial institutions and other entities are parties to the Second Amended and Restated Credit Agreement dated as of April 3, 2009, among Seagate Technology, an exempted limited liability company incorporated under the laws of the Cayman
Islands (“Intermediate Holdings”), the Borrower, the lenders party thereto, the First Priority Representative, Morgan Stanley Senior Funding, Inc., as syndication agent, and BNP Paribas, Keybank National Association, Wachovia Bank,
National Association and The Bank of Nova Scotia, as co-documentation agents (the “Existing First Priority Agreement”), pursuant to which such financial institutions and other entities have agreed to make loans and extend other
financial accommodations to the Borrower; and 
 WHEREAS, the Second Lien Issuer and the Second Priority Representative, as trustee (the
“Trustee”), are parties to the Indenture dated as of May 1, 2009 (the “Existing Second Priority Agreement”), pursuant to which the Second Lien Issuer has issued certain notes (the “Notes”)
guaranteed by the Borrower and each other Loan Party; and 
 WHEREAS, the Borrower and the other Loan Parties have granted to the First
Priority Representative security interests in the Common Collateral as security for payment and performance of the First Priority Obligations; and 
 WHEREAS, pursuant to the terms of the Existing First Priority Agreement the Borrower and the other Loan Parties may not grant additional security interests in the Common Collateral unless such security interests are subordinated to the
security interests securing the First Priority Obligations, on terms and conditions reasonably satisfactory to the First Priority Representative; and 
 WHEREAS, the Borrower and the other Loan Parties propose to grant to the Second Priority Representative junior security interests in the Common Collateral as security for payment and performance of the Second Priority
Obligations; and 
 WHEREAS, the First Priority Representative has agreed to permit the grant of such junior security interests on the terms
and conditions of this Agreement; 

 NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and other good
and valuable consideration, the existence and sufficiency of which is expressly recognized by all of the parties hereto, the parties agree as follows: 
 SECTION 1. Definitions. 
 1.1. Defined Terms. The following terms, as used herein, have the
following meanings: 
 “Additional First Priority Agreement” means any agreement approved for designation as such by the
First Priority Representative and the Second Priority Representative. 
 “Additional Second Priority Agreement” means any
agreement approved for designation as such by the First Priority Representative and the Second Priority Representative. 
 “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. §101 et seq.), as amended from time to time. 
 “Borrower” has the meaning set forth in the introductory paragraph hereof. 
 “Business Day” means
a day other than a Saturday, a Sunday or any other day on which commercial banks in New York City are authorized or required by law to close. 
 “Cash Management Obligations” means, with respect to any Loan Party, the due and punctual payment and performance of all obligations of such Loan Party in respect of overdrafts and related liabilities owed to any First
Priority Secured Party (or any of its affiliates) and arising from treasury, depositary and cash management services or in connection with any automated clearing house transfers of funds. 
 “Common Collateral” means all assets that are both First Priority Collateral and Second Priority Collateral. 
 “Comparable Second Priority Security Document” means, in relation to any Common Collateral subject to any First Priority Security
Document, that Second Priority Security Document that creates a security interest in the same Common Collateral, granted by the same Loan Party, as applicable. 
 “DIP Financing” has the meaning set forth in Section 5.2. 
 “Enforcement
Action” means, with respect to the First Priority Obligations or the Second Priority Obligations, the exercise of any rights and remedies with respect to any Common Collateral securing such obligations or the commencement or prosecution of
enforcement of any of the rights and remedies under, as applicable, the First Priority Documents or the Second Priority Documents, or applicable law, including without limitation the exercise of any rights of set-off or recoupment, and the exercise
of any rights or remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction or under the Bankruptcy Code. 
  

 2 

 “Existing First Priority Agreement” has the meaning set forth in the first WHEREAS
clause of this Agreement. 
 “Existing Second Priority Agreement” has the meaning set forth in the second WHEREAS clause of
this Agreement. 
 “First Priority Agreement” means the collective reference to (a) the Existing First Priority
Agreement, (b) any Additional First Priority Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or
other financial accommodation that has been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding under the Existing First Priority Agreement, any Additional First Priority Agreement
or any other agreement or instrument referred to in this clause (c) unless such agreement or instrument expressly provides that it is not intended to be and is not a First Priority Agreement hereunder (a “Replacement First Priority
Agreement”). Any reference to the First Priority Agreement hereunder shall be deemed a reference to any First Priority Agreement then extant. It is understood and agreed by the parties hereto that the aggregate principal amount of
indebtedness under the First Priority Agreement may not, at any time, exceed $550,000,000. 
 “First Priority Collateral”
means all assets, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any First Priority Secured Party as security for any First Priority Obligation. 

“First Priority Creditors” means the “Lenders” as defined in the First Priority Agreement, or any Persons that are
designated under the First Priority Agreement as creditors entitled to benefit from the First Priority Collateral under the First Priority Agreement. 
 “First Priority Documents” means the First Priority Agreement, each First Priority Security Document and each First Priority Guarantee. 
 “First Priority Guarantee” means any guarantee by any Loan Party of any or all of the First Priority Obligations. 
 “First Priority Lien” means any Lien created by the First Priority Security Documents. 
 “First Priority Obligations” means (a) the due and punctual payment of (i) the principal and premium, if any, and interest
(including without limitation any Post-Petition Interest) on the loans made under the First Priority Agreement, (ii) each payment required to be made by the Borrower in respect of any letter of credit or similar instrument issued under the
First Priority Agreement, when and as due, including payments in respect of reimbursement of disbursements made by any “Issuing Bank” (as defined in the First Priority Agreement) with respect thereto, interest thereon and obligations to
provide, under certain circumstances, cash collateral in 

  

 3 

 
connection therewith and (iii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct,
contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any Insolvency Proceeding, regardless of whether allowed or allowable in such proceeding), of the Loan Parties to the First Priority Secured Parties under
the First Priority Documents, (b) all Hedging Obligations, (c) all Cash Management Obligations and (d) all Platinum Lease Obligations, provided that the aggregate amount of all Platinum Lease Obligations that shall constitute
First Priority Obligations may not exceed $130,000,000 at any time outstanding. To the extent any payment with respect to any First Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of
setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Second Priority Secured Party, receiver or similar Person, then the obligation or part
thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if such
payment had not occurred. 
 “First Priority Obligations Payment Date” means the first date on which (a) the First
Priority Obligations (other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash in full (or cash collateralized or defeased in accordance with the terms of the First Priority Documents), (b) all
commitments to extend credit under the First Priority Documents have been terminated, (c) there are no outstanding letters of credit or similar instruments issued under the First Priority Documents (other than such as have been cash
collateralized or defeased in accordance with the terms of the First Priority Security Documents), and (d) the First Priority Representative has delivered a written notice to the Second Priority Representative stating that the events described
in clauses (a), (b) and (c) have occurred to the satisfaction of the First Priority Secured Parties (it being understood that the First Priority Representative hereby agrees to deliver such notice to the Second Priority Representative
promptly following the occurrence of the events described in such clauses (a), (b) and (c)). 
 “First Priority
Representative” has the meaning set forth in the introductory paragraph hereof. In the case of any Replacement First Priority Agreement, the First Priority Representative shall be the Person identified as such in such Replacement First
Priority Agreement. 
 “First Priority Secured Party” means (a) each First Priority Creditor (and any affiliate of such
First Priority Creditor to which any Cash Management Obligation is owed), (b) each “Issuing Bank” (as defined in the First Priority Documents), (c) the First Priority Representative, (d) each counterparty to any Swap
Agreement with a Loan Party the obligation under which constitute Hedging Obligations, (e) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any First Priority Document, (f) each counterparty to any
Platinum Lease with a Loan Party the obligations under which constitute Platinum Lease Obligations and (g) the successors and assigns of each of the foregoing. 
  

