Document:

Security Agreement among BCO Holding Company

 Exhibit 10.3 
  

  
 SECURITY AGREEMENT 
  
 among 
  
 BCO HOLDING COMPANY, 
  
 BWAY CORPORATION, 
  
 CERTAIN SUBSIDIARIES OF BWAY CORPORATION 
  
 and 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as COLLATERAL AGENT 
  

  
 Dated as of July 7, 2004 
  

  

  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

		
	 ARTICLE I SECURITY INTERESTS
	  	2
			
	 1.1
	 	 Grant of Security Interests
	  	2
	 1.2
	 	 Certain Exceptions
	  	3
	 1.3
	 	 Power of Attorney
	  	4
		
	 ARTICLE II GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	5
			
	 2.1
	 	 Necessary Filings
	  	5
	 2.2
	 	 No Liens
	  	5
	 2.3
	 	 Other Financing Statements
	  	5
	 2.4
	 	 Chief Executive Office, Record Locations
	  	5
	 2.5
	 	 Location of Inventory and Equipment
	  	6
	 2.6
	 	 Legal Names; Type of Organization (and Whether a Registered Organization and/or a Transmitting Utility); Jurisdiction of Organization;
Location; Organizational Identification Numbers; Changes Thereto; etc.
	  	6
	 2.7
	 	 Trade Names; Etc.
	  	6
	 2.8
	 	 Certain Significant Transactions
	  	7
	 2.9
	 	 Non-UCC Property
	  	7
	 2.10
	 	 As-Extracted Collateral; Timber-to-be-Cut
	  	7
	 2.11
	 	 Collateral in the Possession of a Bailee
	  	7
	 2.12
	 	 Recourse
	  	7
		
	 ARTICLE III SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; INSTRUMENTS; CHATTEL PAPER AND CERTAIN OTHER
COLLATERAL
	  	8
			
	 3.1
	 	 Additional Representations and Warranties
	  	8
	 3.2
	 	 Maintenance of Records
	  	8
	 3.3
	 	 Direction to Account Debtors; Contracting Parties; etc.
	  	8
	 3.4
	 	 Modification of Terms; etc.
	  	9
	 3.5
	 	 Collection
	  	9
	 3.6
	 	 Instruments
	  	9
	 3.7
	 	 Assignors Remain Liable Under Accounts
	  	10
	 3.8
	 	 Assignors Remain Liable Under Contracts
	  	10
	 3.9
	 	 Deposit Accounts; Etc.
	  	10
	 3.10
	 	 Letter-of-Credit Rights
	  	11
	 3.11
	 	 Commercial Tort Claims
	  	11
	 3.12
	 	 Chattel Paper
	  	12
	 3.13
	 	 Further Actions
	  	12

  

 (i) 

					
	 ARTICLE IV SPECIAL PROVISIONS CONCERNING TRADEMARKS AND DOMAIN NAMES
	  	12
			
	 4.1
	 	 Additional Representations and Warranties
	  	12
	 4.2
	 	 Licenses and Assignments
	  	13
	 4.3
	 	 Infringements
	  	13
	 4.4
	 	 Preservation of Marks and Domain Names
	  	13
	 4.5
	 	 Maintenance of Registration
	  	13
	 4.6
	 	 Future Registered Marks and Domain Names
	  	14
	 4.7
	 	 Remedies
	  	14
		
	 ARTICLE V SPECIAL PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND TRADE SECRETS
	  	14
			
	 5.1
	 	 Additional Representations and Warranties
	  	14
	 5.2
	 	 Licenses and Assignments
	  	15
	 5.3
	 	 Infringements
	  	15
	 5.4
	 	 Maintenance of Patents or Copyrights
	  	15
	 5.5
	 	 Prosecution of Patent or Copyright Applications
	  	15
	 5.6
	 	 Other Patents and Copyrights
	  	15
	 5.7
	 	 Remedies
	  	16
		
	 ARTICLE VI PROVISIONS CONCERNING ALL COLLATERAL
	  	16
			
	 6.1
	 	 Protection of Collateral Agent’s Security
	  	16
	 6.2
	 	 Warehouse Receipts Non-Negotiable
	  	16
	 6.3
	 	 Additional Information
	  	16
	 6.4
	 	 Further Actions
	  	17
	 6.5
	 	 Financing Statements
	  	17
		
	 ARTICLE VII REMEDIES UPON OCCURRENCE OF AN EVENT OF DEFAULT
	  	17
			
	 7.1
	 	 Remedies; Obtaining the Collateral Upon Default
	  	17
	 7.2
	 	 Remedies; Disposition of the Collateral
	  	19
	 7.3
	 	 Waiver of Claims
	  	19
	 7.4
	 	 Application of Proceeds
	  	20
	 7.5
	 	 Remedies Cumulative
	  	22
	 7.6
	 	 Discontinuance of Proceedings
	  	22
		
	 ARTICLE VIII INDEMNITY
	  	23
			
	 8.1
	 	 Indemnity
	  	23
	 8.2
	 	 Indemnity Obligations Secured by Collateral; Survival
	  	24
		
	 ARTICLE IX DEFINITIONS
	  	24
		
	 ARTICLE X MISCELLANEOUS
	  	32
			
	 10.1
	 	 Notices
	  	32
	 10.2
	 	 Waiver; Amendment
	  	32
	 10.3
	 	 Obligations Absolute
	  	33

  

 (ii) 

					
	 10.4
	 	 Successors and Assigns
	  	33
	 10.5
	 	 Headings Descriptive
	  	33
	 10.6
	 	 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
	  	33
	 10.7
	 	 Assignor’s Duties
	  	34
	 10.8
	 	 Termination; Release
	  	34
	 10.9
	 	 Counterparts
	  	36
	 10.10
	 	 Severability
	  	36
	 10.11
	 	 The Collateral Agent and the other Secured Creditors
	  	36
	 10.12
	 	 Additional Assignors
	  	36

  

			
	 ANNEX A
	 	Schedule of Chief Executive Offices Address(es) of Chief Executive Office
	 ANNEX B
	 	Schedule of Inventory and Equipment Locations
	 ANNEX C
	 	Schedule of Legal Names, Type of Organization (and Whether a Registered Organization and/or a Transmitting Utility), Jurisdiction of Organization, Location and Organizational Identification
Numbers
	 ANNEX D
	 	Schedule of Trade and Fictitious Names
	 ANNEX E
	 	Description of Certain Significant Transactions Occurring Within One Year Prior to the Date of the Security Agreement
	 ANNEX F
	 	Schedule of Deposit Accounts
	 ANNEX G
	 	Form of Control Agreement Regarding Deposit Accounts
	 ANNEX H
	 	Schedule of Commercial Tort Claims
	 ANNEX I
	 	Schedule of Marks and Applications; Internet Domain Name Registrations
	 ANNEX J
	 	Schedule of Patents
	 ANNEX K
	 	Schedule of Copyrights
	 ANNEX L
	 	Grant of Security Interest in United States Trademarks
	 ANNEX M
	 	Grant of Security Interest in United States Patents
	 ANNEX N
	 	Grant of Security Interest in United States Copyrights

  
 [Remainder of this
page intentionally left blank] 
  

 (iii) 

 SECURITY AGREEMENT 
  
 SECURITY AGREEMENT, dated as of July 7, 2004, made by each of the undersigned assignors (each, an
“Assignor” and, together with any other entity that becomes an assignor hereunder pursuant to Section 10.12 hereof, the “Assignors”) in favor of Deutsche Bank Trust Company Americas, as Collateral Agent (together
with any successor Collateral Agent, the “Collateral Agent”), for the benefit of the Secured Creditors (as defined below). Certain capitalized terms as used herein are defined in Article IX hereof. Except as otherwise defined
herein, all capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 
  
 W I T N E S S E T H: 
  
 WHEREAS, BCO Holding Company, a Delaware Corporation (“Holdings”), BWAY Corporation, a Delaware Corporation
(the ”Borrower”), the lenders party thereto from time to time (the “Lenders”), Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., as Joint Lead Arrangers, and Deutsche Bank Trust Company Americas, as
administrative agent (together with any successor administrative agent, the “Administrative Agent”), have entered into a Credit Agreement, dated as of July 7, 2004 (as amended, modified or supplemented from time to time, the
“Credit Agreement”), providing for the making of Loans to, and the issuance of, and participation in, Letters of Credit for the account of the Borrower, all as contemplated therein (the Lenders, each Issuing Lender, the
Administrative Agent, the Collateral Agent and each other Agent are herein called the “Lender Creditors”); 
  
 WHEREAS, the Borrower and/or one or more of its Subsidiaries may at any time and from time to time enter into one or more Interest Rate Protection
Agreements with one or more Lenders or any affiliate thereof (each such Lender or affiliate, even if the respective Lender subsequently ceases to be a Lender under the Credit Agreement for any reason, together with such Lender’s or
affiliate’s successors and assigns, if any, collectively, the “Other Creditors” and, together with the Lender Creditors, the “Secured Creditors”); 
  
 WHEREAS, pursuant to the Credit Agreement, Holdings has guaranteed to the Secured Creditors the payment when due of all
Guaranteed Obligations as described therein; 
  
 WHEREAS, pursuant
to the Subsidiaries Guaranty, each Subsidiary Guarantor has jointly and severally guaranteed to the Secured Creditors the payment when due of all Guaranteed Obligations as described therein; 
  
 WHEREAS, it is a condition precedent to the making of Loans to the Borrower
and the issuance of, and participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and to the Other Creditors entering into Interest Rate Protection Agreements that each Assignor shall have executed and delivered
to the Collateral Agent this Agreement; and 
  
 WHEREAS, each
Assignor will obtain benefits from the incurrence of Loans by the Borrower and the issuance of, and participation in, Letters of Credit for the account of the 

  

 
Borrower under the Credit Agreement and the entering into by the Borrower and/or one or more of its Subsidiaries of Interest Rate Protection Agreements and,
accordingly, desires to execute this Agreement in order to satisfy the condition described in the preceding paragraph and to induce the Lenders to make Loans to the Borrower and issue, and/or participate in, Letters of Credit for the account of the
Borrower and the Other Creditors to enter into Interest Rate Protection Agreements with the Borrower and/or one or more of its Subsidiaries; 
  
 NOW, THEREFORE, in consideration of the benefits accruing to each Assignor, the receipt and sufficiency of which are hereby acknowledged, each Assignor
hereby makes the following representations and warranties to the Collateral Agent for the benefit of the Secured Creditors and hereby covenants and agrees with the Collateral Agent for the benefit of the Secured Creditors as follows: 
  
 ARTICLE I 
  
 SECURITY INTERESTS 
  
 1.1 Grant of Security Interests. (a) As security for the prompt and complete payment and performance when due of all of its Obligations, each
Assignor does hereby assign and transfer unto the Collateral Agent, and does hereby pledge and grant to the Collateral Agent, for the benefit of the Secured Creditors, a continuing security interest in all of the right, title and interest of such
Assignor in, to and under all of the following personal property and fixtures (and all rights therein) of such Assignor, or in which or to which such Assignor has any rights, in each case whether now existing or hereafter from time to time acquired:

  
 (i) each and every Account; 
  
 (ii) all cash; 
  
 (iii) the Cash Collateral Account and all monies,
securities, Instruments and other investments deposited or required to be deposited in the Cash Collateral Account; 
  
 (iv) all Chattel Paper (including, without limitation, all Tangible Chattel Paper and all Electronic Chattel Paper); 
  
 (v) all Commercial Tort Claims; 
  
 (vi) all computer programs of such Assignor and all
intellectual property rights therein and all other proprietary information of such Assignor, including but not limited to Domain Names and Trade Secret Rights; 
  

(vii) Contracts, together with all Contract Rights arising thereunder; 
  
 (viii) all Copyrights; 
  
 (ix) all Equipment; 
  

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 (x) all Deposit Accounts and all other demand, deposit, time, savings, cash management,
passbook and similar accounts maintained by such Assignor with any Person and all monies, securities, Instruments and other investments deposited or required to be deposited in any of the foregoing; 
  
 (xi) all Documents; 
  
 (xii) all General Intangibles; 
  
 (xiii) all Goods; 
  
 (xiv) all Instruments; 
  
 (xv) all Inventory; 
  
 (xvi) all Investment Property; 
  
 (xvii) all Letter-of-Credit Rights (whether or not the
respective letter of credit is evidenced by a writing); 
  
 (xviii) all Marks, together with the registrations and right to all renewals thereof, and the goodwill of the business of such Assignor symbolized by the Marks; 
  
 (xix) all Patents; 
  
 (xx) all Permits; 
  
 (xxi) all Software and all Software licensing rights, all
writings, plans, specifications and schematics, all engineering drawings, customer lists, goodwill and licenses, and all recorded data of any kind or nature, regardless of the medium of recording; 
  
 (xxii) all Supporting Obligations; and 
  
 (xxiii) all Proceeds and products of any and all of the
foregoing (all of the above, the “Collateral”). 
  
 (b) The security interest of the Collateral Agent under this Agreement extends to all Collateral which any Assignor may acquire, or with respect to which any Assignor may obtain rights, at any time during the term of this Agreement.

  
 1.2 Certain Exceptions. No security interest is or will
be granted pursuant hereto in any right, title or interest of any Assignor under or in: 
  
 (a) any Instruments, Contracts, Chattel Paper, General Intangibles, licenses or other contracts or agreements with or issued by Persons other than Holdings or a Subsidiary of Holdings or an Affiliate thereof
(collectively, “Excluded Agreements”) that would otherwise be included in the Collateral (and such Excluded Agreements shall not be deemed to constitute a part of the Collateral) for so long as, and to the extent that, the granting
of such a security interest 

  

 -3- 

 
pursuant hereto would result in a breach, default or termination of such Excluded Agreements (in each case, except to the extent the granting of security
interests therein can be made with the respective breach, default or termination being ineffective under the UCC or other applicable law); or 
  
 (b) any of the following: 
  
 (i) any asset that would otherwise be included in the Collateral (and such asset shall not be deemed to constitute a part of the
Collateral) if such asset is subject to a Lien permitted by Section 9.01(vi) of the Credit Agreement; 
  
 (ii) any Equipment, machinery or other fixed asset that would otherwise be included in the Collateral (and such Equipment, machinery or
other fixed asset shall not be deemed to constitute a part of the Collateral) if such Equipment, machinery or other fixed asset is subject to a Lien permitted by Section 9.01(vii) of the Credit Agreement; 
  
 (iii) any property that would otherwise be included in the
Collateral (and such property shall not be deemed to constitute a part of the Collateral) if such property has been sold or otherwise transferred in connection with a sale-leaseback transaction permitted under Section 9.02(xiii) of the Credit
Agreement, or is subject to any Liens permitted under Section 9.01(xviii) of the Credit Agreement, or constitutes the Proceeds or products of any property that has been so sold or otherwise transferred so long as such Proceeds or products remain
subject to the Liens referenced above in this clause (d); and 
  
 (iv) any property or asset that would otherwise be included in the Collateral (and such property or asset shall not be deemed to constitute a part of the Collateral) if such property or assets is subject to a Lien
permitted by Section 9.01(xiv); 
  
 in each case pursuant to
preceding clauses (b)(i) through (iv), for so long as, and to the extent that, the granting or existence of such a security interest pursuant hereto would result in a breach, default or termination of any agreement relating to the respective Lien or
obligations secured thereby (in each case except to the extent the granting of security interests therein can be made with the respective breach, default or termination being ineffective under the UCC or other applicable law). 
  
 1.3 Power of Attorney. Each Assignor hereby constitutes and appoints
the Collateral Agent its true and lawful attorney, irrevocably, with full power after the occurrence of and during the continuance of an Event of Default (in the name of such Assignor or otherwise) to act, require, demand, receive, compound and give
acquittance for any and all moneys and claims for moneys due or to become due to such Assignor under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any
action or institute any proceedings which the Collateral Agent may deem to be reasonably necessary or advisable to protect the interests of the Secured Creditors, which appointment as attorney is coupled with an interest. 
  

 -4- 

 ARTICLE II 
  
 GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 Each Assignor represents, warrants and covenants, which representations, warranties and covenants shall survive execution and delivery of this Agreement, as follows:

  
 2.1 Necessary Filings. The security interest granted to
the Collateral Agent pursuant to this Agreement in and to the Collateral for the benefit of the Collateral Agent and the Secured Creditors creates a valid security interest and Lien upon such Assignor’s right, title and interest in and to the
Collateral. Except with regard to (i) Liens (if any) on Specified Assets and (ii) any rights reserved in favor of the United States government as required by law (if any), such security interest will be duly perfected (A) upon the filing of the UCC
financing statements delivered to the Collateral Agent for filing in the appropriate jurisdictions set forth on Annex C, (B) in Deposit Accounts and the Cash Collateral Account upon the obtaining and maintenance of “control” (as described
in the UCC as in effect on the date hereof in the State of New York) by the Collateral Agent and (C) upon the recordation of certain assignments of Patents, Marks and Copyrights in the United States Patent and Trademark Office or the United States
Copyright Office, as the case may be. 
  
 Upon the actions taken
under this Section 2.1, such security interest will be prior to all other Liens of all other Persons (other than Permitted Liens which have priority under the UCC or other applicable law), and enforceable as such as against all other Persons other
than Ordinary Course Transferees. 
  
 2.2 No Liens. Such
Assignor is, and as to all Collateral acquired by it from time to time after the date hereof such Assignor will be, the owner of all Collateral free from any Lien, security interest, encumbrance or other right, title or interest of any Person (other
than Permitted Liens), and such Assignor shall defend the Collateral against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to the Collateral Agent. 
  
 2.3 Other Financing Statements. As of the date hereof, there is no
financing statement (or similar statement or instrument of registration under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Collateral (other than financing statements filed in respect of Permitted
Liens), and so long as the Termination Date has not occurred, such Assignor will not execute or authorize to be filed in any public office any financing statement (or similar statement or instrument of registration under the law of any jurisdiction)
or statements relating to the Collateral, except financing statements filed or to be filed in respect of and covering the security interests granted hereby by such Assignor or in connection with Permitted Liens. 
  
 2.4 Chief Executive Office, Record Locations. The chief executive
office of such Assignor is, on the date of this Agreement, located at the address indicated on Annex A hereto for such Assignor. During the period of the four calendar months preceding the date of this Agreement, the chief executive office of such
Assignor has not been located at any address other 

  

 -5- 

 
than that indicated on Annex A in accordance with the immediately preceding sentence, in each case unless each such other address is also indicated on Annex
A hereto for such Assignor. 
  
 2.5 Location of Inventory and
Equipment. All Inventory and Equipment held on the date hereof, or held at any time during the four calendar months prior to the date hereof, by each Assignor is located at one of the locations shown on Annex B hereto for such Assignor.

