Document:

EX-10.10

 Exhibit 10.10 
 Execution Version 
  

 
  

INTERCREDITOR AGREEMENT 
 dated as of July 27, 2012 
 among 

PC INTERMEDIATE HOLDINGS, INC., 
 PC MERGER SUB, INC. 
 (to be merged with and into PARTY CITY HOLDINGS INC.),

 PC FINANCE SUB, INC. (to be merged with and into PARTY CITY CORPORATION), 

and 
 the other
GRANTORS from time to time party hereto, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Revolving Facility Agent, 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Term Loan Agent 
  

 
  

 Table of Contents 

 

					
	 	  	Page	 
	 Section 1. Definitions
	  	 	2	  
	 1.1. Defined Terms
	  	 	2	  
	 1.2. Terms Generally
	  	 	18	  
		
	 Section 2. Term Loan First Lien Collateral
	  	 	18	  
	 2.1. Lien Priorities
	  	 	18	  
	 2.2. Exercise of Remedies
	  	 	20	  
	 2.3. Payments Over
	  	 	23	  
	 2.4. Other Agreements
	  	 	23	  
	 2.5. Insolvency or Liquidation Proceedings
	  	 	30	  
	 2.6. Reliance; Waivers; Etc.
	  	 	33	  
		
	 Section 3. Revolving Facility First Lien Collateral
	  	 	35	  
	 3.1. Lien Priorities
	  	 	36	  
	 3.2. Exercise of Remedies
	  	 	37	  
	 3.3. Payments Over
	  	 	40	  
	 3.4. Other Agreements
	  	 	40	  
	 3.5. Insolvency or Liquidation Proceedings
	  	 	48	  
	 3.6. Reliance; Waivers; Etc.
	  	 	51	  
		
	 Section 4. Cooperation With Respect To Revolving Facility First Lien Collateral
	  	 	54	  
	 4.1. Consent to License to Use Intellectual Property
	  	 	54	  
	 4.2. Access to Information
	  	 	54	  
	 4.3. Access to Property to Process and Sell Inventory
	  	 	54	  
	 4.4. Grantor Consent
	  	 	57	  
		
	 Section 5. Application Of Proceeds
	  	 	57	  
	 5.1. Application of Proceeds in Distributions by the Term Loan Security Agent
	  	 	57	  
	 5.2. Application of Proceeds in Distributions by the Revolving Facility Security Agent
	  	 	58	  
	 5.3. Mixed Collateral Proceeds
	  	 	59	  
		
	 Section 6. Miscellaneous
	  	 	60	  
	 6.1. Conflicts
	  	 	60	  
	 6.2. Effectiveness; Continuing Nature of this Agreement; Severability
	  	 	60	  
	 6.3. Amendments; Waivers
	  	 	60	  
	 6.4. Information Concerning Financial Condition of the Company and its Subsidiaries
	  	 	61	  
	 6.5. Submission to Jurisdiction; Waivers
	  	 	61	  
	 6.6. Notices
	  	 	62	  
	 6.7. Further Assurances
	  	 	62	  
	 6.8. APPLICABLE LAW
	  	 	63	  
	 6.9. Binding on Successors and Assigns
	  	 	63	  
	 6.10. Specific Performance
	  	 	63	  
	 6.11. Headings
	  	 	63	  
	 6.12. Counterparts
	  	 	63	  
	 6.13. Authorization; No Conflict
	  	 	63	  

  
 (i)

 Table of Contents 

(continued) 
  

					
	 	  	Page	 
	 6.14. No Third Party Beneficiaries
	  	 	63	  
	 6.15. Provisions Solely to Define Relative Rights
	  	 	63	  
	 6.16. Additional Grantors
	  	 	64	  
	 6.17. Avoidance Issues
	  	 	64	  
	 6.18. Subrogation
	  	 	64	  
		
	 Exhibit A Form of Intercreditor Agreement Joinder
	  			

  
 (ii)

 This INTERCREDITOR AGREEMENT is dated as of July 27, 2012 and is by and among PC
Intermediate Holdings, Inc. a Delaware corporation (“Holdings”), PC Merger Sub, Inc., a Delaware corporation (to be merged with and into Party City Holdings Inc., a Delaware corporation and referred to herein as the
“Borrower Agent”), PC Finance Sub, Inc., a Delaware corporation (to be merged with and into Party City Corporation, a Delaware corporation and referred to herein as the “Subsidiary Borrower”), the other Grantors (as
defined in Section 1.1) from time to time party hereto, Deutsche Bank Trust Company Americas (“DBTCA”), as Revolving Facility Security Agent (as defined below), and DBTCA, as Term Loan Security Agent (as defined below).
Capitalized terms used herein but not otherwise defined herein shall have the meanings set forth in Section 1 below. 