 4 

 “First Priority Security Documents” means the “Security Documents” as defined
in the First Priority Agreement, and any other documents that are designated under the First Priority Agreement as “First Priority Security Documents” for purposes of this Agreement. 
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government. 
 “Hedging Obligations” means, with respect to any Loan Party, the due and punctual payment and performance of
all obligations of such Loan Party, monetary or otherwise, under each Swap Agreement that (a) is in effect on the effective date of the First Priority Agreement with a counterparty that is a First Priority Creditor (or an affiliate of a First
Priority Creditor) as of such date or (b) is entered into after the effective date of the First Priority Agreement with any counterparty that is a First Priority Creditor (or an affiliate of a First Priority Creditor) at the time such Swap
Agreement is entered into. 
 “Insolvency Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding up,
receivership, dissolution or assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy, insolvency, reorganization, receivership or similar law.

 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic
effect as any of the foregoing) relating to such asset. 
 “Loan Party” means Intermediate Holdings, the Borrower, the
Second Lien Issuer and each direct or indirect affiliate or shareholder (or equivalent) of the Borrower or any of its affiliates that is now or hereafter becomes a party to any First Priority Security Document or Second Priority Security Document.
All references in this Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
Governmental Authority or other entity. 
 “Platinum Lease Obligations” means the due and punctual payment of all
obligations (other than any such obligations that would constitute Indebtedness (as such term is defined in the Existing First Priority Agreement)) of the Borrower or any other Loan Party under each Platinum Lease that (a) is in effect on the
effective date of the First Priority Agreement with a lessor that is a First Priority Creditor (or an affiliate of a First Priority Creditor) as of such date or 

  

 5 

 
(b) is entered into after the effective date of the First Priority Agreement with any lessor that is a First Priority Creditor (or an affiliate of a First
Priority Creditor) at the time such Platinum Lease is entered into. 
 “Platinum Leases” means, collectively, leasing
arrangements with respect to platinum and other precious metals that are entered into from time to time by the Borrower or any of its subsidiaries in the ordinary course of their business, including that certain Master Lease and Hedging Contracts
Agreement for Precious Metals dated as of April 25, 2008, between The Bank of Nova Scotia and Seagate Technology International (“STI”), and the associated Guarantee dated April 25, 2008, by the Borrower of STI’s
obligations thereunder. For the avoidance of doubt, “Platinum Leases” shall include any Swap Agreement that is (x) entered into with the lessor (or any affiliate thereof) under any leasing arrangement described in the immediately
preceding sentence and (y) involves, or is settled by reference to, platinum or any other precious metal that is the subject of such leasing arrangement. 
 “Post-Petition Interest” means any interest or entitlement to fees or expenses or other charges that accrues after the commencement of any Insolvency Proceeding, whether or not allowed or allowable in
any such Insolvency Proceeding. 
 “Purchase Date” has the meaning set forth in Section 5.12. 
 “Purchase Event” has the meaning set forth in Section 5.12. 
 “Replacement First Priority Agreement” has the meaning set forth in the definition of “First Priority Agreement”. 

“Second Priority Agreement” means the collective reference to (a) the Existing Second Priority Agreement, (b) any
Additional Second Priority Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture, or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial
accommodation that has been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding under the Existing Second Priority Agreement, any Additional Second Priority Agreement or any other
agreement or instrument referred to in this clause (c). Any reference to the Second Priority Agreement hereunder shall be deemed a reference to any Second Priority Agreement then extant. 
 “Second Priority Collateral” means all assets, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which
a Lien is granted or purported to be granted to any Second Priority Secured Party as security for any Second Priority Obligation. 
 “Second Priority Creditors” means the Trustee and the Noteholders (as defined in the Second Priority Agreement), or any Persons that are designated under the Second Priority Agreement as the “Second Priority
Creditors” for purposes of this Agreement. 
  

 6 

 “Second Priority Documents” means each Second Priority Agreement, each Second Priority
Security Document and each Second Priority Guarantee. 
 “Second Priority Guarantee” means any guarantee by any Loan Party
of any or all of the Second Priority Obligations. 
 “Second Priority Lien” means any Lien created by the Second Priority
Security Documents. 
 “Second Priority Obligations” means the due and punctual payment of (a) all principal of and
interest (including without limitation any Post-Petition Interest) and premium (if any) on all indebtedness under the Second Priority Agreement, and (b) all other monetary obligations, including fees, costs, expenses and indemnities, whether
primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any Insolvency Proceeding, regardless of whether allowed or allowable in such proceeding), of the Loan Parties to the Second
Priority Secured Parties under the Second Priority Documents, and other amounts payable from time to time pursuant to the Second Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any
payment with respect to any Second Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect,
set aside or required to be paid to a debtor in possession, any First Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the
rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred. 
 “Second Priority Representative” has the meaning set forth in the introductory paragraph hereof, but shall also include any Person
identified as a “Second Priority Representative” in any Second Priority Agreement other than the Existing Second Priority Agreement. 
 “Second Priority Secured Party” means the Second Priority Representative, the Second Priority Creditors and any other holders of the Second Priority Obligations. 
 “Second Priority Security Documents” means the “Security Documents” as defined in the Second Priority Agreement and any
documents that are designated under the Second Priority Agreement as “Second Priority Security Documents” for purposes of this Agreement. 
 “Secured Parties” means the First Priority Secured Parties and the Second Priority Secured Parties. 
 “Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities,
equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions, provided that no phantom
stock or 

  

 7 

 
similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower
or any subsidiary of the Borrower shall be a Swap Agreement. 
 “Unasserted Contingent Obligations” shall mean, at any time,
First Priority Obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding (a) the principal of, and interest and premium (if any) on, and fees and expenses relating to, any First Priority Obligation
and (b) contingent reimbursement obligations in respect of amounts that may be drawn under outstanding letters of credit) in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment (whether oral
or written) has been made (and, in the case of First Priority Obligations for indemnification, no notice for indemnification has been issued by the indemnitee) at such time. 
 “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to time in the applicable jurisdiction.

 1.2 Amended Agreements. All references in this Agreement to agreements or other contractual obligations shall, unless otherwise
specified, be deemed to refer to such agreements or contractual obligations as amended, supplemented, restated or otherwise modified from time to time. 
 SECTION 2. Lien Priorities. 
 2.1 Subordination of Liens. (a) Any and all Liens now
existing or hereafter created or arising in favor of any Second Priority Secured Party securing the Second Priority Obligations, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, are expressly junior
in priority, operation and effect to any and all Liens now existing or hereafter created or arising in favor of the First Priority Secured Parties securing the First Priority Obligations, notwithstanding (i) anything to the contrary contained
in any agreement or filing to which any Second Priority Secured Party may now or hereafter be a party, and regardless of the time, order or method of grant, attachment, recording or perfection of any financing statements or other security interests,
assignments, pledges, deeds, mortgages and other liens, charges or encumbrances or any defect or deficiency or alleged defect or deficiency in any of the foregoing, (ii) any provision of the Uniform Commercial Code or any applicable law or any
First Priority Document or Second Priority Document or any other circumstance whatsoever and (iii) the fact that any such Liens in favor of any First Priority Secured Party securing any of the First Priority Obligations are
(x) subordinated to any Lien securing any obligation of any Loan Party other than the Second Priority Obligations or (y) otherwise subordinated, voided, avoided, invalidated or lapsed. 
 (b) No First Priority Secured Party or Second Priority Secured Party shall object to or contest, or support any other Person in contesting or objecting
to, in any proceeding (including without limitation, any Insolvency Proceeding), the validity, extent, perfection, priority or enforceability of any security interest in the Common Collateral granted to the other, provided  

  