  
 2.6 Legal Names; Type of Organization (and Whether a
Registered Organization and/or a Transmitting Utility); Jurisdiction of Organization; Location; Organizational Identification Numbers; Changes Thereto; etc. The exact legal name of each Assignor, the type of organization of such Assignor,
whether or not such Assignor is a Registered Organization, the jurisdiction of organization of such Assignor, such Assignor’s Location, the organizational identification number (if any) of such Assignor, and whether or not such Assignor is a
Transmitting Utility, is listed on Annex C hereto for such Assignor. Such Assignor shall not change its legal name, its type of organization, its status as a Registered Organization (in the case of a Registered Organization), its status as a
Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization, its Location, or its organizational identification number (if any) from that used on Annex C hereto, except that any such
changes shall be permitted (so long as not in violation of the applicable requirements of the Secured Debt Agreements and so long as same do not involve (x) a Registered Organization ceasing to constitute same or (y) such Assignor changing its
jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the United States or a State thereof) if (i) it shall have given to the Collateral Agent
not less than 10 Business Days’ prior written notice of each change to the information listed on Annex C (as adjusted for any subsequent changes thereto previously made in accordance with this sentence), together with a supplement to Annex C
which shall correct all information contained therein for such Assignor, and (ii) in connection with the respective such change or changes, it shall have taken all action reasonably requested by the Collateral Agent to maintain the security
interests of the Collateral Agent in the Collateral intended to be granted hereby at all times fully perfected to the extent described in Section 2.1 and in full force and effect. In addition, to the extent that such Assignor does not have an
organizational identification number on the date hereof and later obtains one, such Assignor shall promptly thereafter notify the Collateral Agent of such organizational identification number and shall take all actions reasonably satisfactory to the
Collateral Agent to the extent necessary to maintain the security interest of the Collateral Agent in the Collateral intended to be granted hereby fully perfected to the extent described in Section 2.1 and in full force and effect. 
  
 2.7 Trade Names; Etc. Such Assignor has or operates in any
jurisdiction under, or in the preceding five years has had or has operated in any jurisdiction under, no trade names, fictitious names or other names except its legal name as specified in Annex C and such other trade or fictitious names as are
listed on Annex D hereto for such Assignor. Such Assignor shall not assume or operate in any jurisdiction under any new trade, fictitious or other name until (i) it shall have given to the Collateral Agent not less than 5 days’ written notice
of its intention so to do, clearly describing such new name and the jurisdictions in which such new name will be used and providing such other information in connection therewith as the Collateral Agent may reasonably request and (ii) with respect
to such new name, it shall have taken all action reasonably requested by the Collateral Agent to maintain the security interest of the Collateral 

  

 -6- 

 
Agent in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. 
  
 2.8 Certain Significant Transactions. During the one year period
preceding the date of this Agreement, no Person shall have merged or consolidated with or into any Assignor, and no Person shall have liquidated into, or transferred all or substantially all of its assets to, any Assignor, in each case except as
described in Annex E hereto. With respect to any transactions so described in Annex E hereto, the respective Assignor shall have furnished such information with respect to the Person (and the assets of the Person and locations thereof) which merged
with or into or consolidated with such Assignor, or was liquidated into or transferred all or substantially all of its assets to such Assignor, and shall have furnished to the Collateral Agent such UCC lien searches as may have been requested with
respect to such Person and its assets, to establish that no security interest (excluding Permitted Liens) continues perfected on the date hereof with respect to any Person described above (or the assets transferred to the respective Assignor by such
Person), including without limitation pursuant to Section 9-316(a)(3) of the UCC. 
  
 2.9 As-Extracted Collateral; Timber-to-be-Cut. On the date hereof, such Assignor does not own, or expect to acquire, any property which constitutes, or would constitute, As-Extracted Collateral or
Timber-to-be-Cut. If at any time after the date of this Agreement such Assignor owns, acquires or obtains rights to any As-Extracted Collateral or Timber-to-be-Cut, such Assignor shall furnish the Collateral Agent with prompt written notice thereof
(which notice shall describe in reasonable detail the As-Extracted Collateral and/or Timber-to-be-Cut and the locations thereof) and shall take all actions as may be deemed reasonably necessary or desirable by the Collateral Agent to perfect the
security interest of the Collateral Agent therein. 
  
 2.10
Collateral in the Possession of a Bailee. If any Inventory or other Goods, the aggregate fair market value of which is equal to or greater than $250,000, are at any time in the possession of a bailee, such Assignor shall promptly notify the
Collateral Agent thereof and, if requested by the Collateral Agent, shall use its reasonable best efforts to promptly obtain an acknowledgment from such bailee, in form and substance reasonably satisfactory to the Collateral Agent, that the bailee
holds such Collateral for the benefit of the Collateral Agent and shall act upon the instructions of the Collateral Agent, without the further consent of such Assignor. The Collateral Agent agrees with such Assignor that the Collateral Agent shall
not give any such instructions unless an Event of Default has occurred and is continuing or would occur after taking into account any action by the respective Assignor with respect to any such bailee. 
  
 2.11 Recourse. This Agreement is made with full recourse to each
Assignor and pursuant to and upon all the warranties, representations, covenants and agreements on the part of such Assignor contained herein, in the Secured Debt Agreements and otherwise in writing in connection herewith or therewith. 

 

 -7- 

 ARTICLE III 
  
 SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; 
 INSTRUMENTS; CHATTEL PAPER AND CERTAIN OTHER COLLATERAL 
  
 3.1 Additional Representations and Warranties. As of the time when each of its Accounts arises, each Assignor shall be deemed to have represented and warranted that each such Account, and all records, papers
and documents relating thereto (if any) are genuine and what they purport to be, and that all papers and documents (if any) relating thereto (i) will, to the knowledge of such Assignor, represent the genuine, legal, valid and binding obligation of
the account debtor evidencing indebtedness unpaid and owed by the respective account debtor arising out of the performance of labor or services or the sale or lease and delivery of the merchandise listed therein, or both, (ii) will be the only
original writings evidencing and embodying such obligation of the account debtor named therein (other than copies created for general accounting purposes), (iii) will, to the knowledge of such Assignor, evidence true and valid obligations,
enforceable in accordance with their respective terms, and (iv) will be in compliance and will conform in all material respects with all applicable federal, state and local laws and applicable laws of any relevant foreign jurisdiction. 

 
 3.2 Maintenance of Records. Each Assignor will keep and maintain at
its own cost and expense accurate records of its Accounts and Contracts, including, but not limited to, originals of all documentation (including each Contract) with respect thereto, records of all payments received, all credits granted thereon, all
merchandise returned and all other dealings therewith, and such Assignor will make the same available on such Assignor’s premises to the Collateral Agent for inspection, at such Assignor’s own cost and expense, at any and all reasonable
times upon prior notice to such Assignor and otherwise in accordance with the Credit Agreement. Upon the occurrence and during the continuance of an Event of Default and at the request of the Collateral Agent, such Assignor shall, at its own cost
and expense, deliver all tangible evidence of its Accounts and Contract Rights (including, without limitation, all documents evidencing the Accounts and all Contracts) and such books and records to the Collateral Agent or to its representatives
(copies of which evidence and books and records may be retained by such Assignor). Upon the occurrence and during the continuance of an Event of Default and if the Collateral Agent so directs, such Assignor shall legend, in form and manner
satisfactory to the Collateral Agent, the Accounts and the Contracts, as well as books, records and documents (if any) of such Assignor evidencing or pertaining to such Accounts and Contracts with an appropriate reference to the fact that such
Accounts and Contracts have been assigned to the Collateral Agent and that the Collateral Agent has a security interest therein. 
  
 3.3 Direction to Account Debtors; Contracting Parties; etc. Upon the occurrence and during the continuance of an Event of Default following written
notice to such Assignor, if the Collateral Agent so directs any Assignor, such Assignor agrees (x) to cause all payments on account of the Accounts and Contracts to be made directly to the Cash Collateral Account, (y) that the Collateral Agent may,
at its option, directly notify the obligors with respect to any Accounts and/or under any Contracts to make payments with respect thereto as provided in the preceding clause (x), and (z) that the Collateral Agent may enforce collection of any such
Accounts and Contracts and may adjust, settle or compromise the amount of payment thereof, in the same manner and to the same extent as such Assignor. Without notice to or assent by any 

  

 -8- 

 
Assignor, the Collateral Agent may, upon the occurrence and during the continuance of an Event of Default, apply any or all amounts then in, or thereafter
deposited in, the Cash Collateral Account toward the payment of the Obligations in the manner provided in Section 7.4 of this Agreement. The reasonable costs and expenses of collection (including reasonable attorneys’ fees), whether incurred by
an Assignor or the Collateral Agent, shall be borne by the relevant Assignor. The Collateral Agent shall deliver a copy of each notice referred to in the preceding clause (y) to the relevant Assignor, provided that (x) the failure by the
Collateral Agent to so notify such Assignor shall not affect the effectiveness of such notice or the other rights of the Collateral Agent created by this Section 3.3 and (y) no such notice shall be required if an Event of Default of the type
described in Section 10.05 of the Credit Agreement has occurred and is continuing. 
  
 3.4 Modification of Terms; etc. Except in accordance with such Assignor’s ordinary course of business and consistent with reasonable business judgment or as permitted by Section 3.5 or the Credit
Documents, no Assignor shall rescind or cancel any indebtedness evidenced by any Account or under any Contract, or modify any material term thereof or make any material adjustment with respect thereto, or extend or renew the same, or compromise or
settle any material dispute, claim, suit or legal proceeding relating thereto, or sell any Account or Contract, or interest therein, without the prior written consent of the Collateral Agent unless such rescissions, cancellations, modifications,
adjustments, extensions, renewals, compromises, settlements, releases, or sales would not reasonably be expected to materially adversely affect the value of the Accounts or Contracts constituting Collateral taken as a whole. No Assignor will do
anything to impair the rights of the Collateral Agent in the Accounts or Contracts. 
  
 3.5 Collection. Each Assignor shall endeavor in accordance with reasonable business practices to cause to be collected from the account debtor named in each of its Accounts or obligor under any Contract, as and
when due (including, without limitation, amounts which are delinquent, such amounts to be collected in accordance with generally accepted lawful collection procedures) any and all amounts owing under or on account of such Account or Contract, and
apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding balance of such Account or under such Contract. Except as otherwise directed by the Collateral Agent after the occurrence and during the continuation of an
Event of Default, any Assignor may allow in the ordinary course of business as adjustments to amounts owing under its Accounts and Contracts (i) an extension or renewal of the time or times of payment, or settlement for less than the total unpaid
balance, which such Assignor finds appropriate in accordance with reasonable business judgment and (ii) a refund or credit due as a result of returned or damaged merchandise or improperly performed services or for other reasons which such Assignor
finds appropriate in accordance with reasonable business judgment. The reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees) of collection, whether incurred by an Assignor or the Collateral Agent, shall be
borne by the relevant Assignor. 
  
 3.6 Instruments. If any
Assignor owns or acquires any Instrument constituting Collateral (other than checks and other payment instruments received and collected in the ordinary course of business), such Assignor will within 10 Business Days notify the Collateral Agent
thereof, and upon request by the Collateral Agent will promptly deliver such Instrument to the Collateral Agent appropriately endorsed to the order of the Collateral Agent, provided that, 

  

 -9- 

 
so long as no Event of Default shall have occurred and be continuing, such Assignor may retain for collection in the ordinary course of business any
Instrument received by such Assignor in the ordinary course of business, and the Collateral Agent shall, promptly upon request of such Assignor, make appropriate arrangements for making any Instruments in its possession and pledged by such Assignor
available to such Assignor for purposes of presentation, collection or renewal. If such Assignor retains possession of any Instruments pursuant to the terms hereof, such Instrument shall be marked with the following legend: “This writing and
the obligations evidenced or secured hereby are subject to the security interests of Deutsche Bank Trust Company Americas, as collateral agent, for the benefit of itself and certain Lenders.”. 
  
 3.7 Assignors Remain Liable Under Accounts. Anything herein to the
contrary notwithstanding, the Assignors shall remain liable under each of the Accounts to observe and perform all of the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement
giving rise to such Accounts. Neither the Collateral Agent nor any other Secured Creditor shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by
the Collateral Agent or any other Secured Creditor of any payment relating to such Account pursuant hereto, nor shall the Collateral Agent or any other Secured Creditor be obligated in any manner to perform any of the obligations of any Assignor
under or pursuant to any Account (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by them or as to the sufficiency of any performance by any party under any
Account (or any agreement giving rise thereto), to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to them or to which they may be entitled at any time or
times. 
  
 3.8 Assignors Remain Liable Under Contracts.
Anything herein to the contrary notwithstanding, the Assignors shall remain liable under each of the Contracts to observe and perform all of the conditions and obligations to be observed and performed by them thereunder, all in accordance with and
pursuant to the terms and provisions of each Contract. Neither the Collateral Agent nor any other Secured Creditor shall have any obligation or liability under any Contract by reason of or arising out of this Agreement or the receipt by the
Collateral Agent or any other Secured Creditor of any payment relating to such Contract pursuant hereto, nor shall the Collateral Agent or any other Secured Creditor be obligated in any manner to perform any of the obligations of any Assignor under
or pursuant to any Contract, to make any payment, to make any inquiry as to the nature or the sufficiency of any performance by any party under any Contract, to present or file any claim, to take any action to enforce any performance or to collect
the payment of any amounts which may have been assigned to them or to which they may be entitled at any time or times. 
  
 3.9 Deposit Accounts; Etc. (a) No Assignor maintains, or at any time after the date of this Agreement shall establish or maintain, any demand,
time, savings, passbook or similar account, except for such accounts maintained with a bank (as defined in Section 9-102 of the UCC) whose jurisdiction (determined in accordance with Section 9-304 of the UCC) is within a State of the United States.
Annex F hereto accurately sets forth, as of the date of this Agreement, for each Assignor, each Deposit Account maintained by such Assignor (including a description thereof and the respective account number), the name of the respective bank with

  

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which such Deposit Account is maintained, and the jurisdiction of the respective bank with respect to such Deposit Account. For each Deposit Account (other
than the Cash Collateral Account or any other Deposit Account maintained with the Collateral Agent), the respective Assignor shall cause the bank with which the Deposit Account is maintained to execute and deliver to the Collateral Agent, within 60
days after the date of this Agreement or, if later, at the time of the establishment of the respective Deposit Account, a “control agreement” in the form of Annex G hereto (appropriately completed), with such changes thereto as may be
acceptable to the Collateral Agent. If any bank with which a Deposit Account is maintained refuses to, or does not, enter into such a “control agreement”, then the respective Assignor shall promptly (and in any event within 60 days after
the date of this Agreement or, if later, 60 days after the establishment of such account) close the respective Deposit Account and transfer all balances therein to the Cash Collateral Account or another Deposit Account meeting the requirements of
this Section 3.9. If any bank with which a Deposit Account is maintained refuses to subordinate all its claims with respect to such Deposit Account to the Collateral Agent’s security interest therein on terms reasonably satisfactory to the
Collateral Agent, then the Collateral Agent, at its option, may (x) require that such Deposit Account be terminated in accordance with the immediately preceding sentence or (y) agree to a “control agreement” without such subordination,
provided that in such event the Collateral Agent may at any time, at its option, subsequently require that such Deposit Account be terminated (within 30 days after notice from the Collateral Agent) in accordance with the requirements of the
immediately preceding sentence. 
  
 (b) After the date of this
Agreement, no Assignor shall establish any new demand, time, savings, passbook or similar account, except for Deposit Accounts established and maintained with banks and meeting the requirements of preceding clause (a). At the time any such Deposit
Account is established, the appropriate “control agreement” shall be entered into in accordance with the requirements of preceding clause (a) and the respective Assignor shall furnish to the Collateral Agent a supplement to Annex F hereto
containing the relevant information with respect to the respective Deposit Account and the bank with which same is established. 
  
 3.10 Letter-of-Credit Rights. If any Assignor is at any time a beneficiary under a letter of credit with a stated amount of $1,000,000 or more,
such Assignor shall promptly notify the Collateral Agent thereof and, at the request of the Collateral Agent, such Assignor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, use its reasonable
best efforts to (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under such letter of credit or (ii) arrange for the Collateral Agent to become
the transferee beneficiary of such letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be applied as provided in this Agreement after the occurrence and during the
continuance of an Event of Default (it being understood that unless an Event of Default has occurred and is continuing such proceeds shall be released to such Assignor). 
  
 3.11 Commercial Tort Claims. All Commercial Tort Claims of each Assignor in existence on the date of this Agreement
are described in Annex H hereto. If any Assignor shall at any time after the date of this Agreement acquire a Commercial Tort Claim in an amount (taking the greater of the aggregate claimed damages thereunder or the reasonably estimated 

  

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value thereof) of $1,000,000 or more, such Assignor shall promptly notify the Collateral Agent thereof in a writing signed by such Assignor and describing
the details thereof and shall grant to the Collateral Agent in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the
Collateral Agent. 
  
 3.12 Chattel Paper. Upon the
reasonable request of the Collateral Agent made at any time or from time to time, each Assignor shall promptly furnish to the Collateral Agent a list of all Electronic Chattel Paper held or owned by such Assignor. Furthermore, if requested by the
Collateral Agent, each Assignor shall promptly take all actions which are reasonably practicable so that the Collateral Agent has “control” of all Electronic Chattel Paper in accordance with the requirements of Section 9-105 of the UCC.
Each Assignor will promptly (and in any event within 10 days) following any reasonable request by the Collateral Agent, deliver all of its Tangible Chattel Paper to the Collateral Agent, provided that, so long as no Event of Default shall have
occurred and be continuing, such Assignor may retain for collection in the ordinary course of business any Chattel Paper received by such Assignor in the ordinary course of business, and the Collateral Agent shall, promptly upon request of such
Assignor, make appropriate arrangements for making any Chattel Paper in its possession and pledged by such Assignor available to such Assignor for purposes of presentation, collection or renewal. If such Assignor retains possession of any Chattel
Paper pursuant to the terms hereof, such Chattel Paper shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interests of Deutsche Bank Trust Company Americas, as
collateral agent, for the benefit of itself and certain Lenders.”. 
  
 3.13 Further Actions. Each Assignor will, at its own expense, make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such vouchers, invoices, schedules, confirmatory assignments,
conveyances, financing statements, transfer endorsements, certificates, reports and other assurances or instruments and take such further steps, including any and all actions as may be necessary or required under the Federal Assignment of Claims
Act, relating to its Accounts, Contracts, Instruments and other property or rights covered by the security interest hereby granted, as the Collateral Agent may reasonably require. 
  
 ARTICLE IV 
  
 SPECIAL PROVISIONS CONCERNING TRADEMARKS AND DOMAIN NAMES 
  
 4.1 Additional Representations and Warranties. Each Assignor represents and warrants that it is the true and lawful owner of or otherwise has the
right to use the registered Marks and Domain Names listed in Annex I hereto for such Assignor and that said listed Marks and Domain Names include all United States marks and applications for United States marks registered in the United States Patent
and Trademark Office and all Domain Names that such Assignor owns or uses in connection with its business as of the date hereof. Each Assignor represents and warrants that it owns, is licensed to use or otherwise has the right to use, all Marks and
Domain Names that it uses, except for such failure to own or have the right to use as have not had, and would not be reasonably expected to have, a Material Adverse Effect. Each Assignor further warrants that it has no knowledge of any third party
claim received by it that 

  

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any aspect of such Assignor’s present or contemplated business operations infringes or will infringe any trademark, service mark or trade name of any
other Person other than as has not, and would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Assignor represents and warrants that it is the true and lawful owner of or otherwise has the
right to use all U.S. trademark registrations and applications and Domain Name registrations listed in Annex I hereto and that said registrations are valid, subsisting, have not been canceled and that such Assignor is not aware of any third-party
claim that any of said registrations is invalid or unenforceable, and is not aware that there is any reason that any of said registrations is invalid or unenforceable, and is not aware that there is any reason that any of said applications will not
mature into registrations. Each Assignor hereby grants to the Collateral Agent an absolute power of attorney to sign, upon the occurrence and during the continuance of an Event of Default, any document which may be required by the United States
Patent and Trademark Office or similar registrar in order to effect an absolute assignment of all right, title and interest in each Mark and/or Domain Name, and record the same. 
  