RECITALS: 

WHEREAS, Holdings, each Borrower and each other Grantor has entered into a Credit Agreement, dated as of July 27, 2012 (as amended,
supplemented, restated, amended and restated, modified and/or Refinanced from time to time, the “Revolving Facility Credit Agreement”), among Holdings, each Borrower, each other Grantor, the lenders from time to time party thereto
(the “Revolving Facility Lenders”), DBTCA, as administrative agent (in such capacity and together with its successors and assigns in such capacity, the “Revolving Facility Administrative Agent”, DBTCA, as collateral
agent (in such capacity and together with its successors and assigns in such capacity, the “Revolving Facility Security Agent”) and the other parties referred to therein; 

WHEREAS, pursuant to the various Revolving Facility Documents, (i) certain of the Grantors have provided guarantees for the
Revolving Facility Obligations and (ii) the Grantors have provided security for the Revolving Facility Obligations; 

WHEREAS, Holdings, each Borrower and each other Grantor have entered into a Credit Agreement, dated as of the date hereof (as amended,
supplemented, restated, amended and restated, modified and/or Refinanced from time to time, the “Term Loan Credit Agreement” and, together with the Revolving Facility Credit Agreement, the “Credit Agreements”),
among Holdings, each Borrower, each other Grantor, the lenders from time to time party thereto (the “Term Loan Lenders” and, together with the Revolving Facility Lenders, the “Lenders”), DBTCA, as administrative
agent (in such capacity and together with its successors and assigns in such capacity, the “Term Loan Administrative Agent” and together with the Revolving Facility Administrative Agent, the “Administrative
Agents”), DBTCA, as collateral agent (in such capacity and together with its successors and assigns in such capacity, the “Term Loan Security Agent” and, together with the Revolving Facility Security Agent, the
“Security Agents” and, together with the Administrative Agents, the “Agents”) and the other parties referred to therein; 
 WHEREAS, pursuant to the various Term Loan Documents, (i) certain of the Grantors have provided guarantees for the Term Loan Obligations and (ii) the Grantors have provided security for the Term
Loan Obligations; 
 WHEREAS, Holdings, each Borrower and the other Grantors intend to secure the Revolving Facility Obligations
under the Revolving Facility Credit Agreement and any other Revolving Facility Documents (including any Permitted Refinancing thereof) with a First Priority Lien on the Revolving Facility First Lien Collateral and a Second Priority Lien on the Term
Loan First Lien Collateral; and 
 WHEREAS, Holdings, each Borrower and the other Grantors intend to secure the Term Loan
Obligations under the Term Loan Credit Agreement and any other Term Loan Documents (including any Permitted Refinancing thereof) with a First Priority Lien on the Term Loan First Lien Collateral and a Second Priority Lien on the Revolving Facility
First Lien Collateral. 

 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and
covenants herein contained, the parties hereto agree as follows: 
 Section 1. Definitions. 

1.1. Defined Terms. The following terms when used in this Agreement, including its preamble and recitals, shall have the following
meanings: 
 “Account” shall have the meaning set forth in Article 9 of the UCC. 

“Administrative Agents” shall have the meaning set forth in the recitals hereto. 

“Additional Debt” shall have the meaning set forth in Section 6.3(b). 

“Affiliate” shall mean, as applied to any Person, any other Person directly or indirectly Controlling, Controlled by, or
under common Control with, that Person. No Person shall be an “Affiliate” solely because it is an unrelated portfolio company of a Sponsor and no Agent, Lender (other than an Affiliated Lender or a Debt Fund Affiliate, in each case as
defined in the Term Loan Credit Agreement, as originally in effect) or any of their respective Affiliates shall be considered an Affiliate of Holdings or any Subsidiary thereof. 