 8 

 
that nothing herein shall be construed to prevent or impair the rights of such parties to enforce this Agreement. Notwithstanding any failure by any First
Priority Secured Party or Second Priority Secured Party to perfect its security interests in the Common Collateral or any avoidance, invalidation or subordination by any third party or court of competent jurisdiction of the security interests in the
Common Collateral granted to the First Priority Secured Parties or the Second Priority Secured Parties, the priority and rights as between the First Priority Secured Parties and the Second Priority Secured Parties with respect to the Common
Collateral shall be as set forth herein. 
 2.2 Nature of First Priority Obligations. The Second Priority Representative on behalf of
itself and the other Second Priority Secured Parties acknowledges that a portion of the First Priority Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may
be increased or reduced and subsequently reborrowed, and that the terms of the First Priority Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the First Priority Obligations may be increased,
replaced or refinanced, in each event, without notice to or consent by the Second Priority Secured Parties and without affecting the provisions hereof, but in all cases subject to the limit set forth in the last sentence of the definition of
“First Priority Agreement”. The lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal,
restatement or refinancing of either the First Priority Obligations or the Second Priority Obligations, or any portion thereof. 
 2.3
Agreements Regarding Actions to Perfect Liens. (a) The Second Priority Representative agrees on behalf of itself and the other Second Priority Secured Parties that all Second Priority Security Documents shall contain the following
notation: “The lien created by [this Agreement] on the property described herein is junior and subordinate to the lien on such property created by any similar instrument now or hereafter granted to JPMorgan Chase Bank, N.A., as Administrative
Agent, and its successors and assigns, in such property, in accordance with the provisions of the Intercreditor Agreement dated as of May 1, 2009, among JPMorgan Chase Bank, N.A., as First Priority Representative, Wells Fargo Bank, National
Association, as Second Priority Representative, Seagate Technology HDD Holdings, Seagate Technology International and the other Loan Parties referred to therein, as amended from time to time.” 
 (b) The First Priority Representative hereby agrees that, to the extent that it holds, or a third party holds on its behalf, physical possession of or
“control” (as defined in the Uniform Commercial Code) (or any similar concept under foreign law) over Common Collateral pursuant to the First Priority Security Documents, such possession or control is also for the benefit of the Second
Priority Representative and the other Second Priority Secured Parties solely to the extent required to perfect their security interest in such Common Collateral. Nothing in the preceding sentence shall be construed to impose any duty on the First
Priority Representative (or any third party acting on its behalf) with respect to such Common Collateral or provide the Second Priority Representative or any other Second Priority Secured Party with any rights with respect to such Common Collateral
beyond those specified in this Agreement and the Second Priority 

  

 9 

 
Security Documents, provided that as promptly as practicable following the occurrence of the First Priority Obligations Payment Date, the First
Priority Representative shall (i) deliver to the Second Priority Representative, at the Borrower’s sole cost and expense, the Common Collateral in its possession or control together with any necessary endorsements to the extent required by
the Second Priority Documents or (ii) direct and deliver such Common Collateral as a court of competent jurisdiction otherwise directs; provided, however, that the provisions of this Agreement are intended solely to govern the
respective Lien priorities as between the First Priority Secured Parties and the Second Priority Secured Parties and shall not impose on the First Priority Secured Parties any obligations in respect of the disposition of any Common Collateral (or
any proceeds thereof) that would conflict with prior perfected Liens or any claims thereon in favor of any other Person that is not a Secured Party. The Loan Parties shall take such further actions as may be reasonably requested by the Second
Priority Representative to effectuate the transfer of the Common Collateral upon the occurrence of the First Priority Obligations Payment Date to the Second Priority Representative contemplated hereby. 
 2.4 No New Liens. So long as the First Priority Obligations Payment Date has not occurred, the parties hereto agree that (a) unless otherwise
agreed by the First Priority Representative, there shall be no Lien, and no Loan Party shall have any right to create any Lien, on any assets of any Loan Party securing any Second Priority Obligation if these same assets are not subject to, and do
not become subject to, a Lien securing the First Priority Obligations and (b) if any Second Priority Secured Party shall acquire or hold any Lien on any assets of any Loan Party securing any Second Priority Obligation which assets are not also
subject to the first-priority Lien of the First Priority Representative under the First Priority Documents, then the Second Priority Representative, upon demand by the First Priority Representative, will without the need for any further consent of
any other Second Priority Secured Party, notwithstanding anything to the contrary in any other Second Priority Document, either (i) release such Lien (to the extent permitted by the Existing Second Priority Agreement) or (ii) assign it to
the First Priority Representative as security for the First Priority Obligations (in which case the Second Priority Representative may retain a junior lien on such assets subject to the terms hereof). To the extent that the foregoing provisions are
not complied with for any reason, without limiting any other rights and remedies available to the First Priority Secured Parties, the Second Priority Representative and the other Second Priority Secured Parties agree that any amounts received by or
distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.4 shall be subject to Section 4.1. 
 SECTION 3. Enforcement Rights.  
 3.1 Exclusive Enforcement. Until the First
Priority Obligations Payment Date has occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan Party, the First Priority Secured Parties shall have the exclusive right to take and continue any Enforcement Action
with respect to the Common Collateral, without any consultation with or consent of any Second Priority Secured Party, but subject to the proviso set forth in Section 5.1. Upon the occurrence and during the continuance of a default or an event
of default under the First Priority Documents, the First Priority Representative and the other First Priority Secured 

  

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Parties may take and continue any Enforcement Action with respect to the First Priority Obligations and the Common Collateral in such order and manner as
they may determine in their sole discretion. 
 3.2 Standstill and Waivers. The Second Priority Representative, on behalf of itself
and the other Second Priority Secured Parties, agrees that, until the First Priority Obligations Payment Date has occurred, subject to the proviso set forth in Section 5.1: 
 (a) they will not take or cause to be taken any action, the purpose or effect of which is to make any Lien in respect of any Second
Priority Obligation pari passu with or senior to, or to give any Second Priority Secured Party any preference or priority relative to, the Liens with respect to the First Priority Obligations or the First Priority Secured Parties with respect to any
of the Common Collateral; 
 (b) they will not contest, oppose, object to, interfere with, hinder or delay, in any manner,
whether by judicial proceedings (including, without limitation, the filing of an Insolvency Proceeding) or otherwise, any foreclosure, sale, lease, exchange, transfer or other disposition of the Common Collateral by any First Priority Secured Party
or any other Enforcement Action taken (or any forbearance from taking any Enforcement Action) by or on behalf of any First Priority Secured Party; 
 (c) they have no right to (i) direct either the First Priority Representative or any other First Priority Secured Party to exercise any right, remedy or power with respect to the Common Collateral or pursuant to
the First Priority Security Documents or (ii) consent or object to the exercise by the First Priority Representative or any other First Priority Secured Party of any right, remedy or power with respect to the Common Collateral or pursuant to
the First Priority Security Documents or to the timing or manner in which any such right is exercised or not exercised (or, to the extent they may have any such right described in this clause (c), whether as a junior lien creditor or otherwise, they
hereby irrevocably waive such right); 
 (d) they will not institute any suit or other proceeding or assert in any suit,
Insolvency Proceeding or other proceeding any claim against any First Priority Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, and no First Priority Secured Party shall
be liable for, any action taken or omitted to be taken by any First Priority Secured Party with respect to the Common Collateral or pursuant to the First Priority Documents; 
 (e) they will not make any judicial or nonjudicial claim or demand or commence any judicial or non-judicial proceedings against any Loan
Party or any of its subsidiaries or affiliates under or with respect to any Second Priority Security Document seeking payment or damages from or other relief by way of specific performance, instructions or otherwise under or with respect to any
Second Priority Security Document (other than filing a proof of claim) or exercise any right, remedy or power under or with respect to, 

  