 4.2 Licenses and Assignments. Except as otherwise permitted by the Secured Debt Agreements, each Assignor hereby
agrees not to divest itself of any right under any Mark or Domain Name absent prior written approval of the Collateral Agent. 
  
 4.3 Infringements. Each Assignor agrees, promptly upon learning thereof, to notify the Collateral Agent in writing of the name and address of, and
to furnish such pertinent information that may be available with respect to, any party who such Assignor believes is, or may be, infringing or diluting or otherwise violating any of such Assignor’s rights in and to any Mark or Domain Name in
any manner that would reasonably be expected to have a Material Adverse Effect, or with respect to any party claiming that such Assignor’s use of any Mark or Domain Name material to such Assignor’s business violates in any material respect
any property right of that party. Each Assignor further agrees to prosecute diligently in accordance with reasonable business practices any Person infringing any Mark or Domain Name in any manner that would reasonably be expected to have a Material
Adverse Effect. 
  
 4.4 Preservation of Marks and Domain
Names. Each Assignor agrees to use its Marks and Domain Names which are material to such Assignor’s business in interstate commerce during the time in which this Agreement is in effect and to take all such other actions as are reasonably
necessary to preserve such Marks as trademarks or service marks under the laws of the United States (other than any such Marks which are no longer used or useful in its business or operations). 
  
 4.5 Maintenance of Registration. Each Assignor shall, at its own
expense, diligently process all documents reasonably required to maintain all Mark and/or Domain Name registrations, including but not limited to affidavits of use and applications for renewals of registration in the United States Patent and
Trademark Office for all of its material registered Marks, and shall pay all fees and disbursements in connection therewith and shall not abandon any such filing of affidavit of use or any such application of renewal prior to the exhaustion of all
administrative and judicial remedies without prior written consent of the Collateral Agent, not to be unreasonably withheld (other than with respect to registrations and applications deemed by such Assignor in its reasonable business judgment to be
no longer prudent to pursue). 
  

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 4.6 Future Registered Marks and Domain Names. If any Mark registration is issued hereafter to any
Assignor as a result of any application now or hereafter pending before the United States Patent and Trademark Office or any Domain Name is registered by Assignor, within 60 days of receipt of such certificate or similar indicia of ownership, such
Assignor shall deliver to the Collateral Agent a copy of such registration certificate or similar indicia of ownership, and a grant of a security interest in such Mark and/or Domain Name, to the Collateral Agent and at the expense of such Assignor,
confirming the grant of a security interest in such Mark and/or Domain Name to the Collateral Agent hereunder, the form of such security to be substantially in the form of Annex L hereto or in such other form as may be reasonably satisfactory to the
Collateral Agent. 
  
 4.7 Remedies. If an Event of Default
shall occur and be continuing, the Collateral Agent may, by written notice to the relevant Assignor, take any or all of the following actions: (i) declare the entire right, title and interest of such Assignor in and to each of the Marks and Domain
Names, together with all trademark rights and rights of protection to the same, vested in the Collateral Agent for the benefit of the Secured Creditors, in which event such rights, title and interest shall immediately vest, in the Collateral Agent
for the benefit of the Secured Creditors, and the Collateral Agent shall be entitled to exercise the power of attorney referred to in Section 4.1 hereof to execute, cause to be acknowledged and notarized and record said absolute assignment with the
applicable agency or registrar; (ii) take and use or sell the Marks or Domain Names and the goodwill of such Assignor’s business symbolized by the Marks or Domain Names and the right to carry on the business and use the assets of such Assignor
in connection with which the Marks or Domain Names have been used; and (iii) direct such Assignor to refrain, in which event such Assignor shall refrain, from using the Marks or Domain Names in any manner whatsoever, directly or indirectly, and such
Assignor shall execute such further documents that the Collateral Agent may reasonably request to further confirm this and to transfer ownership of the Marks or Domain Names and registrations and any pending trademark applications in the United
States Patent and Trademark Office or applicable Domain Name registrar to the Collateral Agent. 
  
 ARTICLE V 
  
 SPECIAL PROVISIONS
CONCERNING PATENTS, COPYRIGHTS AND TRADE SECRETS 
  
 5.1
Additional Representations and Warranties. Each Assignor represents and warrants that it is the true and lawful owner of all rights in (i) all Trade Secret Rights, (ii) the Patents listed in Annex J hereto for such Assignor and that said
Patents include all the United States patents and applications for United States patents that such Assignor owns as of the date hereof and (iii) the Copyrights listed in Annex K hereto for such Assignor and that said Copyrights include all the
United States copyrights registered with the United States Copyright Office and applications to United States copyrights that such Assignor owns as of the date hereof. Each Assignor further warrants that it has no knowledge of any third party claim
that any aspect of such Assignor’s present or contemplated business operations infringes or will infringe any patent of any other Person or such Assignor has misappropriated any trade secret or proprietary information which, either individually
or in the aggregate, has, or would reasonably be expected to have, a Material Adverse Effect. Each Assignor hereby grants to the Collateral Agent an absolute power of attorney to sign, upon the occurrence and during the continuance of 

  

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any Event of Default, any document which may be required by the United States Patent and Trademark Office or the United States Copyright Office in order to
effect an absolute assignment of all right, title and interest in each Patent or Copyright, and to record the same. 
  
 5.2 Licenses and Assignments. Except as otherwise permitted by the Secured Debt Agreements, each Assignor hereby agrees not to divest itself of any
right under any Patent or Copyright absent prior written approval of the Collateral Agent. 
  
 5.3 Infringements. Each Assignor agrees, promptly upon learning thereof, to furnish the Collateral Agent in writing with all pertinent information available to such Assignor with respect to any infringement,
contributing infringement or active inducement to infringe or other violation of such Assignor’s rights in any Patent or Copyright or to any claim that the practice of any Patent or use of any Copyright violates any property right of a third
party, or with respect to any misappropriation of any Trade Secret Right or any claim that practice of any Trade Secret Right violates any property right of a third party, in each case, in any manner which, either individually or in the aggregate,
would reasonably be expected to have a Material Adverse Effect. Each Assignor further agrees, absent direction of the Collateral Agent to the contrary, to diligently prosecute, in accordance with its reasonable business judgment, any Person
infringing any Patent or Copyright or any Person misappropriating any Trade Secret Right, in each case to the extent that such infringement or misappropriation, either individually or in the aggregate, would reasonably be expected to have a Material
Adverse Effect. 
  
 5.4 Maintenance of Patents or
Copyrights. At its own expense, each Assignor shall make timely payment of all post-issuance fees required to maintain in force its rights under each Patent or Copyright, absent prior written consent of the Collateral Agent (other than any such
Patents or Copyrights which are no longer used or are deemed by such Assignor in its reasonable business judgment to no longer be useful in its business or operations). 
  
 5.5 Prosecution of Patent or Copyright Applications. At its own expense, each Assignor shall diligently prosecute all
material applications for (i) United States Patents listed in Annex J hereto and (ii) Copyrights listed on Annex K hereto, in each case for such Assignor and shall not abandon any such application prior to exhaustion of all administrative and
judicial remedies (other than applications that are deemed by such Assignor in its reasonable business judgment to no longer be necessary in the conduct of the Assignor’s business), absent written consent of the Collateral Agent not to be
unreasonably withheld. 
  
 5.6 Other Patents and
Copyrights. Within 30 days of the acquisition or issuance of a United States Patent, registration of a Copyright, or acquisition of a registered Copyright, or of filing of an application for a United States Patent or Copyright, the relevant
Assignor shall deliver to the Collateral Agent a copy of said Copyright or Patent, or certificate or registration of, or application therefor, as the case may be, with a grant of a security interest as to such Patent or Copyright, as the case may
be, to the Collateral Agent and at the expense of such Assignor, confirming the grant of a security interest, the form of such grant of a security interest to be substantially in the form of Annex M or N hereto, as appropriate, or in such other form
as may be reasonably satisfactory to the Collateral Agent. 
  

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 5.7 Remedies. If an Event of Default shall occur and be continuing, the Collateral Agent may, by
written notice to the relevant Assignor, take any or all of the following actions: (i) declare the entire right, title, and interest of such Assignor in each of the Patents and Copyrights vested in the Collateral Agent for the benefit of the Secured
Creditors, in which event such right, title, and interest shall immediately vest in the Collateral Agent for the benefit of the Secured Creditors, in which case the Collateral Agent shall be entitled to exercise the power of attorney referred to in
Section 5.1 hereof to execute, cause to be acknowledged and notarized and to record said absolute assignment with the applicable agency; (ii) take and practice or sell the Patents and Copyrights; and (iii) direct such Assignor to refrain, in which
event such Assignor shall refrain, from practicing the Patents and using the Copyrights directly or indirectly, and such Assignor shall execute such further documents as the Collateral Agent may reasonably request further to confirm this and to
transfer ownership of the Patents and Copyrights to the Collateral Agent for the benefit of the Secured Creditors. 
  
 ARTICLE VI 
  
 PROVISIONS CONCERNING ALL COLLATERAL 
  
 6.1
Protection of Collateral Agent’s Security. Except as otherwise permitted by the Secured Debt Agreements, each Assignor will do nothing to impair the rights of the Collateral Agent in the Collateral. Each Assignor or an affiliate on
behalf of such Assignor will at all times maintain insurance, at such Assignor’s own expense to the extent and in the manner provided in the Secured Debt Agreements. If any Event of Default shall have occurred and be continuing, the Collateral
Agent shall, at the time any proceeds of such insurance are distributed to the Secured Creditors, apply such proceeds in accordance with Section 7.4 hereof. Each Assignor assumes all liability and responsibility in connection with the Collateral
acquired by it and the liability of such Assignor to pay the Obligations shall in no way be affected or diminished by reason of the fact that such Collateral may be lost, destroyed, stolen, damaged or for any reason whatsoever unavailable to such
Assignor. 
  
 6.2 Warehouse Receipts Non-Negotiable. To the
extent practicable, each Assignor agrees that if any warehouse receipt or receipt in the nature of a warehouse receipt is issued with respect to any of its Inventory, such Assignor shall request that such warehouse receipt or receipt in the nature
thereof shall not be “negotiable” (as such term is used in Section 7-104 of the Uniform Commercial Code as in effect in any relevant jurisdiction or under other relevant law). 
  
 6.3 Additional Information. Each Assignor will, at its own expense, from time to time upon the reasonable request of
the Collateral Agent, promptly (and in any event within 10 Business Days after its receipt of the respective request) furnish to the Collateral Agent such information with respect to the Collateral (including the identity of the Collateral or such
components thereof as may have been reasonably requested by the Collateral Agent, the value and location of such Collateral, etc.) as may be requested by the Collateral Agent. Without limiting the forgoing, each Assignor agrees that it shall
promptly (and in any event within 10 Business Days after its receipt of the respective request) furnish to the Collateral Agent such updated Annexes hereto as may from time to time be reasonably requested by the Collateral Agent. 
  

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 6.4 Further Actions. Each Assignor will, at its own expense and upon the reasonable request of the
Collateral Agent, make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such lists, descriptions and designations of its Collateral, warehouse receipts, receipts in the nature of warehouse receipts, bills
of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, conveyances, financing statements, transfer endorsements, certificates, reports and other assurances or instruments and take such further steps relating to the
Collateral and other property or rights covered by the security interest hereby granted, which the Collateral Agent deems reasonably appropriate or advisable to perfect, preserve or protect its security interest in the Collateral at least to the
extent described in Section 2.1. 
  
 6.5 Financing
Statements. Each Assignor agrees to execute and deliver to the Collateral Agent such financing statements, in form reasonably acceptable to the Collateral Agent, as the Collateral Agent may from time to time reasonably request or as are
reasonably necessary or desirable in the opinion of the Collateral Agent to establish and maintain a valid, enforceable, perfected security interest in the Collateral as provided herein and the other rights and security contemplated hereby at least
to the extent described in Section 2.1. Each Assignor will pay any applicable filing fees, recordation taxes and related expenses relating to its Collateral. Each Assignor hereby authorizes the Collateral Agent to file any such financing statements
without the signature of such Assignor where permitted by law (and such authorization includes describing the Collateral as “all assets” of such Assignor). 
  
 ARTICLE VII 
  
 REMEDIES UPON OCCURRENCE OF AN EVENT OF DEFAULT 
  
 7.1 Remedies; Obtaining the Collateral Upon Default. Each Assignor agrees that, if any Event of Default shall have occurred and be continuing, then
and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law and under the other provisions of this Agreement, shall have all rights as a secured creditor under any UCC, and such additional
rights and remedies to which a secured creditor is entitled under the laws in effect in all relevant jurisdictions and may: 
  
 (i) personally, or by agents or attorneys, immediately take possession of the Collateral or any part thereof, from such Assignor or any
other Person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon such Assignor’s premises where any of the Collateral is located and remove the same and use in connection
with such removal any and all services, supplies, aids and other facilities of such Assignor; 
  
 (ii) instruct the obligor or obligors on any agreement, instrument or other obligation (including, without limitation, the Accounts and
the Contracts) constituting the Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent and may exercise any and all remedies of such Assignor in respect of such
Collateral; 
  

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 (iii) instruct all banks which have entered into a control agreement with the Collateral
Agent to transfer all monies, securities and instruments held by such depositary bank to the Cash Collateral Account; it being understood and agreed that unless an Event of Default has occurred and is continuing, the Collateral Agent shall not
deliver to such banks a Notice of Exclusive Control under, and as defined in the respective “control agreement” relating thereto; 
  
 (iv) sell, assign or otherwise liquidate any or all of the Collateral or any part thereof in accordance with Section 7.2 hereof, or direct
such Assignor to sell, assign or otherwise liquidate any or all of the Collateral or any part thereof, and, in each case, take possession of the proceeds of any such sale or liquidation; 
  
 (v) take possession of the Collateral or any part thereof, by directing such Assignor in writing to deliver
the same to the Collateral Agent at any reasonable place or places designated by the Collateral Agent, in which event such Assignor shall at its own expense: 
  

(x) forthwith cause the same to be moved to the place or places so designated by the Collateral Agent and there delivered to the
Collateral Agent; 
  
 (y) store and keep any
Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent as provided in Section 7.2 hereof; and 
  

(z) while the Collateral shall be so stored and kept, provide such security and maintenance services as shall be reasonably necessary
to protect the same and to preserve and maintain it in good condition; 
  
 (vi) license or sublicense, whether on an exclusive or nonexclusive basis, any Marks, Domain Names, Patents or Copyrights included in the Collateral for such term and on such conditions and in such manner as the
Collateral Agent shall in its sole judgment determine; 
  
 (vii) apply any monies constituting Collateral or proceeds thereof in accordance with the provisions of Section 7.4; and 
  
 (viii) take any other action as specified in clauses (1) through (5), inclusive, of Section 9-607 of the UCC; 
  
 it being understood that each Assignor’s obligation so to deliver the Collateral is of
the essence of this Agreement and that, accordingly, upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by such Assignor of said obligation. By accepting the
benefits of this Agreement and each other Security Document, the Secured Creditors expressly acknowledge and agree that this Agreement and each other Security Document may be enforced only by the action of the Collateral Agent acting upon the
instructions of the Required Secured Creditors and that no other Secured Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the 

  

 -18- 

 
security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Collateral Agent or the holders of at
least a majority of the outstanding Other Obligations, as the case may be, for the benefit of the Secured Creditors upon the terms of this Agreement and the other Security Documents. 
  
 7.2 Remedies; Disposition of the Collateral. To the extent permitted by applicable law, if any Event of Default shall
have occurred and be continuing, then any Collateral repossessed by the Collateral Agent under or pursuant to Section 7.1 hereof and any other Collateral whether or not so repossessed by the Collateral Agent, may be sold, assigned, leased or
otherwise disposed of under one or more contracts or as an entirety, and without the necessity of gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at such place or places and on such terms
as the Collateral Agent may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable. Any of the Collateral may be sold, leased or otherwise disposed of, in the condition in which the same existed
when taken by the Collateral Agent or after any overhaul or repair at the expense of the relevant Assignor which the Collateral Agent shall determine to be commercially reasonable. Any such sale, lease or other disposition may be effected by means
of a public disposition or private disposition, effected in accordance with the applicable requirements (in each case if and to the extent applicable) of Sections 9-610 through 9-613 of the UCC and/or such other mandatory requirements of applicable
law as may apply to the respective disposition. The Collateral Agent may, without notice or publication, adjourn any public or private disposition or cause the same to be adjourned from time to time by announcement at the time and place fixed for
the disposition, and such disposition may be made at any time or place to which the disposition may be so adjourned. To the extent permitted by any such requirement of law, the Collateral Agent may bid for and become the purchaser (and may pay all
or any portion of the purchase price by crediting Obligations against the purchase price) of the Collateral or any item thereof, offered for disposition in accordance with this Section 7.2 without accountability to the relevant Assignor. If, under
applicable law, the Collateral Agent shall be permitted to make disposition of the Collateral within a period of time which does not permit the giving of notice to the relevant Assignor as hereinabove specified, the Collateral Agent need give such
Assignor only such notice of disposition as shall be required by such applicable law. Each Assignor agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make such disposition or dispositions of all or any
portion of the Collateral valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign,
having jurisdiction over any such sale or sales, all at such Assignor’s expense. 
  
 7.3 Waiver of Claims. Except as otherwise provided in this Agreement, EACH ASSIGNOR HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, NOTICE AND JUDICIAL HEARING IN CONNECTION WITH THE COLLATERAL
AGENT’S TAKING POSSESSION OR THE COLLATERAL AGENT’S DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES, and each Assignor hereby further waives,
to the extent permitted by law: 
  
 (a) all damages occasioned by
such taking of possession or any such disposition except any damages which are the direct result of the Collateral Agent’s gross negligence or 

  

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willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision); 
  
 (b) all other requirements as to the time, place and terms of sale or other
requirements with respect to the enforcement of the Collateral Agent’s rights hereunder; and 
  
 (c) all rights of redemption, appraisement, valuation, stay, extension or moratorium now or hereafter in force under any applicable law in order to
prevent or delay the enforcement of this Agreement or the absolute sale of the Collateral or any portion thereof, and each Assignor, for itself and all who may claim under it, insofar as it or they now or hereafter lawfully may, hereby waives the
benefit of all such laws. 
  
 Any sale of, or the grant of options to purchase, or
any other realization upon, any Collateral shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the relevant Assignor therein and thereto, and shall be a perpetual bar both at law and in equity against
such Assignor and against any and all Persons claiming or attempting to claim the Collateral so sold, optioned or realized upon, or any part thereof, from, through and under such Assignor. 
  