“Agents” shall have the meaning set forth in the recitals hereto. 

“Agreement” shall mean this Intercreditor Agreement as the same may be amended, modified, restated and/or supplemented
from time to time in accordance with its terms. 
 “Bankruptcy Code” shall mean Title 11 of the United States
Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute. 
 “Bankruptcy
Law” shall mean the Bankruptcy Code, and any similar federal or state or non-U.S. law or statute for the supervision, administration or relief of debtors, including, without limitation, bankruptcy or insolvency laws. 

“Borrower Agent” shall have the meaning set forth in the introductory paragraph hereof. 

“Borrowers” shall mean the Borrower Agent, the Subsidiary Borrower and each additional Borrower under (and as defined
in) the Revolving Facility Credit Agreement from time to time. 
 “Business Day” shall mean any day except
Saturday, Sunday and any day which shall be in New York, New York, a legal holiday or a day on which banking institutions are authorized or required by law or other government action to close. 

“Capital Lease” shall mean, as applied to any Person, any lease of any property (whether real, person or mixed) by that
Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person. 
 “Capital Stock” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership
interests in a Person (other than a corporation), including, without limitation, partnership interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing,
but excluding for the avoidance of doubt any Indebtedness convertible into or exchangeable for any of the foregoing. 

  
 Page 2

 “Cash Proceeds” shall mean all Proceeds of any Collateral received by any
Grantor or Secured Party consisting of cash and checks. 
 “Chattel Paper” shall have the meaning set forth in
Article 9 of the UCC. Without limiting the foregoing, the term “Chattel Paper” shall in any event include all Tangible Chattel Paper and all Electronic Chattel Paper. 

“Collateral” shall mean all property (whether real, personal, movable or immovable) now or hereafter acquired and
wherever located (and Proceeds thereof) with respect to which any security interests have been granted (or purported to be granted) by any Grantor pursuant to any Security Document. 

“Collateral Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any
Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property. 
 “Commercial Tort Claim” shall have the meaning set forth in Article 9 of the UCC. 
 “Comparable Revolving Facility Security Document” shall mean, in relation to any Collateral subject to any Lien created under any Term Loan Security Document, that Revolving Facility
Document which creates (or purports to create) a Lien on the same Collateral, granted by the same Grantor, as the same may be amended, restated, amended and restated, modified, renewed, extended, refunded, replaced, Refinanced or otherwise
supplemented, from time to time in accordance with the terms hereof, thereof and the Credit Agreements. 
 “Comparable
Term Loan Security Document” shall mean, in relation to any Collateral subject to any Lien created under any Revolving Facility Security Document, that Term Loan Document which creates (or purports to create) a Lien on the same Collateral,
granted by the same Grantor, as the same may be amended, restated, amended and restated, modified, renewed, extended, refunded, replaced, Refinanced or otherwise supplemented from time to time in accordance with the terms hereof, thereof and the
Credit Agreements. 
 “Contract Rights” shall mean all rights of any Grantor 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 Grantor and one or more additional parties (including, without limitation, any Hedge Agreements or contracts for Banking Services (each such term as defined in each Credit Agreement), licensing agreements and any
partnership agreements, joint venture agreements and limited liability company agreements). 
 “Control” shall
mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. 

  
 Page 3

 “Copyrights” shall mean, with respect to any Grantor, all of such
Grantor’s right, title, and interest in and to the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright whether published or unpublished, copyright registrations, and copyright applications;
(b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements
for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“Credit Agreements” shall have the meaning set forth in the recitals hereto. 