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or otherwise take any action to enforce, other than filing a proof of claim, any Second Priority Security Document; provided, however, that the
Second Priority Representative or any Second Priority Secured Party may, to the extent it would not prevent, restrict or otherwise limit any rights granted or created hereunder or under any First Priority Documents or under applicable law, in favor
of the First Priority Representative or any other First Priority Creditor in respect of the Common Collateral, take any action not adverse to the Liens on the Common Collateral and not otherwise inconsistent with the terms of this Agreement,
securing the First Priority Obligations in order to preserve, perfect or protect its rights in the Common Collateral; 
 (f)
they will not commence judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of any Common Collateral, exercise
any right, remedy or power with respect to, or otherwise take any action to enforce their interest in or realize upon, the Common Collateral or pursuant to the Second Priority Security Documents in their capacity as secured creditors; and

 (g) they will not seek, and hereby waive any right, to have the Common Collateral or any part thereof marshaled upon any
foreclosure or other disposition of the Common Collateral. 
 3.3 Judgment Creditors. In the event that any Second Priority Secured
Party becomes a judgment lien creditor in respect of Common Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation
to the First Priority Liens and the First Priority Obligations) to the same extent as all other Liens securing the Second Priority Obligations are subject to the terms of this Agreement. 
 3.4 Cooperation. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, agrees that each of them
shall take such actions as the First Priority Representative shall request in connection with the exercise by the First Priority Secured Parties of their rights set forth herein to the extent not inconsistent with the terms hereof. 
 3.5 No Additional Rights For the Loan Parties Hereunder. Except as provided in Section 3.6, if any First Priority Secured Party or Second
Priority Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, no Loan Party shall be entitled to use such violation as a defense to any action by any First Priority Secured Party or Second Priority Secured
Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any First Priority Secured Party or Second Priority Secured Party. 
 3.6 Actions Upon Breach. (a) If any Second Priority Secured Party, contrary to this Agreement, commences or participates in any action or proceeding against any Loan Party or the Common Collateral, such
Loan Party, with the prior written consent of the First Priority Secured Representative, may interpose as a defense or dilatory plea the making of this Agreement, and any First Priority Secured Party may intervene and interpose such defense or plea
in its or their name or in the name of such Loan Party. 
  

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 (b) Should any Second Priority Secured Party, contrary to this Agreement, in any way take, attempt to or
threaten to take any action with respect to the Common Collateral (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action required by this Agreement, any First
Priority Secured Party (in its own name or in the name of the relevant Loan Party) or the relevant Loan Party may obtain relief against such Second Priority Secured Party by injunction, specific performance and/or other appropriate equitable relief,
it being understood and agreed by the Second Priority Representative on behalf of each Second Priority Secured Party that (i) the First Priority Secured Parties’ damages from its actions may at that time be difficult to ascertain and may
be irreparable, and (ii) each Second Priority Secured Party waives any defense that the Loan Parties and/or the First Priority Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages. 
 SECTION 4. Application Of Proceeds Of Common Collateral; Dispositions And Releases Of Common Collateral; Inspection and Insurance. 

 4.1 Application of Proceeds; Turnover Provisions. All proceeds of Common Collateral (including, without limitation, any
interest earned thereon) resulting from the sale, collection or other disposition of Common Collateral resulting from any Enforcement Action, whether or not pursuant to an Insolvency Proceeding, shall be distributed as follows: first to the
First Priority Representative for application to the First Priority Obligations in accordance with the terms of the First Priority Documents, until the First Priority Obligations Payment Date has occurred and thereafter, to the Second
Priority Representative to be applied as follows: first, to amounts owing to the Second Priority Representative in its capacity as collateral agent in accordance with the terms of the Second Priority Security Documents; second, to
amounts owing to the Trustee in its capacity as such in accordance with the terms of the Existing Second Priority Agreement and to the representatives of any other holders of Second Priority Obligations, in their capacity as such; and third,
ratably to amounts owing to the Noteholders (in accordance with the terms of the Existing Second Priority Agreement) and holders of any other Second Priority Obligations. Until the occurrence of the First Priority Obligations Payment Date, any
Common Collateral, including, without limitation, any such Common Collateral constituting proceeds, that may be received by any Second Priority Secured Party in violation of this Agreement shall be segregated and held in trust and promptly paid over
to the First Priority Representative, for the benefit of the First Priority Secured Parties, in the same form as received, with any necessary endorsements, and each Second Priority Secured Party hereby authorizes the First Priority Representative to
make any such endorsements as agent for the Second Priority Representative (which authorization, being coupled with an interest, is irrevocable). 
 4.2 Releases of Second Priority Lien. (a) Upon any release, sale or disposition of Common Collateral permitted pursuant to the terms of the First Priority Documents that results in the release of the First Priority Lien on any
Common Collateral (including, without limitation, 

  

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any sale or other disposition pursuant to any Enforcement Action), the Second Priority Lien on such Common Collateral (excluding any portion of the proceeds
of such Common Collateral remaining after the First Priority Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person, unless, in the case of any such release, sale
or disposition of the Common Collateral (other than pursuant to any Enforcement Action), such release of the Second Priority Lien would not then be permitted under the Existing Second Priority Agreement. 
 (b) The Second Priority Representative shall promptly execute and deliver such release documents and instruments and shall take such further actions as
the First Priority Representative shall request to evidence any release of the Second Priority Lien described in paragraph (a). The Second Priority Representative hereby appoints the First Priority Representative and any officer or duly authorized
person of the First Priority Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the Second Priority Representative and in the name of the Second
Priority Representative or in the First Priority Representative’s own name, from time to time, in the First Priority Representative’s sole discretion, for the purposes of carrying out the terms of this Section 4.2, to take any and all
appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this Section 4.2, including, without limitation, any financing statements, endorsements,
assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 4.3 Inspection Rights and Insurance. (a) Any First Priority Secured Party and its representatives and invitees may at any time inspect, repossess, remove and otherwise deal with the Common Collateral, and the First Priority
Representative may advertise and conduct public auctions or private sales of the Common Collateral, in each case without notice to, the involvement of or interference by any Second Priority Secured Party or liability to any Second Priority Secured
Party. 
 (b) Until the First Priority Obligations Payment Date has occurred, the First Priority Representative will have the sole and
exclusive right (i) to be named as additional insured and loss payee under any insurance policies maintained from time to time by any Loan Party (except that the Second Priority Representative shall have the right to be named as additional
insured and loss payee so long as its second lien status is identified in a manner reasonably satisfactory to the First Priority Representative), (ii) to adjust or settle any insurance policy or claim covering the Common Collateral in the event
of any loss thereunder and (iii) to approve any award granted in any condemnation or similar proceeding affecting the Common Collateral. 
 4.4 Rights as Unsecured Creditors. Notwithstanding anything to the contrary in this Agreement, the Second Priority Representative and the Second Priority Secured Parties may exercise rights and remedies as unsecured creditors against
the Second Lien Issuer, the Borrower or any other Loan Party that has guaranteed the Second Priority Obligations in accordance with the terms of the Second Priority Documents and applicable law, including, without limitation, the 

  