 7.4 Application of Proceeds. (a) All moneys collected by the
Collateral Agent (or, to the extent the Pledge Agreement or any other Security Document requires proceeds of collateral under such other Security Document to be applied in accordance with the provisions of this Agreement, the Pledgee or collateral
agent under such other Security Document) upon any sale or other disposition of the Collateral, together with all other moneys received by the Collateral Agent hereunder, shall be applied as follows: 
  
 (i) first, to the payment of all amounts owing the
Collateral Agent of the type described in clauses (iii), (iv) and (v) of the definition of “Obligations”; 
  
 (ii) second, to the extent proceeds remain after the application pursuant to the preceding clause (i), to the payment of all
amounts owing to any Agent of the type described in clauses (v) and (vi) of the definition of “Obligations”; 
  
 (iii) third, to the extent proceeds remain after the application pursuant to the preceding clauses (i) and (ii), an amount equal to
the outstanding Primary Obligations shall be paid to the Secured Creditors as provided in Section 7.4(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding Primary Obligations or, if the proceeds are insufficient to pay
in full all such Primary Obligations, its Pro Rata Share of the amount remaining to be distributed; 
  
 (iv) fourth, to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iii), inclusive, an
amount equal to the outstanding Secondary Obligations shall be paid to the Secured Creditors as provided in Section 7.4(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding Secondary Obligations or, if the proceeds are
insufficient to pay in full all such Secondary Obligations, its Pro Rata Share of the amount remaining to be distributed; and 
  

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 (v) fifth, to the extent proceeds remain after the application pursuant to the
preceding clauses (i) through (iv), inclusive, and following the termination of this Agreement pursuant to Section 10.8(a) hereof, to the relevant Assignor or to whomever may be lawfully entitled to receive such surplus. 
  
 (b) For purposes of this Agreement, (x) “Pro Rata Share”
shall mean, when calculating a Secured Creditor’s portion of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Secured Creditor’s Primary
Obligations or Secondary Obligations, as the case may be, and the denominator of which is the then outstanding amount of all Primary Obligations or Secondary Obligations, as the case may be, (y) “Primary Obligations” shall mean (i)
in the case of the Credit Document Obligations, all unpaid principal of, premium, if any, fees and interest on, all Loans, all Unpaid Drawings, the Stated Amount of all outstanding Letters of Credit and all Fees and (ii) in the case of the Other
Obligations, all amounts due under each Interest Rate Protection Agreement with an Other Creditor (other than indemnities, fees (including, without limitation, attorneys’ fees) and similar obligations and liabilities) and (z) “Secondary
Obligations” shall mean all Obligations other than Primary Obligations. 
  
 (c) When payments to Secured Creditors are based upon their respective Pro Rata Shares, the amounts received by such Secured Creditors hereunder shall be applied (for purposes of making determinations under this
Section 7.4 only) (i) first, to their Primary Obligations and (ii) second, to their Secondary Obligations. If any payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to such Secured Creditor, such
excess amount shall instead be distributed in respect of the unpaid Primary Obligations or Secondary Obligations, as the case may be, of the other Secured Creditors, with each Secured Creditor whose Primary Obligations or Secondary Obligations, as
the case may be, have not been paid in full to receive an amount equal to such excess amount multiplied by a fraction the numerator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of such Secured Creditor and
the denominator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of all Secured Creditors entitled to such distribution. 
  

(d) Each of the Secured Creditors, by their acceptance of the benefits hereof and of the other Security Documents, agrees and acknowledges that if the
Lender Creditors receive a distribution on account of undrawn amounts with respect to Letters of Credit issued under the Credit Agreement (which shall only occur after all outstanding Revolving Loans under the Credit Agreement and Unpaid Drawings
have been paid in full), such amounts shall be paid to the Administrative Agent under the Credit Agreement and held by it, for the equal and ratable benefit of the Lender Creditors, as cash security for the repayment of Obligations owing to the
Lender Creditors as such. If any amounts are held as cash security pursuant to the immediately preceding sentence, then upon the termination of all outstanding Letters of Credit under the Credit Agreement, and after the application of all such cash
security to the repayment of all Obligations owing to the Lender Creditors after giving effect to the termination of all such Letters of Credit, if there remains any excess cash, such excess cash shall be returned by the Administrative Agent to the
Collateral Agent for distribution in accordance with Section 7.4(a) hereof. 
  

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 (e) All payments required to be made hereunder shall be made (x) if to the Lender Creditors, to the
Administrative Agent for the account of the Lender Creditors and (y) if to the Other Creditors, to the trustee, paying agent or other similar representative (each, a “Representative”) for the Other Creditors or, in the absence of
such a Representative, directly to the Other Creditors. 
  
 (f)
For purposes of applying payments received in accordance with this Section 7.4, the Collateral Agent shall be entitled to rely upon (i) the Administrative Agent and (ii) the Representative or, in the absence of such a Representative, upon the Other
Creditors for a determination (which the Administrative Agent, each Representative and the Other Creditors agree (or shall agree) to provide upon request of the Collateral Agent) of the outstanding Primary Obligations and Secondary Obligations owed
to the Lender Creditors or the Other Creditors, as the case may be. Unless it has received written notice from a Lender Creditor or an Other Creditor to the contrary, the Administrative Agent and each Representative, in furnishing information
pursuant to the preceding sentence, and the Collateral Agent, in acting hereunder, shall be entitled to assume that no Secondary Obligations are outstanding. Unless it has written notice from an Other Creditor to the contrary, the Collateral Agent,
in acting hereunder, shall be entitled to assume that no Interest Rate Protection Agreements are in existence. 
  
 (g) It is understood that the Assignors shall remain jointly and severally liable to the extent of any deficiency between the amount of the proceeds of
the Collateral and the aggregate amount of the Obligations. 
  
 7.5 Remedies Cumulative. Each and every right, power and remedy hereby specifically given to the Collateral Agent shall be in addition to every other right, power and remedy specifically given to the Collateral Agent under this
Agreement, the other Secured Debt Agreements or now or hereafter existing at law, in equity or by statute and each and every right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time or
simultaneously and as often and in such order as may be deemed expedient by the Collateral Agent. All such rights, powers and remedies shall be cumulative and the exercise or the beginning of the exercise of one shall not be deemed a waiver of the
right to exercise any other or others. No delay or omission of the Collateral Agent in the exercise of any such right, power or remedy and no renewal or extension of any of the Obligations shall impair any such right, power or remedy or shall be
construed to be a waiver of any Default or Event of Default or an acquiescence thereof. No notice to or demand on any Assignor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a
waiver of any of the rights of the Collateral Agent to any other or further action in any circumstances without notice or demand. In the event that the Collateral Agent shall bring any suit to enforce any of its rights hereunder and shall be
entitled to judgment, then in such suit the Collateral Agent may recover reasonable expenses, including reasonable attorneys’ fees, and the amounts thereof shall be included in such judgment. 
  
 7.6 Discontinuance of Proceedings. In case the Collateral Agent shall
have instituted any proceeding to enforce any right, power or remedy under this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely
to the Collateral Agent, then and in every such case the relevant Assignor, the Collateral Agent and each holder of any of the Obligations shall 

  

 -22- 

 
be restored to their former positions and rights hereunder with respect to the Collateral subject to the security interest created under this Agreement, and
all rights, remedies and powers of the Collateral Agent shall continue as if no such proceeding had been instituted. 
  
 ARTICLE VIII 
  
 INDEMNITY 
  
 8.1 Indemnity. (a) Each Assignor
jointly and severally agrees to indemnify, reimburse and hold the Collateral Agent, each other Secured Creditor and their respective successors, assigns, employees, affiliates and agents (hereinafter in this Section 8.1 referred to individually as
“Indemnitee,” and collectively as “Indemnitees”) harmless from any and all liabilities, obligations, damages, injuries, penalties, claims, demands, actions, suits, judgments and any and all costs, expenses or
disbursements (including reasonable attorneys’ fees and expenses) (for the purposes of this Section 8.1 the foregoing are collectively called “Indemnified Liabilities”) of whatsoever kind and nature imposed on, asserted against
or incurred by any of the Indemnitees in any way relating to or arising out of this Agreement, any other Secured Debt Agreement or any other document executed in connection herewith or therewith or in any other way connected with the administration
of the transactions contemplated hereby or thereby or the enforcement of any of the terms of, or the preservation of any rights under any thereof, or in any way relating to or arising out of the manufacture, ownership, ordering, purchase, delivery,
control, acceptance, lease, financing, possession, operation, condition, sale, return or other disposition, or use of the Collateral (including, without limitation, latent or other defects, whether or not discoverable), the violation of the laws of
any country, state or other governmental body or unit, any tort (including, without limitation, claims arising or imposed under the doctrine of strict liability, or for or on account of injury to or the death of any Person (including any
Indemnitee), or property damage), or contract claim; provided that no Indemnitee shall be indemnified pursuant to this Section 8.1(a) for Indemnified Liabilities to the extent caused by the gross negligence or willful misconduct of respective
Indemnitee, any Affiliate of such Indemnitee, or any of their respective directors, officers, employees, representatives, agents, Affiliates, trustees or investment advisors (as determined by a court of competent jurisdiction in a final and
non-appealable decision). Each Assignor agrees that upon written notice by any Indemnitee of the assertion of such Indemnified Liabilities, the relevant Assignor shall assume full responsibility for the defense thereof. Each Indemnitee agrees to use
its best efforts to promptly notify the relevant Assignor of any such assertion of which such Indemnitee has knowledge. 
  
 (b) Without limiting the application of Section 8.1(a) hereof, each Assignor agrees, jointly and severally, to pay or reimburse the Collateral Agent for
any and all reasonable fees, costs and expenses of whatever kind or nature incurred in connection with the creation, preservation or protection of the Collateral Agent’s Liens on, and security interest in, the Collateral, including, without
limitation, all fees and taxes in connection with the recording or filing of instruments and documents in public offices, payment or discharge of any taxes or Liens upon or in respect of the Collateral, premiums for insurance with respect to the
Collateral and all other fees, costs and expenses in connection with protecting, maintaining or preserving the Collateral and the Collateral Agent’s interest therein, whether through judicial proceedings or 

  

 -23- 

 
otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or relating to the Collateral. 
  
 (c) Without limiting the application of Section 8.1(a) or (b) hereof, each
Assignor agrees, jointly and severally, to pay, indemnify and hold each Indemnitee harmless from and against any loss, costs, damages and expenses which such Indemnitee may suffer, expend or incur in consequence of or growing out of any
misrepresentation by any Assignor in this Agreement, any other Secured Debt Agreement or in any writing contemplated by or made or delivered pursuant to or in connection with this Agreement or any other Secured Debt Agreement. 
  
 (d) If and to the extent that the obligations of any Assignor under this
Section 8.1 are unenforceable for any reason, such Assignor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 
  
 8.2 Indemnity Obligations Secured by Collateral; Survival. Any amounts
paid by any Indemnitee as to which such Indemnitee has the right to reimbursement shall constitute Obligations secured by the Collateral. The indemnity obligations of each Assignor contained in this Article VIII shall continue in full force and
effect notwithstanding the full payment of all of the other Obligations and notwithstanding the full payment of all the Notes issued, and Loans made, under the Credit Agreement, the termination of all Letters of Credit issued under the Credit
Agreement, the termination of all Interest Rate Protection Agreements entered into with the Other Creditors and the payment of all other Obligations and notwithstanding the discharge thereof and the occurrence of the Termination Date. 
  
 ARTICLE IX 
  
 DEFINITIONS 
  
 The following terms shall have the meanings herein specified. Such definitions shall be equally applicable to the singular and plural forms of the terms
defined. 
  
 “Account” shall mean any
“account” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York, and in any event shall include but shall not be limited to, all rights to payment of any monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv)
for a secondary obligation incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information
contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance operated or sponsored by a State, governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental unit of
a State. Without limiting the foregoing, the term “account” shall include all Health-Care-Insurance Receivables. 
  

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 “Administrative Agent” shall have the meaning provided in the recitals of this
Agreement. 
  
 “Agreement” shall mean this
Security Agreement as the same may be amended, modified, restated and/or supplemented from time to time in accordance with its terms. 
  
 “As-Extracted Collateral” shall mean “as-extracted collateral” as such term is defined in the Uniform Commercial Code as in
effect on the date hereof in the State of New York. 
  
 “Assignor” shall have the meaning provided in the first paragraph of this Agreement. 
  
 “Borrower” shall have the meaning provided in the recitals of this Agreement. 
  
 “Cash Collateral Account” shall mean a non-interest bearing
cash collateral account maintained with, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Creditors. 
  
 “Chattel Paper” shall mean “chattel paper” as such term is defined in the Uniform Commercial Code as in effect on the date
hereof in the State of New York. Without limiting the foregoing, the term “Chattel Paper” shall in any event include all Tangible Chattel Paper and all Electronic Chattel Paper. 
  
 “Class” shall have the meaning provided in Section 10.2 of this Agreement. 
  
 “Collateral” shall have the meaning provided in Section
1.1(a) of this Agreement. 
  
 “Collateral Agent”
shall have the meaning provided in the first paragraph of this Agreement. 
  
 “Commercial Tort Claims” shall mean “commercial tort claims” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
  
 “Contract Rights” shall mean all rights of any Assignor
under each Contract, including, without limitation, (i) any and all rights to receive and demand payments under any or all Contracts, (ii) any and all rights to receive and compel performance under any or all Contracts and (iii) any and all other
rights, interests and claims now existing or in the future arising in connection with any or all Contracts. 
  
 “Contracts” shall mean all contracts between any Assignor and one or more additional parties (including, without limitation, any Interest
Rate Protection Agreements, Other Hedging Agreements, licensing agreements and any partnership agreements, joint venture agreements and limited liability company agreements). 
  
 “Copyrights” shall mean any United States or foreign copyright now or hereafter owned by any Assignor,
including any registrations of any copyrights, in the United States 

  

 -25- 

 
Copyright Office or any foreign equivalent office, as well as any application for a copyright registration now or hereafter made with the United States
Copyright Office or any foreign equivalent office by any Assignor. 
  
 “Credit Agreement” shall have the meaning provided in the recitals of this Agreement. 
  
 “Credit Document Obligations” shall have the meaning provided in the definition of “Obligations” in this Article IX.

  
 “Deposit Accounts” shall mean all
“deposit accounts” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
  
 “Documents” shall mean “documents” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in
the State of New York. 
  
 “Domain Names” shall
mean all Internet domain names and associated URL addresses in or to which any Assignor now or hereafter has any right, title or interest. 
  
 “Electronic Chattel Paper” shall mean “electronic chattel paper” as such term is defined in the Uniform Commercial Code as in
effect on the date hereof in the State of New York. 
  
 “Equipment” shall mean any “equipment” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York, and in any event, shall include, but shall not be limited to,
all machinery, equipment, furnishings, fixtures and vehicles now or hereafter owned by any Assignor and any and all additions, substitutions and replacements of any of the foregoing and all accessions thereto, wherever located, together with all
attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 
  
 “Event of Default” shall mean any Event of Default under, and as defined in, the Credit Agreement and shall in any event include, without
limitation, any payment default on any of the Obligations after the expiration of any applicable grace period. 
  
 “General Intangibles” shall mean “general intangibles” as such term is defined in the Uniform Commercial Code as in effect on
the date hereof in the State of New York. 
  
 “Goods” shall mean “goods” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
  
 “Health-Care-Insurance Receivable” shall mean any “health-care-insurance receivable” as such term
is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
  
 “Holdings” shall have the meaning provided in the recitals hereto. 
  

 -26- 

 “Indemnitee” shall have the meaning provided in Section 8.1(a) of this Agreement.

  
 “Instrument” shall mean
“instruments” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
  
 “Inventory” shall mean merchandise, inventory and goods, and all additions, substitutions and replacements thereof and all accessions
thereto, wherever located, together with all goods, supplies, incidentals, packaging materials, labels, materials and any other items used or usable in manufacturing, processing, packaging or shipping same, in all stages of production from raw
materials through work in process to finished goods, and all products and proceeds of whatever sort and wherever located any portion thereof which may be returned, rejected, reclaimed or repossessed by the Collateral Agent from any Assignor’s
customers, and shall specifically include all “inventory” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
  
 “Investment Property” shall mean “investment property” as such term is defined in the Uniform
Commercial Code as in effect on the date hereof in the State of New York. 
  
 “Lender Creditors” shall have the meaning provided in the recitals of this Agreement. 
  
 “Lenders” shall have the meaning provided in the recitals of this Agreement. 
  
 “Letter-of-Credit Rights” shall mean “letter-of-credit
rights” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
  
 “Location” of any Assignor, shall mean such Assignor’s “location” as determined pursuant to Section 9-307 of the UCC.

  
 “Marks” shall mean all right, title and
interest in and to any trademarks, service marks and trade names now held or hereafter acquired by any Assignor, including any registration or application for registration of any trademarks and service marks now held or hereafter acquired by any
Assignor (except for “intent to use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under
Sections 1(c) and 1(d) of said Act has been filed), which are registered or filed in the United States Patent and Trademark Office or the equivalent thereof in any state of the United States or any equivalent foreign office or agency, as well as any
unregistered trademarks and service marks used by an Assignor and any trade dress including logos, designs, fictitious business names and other business identifiers used by any Assignor. 
  
 “Material Adverse Effect” shall mean a material adverse effect on the business, property, assets,
liabilities (actual or contingent), operations or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole. 
  

 -27- 

 “Obligations” shall mean and include, as to any Assignor, all of the following:

  
 (i) the full and prompt payment when due
(whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, unpaid principal, if any, premium, interest (including, without limitation, all interest that accrues after
the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Assignor at the rate provided for in the respective documentation, whether or not a claim for post-petition
interest is allowed in any such proceeding), reimbursement obligations under Letters of Credit, fees, costs and indemnities) of such Assignor to the Lender Creditors, whether now existing or hereafter incurred under, arising out of, or in connection
with, the Credit Agreement and the other Credit Documents to which such Assignor is a party (including, without limitation, in the event such Assignor is a Guarantor, all such obligations, liabilities and indebtedness of such Assignor under its
Guaranty) and the due performance and compliance by such Assignor with all of the terms, conditions and agreements contained in the Credit Agreement and in such other Credit Documents (all such obligations, liabilities and indebtedness under this
clause (i), except to the extent consisting of obligations or indebtedness with respect to Interest Rate Protection Agreements, being herein collectively called the “Credit Document Obligations”); 
  
 (ii) the full and prompt payment when due (whether at stated
maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency,
reorganization or similar proceeding of any Assignor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing by such Assignor to the Other Creditors, now
existing or hereafter incurred under, arising out of or in connection with any Interest Rate Protection Agreement, whether such Interest Rate Protection Agreement is now in existence or hereinafter arising (including, without limitation, in the case
of a Assignor that is a Guarantor, all obligations, liabilities and indebtedness of such Assignor under its Guaranty in respect of the Interest Rate Protection Agreements), and the due performance and compliance by such Assignor with all of the
terms, conditions and agreements contained in each such Interest Rate Protection Agreement (all such obligations, liabilities and indebtedness under this clause (ii) being herein collectively called the “Other Obligations”);

  
 (iii) any and all sums advanced by the
Collateral Agent in order to preserve the Collateral or preserve its security interest in the Collateral; 
  
 (iv) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations, or liabilities of such Assignor
referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral,
or of any exercise by the Collateral Agent of its rights hereunder, together with reasonable attorneys’ fees and court costs; 
  
 (v) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 8.1 of this Agreement; and

  

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 (vi) all amounts owing to any Agent pursuant to any of the Credit Documents in its
capacity as such; 
  
 it being acknowledged and agreed that the
“Obligations” shall include extensions of credit of the types described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement. 
  
 “Ordinary Course Transferees” shall mean: (i) with respect
to Goods only, buyers in the ordinary course of business and lessees in the ordinary course of business to the extent provided in Section 9-320(a) and 9-321 of the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction,
(ii) with respect to General Intangibles only, licensees in the ordinary course of business to the extent provided in Section 9-321 of the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction and (iii) any other Person
who is entitled to take free of the Lien pursuant to the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction. 
  
 “Other Creditors” shall have the meaning provided in the recitals of this Agreement. 
  
 “Other Obligations” shall have the meaning provided in the
definition of “Obligations” in this Article IX. 
  
 “Patents” shall mean any patent in or to which any Assignor now or hereafter has any right, title or interest therein, and any divisions, continuations (including, but not limited to, continuations-in-parts) and
improvements thereof, as well as any application for a patent now or hereafter made by any Assignor. 
  
 “Permits” shall mean, to the extent permitted to be assigned by the terms thereof or by applicable law, all licenses, permits, rights,
orders, variances, franchises or authorizations of or from any governmental authority or agency. 
  
 “Primary Obligations” shall have the meaning provided in Section 7.4(b) of this Agreement. 
  
 “Pro Rata Share” shall have the meaning provided in Section
7.4(b) of this Agreement. 
  
 “Proceeds” shall
mean all “proceeds” as such term is defined in the Uniform Commercial Code as in effect in the State of New York on the date hereof and, in any event, shall also include, but not be limited to, (i) any and all proceeds of any insurance,
indemnity, warranty or guaranty payable to the Collateral Agent or any Assignor from time to time with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to any Assignor from time to time in
connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or any person acting under color of governmental authority) and (iii) any and all other amounts
from time to time paid or payable under or in connection with any of the Collateral. 
  

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 “Registered Organization” shall have the meaning provided in the Uniform Commercial Code
as in effect in the State of New York. 
  
 “Representative” shall have the meaning provided in Section 7.4(e) of this Agreement. 
  
 “Required Secured Creditors” shall mean (i) at any time when any Credit Document Obligations are outstanding or any Commitments under the
Credit Agreement exist, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the Lenders) and (ii) at any time after all of the Credit Document Obligations have been paid in full and all Commitments
under the Credit Agreement have been terminated and no further Commitments may be provided thereunder, the holders of a majority of the Other Obligations. 
  
 “Requisite Creditors” shall have the meaning provided in Section 10.2 of this Agreement. 
  
 “Secondary Obligations” shall have the meaning provided in
Section 7.4(b) of this Agreement. 
  
 “Secured
Creditors” shall have the meaning provided in the recitals of this Agreement. 
  
 “Secured Debt Agreements” shall mean and include this Agreement, the other Credit Documents and the Interest Rate Protection Agreements entered into with an Other Creditor. 
  
 “Software” shall mean “software” as such term is
defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
  
 “Specified Assets” shall mean the following property and assets of such Grantor: 
  
 (i) Equipment constituting Fixtures or Vehicles; 

 
 (ii) Accounts or receivables arising therefrom to the
extent that the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction is not applicable to the creation or perfection of Liens thereon; 
  
 (iii) uncertificated securities; 
  
 (iv) Collateral for which the perfection of Liens thereon requires filings in or other actions under the
laws of jurisdictions outside the United States of America, any State, territory or dependency thereof or the District of Columbia; 
  
 (v) Goods constituting Vehicles or included in Collateral received by any Person for “sale or return” within the meaning of
Section 2-326 of the Uniform Commercial Code of the applicable jurisdiction, to the extent of claims of creditors of such Person; 
  

 -30- 

 (vi) Patents, Marks and Copyrights to the extent that Liens thereon cannot be perfected
by the filing of UCC financing statements under the UCC or by a filing in the United States Patent and Trademark Office or the United States Copyright Office; and 
  
 (v) Proceeds which have not been transferred to or deposited in the Cash Collateral Account (if any) or a
Deposit Account meeting the requirements of Section 3.9 hereof. 
  
 “Supporting Obligations” shall mean any “supporting obligation” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York, now or hereafter owned by any
Assignor, or in which any Assignor has any rights, and, in any event, shall include, but shall not be limited to all of such Assignor’s rights in any Letter-of-Credit Right or secondary obligation that supports the payment or performance of,
and all security for, any Account, Chattel Paper, Document, General Intangible, Instrument or Investment Property. 
  
 “Tangible Chattel Paper” shall mean “tangible chattel paper” as such term is defined in the Uniform Commercial Code as in
effect on the date hereof in the State of New York. 
  
 “Termination Date” shall have the meaning provided in Section 10.8(a) of this Agreement. 
  
 “Timber-to-be-Cut” shall mean “timber-to-be-cut” as such term is defined in the Uniform Commercial Code as in effect on the
date hereof in the State of New York. 
  
 “Trade Secret
Rights” shall mean the rights of an Assignor in any Trade Secret it holds. 
  
 “Trade Secrets” shall mean any secretly held existing engineering or other data, information, production procedures and other know-how relating to the design manufacture, assembly, installation, use,
operation, marketing, sale and/or servicing of any products or business of an Assignor worldwide whether written or not. 
  
 “Transmitting Utility” shall have the meaning given such term in Section 9-102(a)(80) of the UCC. 
  
 “UCC” shall mean the Uniform Commercial Code as in effect
from time to time in the relevant jurisdiction. 
  
 “Vehicles” shall mean all cars, trucks, construction and earth moving equipment covered by a certificate of title law of any state (and where perfection of security interests therein cannot be effected by filings under the
UCC). 
  

 -31- 

 ARTICLE X 
  
 MISCELLANEOUS 
  
 10.1 Notices. Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties hereto
shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by courier, be effective when deposited in the
mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Collateral Agent or any Assignor shall not be effective until received
by the Collateral Agent or such Assignor, as the case may be. All notices and other communications shall be in writing and addressed as follows: 
  
 (a) if to any Assignor, c/o: 
  
 BWAY Corporation 
 8607 Roberts Drive 
 Suite 250 
 Atlanta, Georgia 30350 
 Attention: Jeff O’Connell 
 Telephone No.: 770-645-4800 
 Telecopier No.: 770-645-4810 
  
 (b) if to the Collateral Agent, at: 
  
 Deutsche Bank Trust Company Americas 
 60 Wall Street 
 New York, New York 10005 
 Attention: Albert Fischetti 
 Telephone No.: (212) 250-0452 
 Telecopier No.: (212) 797-5904 
  
 (c) if to any Lender Creditor (other than the Collateral
Agent), at such address as such Lender Creditor shall have specified in the Credit Agreement; 
  
 (d) if to any Other Creditor, at such address as such Other Creditor shall have specified in writing to each Assignor and the Collateral
Agent; 
  
 or at such other address or addressed to such other individual as shall
have been furnished in writing by any Person described above to the party required to give notice hereunder. 
  
 10.2 Waiver; Amendment. Except as provided in Sections 10.8 and 10.12, none of the terms and conditions of this Agreement may be changed, waived,
modified or varied in any manner whatsoever unless in writing duly signed by each Assignor directly affected thereby (it being understood that the addition or release of any Assignor hereunder shall not constitute a change, waiver, discharge or
termination affecting any Assignor other than the Assignor so added or released) and the Collateral Agent (with the written consent of the Required Secured 

  

 -32- 

 
Creditors); provided, however, that any change, waiver, modification or variance affecting the rights and benefits of a single Class of Secured
Creditors (and not all Secured Creditors in a like or similar manner) also shall require the written consent of the Requisite Creditors of such affected Class. For the purpose of this Agreement, the term “Class” shall mean each
class of Secured Creditors, i.e., whether (x) the Lender Creditors as holders of the Credit Document Obligations or (y) the Other Creditors as the holders of the Other Obligations. For the purpose of this Agreement, the term
“Requisite Creditors” of any Class shall mean each of (x) with respect to the Credit Document Obligations, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the Lenders), and (y) with
respect to the Other Obligations, the holders of at least a majority of all Other Obligations outstanding from time to time. 
  
 10.3 Obligations Absolute. The obligations of each Assignor hereunder shall remain in full force and effect without regard to, and shall not be
impaired by, (a) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of such Assignor; (b) any exercise or non-exercise, or any waiver of, any right, remedy, power or privilege under or in
respect of this Agreement or any other Secured Debt Agreement; or (c) any amendment to or modification of any Secured Debt Agreement or any security for any of the Obligations; whether or not such Assignor shall have notice or knowledge of any of
the foregoing. 
  
 10.4 Successors and Assigns. This
Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect, subject to release and/or termination as set forth in Section 10.8, (ii) be binding upon each Assignor, its successors and
assigns; provided, however, that no Assignor shall assign any of its rights or obligations hereunder without the prior written consent of the Collateral Agent (with the prior written consent of the Required Secured Creditors), and
(iii) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent, the other Secured Creditors and their respective successors, transferees and assigns. All agreements, statements,
representations and warranties made by each Assignor herein or in any certificate or other instrument delivered by such Assignor or on its behalf under this Agreement shall be considered to have been relied upon by the Secured Creditors and shall
survive the execution and delivery of this Agreement and the other Secured Debt Agreements regardless of any investigation made by the Secured Creditors or on their behalf. 
  
 10.5 Headings Descriptive. The headings of the several sections of this Agreement are inserted for convenience only
and shall not in any way affect the meaning or construction of any provision of this Agreement. 
  
 10.6 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR
OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF 

  

 -33- 

 
THIS AGREEMENT, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH SUCH PARTY HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER IT, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS JURISDICTION OVER IT. EACH SUCH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH
ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY, AS THE CASE MAY BE, AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 10.1 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER
SUCH MAILING. EACH SUCH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT
SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY SUCH PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER
PARTY IN ANY OTHER JURISDICTION. 
  
 (b) EACH SUCH PARTY HEREBY
IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED
TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  
 (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
  
 10.7 Assignor’s Duties. It is expressly agreed, anything herein contained to the contrary notwithstanding, that
each Assignor shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the Collateral Agent shall not have any obligations or liabilities with respect to any Collateral by reason of or arising
out of this Agreement, nor shall the Collateral Agent be required or obligated in any manner to perform or fulfill any of the obligations of any Assignor under or with respect to any Collateral. 
  
 10.8 Termination; Release. (a) After the Termination Date, this
Agreement shall terminate, all without delivery of any instrument or performance of any act by any party, and all 

  

 -34- 

 
rights to the Collateral shall revert to the Assignors (provided that all indemnities set forth herein including, without limitation in Section 8.1 hereof,
shall survive such termination) and the Collateral Agent, at the request and expense of the respective Assignor, will promptly execute and deliver to such Assignor a proper instrument or instruments (including Uniform Commercial Code termination
statements on form UCC-3) acknowledging the satisfaction and termination of this Agreement, and will duly assign, transfer and deliver to such Assignor (without recourse and without any representation or warranty) such of the Collateral as may be in
the possession of the Collateral Agent and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement. As used in this Agreement, “Termination Date” shall mean the date upon which the Total
Commitment under the Credit Agreement has been terminated and all Interest Rate Protection Agreements entered into with any Other Creditor have been terminated, no Note under the Credit Agreement is outstanding and all Loans thereunder have been
repaid in full, all Letters of Credit issued under the Credit Agreement have been terminated and all Obligations then due and payable have been paid in full. 
  
 (b) In the event that any part of the Collateral is sold or otherwise disposed of (to a Person other than a Credit Party) (x) at any time prior to the
time at which all Credit Document Obligations have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated, in connection with a sale or disposition permitted by Section 9.02 of the Credit
Agreement or is otherwise released at the direction of the Required Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement) or (y) at any time thereafter, to the extent permitted by the other Secured Debt Agreements, and in
the case of clauses (x) and (y), the proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or such other Secured Debt Agreement, as the case may be, to the extent required to be
so applied, the Collateral Agent, at the request and expense of such Assignor, will duly release from the security interest created hereby (and will execute and deliver such documentation, including termination or partial release statements and the
like in connection therewith) and assign, transfer and deliver to such Assignor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold or otherwise disposed of, or released, and as
may be in the possession of the Collateral Agent and has not theretofore been released pursuant to this Agreement. Furthermore, upon the release of any Subsidiary Guarantor from the Subsidiaries Guaranty in accordance with the provisions thereof,
such Assignor (and the Collateral at such time assigned by the respective Assignor pursuant hereto) shall be released from this Agreement. 
  
 (c) At any time that an Assignor desires that the Collateral Agent take any action to acknowledge or give effect to any release of Collateral pursuant to
the foregoing Section 10.8 (b), such Assignor shall deliver to the Collateral Agent a certificate signed by a principal executive officer of such Assignor stating that the release of the respective Collateral is permitted pursuant to such Section
10.8 (b). At any time that the Borrower or the respective Assignor desires that a Subsidiary of the Borrower which has been released from the Subsidiaries Guaranty be released hereunder as provided in the last sentence of Section 10.8(b), it shall
deliver to the Collateral Agent a certificate signed by a principal executive officer of the Borrower and the respective Assignor stating that the release of the respective Assignor (and its Collateral) is permitted pursuant to such Section 10.8(b).
If reasonably requested by the Collateral Agent (although the Collateral Agent shall have no obligation to make such request), 

  

 -35- 

 
the relevant Assignor shall furnish appropriate legal opinions (from counsel, reasonably acceptable to the Collateral Agent) to the effect set forth in this
Section 10.8(c). 
  
 (d) The Collateral Agent shall have no
liability whatsoever to any other Secured Creditor as the result of any release of Collateral by it in accordance with (or which the Collateral Agent in the absence of gross negligence and willful misconduct believes to be in accordance with) this
Section 10.8. 
  
 10.9 Counterparts. This Agreement may be
executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of
counterparts executed by all the parties hereto shall be lodged with the Borrower and the Collateral Agent. 
  
 10.10 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
  
 10.11 The Collateral Agent and the
other Secured Creditors. The Collateral Agent will hold in accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood and agreed that the obligations of the Collateral Agent
as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement and in Section 12 of the Credit Agreement. The Collateral Agent
shall act hereunder on the terms and conditions set forth herein and in Section 12 of the Credit Agreement. 
  
 10.12 Additional Assignors. It is understood and agreed that any Subsidiary Guarantor that desires to become an Assignor hereunder, or is required
to execute a counterpart of this Agreement after the date hereof pursuant to the requirements of the Credit Agreement or any other Credit Document, shall become an Assignor hereunder by executing a counterpart hereof and delivering same to the
Collateral Agent, or by executing a joinder agreement in form and substance reasonably satisfactory to the Collateral Agent, (y) delivering supplements to Annexes A through F, inclusive, and H through K, inclusive, hereto as are necessary to cause
such Annexes to be complete and accurate with respect to such additional Assignor on such date and (z) taking all actions as specified in this Agreement as would have been taken by such Assignor had it been an original party to this Agreement, in
each case with all documents required above to be delivered to the Collateral Agent and with all documents and actions required above to be taken to the reasonable satisfaction of the Collateral Agent. 
  
 [Remainder of this page intentionally left blank; signature page follows]

  

 -36- 

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

					
	 BCO HOLDING COMPANY, as an Assignor

		
	By:	 	 /s/ James J. Connors

	 	 	 Name:
	 	 James J. Connors, II

	 	 	 Title:
	 	 Vice President and Secretary

	
	 BWAY CORPORATION, as an Assignor

		
	By:	 	 /s/ J. M. O’Connell

	 	 	 Name:
	 	 Jeff O’Connell

	 	 	 Title:
	 	 Vice President/Secretary

	
	 ARMSTRONG CONTAINERS, INC.

		
	By:	 	 /s/ J. M. O’Connell

	 	 	 Name:
	 	 Jeff O’Connell

	 	 	 Title:
	 	 Vice President/Secretary

	
	 SC PLASTICS, LLC

		
	By:	 	 /s/ J. M. O’Connell

	 	 	 Name:
	 	 Jeff O’Connell

	 	 	 Title:
	 	 Vice President/Secretary

	
	NORTH AMERICA PACKAGING CORPORATION
		
	By:	 	 /s/ J. M. O’Connell

	 	 	 Name:
	 	 Jeff O’Connell

	 	 	 Title:
	 	 Vice President/Secretary

	
	NORTH AMERICA PACKAGING OF PUERTO RICO, INC.
		
	By:	 	 /s/ J. M. O’Connell

	 	 	 Name:
	 	 Jeff O’Connell

	 	 	 Title:
	 	 Vice President/Secretary

  

 Accepted and Agreed to: 
  

					
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent

		
	By:	 	 /s/ Albert Fischetti

	 	 	 Name:
	 	 Albert Fischetti

	 	 	 Title:
	 	 DirectorPledge Agreement among BCO Holding Company

 Table of Contents 
  

					
	 	  	 	  	Page

			
	1.	  	 SECURITY FOR OBLIGATIONS
	  	2
			
	2.	  	 DEFINITIONS
	  	3
			
	3.	  	 PLEDGE OF SECURITIES, ETC.
	  	6
			
	 	  	 3.1 Pledge
	  	6
	 	  	 3.2 Procedures
	  	9
	 	  	 3.3 Subsequently Acquired Collateral
	  	11
	 	  	 3.4 Transfer Taxes
	  	11
	 	  	 3.5 Certain Representations and Warranties Regarding the Collateral
	  	12
			
	4.	  	 APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC.
	  	12
			
	5.	  	 VOTING, ETC., WHILE NO EVENT OF DEFAULT
	  	12
			
	6.	  	 DIVIDENDS AND OTHER DISTRIBUTIONS
	  	13
			
	7.	  	 REMEDIES IN CASE OF AN EVENT OF DEFAULT
	  	13
			
	8.	  	 REMEDIES, CUMULATIVE, ETC.
	  	15
			
	9.	  	 APPLICATION OF PROCEEDS
	  	15
			
	10.	  	 PURCHASERS OF COLLATERAL
	  	15
			
	11.	  	 INDEMNITY
	  	16
			
	12.	  	 PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER
	  	16
			
	13.	  	 FURTHER ASSURANCES; POWER-OF-ATTORNEY
	  	17
			
	14.	  	 THE PLEDGEE AS COLLATERAL AGENT
	  	18
			
	15.	  	 TRANSFER BY THE PLEDGORS
	  	18
			
	16.	  	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS
	  	18
			
	17.	  	 LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION;
LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC.
	  	20
			
	18.	  	 PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC.
	  	21

  

 i 

 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page

			
	19.	  	 SALE OF COLLATERAL WITHOUT REGISTRATION
	  	21
			
	20.	  	 TERMINATION; RELEASE
	  	22
			
	21.	  	 NOTICES, ETC.
	  	24
			
	22.	  	 WAIVER; AMENDMENT
	  	24
			
	23.	  	 SUCCESSORS AND ASSIGNS
	  	25
			
	24.	  	 HEADINGS DESCRIPTIVE
	  	25
			
	25.	  	 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
	  	25
			
	26.	  	 PLEDGOR’S DUTIES
	  	26
			
	27.	  	 COUNTERPARTS
	  	26
			
	28.	  	 SEVERABILITY
	  	26
			
	29.	  	 RECOURSE
	  	27
			
	30.	  	 ADDITIONAL PLEDGORS
	  	27
			
	31.	  	 LIMITED OBLIGATIONS
	  	27
			
	32.	  	 RELEASE OF PLEDGORS
	  	27

  

					
	 ANNEX A
	  	-	  	SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION, JURISDICTION OF ORGANIZATION, LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS
	 ANNEX B
	  	-	  	SCHEDULE OF SUBSIDIARIES
	 ANNEX C
	  	-	  	SCHEDULE OF STOCK
	 ANNEX D
	  	-	  	SCHEDULE OF NOTES
	 ANNEX E
	  	-	  	SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS
	 ANNEX F
	  	-	  	SCHEDULE OF PARTNERSHIP INTERESTS
	 ANNEX G
	  	-	  	SCHEDULE OF CHIEF EXECUTIVE OFFICES
	 ANNEX H
	  	-	  	FORM OF AGREEMENT REGARDING UNCERTIFICATED SECURITIES, LIMITED LIABILITY COMPANY INTERESTS AND PARTNERSHIP INTERESTS

  

 ii 

 Exhibit 10.4 
  
 PLEDGE AGREEMENT 
  
 PLEDGE AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”), dated as of July 7, 2004,
among each of the undersigned pledgors (each, a “Pledgor” and, together with any other entity that becomes a pledgor hereunder pursuant to Section 30 hereof, the “Pledgors”) and Deutsche Bank Trust Company Americas,
as collateral agent (together with any successor collateral agent, the “Pledgee”), for the benefit of the Secured Creditors (as defined below). Except as otherwise defined herein, all capitalized terms used herein and defined in the
Credit Agreement (as defined below) shall be used herein as therein defined. 
  