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acceleration of any Indebtedness or other obligations owing under the Second Priority Documents or the demand for payment under the guarantee in respect
thereof. Nothing in this Agreement shall prohibit the receipt by the Second Priority Representative or any Second Priority Secured Parties of the required payments of interest and principal (and premium, if any) so long as such receipt is not the
direct or indirect result of the exercise by the Trustee, the Second Priority Representative or any Second Priority Secured Party of rights or remedies as a secured creditor in respect of Common Collateral. In the event that the Second Priority
Representative of any Second Priority Secured Party becomes a judgment lien creditor in respect of Common Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of the Second Priority Obligations, such judgment
lien shall be subordinated to the Liens securing the First Priority Obligations on the same basis as the other Liens securing the Second Priority Obligations are so subordinated to such Liens securing the First Priority Obligations under this
Agreement. 
 SECTION 5. Insolvency Proceedings. 
 5.1 Filing of Motions. Until the First Priority Obligations Payment Date has occurred, the Second Priority Representative agrees on behalf of itself and the other Second Priority Secured Parties that no Second
Priority Secured Party shall, in or in connection with any Insolvency Proceeding, file any pleading or motion, take any position at any hearing or proceeding of any nature, or otherwise take any action whatsoever, in each case in respect of any of
the Common Collateral, including, without limitation, with respect to the determination of any Liens or claims held by the First Priority Representative (including the validity and enforceability thereof) or any other First Priority Secured Party or
the value of any claims of such parties under Section 506(a) of the Bankruptcy Code or otherwise, provided that (a) the Second Priority Representative may file a proof of claim in an Insolvency Proceeding, subject to the limitations
contained in this Agreement and only if consistent with the terms and the limitations on the Second Priority Representative imposed hereby, (b) to the extent it would not prevent, restrict or otherwise limit any rights granted or created
hereunder or under any First Priority Security Documents in favor of the First Priority Representative or any other First Priority Secured Party in respect of the Common Collateral, the Second Priority Representative or any Second Priority Secured
Party shall be entitled to file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleadings made by any person objecting to or otherwise seeking the disallowance of the claims in
respect of the Second Priority Obligations, including, without limitation, any claims secured by the Common Collateral, if any, in each case in a manner not inconsistent with the terms of this Agreement and (c) present a cash or credit bid in
connection with any disposition of Common Collateral pursuant to a sale of assets under Section 363 of the Bankruptcy Code, so long as (i) the cash portion of any such bid is sufficient to result in the occurrence of the First Priority
Obligations Payment Date and (ii) the First Priority Representative is reasonably satisfied that such cash or credit bid is likely to be consummated. 
 5.2 Financing Matters. If any Loan Party becomes subject to any Insolvency Proceeding, and if the First Priority Representative (acting at the direction of the requisite First 

  

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Priority Secured Parties) desires to consent (or not object) to the use of cash collateral under the Bankruptcy Code or to provide financing to any Loan
Party under the Bankruptcy Code or to consent (or not object) to the provision of such financing to any Loan Party by any third party (any such financing, “DIP Financing”), then the Second Priority Representative agrees, on behalf
of itself and the other Second Priority Secured Parties, that each Second Priority Secured Party (a) will be deemed to have consented to, will raise no objection to, nor support any other Person objecting to, the use of such cash collateral or
to such DIP Financing, (b) will not request or accept adequate protection or any other relief in connection with the use of such cash collateral or such DIP Financing except as set forth in paragraph 5.4 below and (c) will subordinate (and
will be deemed hereunder to have subordinated) the Second Priority Liens (i) to such DIP Financing on the same terms as the First Priority Liens are subordinated thereto (and such subordination will not alter in any manner the terms of this
Agreement), (ii) to any replacement liens provided as adequate protection to the First Priority Secured Parties on the same terms as the Second Priority Liens are subordinated to the First Priority Liens under this Agreement and (iii) to
any “carve-out” agreed to by the First Priority Representative or the other First Priority Secured Parties. Notwithstanding the foregoing, the aggregate principal amount of the DIP Financing shall not exceed an amount equal to the sum of
(x) $550,000,000 of new commitments plus (y) any amounts outstanding under the First Priority Agreement upon the commencement of the applicable Insolvency Proceeding (including Hedging Obligations, Cash Management Obligations and
Platinum Lease Obligations) that are converted, exchanged or otherwise rolled into the post-petition obligations outstanding under the DIP facility. 
 5.3 Relief From the Automatic Stay. The Second Priority Representative agrees, on behalf of itself and the other Second Priority Secured Parties, that prior to the occurrence of the First Priority Obligations
Payment Date none of them will seek relief from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case in respect of any Common Collateral, without the prior written consent of
the First Priority Representative. 
 5.4 Adequate Protection. The Second Priority Representative, on behalf of itself and the other
Second Priority Secured Parties, agrees that none of them shall object, contest, or support any other Person objecting to or contesting (a) any request by the First Priority Representative or the other First Priority Secured Parties for
adequate protection or any adequate protection provided to the First Priority Representative or the other First Priority Secured Parties or (b) any objection by the First Priority Representative or any other First Priority Secured Parties to
any motion, relief, action or proceeding based on a claim of a lack of adequate protection or (c) the payment of interest, fees, expenses, costs, charges or other amounts to the First Priority Representative or any other First Priority Secured
Party under Section 506(b) of the Bankruptcy Code or otherwise. Notwithstanding anything contained in this Section and in Section 5.2(b) (but subject to all other provisions of this Agreement, including, without limitation, Sections 5.2(a)
and 5.3), in any Insolvency Proceeding, (i) if the First Priority Secured Parties (or any subset thereof) are granted adequate protection consisting of additional collateral (with replacement liens on such additional collateral) in connection
with any DIP Financing or use of cash collateral, and the First Priority Secured Parties do not object to the adequate 

  

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protection being provided to them, then in connection with any such DIP Financing or use of cash collateral the Second Priority Representative, on behalf of
itself and any of the Second Priority Secured Parties, may seek or accept adequate protection consisting solely of (x) a replacement Lien on the same additional collateral, subordinated to the Liens securing the First Priority Obligations and
such DIP Financing on the same basis as the other Liens securing the Second Priority Obligations are so subordinated to the First Priority Obligations under this Agreement and (y) superpriority claims under Section 507(b) of the Bankruptcy
Code, junior in all respects to the superpriority claims granted to the First Priority Secured Parties under Section 507(b) of the Bankruptcy Code, provided, however, the Second Priority Representative shall have irrevocably agreed,
pursuant to Section 1129(a)(9) of the Bankruptcy Code, on behalf of itself and the Second Priority Secured Parties, in any stipulation and/or order granting such adequate protection, that such junior superpriority claims may be paid under any
plan of reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such plan equal to the allowed amount of such claims and (ii) in the event the Second Priority Representative, on behalf
of itself and the Second Priority Secured Parties, seeks or accepts adequate protection in accordance with clause (i) above and such adequate protection is granted in the form of additional collateral, then the Second Priority Representative,
on behalf of itself or any of the Second Priority Secured Parties, agrees that the First Priority Representative shall also be granted a senior Lien on such additional collateral as security for the First Priority Obligations and any such DIP
Financing and that any Lien on such additional collateral securing the Second Priority Obligations shall be subordinated to the Liens on such collateral securing the First Priority Obligations and any such DIP Financing (and all Obligations relating
thereto) and any other Liens granted to the First Priority Secured Parties as adequate protection, with such subordination to be on the same terms that the other Liens securing the Second Priority Obligations are subordinated to such First Priority
Obligations under this Agreement. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, agrees that except as expressly set forth in this Section none of them shall seek or accept adequate protection
without the prior written consent of the First Priority Representative. 
 5.5 Avoidance Issues. If any First Priority Secured Party
is required in any Insolvency Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of any Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason, including without limitation because it
was found to be a fraudulent or preferential transfer, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the First Priority Obligations shall be reinstated to
the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the First Priority Obligations Payment Date shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery,
this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. The Second Priority Secured Parties agree that none of
them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the benefit
of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement. 
  

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 5.6 Asset Dispositions in an Insolvency Proceeding. Neither the Second Priority Representative nor
any other Second Priority Secured Party shall, in an Insolvency Proceeding or otherwise, oppose any sale or disposition of any assets of any Loan Party that is supported by the First Priority Secured Parties, and the Second Priority Representative
and each other Second Priority Secured Party will be deemed to have consented under Section 363 of the Bankruptcy Code (and otherwise) to any sale supported by the First Priority Secured Parties and to have released their Liens on such assets.