 W I T N E S S E T H : 
  
 WHEREAS, BCO Holding Company, a Delaware Corporation (“Holdings”), BWAY Corporation, a Delaware Corporation (the
“Borrower”), the lenders party thereto from time to time (the “Lenders”), Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., as Joint Lead Arrangers, and Deutsche Bank Trust Company Americas, as
administrative agent (together with any successor administrative agent, the “Administrative Agent”) have entered into a Credit Agreement, dated as of July 7, 2004 (as amended, modified, restated and/or supplemented from time to
time, the “Credit Agreement”), providing for the making of Loans to, and the issuance of, and participation in, Letters of Credit for the account of the Borrower, all as contemplated therein (the Lenders, each Issuing Lender, the
Administrative Agent, the Collateral Agent, each other Agent and the Pledgee are herein called the “Lender Creditors”); 
  
 WHEREAS, the Borrower and/or one or more of its Subsidiaries may at any time and from time to time enter into one or more Interest Rate Protection
Agreements with one or more Lenders or any affiliate thereof (each such Lender or affiliate, even if the respective Lender subsequently ceases to be a Lender under the Credit Agreement for any reason, together with such Lender’s or
affiliate’s successors and assigns, if any, collectively, the “Other Creditors” and, together with the Lender Creditors, the “Secured Creditors”); 
  
 WHEREAS, pursuant to the Holdings Guaranty, Holdings has guaranteed to the Secured Creditors the payment when due of all
Guaranteed Obligations as described therein; 
  
 WHEREAS, pursuant
to the Subsidiaries Guaranty, each Subsidiary Guarantor has jointly and severally guaranteed to the Secured Creditors the payment when due of all Guaranteed Obligations as described therein; 
  
 WHEREAS, it is a condition precedent to the making of Loans to the Borrower
and the issuance of, and participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and to the Other Creditors entering into Interest Rate Protection Agreements that each Pledgor shall have executed and delivered
to the Pledgee this Agreement; and 
  

 WHEREAS, each Pledgor will obtain benefits from the incurrence of Loans by the Borrower and the issuance
of, and participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and the entering into by the Borrower and/or one or more of its Subsidiaries of Interest Rate Protection Agreements and, accordingly, desires to
execute this Agreement in order to satisfy the condition described in the preceding paragraph and to induce the Lenders to make Loans to the Borrower and issue, and/or participate in, Letters of Credit for the account of the Borrower and the Other
Creditors to enter into Interest Rate Protection Agreements with the Borrower and/or one or more of its Subsidiaries; 
  
 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each Pledgor, the receipt and sufficiency of which are hereby
acknowledged, each Pledgor hereby makes the following representations and warranties to the Pledgee for the benefit of the Secured Creditors and hereby covenants and agrees with the Pledgee for the benefit of the Secured Creditors as follows:

  
 1. SECURITY FOR OBLIGATIONS. This Agreement is made by each
Pledgor for the benefit of the Secured Creditors to secure: 
  
 (i) the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, unpaid principal, premium, if any,
interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor or any Subsidiary thereof
at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding), reimbursement obligations under Letters of Credit, fees, costs and indemnities) of such Pledgor owing to
the Lender Creditors, whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and the other Credit Documents to which such Pledgor is a party (including, in the case of each Pledgor that is a
Guarantor, all such obligations, liabilities and indebtedness of such Pledgor under its Guaranty) and the due performance and compliance by such Pledgor with all of the terms, conditions and agreements contained in the Credit Agreement and in such
other Credit Documents (all such obligations, liabilities and indebtedness under this clause (i), except to the extent consisting of obligations, liabilities or indebtedness with respect to Interest Rate Protection Agreements, entitled to the
benefits of this Agreement being herein collectively called the “Credit Document Obligations”); 
  
 (ii) the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and
indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor at the rate provided
for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing by such Pledgor to the Other Creditors now existing or hereafter incurred under, arising out of or in connection with any
Interest Rate Protection Agreement, whether such Interest Rate Protection Agreement is now in existence or hereinafter arising (including, in the case of a Pledgor that is a Guarantor, all obligations, liabilities and indebtedness of 

  

 
such Pledgor under its Guaranty in respect of the Interest Rate Protection Agreements), and the due performance and compliance by such Pledgor with all of
the terms, conditions and agreements contained in each such Interest Rate Protection Agreement (all such obligations, liabilities and indebtedness under this clause (ii) being herein collectively called the “Other Obligations”);

  
 (iii) any and all sums advanced by the
Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its security interest in the Collateral; 
  
 (iv) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of such Pledgor
referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral,
or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys’ fees and court costs; 
  
 (v) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 11 of this Agreement; and

  
 (vi) all amounts owing to any Agent or any of
its affiliates pursuant to any of the Credit Documents in its capacity as such; 
  
 all such obligations, liabilities, indebtedness, sums and expenses set forth in clauses (i) through (vi) of this Section 1 being herein collectively called the “Obligations”, it being acknowledged and agreed that the
“Obligations” shall include extensions of credit of the types described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement. 
  
 2. DEFINITIONS. 
  
 (a) Unless otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement shall be used
herein as therein defined. Reference to singular terms shall include the plural and vice versa. 
  
 (b) The following capitalized terms used herein shall have the definitions specified below: 
  
 “Administrative Agent” shall have the meaning set forth in the recitals hereto. 
  
 “Adverse Claim” shall have the meaning given such term in
Section 8-102(a)(1) of the UCC. 
  
 “Agreement”
shall have the meaning set forth in the first paragraph hereof. 
  
 “Borrower” shall have the meaning set forth in the recitals hereto. 
  
 “Certificated Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC. 
  

 “Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of
the UCC. 
  
 “Collateral” shall have the meaning
set forth in Section 3.1 hereof. 
  
 “Collateral
Accounts” shall mean any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited. 
  
 “Credit Agreement” shall have the meaning set forth in the recitals hereto. 
  
 “Credit Document Obligations” shall have the meaning set forth in Section 1(i) hereof. 
  
 “Domestic Corporation” shall have the meaning set forth in
the definition of “Stock.” 
  
 “Event of
Default” shall mean any Event of Default under, and as defined in, the Credit Agreement and shall in any event include, without limitation, any payment default on any of the Obligations after the expiration of any applicable grace period.

  
 “Exempted Foreign Entity” shall mean any
Foreign Corporation and any limited liability company organized under the laws of a jurisdiction other than the United States or any State or Territory thereof that, in any such case, is treated as a corporation or an association taxable as a
corporation for U.S. Federal income tax purposes. 
  
 “Financial Asset” shall have the meaning given such term in Section 8-102(a)(9) of the UCC. 
  
 “Foreign Corporation” shall have the meaning set forth in the definition of “Stock”. 
  
 “Holdings” shall have the meaning set forth in the recitals
hereto. 
  
 “Indemnitees” shall have the meaning
set forth in Section 11 hereof. 
  
 “Instrument”
shall have the meaning given such term in Section 9-102(a)(47) of the UCC. 
  
 “Investment Property” shall have the meaning given such term in Section 9-102(a)(49) of the UCC. 
  
 “Lender Creditors” shall have the meaning set forth in the recitals hereto. 
  
 “Lenders” shall have the meaning set forth in the recitals hereto. 
  
 “Limited Liability Company Assets” shall mean all assets,
whether tangible or intangible and whether real, personal or mixed (including, without limitation, all limited liability company capital and interest in other limited liability companies), at any time owned by any Pledgor or represented by any
Limited Liability Company Interest. 
  

 “Limited Liability Company Interests” shall mean the entire limited liability company
membership interest at any time owned by any Pledgor in any limited liability company. 
  
 “Location” of any Pledgor has the meaning given such term in Section 9-307 of the UCC. 
  
 “Non-Voting Equity Interests” shall mean all Equity Interests of any Person which are not Voting Equity Interests. 
  
 “Notes” shall mean (x) all intercompany notes at any time
issued to each Pledgor and (y) all other promissory notes from time to time issued to, or held by, each Pledgor. 
  
 “Obligations” shall have the meaning set forth in Section 1 hereof. 
  
 “Other Creditors” shall have the meaning set forth in the recitals hereto. 
  
 “Other Obligations” shall have the meaning set forth in
Section 1(ii) hereof. 
  
 “Partnership Assets”
shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all partnership capital and interest in other partnerships), at any time owned by any Pledgor or represented by any Partnership
Interest. 
  
 “Partnership Interest” shall mean
the entire general partnership interest or limited partnership interest at any time owned by any Pledgor in any general partnership or limited partnership. 
  
 “Pledged Notes” shall mean all Notes at any time pledged or required to be pledged hereunder. 
  
 “Pledgee” shall have the meaning set forth in the first
paragraph hereof. 
  
 “Pledgor” shall have the
meaning set forth in the first paragraph hereof. 
  
 “Proceeds” shall have the meaning given such term in Section 9-102(a)(64) of the UCC. 
  
 “Registered Organization” shall have the meaning given such term in Section 9-102(a)(70) of the UCC. 
  
 “Required Lenders” shall have the meaning given such term in
the Credit Agreement. 
  
 “Required Secured
Creditors” shall have the meaning provided in the Security Agreement. 
  
 “Secured Creditors” shall have the meaning set forth in the recitals hereto. 
  

 “Secured Debt Agreements” shall mean and includes (x) this Agreement, (y) the other
Credit Documents and (z) the Interest Rate Protection Agreements entered into with any Other Creditors. 
  
 “Securities Account” shall have the meaning given such term in Section 8-501(a) of the UCC. 
  
 “Securities Act” shall mean the Securities Act of 1933, as
amended, as in effect from time to time. 
  
 “Securities
Intermediary” shall have the meaning given such term in Section 8-102(a)(14) of the UCC. 
  
 “Security” and “Securities” shall have the meaning given such term in Section 8-102(a)(15) of the UCC and shall in any
event also include all Stock and all Notes. 
  
 “Security
Entitlement” shall have the meaning given such term in Section 8-102(a)(17) of the UCC. 
  
 “Stock” shall mean (x) with respect to corporations incorporated under the laws of the United States or any State or territory thereof or
the District of Columbia (each, a “Domestic Corporation”), all of the issued and outstanding shares of capital stock of any Domestic Corporation at any time owned by any Pledgor and (y) with respect to corporations not Domestic
Corporations (each, a “Foreign Corporation”), all of the issued and outstanding shares of capital stock of any Foreign Corporation at any time owned by any Pledgor. 
  
 “Termination Date” shall have the meaning set forth in Section 20 hereof. 
  
 “Transmitting Utility” has the meaning given such term in
Section 9-102(a)(80) of the UCC. 
  
 “UCC” shall
mean the Uniform Commercial Code as in effect in the State of New York from time to time; provided that all references herein to specific Sections or subsections of the UCC are references to such Sections or subsections, as the case may be,
of the Uniform Commercial Code as in effect in the State of New York on the date hereof. 
  
 “Uncertificated Security” shall have the meaning given such term in Section 8-102(a)(18) of the UCC. 
  
 “Voting Equity Interests” of any Person shall mean all classes of Equity Interests of such Person entitled to vote. 
  
 3. PLEDGE OF SECURITIES, ETC. 
  
 3.1 Pledge. 
  
 To secure the Obligations now or hereafter owed or to be performed by such
Pledgor, each Pledgor does hereby grant, pledge and assign to the Pledgee for the benefit of the 

  

 
Secured Creditors, and does hereby create a continuing security interest (subject to those Liens permitted to exist with respect to the Collateral pursuant
to the terms of all Secured Debt Agreements then in effect) in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest in and to the following, whether now existing or hereafter from time to time
acquired (collectively, the “Collateral”): 
  
 (a) each of the Collateral Accounts (to the extent a security interest therein is not created pursuant to the Security Agreement), including any and all assets of whatever type or kind deposited by such Pledgor in any
such Collateral Account, whether now owned or hereafter acquired, existing or arising, including, without limitation, all Financial Assets, Investment Property, monies, checks, drafts, Instruments, Securities or interests therein of any type or
nature deposited or required by the Credit Agreement or any other Secured Debt Agreement to be deposited in such Collateral Account, and all investments and all certificates and other Instruments (including depository receipts, if any) from time to
time representing or evidencing the same, and all dividends, interest, distributions, cash and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing; 

 
 (b) all Securities owned or held by such Pledgor from
time to time and all options and warrants owned by such Pledgor from time to time to purchase Securities; 
  
 (c) all Limited Liability Company Interests owned by such Pledgor from time to time and all of its right, title and interest in each
limited liability company to which each such Limited Liability Company Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and
agreements governing such Limited Liability Company Interests and applicable law: 
  
 (A) all its capital therein and its interest in all profits, income, surpluses, losses, Limited Liability Company Assets and other
distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests; 
  
 (B) all other payments due or to become due to such Pledgor in respect of Limited Liability Company Interests, whether under any limited
liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
  
 (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited
liability company agreement or operating agreement, or at law or otherwise in respect of such Limited Liability Company Interests; 
  
 (D) all present and future claims, if any, of such Pledgor against any such limited liability company for monies loaned or advanced, for
services rendered or otherwise; 
  

 (E) all of such Pledgor’s rights under any limited liability company agreement or
operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Limited Liability Company Interests, including any power to terminate, cancel or modify any such
limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of any of such Pledgor in respect of such Limited Liability Company Interests and any such
limited liability company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and
authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection
with any of the foregoing; and 
  
 (F) all other
property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any
time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof; 
  
 (d) all Partnership Interests owned by such Pledgor from time to time and all of its right, title and interest in each partnership to
which each such Partnership Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Partnership
Interests and applicable law: 
  
 (A) all its
capital therein and its interest in all profits, income, surpluses, losses, Partnership Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Partnership Interests; 
  
 (B) all other payments due or to become due to such Pledgor
in respect of Partnership Interests, whether under any partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
  
 (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and
remedies, if any, under any partnership agreement or operating agreement, or at law or otherwise in respect of such Partnership Interests; 
  
 (D) all present and future claims, if any, of such Pledgor against any such partnership for monies loaned or advanced, for services
rendered or otherwise; 
  
 (E) all of such
Pledgor’s rights under any partnership agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Partnership 

  

 
Interests, including any power to terminate, cancel or modify any partnership agreement or operating agreement, to execute any instruments and to take any
and all other action on behalf of and in the name of such Pledgor in respect of such Partnership Interests and any such partnership, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or
to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Partnership Asset, to enforce or execute any checks, or
other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and 
  
 (F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments
representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all
thereof; 
  
 (e) all Financial Assets and
Investment Property owned by such Pledgor from time to time; 
  
 (f) all Security Entitlements owned by such Pledgor from time to time in any and all of the foregoing; and 
  
 (g) all Proceeds of any and all of the foregoing; 
  

provided that (x) Collateral shall not include, and no Pledgor shall be required at any time to pledge hereunder, more than 65% of the total combined voting
power of all classes of Voting Equity Interests of any Exempted Foreign Entity (and it is acknowledged and agreed that if more than 65% of the total combined voting power of all classes of Voting Equity Interest of any Exempted Foreign Entity is
delivered to the Pledgee, the Pledgee shall have a security interest in such Voting Equity Interest only up to an amount equal to 65% of all of the total combined voting power of all classes of Voting Equity Interest) and (y) each Pledgor shall be
required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor, which Non-Voting Equity Interests shall not be subject to the limitations described in
preceding clause (x). 
  
 3.2 Procedures. 
  
 (a) To the extent that any Pledgor at any time or from time to time owns,
acquires or obtains any right, title or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by such Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, such
Pledgor shall (to the extent provided below) take the following actions as set forth below (as promptly as practicable and, in any event, within 10 Business Days after it obtains such Collateral) for the benefit of the Pledgee and the other Secured
Creditors: 
  
 (i) with respect to a Certificated
Security (other than a Certificated Security credited on the books of a Clearing Corporation or Securities Intermediary), such Pledgor 

  

 
shall physically deliver such Certificated Security to the Pledgee, endorsed to the Pledgee or endorsed in blank to the extent the interests represented by
such Certificated Security are required to be pledged hereunder; 
  
 (ii) with respect to an Uncertificated Security (other than an Uncertificated Security credited on the books of a Clearing Corporation or Securities Intermediary), such Pledgor shall cause the issuer of such
Uncertificated Security to duly authorize, execute, and deliver to the Pledgee, an agreement for the benefit of the Pledgee and the other Secured Creditors substantially in the form of Annex H hereto (appropriately completed to the satisfaction of
the Pledgee and with such modifications, if any, as shall be reasonably satisfactory to the Pledgee) pursuant to which such issuer agrees to comply with any and all instructions originated by the Pledgee without further consent by the registered
owner and not to comply with instructions regarding such Uncertificated Security (and any Partnership Interests and Limited Liability Company Interests issued by such issuer) originated by any other Person other than a court of competent
jurisdiction; 
  
 (iii) with respect to a
Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or
The Depository Trust Company), such Pledgor shall promptly notify the Pledgee thereof and shall promptly take (x) all actions required (i) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and (ii) to
perfect the security interest of the Pledgee under applicable law (including, in any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC) and (y) such other actions as the Pledgee deems necessary or desirable to effect the
foregoing; 
  
 (iv) with respect to a Partnership
Interest or a Limited Liability Company Interest (other than a Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), (1) if such Partnership Interest or Limited
Liability Company Interest is represented by a certificate and is a Security for purposes of the UCC, the procedure set forth in Section 3.2(a)(i) hereof, and (2) if such Partnership Interest or Limited Liability Company Interest is not represented
by a certificate or is not a Security for purposes of the UCC, the procedure set forth in Section3.2(a)(ii) hereof; 
  
 (v) with respect to any Note (other than a Note which (i) is not an intercompany note and (ii) does not have a principal amount in excess
of $300,000), physical delivery of such Note to the Pledgee, endorsed in blank, or, at the request of the Pledgee, endorsed to the Pledgee; and 
  
 (vi) with respect to cash proceeds from any of the Collateral described in Section 3.1 hereof, (i) establishment by the Pledgee of a cash
account in the name of such Pledgor over which the Pledgee shall have “control” within the meaning of the UCC and at any time any Default or Event of Default is in existence no withdrawals or transfers may be made therefrom by any Person
except with the prior written consent of the Pledgee and (ii) deposit of such cash in such cash account. 
  

 (b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each Pledgor shall
take the following additional actions with respect to the Collateral: 
  
 (i) with respect to all Collateral of such Pledgor whereby or with respect to which the Pledgee may obtain “control” thereof within the meaning of Section 8-106 of the UCC (or under any provision of the UCC
as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the State of New York), such Pledgor shall take all actions as may be reasonably requested from time to time by the Pledgee so that
“control” of such Collateral is obtained and at all times held by the Pledgee; and 
  
 (ii) each Pledgor shall from time to time cause appropriate financing statements (on appropriate forms) under the Uniform Commercial Code
as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be reasonably satisfactory to the Pledgee), to be filed in the relevant filing offices so that at all times the
Pledgee’s security interest in all Investment Property and other Collateral which can be perfected by the filing of such financing statements (in each case to the maximum extent perfection by filing may be obtained under the laws of the
relevant States, including, without limitation, Section 9-312(a) of the UCC) is so perfected. 
  
 3.3 Subsequently Acquired Collateral. 
  
 If any Pledgor shall acquire (by purchase, stock dividend, distribution or otherwise) any additional Collateral at any time or from time to time after the date hereof, (i) such Collateral shall automatically (and
without any further action being required to be taken) be subject to the pledge and security interests created pursuant to Section 3.1 hereof and, furthermore, such Pledgor will thereafter take (or cause to be taken) all action (as promptly as
practicable and, in any event, within 10 Business Days after it obtains such Collateral) with respect to such Collateral in accordance with the procedures set forth in Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee (i) a
certificate executed by an authorized officer of such Pledgor describing such Collateral and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of the Secured Creditors) hereunder and (ii) supplements to Annexes
A through G hereto as are necessary to cause such Annexes to be complete and accurate at such time. Without limiting the foregoing, each Pledgor shall be required to pledge hereunder the Equity Interests of any Exempted Foreign Entity at any time
and from time to time after the date hereof acquired by such Pledgor, provided that (x) no Pledgor shall be required at any time to pledge hereunder more than 65% of the total combined voting power of all classes of Voting Equity Interests of
any Exempted Foreign Entity and (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor. 
  
 3.4 Transfer Taxes. 
  
 Each pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be
accompanied by any transfer tax stamps required in connection with the pledge of such Collateral. 
  

 3.5 Certain Representations and Warranties Regarding the Collateral. 
  
 Each Pledgor represents and warrants that on the date hereof: (i) each
Subsidiary of such Pledgor, and the direct ownership thereof, is listed in Annex B hereto; (ii) the Stock (and any warrants or options to purchase Stock) held by such Pledgor consists of the number and type of shares of the stock (or warrants or
options to purchase any stock) of the corporations as described in Annex C hereto; (iii) such Stock referenced in clause (ii) of this paragraph constitutes that percentage of the issued and outstanding capital stock of the issuing corporation as is
set forth in Annex C hereto; (iv) the Notes held by such Pledgor consist of the promissory notes described in Annex D hereto where such Pledgor is listed as the lender; (v) the Limited Liability Company Interests held by such Pledgor consist of the
number and type of interests of the Persons described in Annex E hereto; (vi) each such Limited Liability Company Interest referenced in clause (v) of this paragraph constitutes that percentage of the issued and outstanding equity interest of the
issuing Person as set forth in Annex E hereto; (vii) the Partnership Interests held by such Pledgor consist of the number and type of interests of the Persons described in Annex F hereto; (viii) each such Partnership Interest referenced in clause
(viii) of this paragraph constitutes that percentage or portion of the entire partnership interest of the Partnership as set forth in Annex F hereto; (ix) the exact address of each chief executive office of such Pledgor is listed on Annex G hereto;
(x) the Pledgor has complied with the respective procedure set forth in Section 3.2(a) hereof with respect to each item of Collateral described in Annexes C through F hereto; and (xi) on the date hereof, such Pledgor owns no other Securities, Stock,
Notes, Limited Liability Company Interests or Partnership Interests. 
  
 4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. 
  
 The
Pledgee shall have the right to appoint one or more sub-agents for the purpose of retaining physical possession of the Collateral, which may be held (in the reasonable discretion of the Pledgee) in the name of the relevant Pledgor, endorsed or
assigned in blank or in favor of the Pledgee or any nominee or nominees of the Pledgee or a sub-agent appointed by the Pledgee. 
  
 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. 
  
 Unless and until there shall have occurred and be continuing any Event of Default under the Credit Agreement, each Pledgor shall be entitled to exercise
any and all voting and other consensual rights pertaining to the Collateral owned by it, and to give consents, waivers or ratifications in respect thereof; provided that, in each case, no vote shall be cast or any consent, waiver or
ratification given or any action taken or omitted to be taken which would violate, result in a breach of any covenant contained in, or be inconsistent with any of the terms of any Secured Debt Agreement, or which could reasonably be expected to have
the effect of impairing the value of the Collateral or any part thereof or the position or interests of the Pledgee or any other Secured Creditor in the Collateral, unless expressly permitted by the terms of the Secured Debt Agreements. All such
rights of each Pledgor to vote and to give consents, waivers and ratifications shall cease in case an Event of Default has occurred and is continuing, and Section 7 hereof shall become applicable. 
  

 6. DIVIDENDS AND OTHER DISTRIBUTIONS. 
  
 Unless and until there shall have occurred and be continuing an Event of Default and, other than in the case of an Event of
Default under Section 10.05 of the Credit Agreement, the Pledgee shall have given notice of its intent to exercise such rights to the Pledgor, all cash dividends, cash distributions, cash Proceeds and other cash amounts payable in respect of the
Collateral shall be paid to the respective Pledgor, provided, that all cash dividends payable in respect of the Pledged Stock which are reasonably determined by the Pledgee to represent in whole or in part an extraordinary, liquidating or
other distribution in return of capital shall be paid, to the extent so determined to represent an extraordinary, liquidating or other distribution in return of capital, to the Pledgee and retained by it as part of the Collateral. While this
Agreement is in effect, the Pledgee shall be entitled to receive directly, and to retain as part of the Collateral: 
  
 (i) all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other
securities or property (including, but not limited to, cash dividends other than as set forth above) paid or distributed by way of dividend or otherwise in respect of the Collateral; 
  
 (ii) all other or additional stock, notes, certificates, limited liability company interests, partnership
interests, instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the respective Pledgor so long as no Event of Default then exists)) paid or distributed in respect of the
Collateral by way of stock-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement; and 
  
 (iii) all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other
securities or property (including, but not limited to, cash) which may be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate or other reorganization.

  
 Nothing contained in this Section 6 shall limit or restrict in any way the
Pledgee’s right to receive the proceeds of the Collateral in any form in accordance with Section 3 of this Agreement. All dividends, distributions or other payments which are received by any Pledgor contrary to the provisions of this Section 6
or Section 7 hereof shall be received in trust for the benefit of the Pledgee, shall be segregated from other property or funds of such Pledgor and shall be forthwith paid over to the Pledgee as Collateral in the same form as so received (with any
necessary endorsement). 
  
 7. REMEDIES IN CASE OF AN EVENT OF
DEFAULT. 
  
 If there shall have occurred and be continuing an
Event of Default, then and in every such case, the Pledgee shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement, any other Secured Debt Agreement or by law) for the protection and enforcement
of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the UCC as in effect in any relevant jurisdiction and also shall be entitled, without limitation, to
exercise the following 

  

 
rights, with each Pledgor hereby agreeing that the rights set forth in clauses (i), (ii), (iii), (iv) and (vi) below are commercially reasonable: 

 
 (i) to receive all amounts payable in respect of the
Collateral otherwise payable under Section 6 hereof to the respective Pledgor; 
  
 (ii) to transfer all or any part of the Collateral into the Pledgee’s name or the name of its nominee or nominees; 
  
 (iii) to accelerate any Pledged Note which may be
accelerated in accordance with its terms, and take any other lawful action to collect upon any Pledged Note (including, without limitation, to make any demand for payment thereon); 
  
 (iv) to vote (and exercise all rights and powers in respect of voting) all or any part of the Collateral
(whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby
irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so); 
  
 (v) at any time and from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any
interest therein, at any public or private sale, without demand of performance, advertisement or, notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise purchase or dispose (all of which are
hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and at such time or times, at such place or places and on such terms as
the Pledgee may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable, provided at least 10 days’ written notice of the time and place of any such sale shall be given to the respective
Pledgor. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. Each Pledgor hereby waives and releases to the fullest extent permitted by law any right or
equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security or the Obligations or otherwise. At any such sale, unless prohibited by
applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. Neither the Pledgee nor any other Secured Creditor shall be liable
for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and 
  
 (vi) to set off any and all Collateral against any and all
Obligations, and to withdraw any and all cash or other Collateral from any and all Collateral Accounts and to apply such cash and other Collateral to the payment of any and all Obligations. 
  

 It is understood and agreed that in respect of Collateral consisting of Uncertificated Securities, Partnership Interests
and Limited Liability Company Interests subject of an agreement substantially in the form of Annex H and as described in Section 3.2(ii), unless an Event of Default has occurred and is continuing, the Pledgee shall not deliver to the issuer of such
Uncertificated Securities, Partnership Interests or Limited Liability Company Interests, as the case may be, a notice stating that the Pledgee is exercising exclusive control of such Uncertificated Securities, Partnership Interests or Limited
Liability Company Interests, as the case may be, under, and as described in such respective agreement. 
  
 8. REMEDIES, CUMULATIVE, ETC. 
  
 Each and every right, power and remedy of the Pledgee provided for in this Agreement or in any other Secured Debt Agreement, or now or hereafter existing
at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the Pledgee or any other Secured Creditor of any one or more of
the rights, powers or remedies provided for in this Agreement or any other Secured Debt Agreement or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee or any
other Secured Creditor of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any other Secured Creditor to exercise any such right, power or remedy shall operate as a waiver thereof. Notice to or demand
on any Pledgor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Pledgee or any other Secured Creditor to any other or further action in any
circumstances without notice or demand. The Secured Creditors agree that this Agreement may be enforced only by the action of the Pledgee, in each case, acting upon the instructions of the Required Secured Creditors, and that no other Secured
Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Pledgee for the
benefit of the Secured Creditors upon the terms of this Agreement and the Security Agreement. 
  
 9. APPLICATION OF PROCEEDS. 
  
 (a) All monies collected by the Pledgee upon any sale or other disposition of the Collateral pursuant to the terms of this Agreement, together with all other monies received by the Pledgee hereunder, shall be applied in the manner provided
in the Security Agreement. 
  
 (b) It is understood and agreed
that each Pledgor shall remain jointly and severally liable with respect to its Obligations to the extent of any deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of such Obligations.

  
 10. PURCHASERS OF COLLATERAL. 
  
 Upon any sale of the Collateral by the Pledgee hereunder (whether by virtue
of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making such sale shall be a sufficient discharge to the purchaser or 

  

 
purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money
paid over to the Pledgee or such officer or be answerable in any way for the misapplication or nonapplication thereof. 
  
 11. INDEMNITY. 
  
 Each Pledgor jointly and severally agrees (i) to indemnify, reimburse and hold harmless the Pledgee and each other Secured Creditor and their respective
successors, assigns, employees, agents and affiliates (individually an “Indemnitee”, and collectively, the “Indemnitees”) from and against any and all obligations, damages, injuries, penalties, claims, demands,
losses, judgments and liabilities (including, without limitation, liabilities for penalties) of whatsoever kind or nature, and (ii) to reimburse each Indemnitee for all reasonable costs, expenses and disbursements, including reasonable
attorneys’ fees and expenses, in each case arising out of or resulting from this Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder or under any other Secured Debt Agreement (but excluding any
obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) or expenses and disbursements of whatsoever kind or nature to the extent incurred or arising by
reason of gross negligence or willful misconduct of the respective Indemnitee, any Affiliate of such Indemnitee, or any of their respective directors, officers, employees, representatives, agents, Affiliates, trustees or investment advisors (as
determined by a court of competent jurisdiction in a final and non-appealable decision)). In no event shall the Pledgee hereunder be liable, in the absence of gross negligence or willful misconduct on its part (as determined by a court of competent
jurisdiction in a final and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies or other property actually received by it in accordance with the terms hereof. If and to the extent that
the obligations of any Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. The
indemnity obligations of each Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full payment of all the Notes issued under the Credit Agreement, the termination of all Interest Rate Protection
Agreements and Letters of Credit, and the payment of all other Obligations and notwithstanding the discharge thereof. 
  
 12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER. 
  
 (a) Nothing herein shall be construed to make the Pledgee or any other Secured Creditor liable as a member of any limited liability company or as a
partner of any partnership and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or otherwise (except as referred to in the following sentence) shall have any of the duties, obligations or liabilities of a member of any
limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the Pledgee shall become the absolute owner of Collateral consisting of a Limited Liability Company Interest or a Partnership Interest
pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other Secured Creditor, any Pledgor and/or any other Person. 
  

 (b) Except as provided in the last sentence of paragraph (a) of this Section 12, the Pledgee, by
accepting this Agreement, did not intend to become a member of any limited liability company or a partner of any partnership or otherwise be deemed to be a co-venturer with respect to any Pledgor, any limited liability company, partnership and/or
any other Person either before or after an Event of Default shall have occurred. The Pledgee shall have only those powers set forth herein and the Secured Creditors shall assume none of the duties, obligations or liabilities of a member of any
limited liability company or as a partner of any partnership or any Pledgor except as provided in the last sentence of paragraph (a) of this Section 12. 
  
 (c) The Pledgee and the other Secured Creditors shall not be obligated to perform or discharge any obligation of any Pledgor as a result of the pledge
hereby effected. 
  
 (d) The acceptance by the Pledgee of this
Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any event obligate the Pledgee or any other Secured Creditor to appear in or defend any action or proceeding relating to the Collateral to which
it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Collateral. 
  
 13. FURTHER ASSURANCES; POWER-OF-ATTORNEY. 
  
 (a) Each Pledgor agrees that it will join with the Pledgee in executing and,
at such Pledgor’s own expense, file and refile under the UCC or other applicable law such financing statements, continuation statements and other documents, in form reasonably acceptable to the Pledgee, in such offices as the Pledgee (acting on
its own or on the instructions of the Required Secured Creditors) may reasonably deem necessary or appropriate and wherever required or permitted by law in order to perfect and preserve the Pledgee’s security interest in the Collateral
hereunder and hereby authorizes the Pledgee to file financing statements and amendments thereto relative to all or any part of the Collateral (including, without limitation, (x) financing statements which list the Collateral specifically and/or
“all assets” as collateral and (y) “in lieu of” financing statements) without the signature of such Pledgor where permitted by law, and agrees to do such further acts and things and to execute and deliver to the Pledgee such
additional conveyances, assignments, agreements and instruments as the Pledgee may reasonably require or deem advisable to carry into effect the purposes of this Agreement or to further assure and confirm unto the Pledgee its rights, powers and
remedies hereunder or thereunder. 
  
 (b) Each Pledgor hereby
constitutes and appoints the Pledgee its true and lawful attorney-in-fact, irrevocably, with full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time after the occurrence and during the
continuance of an Event of Default, in the Pledgee’s discretion, to act, require, demand, receive and give acquittance for any and all monies and claims for monies due or to become due to such Pledgor under or arising out of the Collateral, to
endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings and to execute any instrument which the Pledgee may deem reasonably necessary or advisable to accomplish
the purposes of this Agreement to the fullest extent permitted by applicable law, which appointment as attorney is coupled with an interest. 
  

 14. THE PLEDGEE AS COLLATERAL AGENT. 
  
 The Pledgee will hold in accordance with this Agreement all items of the Collateral at any time received under this
Agreement. It is expressly understood, acknowledged and agreed by each Secured Creditor that by accepting the benefits of this Agreement each such Secured Creditor acknowledges and agrees that the obligations of the Pledgee as holder of the
Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement and in Section 12 of the Credit Agreement. The Pledgee shall act hereunder on the
terms and conditions set forth herein and in Section 12 of the Credit Agreement. 
  
 15. TRANSFER BY THE PLEDGORS. 
  
 Except as permitted (i) prior to the date all Credit Document Obligations have been paid in full and all Commitments under the Credit Agreement have been terminated, pursuant to the Credit Agreement, and (ii) thereafter, pursuant to the
other Secured Debt Agreements, no Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein. 
  
 16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. 
  