 5.7 Separate Grants of Security and Separate Classification. Each Second Priority Secured Party acknowledges and agrees that
(a) the grants of Liens pursuant to the First Priority Security Documents and the Second Priority Security Documents constitute two separate and distinct grants of Liens and (b) because of, among other things, their differing rights in the
Common Collateral, the Second Priority Obligations are fundamentally different from the First Priority Obligations and must be separately classified in any Chapter 11 plan proposed or adopted in an Insolvency Proceeding. To further effectuate the
intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the First Priority Secured Parties and Second Priority Secured Parties in respect of the Common Collateral constitute only one secured claim
(rather than separate classes of senior and junior secured claims), then the Second Priority Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate classes of senior and junior secured claims
against the Loan Parties in respect of the Common Collateral (with the effect being that, to the extent that the aggregate value of the Common Collateral is sufficient (for this purpose ignoring all claims held by the Second Priority Secured
Parties), the First Priority Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest before any
distribution is made in respect of the claims held by the Second Priority Secured Parties, with the Second Priority Secured Parties hereby acknowledging and agreeing to turn over to the First Priority Secured Parties amounts otherwise received or
receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Priority Secured Parties). 
 5.8 No Waivers of Rights of First Priority Secured Parties. Nothing contained herein shall prohibit or in any way limit the First Priority
Representative or any other First Priority Secured Party from objecting in any Insolvency Proceeding or otherwise to any action taken by any Second Priority Secured Party, including the seeking by any Second Priority Secured Party of adequate
protection (except as provided in Section 5.4) or the asserting by any Second Priority Secured Party of any of its rights and remedies under the Second Priority Documents or otherwise. 
 5.9 Chapter 11 Plans. No Second Priority Secured Party shall support or vote in favor of any Chapter 11 plan (and each shall be deemed to have
voted to reject any Chapter 11 plan) 

  

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unless such plan (a) pays off, in cash in full, all First Priority Obligations or (b) is accepted by the class of holders of First Priority
Obligations voting thereon. 
 5.10 Effectiveness in Insolvency Proceedings. This Agreement, which the parties hereto expressly
acknowledge is a “subordination agreement” under section 510(a) of the Bankruptcy Code, shall be effective before, during and after the commencement of an Insolvency Proceeding. 
 5.11 Post-Petition Claims. (a) None of the Second Priority Representative, the Trustee or any Second Priority Secured Party shall oppose or
seek to challenge any claim by the First Priority Representative or any First Priority Secured Party for allowance in any Insolvency Proceeding of First Priority Obligations consisting of Post-Petition Interest or indemnities to the extent of the
value of the Lien in favor of the First Priority Representative and the First Priority Secured Parties, without regard to the existence of the Lien of the Second Priority Representative on behalf of the Second Priority Secured Parties on the Common
Collateral. 
 (b) None of the First Priority Representative or any First Priority Secured Party shall oppose or seek to challenge any claim
by the Second Priority Representative, the Trustee or any Second Priority Secured Party for allowance in any Insolvency Proceeding of Second Priority Obligations consisting of Post-Petition Interest or indemnities to the extent of the value of the
Lien of the Second Priority Representative on behalf of the Second Priority Secured Parties on the Common Collateral (after taking into account the Liens in favor of the First Priority Representative). 
 5.12 Purchase Right. (a) If the First Priority Obligations shall have been accelerated (including any automatic acceleration in connection
with any Insolvency Proceeding with respect to the Borrower) or shall remain unpaid immediately following the Maturity Date (as defined in the First Priority Agreement) (each, a “Purchase Event”), the Second Priority Creditors shall
have the option, within 30 days after such Purchase Event, upon at least five (5) Business Days’ prior written notice by the Second Priority Representative to the First Priority Representative (with copies to Intermediate Holdings, the
Borrower and the Second Lien Issuer) to purchase all, and not less than all, of the First Priority Obligations from the First Priority Representative and the First Priority Creditors at par. Such notice from the Second Priority Representative shall
be irrevocable. If the Second Priority Representative does not exercise such right within 30 days after the first date on which a Purchase Event occurs, the First Priority Representative and the First Priority Creditors shall have no further
obligations pursuant to this Section 5.12 for such Purchase Event and may take any further actions in their sole discretion in accordance with this Agreement and the other First Priority Documents. 
 (b) On the date (the “Purchase Date”) specified by the Second Priority Representative in such notice (which shall not be less than five
(5) Business Days, nor more than ten (10) Business Days, after the receipt by the First Priority Representative of the notice from the Second Priority Representative of the election by the Second Priority Creditors to exercise such
option), the First Priority Representative and the First Priority Creditors shall sell to the Second 

  

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Priority Creditors exercising such option, and such Second Priority Creditors shall purchase from the First Priority Representative and the First Priority
Creditors, the First Priority Obligations without the prior written consent of Intermediate Holdings, the Borrower or any other Loan Party. The Second Priority Creditors that have exercised such option shall be irrevocably and unconditionally
obligated to effect such purchase on the terms set forth in this Section 5.12 no later than the Purchase Date. 
 (c) Upon the Purchase
Date, the Second Priority Creditors that have exercised such option shall, pursuant to documentation in form and substance reasonably satisfactory to the First Priority Representative and the Second Priority Representative, (i) pay in cash to
the First Priority Creditors as the purchase price therefor the full amount of all the First Lien Obligations then outstanding and unpaid (including principal, outstanding reimbursement obligations in respect of, if any, drawings theretofore paid
under letters of credit, all Hedging Obligations, interest, fees and expenses, including reasonable attorneys’ fees and legal expenses) at par, (ii) cash collateralize, if any, all letters of credit outstanding under the First Priority
Agreement in an amount reasonably satisfactory to the First Priority Representative but in no event greater than 105% of the aggregate undrawn face amount thereof, (iii) agree to reimburse the First Priority Representative and the First
Priority Creditors for any checks or other payments provisionally credited to the First Priority Obligations, and/or as to which the First Priority Representative or any First Priority Creditors has not yet received final payment, (iv) without
duplication of (i), agree to reimburse the First Priority Representative and the other First Priority Creditors for any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) in connection with any commissions,
fees, costs or expenses related to any issued and outstanding letters of credit and any checks or other payments provisionally credited to the First Priority Obligations, and/or as to which the First Priority Representative or any First Priority
Creditor has not yet received final payment and (v) without duplication of (i) agree to reimburse, within five (5) Business Days of written demand by the First Priority Representative therefor, the First Priority Representative and
the other First Priority Creditors in respect of indemnification obligations of the Loan Parties under the First Priority Documents (including reasonable attorneys’ fees and legal expenses to any First Priority Creditor). Such purchase price
and cash collateral shall be remitted by wire transfer in federal funds to such bank account of the First Priority Representative for the ratable account of the First Priority Representative and the First Priority Creditors in New York, New York, as
the First Priority Representative may designate in writing to the Second Priority Representative for such purpose. Interest shall be calculated to but excluding the Business Day on which such purchase and sale shall occur if the amounts so paid by
the Second Priority Creditors that have exercised such option to the bank account designated by the First Priority Representative are received in such bank account prior to 1:00 p.m., New York City time, on such Business Day and interest shall be
calculated to and including such Business Day if the amounts so paid by such Second Priority Creditors to the bank account designated by the First Priority Representative are received in such bank account later than 1:00 p.m., New York City time, on
such Business Day. 
 (d) Such purchase shall be expressly made without recourse, representation or warranty of any kind by the First
Priority Representative or any First Priority Creditor as to the 

  

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First Priority Obligations owed to such Person or otherwise, except that each such Person shall represent and warrant: (i) the amount of the First
Priority Obligations being sold by it, (ii) that such Person has not created any Lien on any First Priority Obligation being sold by it and (iii) that such Person has the right to assign First Priority Obligations being assigned by it and
its assignment is duly authorized. 
 SECTION 6. Second Priority Documents and First Priority Documents. 
 (a) Each Loan Party and the Second Priority Representative, on behalf of itself and the Second Priority Secured Parties, agrees that it shall not at any
time execute or deliver any amendment or other modification to any of the Second Priority Documents inconsistent with or in violation of this Agreement. 
 (b) Each Loan Party and the First Priority Representative, on behalf of itself and the First Priority Secured Parties, agrees that it shall not at any time execute or deliver any amendment or other modification to any
of the First Priority Documents inconsistent with or in violation of this Agreement. 
 (c) In the event the First Priority Representative
enters into any amendment, waiver or consent in respect of any of the First Priority Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any First Priority Security
Document or changing in any manner the rights of any parties thereunder, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Second Priority Security Document without the consent of or
action by any Second Priority Secured Party (with all such amendments, waivers and modifications subject to the terms hereof), provided that (i) no such amendment, waiver or consent shall have the effect of (A) removing assets
subject to the Lien of any Second Priority Security Document, except to the extent that a release of such Lien is permitted by Section 4.2 and provided that there is a corresponding release of such Lien securing the First Priority Obligations,
(B) imposing additional duties on the Second Priority Representative without its consent (such consent not to be unreasonably withheld or delayed), or (C) permitting any additional obligations (other than (x) additional indebtedness
permitted to be incurred under the First Priority Agreement in an aggregate principal amount not to exceed the limit set forth in the last sentence of the definition thereof and (y) any other obligations contemplated by Article 5 hereof) to be
secured by a Lien on the Common Collateral, (ii) any such amendment, waiver or consent that is prejudicial to the interests of the Second Priority Secured Parties to a greater extent than the First Priority Secured Parties shall not apply to
the Second Priority Security Documents without the consent of the Second Priority Representative and (iii) notice of such amendment, waiver or consent shall be given to the Second Priority Representative promptly (but in no event later than 10
days after its effectiveness), provided that the failure to give such notice shall not affect the effectiveness and validity thereof. 
  

 21 

 SECTION 7. Reliance; Waivers; etc. 
 7.1 Reliance. The First Priority Documents are deemed to have been executed and delivered, and all extensions of credit thereunder are deemed to
have been made or incurred, in reliance upon this Agreement. The Second Priority Representative, on behalf of it itself and the Second Priority Secured Parties, expressly waives all notice of the acceptance of and reliance on this Agreement by the
First Priority Secured Parties. The Second Priority Documents are deemed to have been executed and delivered and the purchase of the Notes are deemed to have been made, in reliance upon this Agreement. The First Priority Representative expressly
waives all notices of the acceptance of and reliance by the Second Priority Representative and the Second Priority Secured Parties. 
 7.2
No Warranties or Liability. The Second Priority Representative and the First Priority Representative acknowledge and agree that neither has made any representation or warranty with respect to the execution, validity, legality, completeness,
collectibility or enforceability of any other First Priority Document or any Second Priority Document. Except as otherwise provided in this Agreement, the Second Priority Representative and the First Priority Representative will be entitled to
manage and supervise their respective extensions of credit to any Loan Party in accordance with law and their usual practices, modified from time to time as they deem appropriate. 
 7.3 No Waivers. No right or benefit of any party hereunder shall at any time in any way be prejudiced or impaired by any act or failure to act on
the part of such party or any other party hereto or by any noncompliance by any Loan Party with the terms and conditions of any of the First Priority Documents or the Second Priority Documents. 
 SECTION 8. Obligations Unconditional. 
 8.1 First Priority Obligations Unconditional. All rights and interests of the First Priority Secured Parties hereunder, and all agreements and obligations of the Second Priority Secured Parties (and, to the extent applicable, the
Loan Parties) hereunder, shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability
of any First Priority Document; 
 (b) except as otherwise set forth in this Agreement, any change in the time, place or
manner of payment of, or in any other term of, all or any portion of the First Priority Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement
of any First Priority Document; 
 (c) prior to the First Priority Obligations Payment Date, any exchange, release, voiding,
avoidance or non-perfection of any security interest in any Common Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or
restatement of all or any portion of the First Priority Obligations or any guarantee or guaranty thereof; or 
  

 22 

 (d) any other circumstances that otherwise might constitute a defense available to, or a
discharge of, any Loan Party in respect of the First Priority Obligations, or of any Second Priority Secured Party, or any Loan Party, to the extent applicable, in respect of this Agreement. 
 8.2 Second Priority Obligations Unconditional. All rights and interests of the Second Priority Secured Parties hereunder, and all agreements and
obligations of the First Priority Secured Parties (and, to the extent applicable, the Loan Parties) hereunder, shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any Second Priority Document; 
 (b) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Second Priority Obligations,
or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Second Priority Document; 
 (c) any exchange, release, voiding, avoidance or non-perfection of any security interest in any Common Collateral or any other collateral,
or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of all or any portion of the Second Priority Obligations or any guarantee or guaranty
thereof; or 
 (d) any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Loan
Party in respect of the Second Priority Obligations, or of any First Priority Secured Party, or any Loan Party, to the extent applicable, in respect of this Agreement. 
 SECTION 9. Miscellaneous. 
 9.1 Conflicts. In the event of any conflict between the provisions
of this Agreement and the provisions of any First Priority Document or any Second Priority Document, the provisions of this Agreement shall govern. 
 9.2 Continuing Nature of Provisions. This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the First Priority Obligation Payment Date shall have occurred. This is a continuing agreement
and the First Priority Secured Parties and the Second Priority Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or
for the benefit of, the Borrower or any other Loan Party on the faith hereof. 
  

 23 

 9.3 Amendments; Waivers. (a) No amendment or modification of any of the provisions of this
Agreement shall be effective unless the same shall be in writing and signed by the First Priority Representative and the Second Priority Representative, and, in the case of amendments or modifications of Sections 3.5, 3.6, 9.5 or 9.6 that directly
affect the rights or obligations of any Loan Party, such Loan Party. 
 (b) It is understood that the First Priority Representative and the
Second Priority Representative, without the consent of any other First Priority Secured Party or Second Priority Secured Party, may in their discretion determine that a supplemental agreement (which may take the form of an amendment and restatement
of this Agreement) is necessary or appropriate to facilitate having additional indebtedness or other obligations (“Additional Debt”) of any of the Loan Parties become First Priority Obligations or Second Priority Obligations, as the
case may be, under this Agreement, which supplemental agreement shall specify whether such Additional Debt constitutes First Priority Obligations or Second Priority Obligations, provided that such Additional Debt is permitted to be incurred
by the First Priority Agreement and Second Priority Agreement then extant, and is permitted by said Agreements to be subject to the provisions of this Agreement as First Priority Obligations or Second Priority Obligations, as applicable. 

(c) In addition, at the request of the Borrower or the Second Lien Issuer, the First Priority Representative and the Second Priority Representative
agree to enter into any amendment to this Agreement or any new intercreditor agreement in order to (1) facilitate Additional Debt becoming First Priority Obligations or Second Priority Obligations to the extent such Obligations are permitted by
the First Priority Agreement and the Second Priority Agreement, with the Lien priority contemplated by such amendment and (2) document the relationship between the First Priority Creditors and the Second Priority Creditors in case any then
existing First Priority Agreement or Second Priority Agreement is refinanced or replaced or the First Priority Representative or the Second Priority Representative is replaced, provided, that, in any case, the terms of such amendment or new
agreement will contain terms substantially the same as the terms contained in this Agreement. 
 9.4 Information Concerning Financial
Condition of the Borrower and the other Loan Parties. Each of the Second Priority Representative and the First Priority Representative hereby assume responsibility for keeping itself informed of the financial condition of the Borrower and each
of the other Loan Parties and all other circumstances bearing upon the risk of nonpayment of the First Priority Obligations or the Second Priority Obligations. The Second Priority Representative and the First Priority Representative hereby agree
that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances. In the event the Second Priority Representative or the First Priority Representative, in its sole discretion,
undertakes at any time or from time to time to provide any information to any other party to this Agreement, it shall be under no obligation (a) to provide any such information to such other party or any other party on any subsequent occasion,
(b) to undertake any investigation not a part of its regular business routine, or (c) to disclose any other information. 
  