 (a) Each Pledgor represents, warrants and covenants as to itself and each of
its Subsidiaries that: 
  
 (i) it is the legal,
beneficial and (except as to Securities credited on the books of a Clearing Corporation or a Securities Intermediary) record owner of, and has good and valid title to, all of its Collateral consisting of one or more Securities, Partnership Interests
and Limited Liability Company Interests and that it has sufficient interest in all of its Collateral in which a security interest is purported to be created hereunder for such security interest to attach (subject, in each case, to no pledge, lien,
mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens and security interests created by this Agreement or permitted under the Secured Debt Agreements); 
  
 (ii) it has full power, authority and legal right to pledge
all the Collateral pledged by it pursuant to this Agreement; 
  
 (iii) this Agreement has been duly authorized, executed and delivered by such Pledgor and constitutes a legal, valid and binding obligation of such Pledgor enforceable against such Pledgor in accordance with its
terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles
(regardless of whether enforcement is sought in equity or at law); 
  
 (iv) except to the extent already obtained or made, no consent of any other party (including, without limitation, any stockholder, partner, member or creditor of such Pledgor or any of its Subsidiaries) and no
material consent, license, permit, approval or 

  

 
authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required to be obtained by
such Pledgor in connection with (a) the execution, delivery or performance of this Agreement by such Pledgor, (b) the validity or enforceability of this Agreement against such Pledgor (except as set forth in clause (iii) above), (c) the perfection
or enforceability of the Pledgee’s security interest in such Pledgor’s Collateral or (d) except for compliance with or as may be required by applicable securities laws, the exercise by the Pledgee of any of its rights or remedies provided
herein; 
  
 (v) neither the execution, delivery
or performance by such Pledgor of this Agreement, or any other Secured Debt Agreement to which it is a party, nor compliance by it with the terms and provisions hereof and thereof nor the consummation of the transactions contemplated therein: (i)
will contravene any provision of any applicable law, statute, rule or regulation, or any applicable order, writ, injunction or decree of any court, arbitrator or governmental instrumentality, domestic or foreign, applicable to such Pledgor; (ii)
will conflict or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien
(except pursuant to the Security Documents) upon any of the properties or assets of such Pledgor or any of its Subsidiaries pursuant to the terms of any indenture, lease, mortgage, deed of trust, credit agreement, loan agreement or any other
material agreement, contract or other instrument to which such Pledgor or any of its Subsidiaries is a party or is otherwise bound, or by which it or any of its properties or assets is bound or to which it may be subject (except, in the case of
preceding clauses (i) and (ii), other than in the case of any contravention or conflict as a result of the execution or performance of any Secured Debt Agreement, if such contraventions, breaches, defaults and/or conflicts, individually and in the
aggregate would not reasonably be expected to have a Material Adverse Effect); or (iii) will violate any provision of the certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of formation or limited
liability company agreement (or equivalent organizational documents), as the case may be, of such Pledgor or any of its Subsidiaries; 
  
 (vi) all of such Pledgor’s Collateral (consisting of Securities, Limited Liability Company Interests and Partnership Interests issued
by any Pledgor or any Subsidiary of any Pledgor) has been duly and validly issued, is fully paid and non-assessable and is subject to no options to purchase or similar rights; 
  
 (vii) each of such Pledgor’s Pledged Notes issued by any Pledgor or any Subsidiary of any Pledgor
constitutes, or when executed by the obligor thereof will constitute, the legal, valid and binding obligation of such obligor, enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law); 
  
 (viii) the pledge, collateral assignment and delivery to the
Pledgee of such Pledgor’s Collateral consisting of Certificated Securities and Pledged Notes pursuant to 

  

 
this Agreement and the continued possession thereof by the Pledgee or an Affiliate creates a valid and perfected first priority security interest in such
Certificated Securities and Pledged Notes, and the proceeds thereof, subject to no prior Lien or encumbrance or to any agreement purporting to grant to any third party a Lien or encumbrance on the property or assets of such Pledgor which would
include the Securities (other than the liens and security interests permitted under the Secured Debt Agreements then in effect) and the Pledgee is entitled to all the rights, priorities and benefits afforded by the UCC or other relevant law as
enacted in any relevant jurisdiction to perfect security interests in respect of such Collateral; and 
  
 (ix) with respect to Collateral consisting of a Security Entitlement, the respective Pledgor shall have taken all steps in its control so
that the Pledgee obtains “control” (as defined in Section 8-106 of the UCC) over such Security Entitlement, except to the extent that the obligation of the applicable Pledgor to provide the Pledgee with “control” of such
Collateral has not yet arisen under this Agreement. 
  
 (b) Each
Pledgor covenants and agrees that it will defend the Pledgee’s right, title and security interest in and to such Pledgor’s Collateral and the proceeds thereof against the claims and demands of all persons whomsoever; and each Pledgor
covenants and agrees that it will have like title to and right to pledge any other property at any time hereafter pledged to the Pledgee by such Pledgor as Collateral hereunder and will likewise defend the right thereto and security interest therein
of the Pledgee and the other Secured Creditors. 
  
 (c) Each
Pledgor covenants and agrees that it will take no action which would violate any of the terms of any Secured Debt Agreement. 
  
 17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION;
ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. 
  
 The exact legal name of each Pledgor, the type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of organization of such Pledgor, such Pledgor’s Location, the organizational
identification number (if any) of each Pledgor, and whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto for such Pledgor. No Pledgor shall change its legal name, its type of organization, its status as a Registered
Organization (in the case of a Registered Organization), its status as a Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization, its Location, or its organizational
identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Secured Debt Agreements and so long as same do not involve (x) a Registered Organization ceasing to
constitute same or (y) any Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the United States or a State thereof) if
(i) it shall have given to the Collateral Agent not less than 15 days’ prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes thereto previously made in accordance with this sentence),
together with a supplement to Annex A which shall correct all information 

  

 
contained therein for such Pledgor, and (ii) in connection with the respective such change or changes, it shall have taken all action reasonably requested by
the Collateral Agent to maintain the security interests of the Collateral Agent in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. In addition, to the extent that any Pledgor does not have an
organizational identification number on the date hereof and later obtains one, such Pledgor shall promptly thereafter deliver a notification of the Collateral Agent of such organizational identification number and shall take all actions reasonably
satisfactory to the Collateral Agent to the extent necessary to maintain the security interest of the Collateral Agent in the Collateral intended to be granted hereby fully perfected and in full force and effect. 
  
 18. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. 
  
 The obligations of each Pledgor under this Agreement shall be absolute and
unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than termination of this Agreement
pursuant to Section 20 or, with respect to a specific Pledgor, release of such Pledgor pursuant to Section 32 hereof), including, without limitation: 
  
 (i) any renewal, extension, amendment or modification of, or addition or supplement to or deletion from any Secured Debt Agreement (other
than this Agreement in accordance with its terms), or any other instrument or agreement referred to therein, or any assignment or transfer of any thereof; 
  
 (ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement or instrument
including, without limitation, this Agreement (other than a waiver, consent or extension with respect to this Agreement in accordance with its terms); 
  
 (iii) any furnishing of any additional security to the Pledgee or its assignee or any acceptance thereof or any release of any security by
the Pledgee or its assignee; 
  
 (iv) any
limitation on any party’s liability or obligations under any such instrument or agreement or any invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or 
  
 (v) any bankruptcy, insolvency, reorganization, composition,
adjustment, dissolution, liquidation or other like proceeding relating to any Pledgor or any Subsidiary of any Pledgor, or any action taken with respect to this Agreement by any trustee or receiver, or by any court, in any such proceeding, whether
or not such Pledgor shall have notice or knowledge of any of the foregoing. 
  
 19. SALE OF COLLATERAL WITHOUT REGISTRATION. 
  
 (a) If the Pledgee shall determine to exercise its rights to sell any or all of the Collateral pursuant to Section 7, and if in the reasonable opinion of the Pledgee it is necessary or reasonably advisable to have the
Collateral, or that portion thereof to be sold, registered under the provisions of the federal or state securities laws, such Pledgor as soon as practicable and at its 

  

 
expense will use its reasonable best efforts to cause such registration to be effected (and be kept effective) and will use its reasonable best efforts to
cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and distribution of such Collateral consisting of Securities, Limited Liability Company Interests or
Partnership Interests, including, without limitation, registration under the Securities Act, as then in effect (or any similar statute then in effect), appropriate qualifications under applicable blue sky or other state securities laws and
appropriate compliance with any other governmental requirements; provided, that the Pledgee shall furnish to such Pledgor such information regarding the Pledgee as such Pledgor may request in writing and as shall be required in connection
with any such registration, qualification or compliance. Each Pledgor will cause the Pledgee to be kept reasonably advised in writing as to the progress of each such registration, qualification or compliance and as to the completion thereof, will
furnish to the Pledgee such number of prospectuses, offering circulars and other documents incident thereto as the Pledgee from time to time may reasonably request, and will indemnify, to the extent permitted by law, the Pledgee and all other
Secured Creditors participating in the distribution of such Collateral consisting of Securities, Limited Liability Company Interests or Partnership Interests against all claims, losses, damages and liabilities caused by any untrue statement (or
alleged untrue statement) of a material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or
the like) a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same may have been caused by an untrue statement or omission based upon information furnished in writing to
such Pledgor by the Pledgee or such other Secured Creditor expressly for use therein. 
  
 (b) If at any time when the Pledgee shall determine to exercise its right to sell all or any part of the Collateral consisting of Securities, Limited Liability Company Interests or Partnership Interests pursuant to
Section 7 hereof, and such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act, as then in effect, the Pledgee may, in its sole and absolute discretion, sell such
Collateral or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in order that such sale may legally be effected without such registration. Without limiting the generality of the
foregoing, in any such event the Pledgee, in its sole and absolute discretion (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Collateral or part thereof shall have been
filed under such Securities Act, (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own
account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In the event of any such sale, the Pledgee shall incur no responsibility or liability for selling all or any part of the Collateral at a
price which the Pledgee, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until the
registration as aforesaid. 
  
 20. TERMINATION; RELEASE.

  
 (a) On the Termination Date (as defined below), this Agreement
shall terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof 

  

 
shall survive any such termination) and the Pledgee, at the request and expense of such Pledgor, will execute and deliver to such Pledgor a proper instrument
or instruments (including UCC termination statements) acknowledging the satisfaction and termination of this Agreement (including, without limitation, UCC termination statements and instruments of satisfaction, discharge and/or reconveyance), and
will duly release from the security interest created hereby and assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the Pledgee and as has
not theretofore been sold or otherwise applied or released pursuant to this Agreement, together with any moneys at the time held by the Pledgee or any of its sub-agents hereunder and, with respect to any Collateral consisting of an Uncertificated
Security, a Partnership Interest or a Limited Liability Company Interest (other than an Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary),
a termination of the agreement relating thereto executed and delivered by the issuer of such Uncertificated Security pursuant to Section 3.2(a)(ii) or by the respective partnership or limited liability company pursuant to Section 3.2(a)(iv)(2). As
used in this Agreement, “Termination Date” shall mean the date upon which the Commitments under the Credit Agreement have been terminated and all Interest Rate Protection Agreements entitled to the benefits of this Agreement have
been terminated, no Letter of Credit or Note (as defined in the Credit Agreement) is outstanding (and all Loans have been paid in full), all Letters of Credit have been terminated, and all other Obligations (other than indemnities described in
Section 11 hereof and described in Section 13.01 of the Credit Agreement, and any other indemnities set forth in any other Security Documents, in each case which are not then due and payable) then due and payable have been paid in full. 

 
 (b) In the event that any part of the Collateral is sold or otherwise
disposed of (to a Person other than a Credit Party) (x) at any time prior to the time at which all Credit Document Obligations have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated, in
connection with a sale or disposition permitted by Section 9.02 of the Credit Agreement or is otherwise released at the direction of the Required Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement) or (y) at any time
thereafter, to the extent permitted by the other Secured Debt Agreements, and in the case of clauses (x) and (y), the proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or
such other Secured Debt Agreement, as the case may be, to the extent required to be so applied, the Pledgee, at the request and expense of such Pledgor, will duly release from the security interest created hereby (and will execute and deliver such
documentation, including termination or partial release statements and the like in connection therewith) and assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as is then
being (or has been) so sold or released and as may be in the possession of the Pledgee (or, in the case of Collateral held by any sub-agent designated pursuant to Section 4 hereto, such sub-agent) and has not theretofore been released pursuant to
this Agreement. 
  
 (c) At any time that any Pledgor desires that
Collateral be released as provided in the foregoing Section 20(a) or (b), it shall deliver to the Pledgee (and the relevant sub-agent, if any, designated pursuant to Section 4 hereof) a certificate signed by an authorized officer of such Pledgor
stating that the release of the respective Collateral is permitted pursuant to Section 20(a) or (b) hereof. If reasonably requested by the Pledgee (although the Pledgee shall have no obligation 

  

 
to make any such request), the relevant Pledgor shall furnish appropriate legal opinions (from counsel, reasonably acceptable to the Pledgee) to the effect
set forth in the immediately preceding sentence. 
  
 (d) The
Pledgee shall have no liability whatsoever to any other Secured Creditor as the result of any release of Collateral by it in accordance with (or which the Collateral Agent in the absence of gross negligence and willful misconduct believes to be in
accordance with) this Section 20. 
  
 21. NOTICES, ETC.

  
 Except as otherwise specified herein, all notices, requests,
demands or other communications to or upon the respective parties hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed,
telecopied, or cabled or sent by courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to
the Pledgee or any Pledgor shall not be effective until received by the Pledgee or such Pledgor, as the case may be. All notices and other communications shall be in writing and addressed as follows: 
  
 (a) if to any Pledgor, at its address set forth opposite its signature below;

  
 (b) if to the Pledgee, at: 
  
 Deutsche Bank Trust Company Americas 
 60 Wall Street 
 New York, New York 10005

 Attention: Albert Fischetti 
 Telephone No.: (212) 250-0452 
 Telecopier No.: (212) 797-5904 
  
 (c) if to any Lender Creditor, either (x) to the Administrative Agent, at the address of the Administrative Agent specified
in the Credit Agreement, or (y) at such address as such Lender Creditor shall have specified in the Credit Agreement; 
  
 (d) if to any Other Creditor, at such address as such Other Creditor shall have specified in writing to the Pledgors and the Pledgee; 
  
 or at such other address or addressed to such other individual as shall have been furnished
in writing by any Person described above to the party required to give notice hereunder. 
  
 22. WAIVER; AMENDMENT. 
  
 Except
as provided in Sections 30 and 32 hereof, none of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever except in accordance with the requirements specified in the Security Agreement.

  

 23. SUCCESSORS AND ASSIGNS. 
  
 This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect,
subject to release and/or termination as set forth in Section 20, (ii) be binding upon each Pledgor, its successors and assigns; provided, however, that no Pledgor shall assign any of its rights or obligations hereunder without the
prior written consent of the Pledgee (with the prior written consent of the Required Secured Creditors), and (iii) inure, together with the rights and remedies of the Pledgee hereunder, to the benefit of the Pledgee, the other Secured Creditors and
their respective successors, transferees and assigns. All agreements, statements, representations and warranties made by each Pledgor herein or in any certificate or other instrument delivered by such Pledgor or on its behalf under this Agreement
shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this Agreement and the other Secured Debt Agreements regardless of any investigation made by the Secured Creditors or on their
behalf. 
  
 24. HEADINGS DESCRIPTIVE. 
  
 The headings of the several Sections of this Agreement are inserted for
convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 
  
 25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. 
  
 (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE
GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW
YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH SUCH PARTY HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER IT, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER IT. EACH SUCH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED
COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ANY SUCH PARTY AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER
SUCH MAILING. EACH SUCH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND 

  

 
AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY
INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY SUCH PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER PARTY IN ANY OTHER JURISDICTION.

  
 (b) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE
AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  
 (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
  
 26. PLEDGOR’S DUTIES. 
  
 It is expressly agreed, anything herein contained to the contrary notwithstanding, that each Pledgor shall remain liable to perform all of the
obligations, if any, assumed by it with respect to the Collateral and the Pledgee shall not have any obligations or liabilities with respect to any Collateral by reason of or arising out of this Agreement, except for the safekeeping of Collateral
actually in Pledgor’s possession, nor shall the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of any Pledgor under or with respect to any Collateral. 
  
 27. COUNTERPARTS. 
  
 This Agreement may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto
shall be lodged with each Pledgor and the Pledgee. 
  
 28.
SEVERABILITY. 
  
 Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

 29. RECOURSE. 
  
 This Agreement is made with full recourse to each Pledgor and pursuant to and upon all the representations, warranties, covenants and agreements on the
part of such Pledgor contained herein and in the other Secured Debt Agreements and otherwise in writing in connection herewith or therewith. 
  
 30. ADDITIONAL PLEDGORS. 
  
 It is understood and agreed that any Subsidiary of Holdings that is required to become a party to this Agreement after the date hereof pursuant to the
requirements of the Credit Agreement or any other Credit Document, shall become a Pledgor hereunder by (x) executing a counterpart hereof, or a joinder agreement in form satisfactory to the Pledgee, and delivering the same to the Pledgee, (y)
delivering supplements to Annexes A through G, hereto as are necessary to cause such annexes to be complete and accurate with respect to such additional Pledgor on such date and (z) taking all actions as specified in this Agreement as would have
been taken by such Pledgor had it been an original party to this Agreement, in each case with all documents required above to be delivered to the Pledgee and with all documents and actions required above to be taken to the reasonable satisfaction of
the Pledgee. 
  
 31. LIMITED OBLIGATIONS. 
  
 It is the desire and intent of each Pledgor and the Secured Creditors that
this Agreement shall be enforced against each Pledgor to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is sought. Notwithstanding anything to the contrary contained herein, in furtherance of the
foregoing, it is noted that the obligations of each Pledgor constituting a Subsidiary Guarantor have been limited as provided in the Subsidiaries Guaranty. 
  
 32. RELEASE OF PLEDGORS. 
  
 If at any time all of the Equity Interests of any Pledgor owned by the Borrower or any of its Subsidiaries are sold (to a Person other than a Credit
Party) in a transaction permitted pursuant to the Credit Agreement (and which does not violate the terms of any other Secured Debt Agreement then in effect), then, such Pledgor shall be released as a Pledgor pursuant to this Agreement without any
further action hereunder (it being understood that the sale of all of the Equity Interests in any Person that owns, directly or indirectly, all of the Equity Interests in any Pledgor shall be deemed to be a sale of all of the Equity Interests in
such Pledgor for purposes of this Section), and the Pledgee is authorized and directed to execute and deliver such instruments of release as are reasonably satisfactory to it. At any time that the Borrower desires that a Pledgor be released from
this Agreement as provided in this Section 32, the Borrower shall deliver to the Pledgee a certificate signed by a principal executive officer of the Borrower stating that the release of such Pledgor is permitted pursuant to this Section 32. If
requested by Pledgee (although the Pledgee shall have no obligation to make any such request), the Borrower shall furnish legal opinions (from counsel acceptable to the Pledgee) to the effect set forth in the immediately preceding sentence. The
Pledgee shall have no liability whatsoever to any other Secured Creditor as a result of the release of any Pledgor by it in accordance with, or which it believes to be in accordance with, this Section 32. 
  
 * * * * 
  

 IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this Agreement to be executed by their duly
elected officers duly authorized as of the date first above written. 
  
 Address:

  

					
	 8607 Roberts Drive, Suite 250
 Atlanta, GA 30350
 Tel: 770-645-4800
 Fax: 770-645-4810
	 	 BWAY CORPORATION,
as a Pledgor

	 	 	 By:
	 	 /s/ J. M. O’Connell

	 	 	 	 	 Name: Jeff O’Connell

	 	 	 	 	 Title: Vice President/Secretary

		
	 	 	 BCO HOLDING COMPANY,
as a Pledgor

			
	 	 	 By:
	 	 /s/ James J. Connors

	 	 	 	 	 Name: James J. Connors, II

	 	 	 	 	 Title: Vice President and Secretary

  

			
	ARMSTRONG CONTAINERS, INC.
		
	By:	 	/s/ J. M. O’Connell
	 	 	 Name: Jeff O’Connell
 Title: Vice President/Secretary

	
	SC PLASTICS LLC
		
	By:	 	/s/ J. M. O’Connell
	 	 	 Name: Jeff O’Connell
 Title: Vice President/Secretary

	
	 NORTH AMERICA PACKAGING
 CORPORATION

		
	By:	 	/s/ J. M. O’Connell
	 	 	 Name: Jeff O’Connell
 Title: Vice President/Secretary

	
	 NORTH AMERICA PACKAGING OF PUERTO
 RICO,
INC.

		
	By:	 	/s/ J. M. O’Connell
	 	 	 Name: Jeff O’Connell
 Title: Vice President/Secretary

  

 Accepted and Agreed to: 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS 
     as Collateral Agent and Pledgee 
  

			
		
	By:	 	/s/ Albert Fischetti
	 	 	 Name: Albert Fischetti
 Title:
Director

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