 24 

 9.5 Governing Law. This Agreement shall be construed in accordance with and governed by the law of
the State of New York, except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than the State of New York are governed by the laws of such jurisdiction.

 9.6 Submission to Jurisdiction. (a) Each First Priority Secured Party, each Second Priority Secured Party and each Loan Party
hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of
New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each such party hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each such party agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any First Priority Secured Party or Second Priority Secured Party
may otherwise have to bring any action or proceeding against any Loan Party or its properties in the courts of any jurisdiction. 
 (b) Each
First Priority Secured Party, each Second Priority Secured Party and each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so (i) any objection it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section and (ii) the defense of an inconvenient forum to the maintenance of such action or
proceeding. 
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.7. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Each Loan Party (other than a Loan Party organized under the laws of the United States of America
or any State thereof or the District of Columbia) hereby appoints Seagate Technology (US) Holdings, Inc. as agent for service of process in the United States of America and Seagate Technology (US) Holdings, Inc. hereby accepts such appointment.

 9.7 Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be
given shall be in writing and may be personally served, telecopied, or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy
or five days after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section)
shall be as set forth below each party’s name on the signature pages hereof, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 
  

 25 

 9.8 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of each of the parties hereto and each of the First Priority Secured Parties and Second Priority Secured Parties and their respective successors and assigns, and nothing herein is intended, or shall be construed to give, any other Person any right,
remedy or claim under, to or in respect of this Agreement or any Common Collateral. 
 9.9 Headings. Section headings used herein are
for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 9.10 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 9.11 Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall become effective when
it shall have been executed by each party hereto. 
 9.12 Additional Loan Parties. Intermediate Holdings and the Borrower shall cause
each Subsidiary that executes a Security Document after the date hereof to become a party to this Agreement by executing and delivering a supplement to this Agreement in form and substance reasonably satisfactory to the First Priority Representative
and the Second Priority Representative. 
  

 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

			
	JPMORGAN CHASE BANK, N.A., as First
Priority Representative for and on behalf of the First Priority Secured Parties
		
	By:	 	 /s/    Sharon BazBaz

	Name:	 	Sharon BazBaz
	Title:	 	Vice President
	
	 Address for Notices:

	 JPMorgan Chase Bank, N.A.

	 Loan and Agency Services Group

	 111 Fannin, 10th Floor
 Houston, Texas, 77002

	
	 Attention: Sofia Basraoui

	 Telecopy No.: (713) 750-3609

 [Signature Page to the Intercreditor Agreement] 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Second Priority Representative for and on behalf of the Second Priority Secured
Parties

		
	By:	 	 /s/    Maddy Hall

	Name:	 	Maddy Hall
	Title:	 	Vice President
	
	 Address for Notices:

	 Wells Fargo Bank

	 Corporate Trust Services

	 707 Wilshire Blvd, 17th Floor

	 Los Angeles, CA, 90017

	
	 Attention: Maddy Hall, CCTS, Vice President

	 Telecopy No.:213-614-3355

 [Signature Page to the Intercreditor Agreement] 
  

 28 

			
	 SEAGATE TECHNOLOGY,

		
	By:	 	 /s/    Kenenth M. Massaroni

	Name:	 	Kenneth M. Massaroni
	Title:	 	Secretary, General Counsel,
		 	Sr. Vice President
	
	 Address for Notices:

	 Seagate Technology

	 920 Disc Drive

	 Scotts Valley, CA 95066

	
	 Attention: General Counsel

	 Telecopy No.: (831) 438-6675

 [Signature Page to the Intercreditor Agreement] 
  

 29 

			
	 SEAGATE TECHNOLOGY HDD

	 HOLDINGS,

		
	By:	 	 /s/    Kenenth M. Massaroni

	Name:	 	Kenneth M. Massaroni
	Title:	 	Secretary, General Counsel,
		 	Sr. Vice President
	
	 Address for Notices:

	 Seagate Technology

	 920 Disc Drive

	 Scotts Valley, CA 95066

	
	 Attention: General Counsel

	 Telecopy No.: (831) 438-6675

 [Signature Page to the Intercreditor Agreement] 

			
	 SEAGATE TECHNOLOGY (US)
 HOLDINGS,
INC.,

		
	By:	 	 /s/    Kenneth M. Massaroni

	Name:	 	Kenneth M. Massaroni
	Title:	 	Secretary and General Counsel
	
	 Address for Notices:

	 Seagate Technology

	 920 Disc Drive

	 Scotts Valley, CA 95066

	
	 Attention: General Counsel

	 Telecopy No.: (831) 438-6675

 [Signature Page to the Intercreditor Agreement] 
  

 31 

			
	 MAXTOR CORPORATION,

		
	By:	 	 /s/    Kenneth M. Massaroni

	Name:	 	Kenneth M. Massaroni
	Title:	 	 Corporate Secretary,
 General Counsel,
 Sr. Vice President

	
	 Address for Notices:

	 Seagate Technology

	 920 Disc Drive

	 Scotts Valley, CA 95066

	
	 Attention: General Counsel

	 Telecopy No.: (831) 438-6675

 [Signature Page to the Intercreditor Agreement] 
  

 32 

			
	 I365 INC.,

		
	By:	 	 /s/    Kenneth M. Massaroni

	Name:	 	Kenneth M. Massaroni
	Title:	 	Assistant Secretary
	
	 Address for Notices:

	 Seagate Technology

	 920 Disc Drive

	 Scotts Valley, CA 95066

	
	 Attention: General Counsel

	 Telecopy No.: (831) 438-6675

 [Signature Page to the Intercreditor Agreement] 
  

 33 

			
	 SEAGATE TECHNOLOGY LLC,

		
	By:	 	 /s/    Kenneth M. Massaroni

	Name:	 	Kenneth M. Massaroni
	Title:	 	Secretary, General Counsel
		 	and Senior Vice President
	
	 Address for Notices:

	 Seagate Technology

	 920 Disc Drive

	 Scotts Valley, CA 95066

	
	 Attention: General Counsel

	 Telecopy No.: (831) 438-6675

 [Signature Page to the Intercreditor Agreement] 
  

 34 

			
	 SEAGATE TECHNOLOGY INTERNATIONAL,

		
	By:	 	 /s/    Kenneth M. Massaroni

	Name:	 	Kenneth M. Massaroni
	Title:	 	Secretary and General Counsel
	
	 Address for Notices:

	 Seagate Technology

	 920 Disc Drive

	 Scotts Valley, CA 95066

	
	 Attention: General Counsel

	 Telecopy No.: (831) 438-6675

 [Signature Page to the Intercreditor Agreement] 
  

 35 

			
	 SEAGATE TECHNOLOGY (IRELAND),

		
	By:	 	 /s/    Kenneth M. Massaroni

	Name:	 	Kenneth M. Massaroni
	Title:	 	Secretary
	
	 Address for Notices:

	 Seagate Technology

	 920 Disc Drive

	 Scotts Valley, CA 95066

	
	 Attention: General Counsel

	 Telecopy No.: (831) 438-6675

 [Signature Page to the Intercreditor Agreement] 

			
	 SEAGATE TECHNOLOGY MEDIA (IRELAND),

		
	By:	 	 /s/    Kenneth M. Massaroni

	Name:	 	Kenneth M. Massaroni
	Title:	 	Secretary
	
	 Address for Notices:

	 Seagate Technology

	 920 Disc Drive

	 Scotts Valley, CA 95066

	
	 Attention: General Counsel

	 Telecopy No.: (831) 438-6675

 [Signature Page to the Intercreditor Agreement]

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