“Credit Bid Rights” means, (a) in respect of any order relating to a sale of assets constituting Revolving Facility
First Lien Collateral in any Insolvency or Liquidation Proceeding, that (i) such order grants the Term Loan Security Agent and the Term Loan Secured Parties (individually and in any combination, subject to the terms of the Term Loan Documents)
the right to bid at the sale of such assets and the right to offset its claims secured by Term Loan Liens upon such assets against the purchase price of such assets if (A) the bid of the Term Loan Security Agent or such Term Loan Secured
Parties is the highest bid or otherwise determined by a court to be the best offer at a sale, (B) the Term Loan Security Agent or such Term Loan Secured Parties provide evidence of financing adequate to close the sale and (C) the bid of
the Term Security Agent or such Term Loan Secured Parties includes a cash purchase price component payable at the closing of the sale in an amount that would be sufficient on the date of the closing of the sale, if such amount were applied to such
payment on such date, to pay or satisfy in full in cash all unpaid Revolving Facility Obligations (including the discharge or cash collateralization of all outstanding letters of credit constituting Revolving Facility Obligations and all Revolving
Facility Bank Product Obligations constituting Revolving Facility Obligations but excluding unasserted contingent obligations in respect of indemnities and expense reimbursement) and to satisfy all Liens entitled to priority over the Revolving
Facility Liens that attach to the Proceeds of the sale, and such order requires such amount to be so applied and (ii) such order allows the claims of the Term Loan Security Agent and the Term Loan Secured Parties in such Insolvency or
Liquidation Proceeding to the extent required for the grant of such rights, and (b) in respect of any order relating to a sale of assets constituting Term Loan First Lien Collateral in any Insolvency or Liquidation Proceeding, that
(i) such order grants the Revolving Facility Security Agent and the Revolving Facility Secured Parties (individually and in any combination, subject to the terms of the Revolving Facility Documents) the right to bid at the sale of such assets
and the right to offset its claims secured by Revolving Facility Liens upon such assets against the purchase price of such assets if (A) the bid of the Revolving Facility Security Agent or such Revolving Facility Secured Parties is the highest
bid or otherwise determined by a court to be the best offer at a sale, (B) the Revolving Facility Security Agent or such Revolving Facility Secured Parties provide evidence of financing adequate to close the sale and (C) the bid of the
Revolving Facility Security Agent or such Revolving Facility Secured Parties includes a cash purchase price component payable at the closing of the sale in an amount that would be sufficient on the date of the closing of the sale, if such amount
were applied to such payment on such date, to pay all unpaid Term Loan Obligations (except unasserted contingent obligations in respect of indemnities and expense reimbursement) and to satisfy all Liens entitled to priority over the Term Loan Liens
that attach to the Proceeds of the sale, and such order requires such amount to be so applied and (ii) such order allows the claims of the Revolving Facility Security Agent and the Revolving Facility Secured Parties in such Insolvency or
Liquidation Proceeding to the extent required for the grant of such rights. 
 “DBTCA” shall have the meaning
set forth in the introductory paragraph hereof. 
 “Debtor Relief Laws” means the Bankruptcy Code, and all
other liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the United States or other applicable jurisdictions
from time to time in effect and affecting the rights of creditors generally. 

  
 Page 4

 “Defaulting Revolving Facility Secured Party” shall have the meaning set
forth in Section 3.4(g). 
 “Defaulting Term Loan Secured Party” shall have the meaning set forth
in Section 2.4(g). 
 “Deposit Account” shall have the meaning set forth in Article 9 of the UCC.

 “Derivative Transaction” means (a) any interest-rate transaction, including any interest-rate swap,
basis swap, forward rate agreement, interest rate option (including a cap collar and floor), and any other instrument linked to interest rates that gives rise to similar credit risks (including when-issued securities and forward deposits accepted),
(b) any exchange-rate transaction, including any cross-currency interest-rate swap, any forward foreign-exchange contract, any currency option, and any other instrument linked to exchange rates that gives rise to similar credit risks,
(c) any equity derivative transaction, including any equity-linked swap, any equity-linked option, any forward equity-linked contract, and any other instrument linked to equities that gives rise to similar credit risk and (d) any commodity
(including precious metal) derivative transaction, including any commodity-linked swap, any commodity-linked option, any forward commodity-linked contract, and any other instrument linked to commodities that gives rise to similar credit risks;
provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of Holdings or its subsidiaries shall be a Derivative Transaction.

 “Discharge of Revolving Facility Obligations” shall mean, except to the extent otherwise provided in
Section 3.4(f), the occurrence of all of the following: 
 (i) termination or expiration of all
commitments to extend credit that would constitute Revolving Facility Obligations; 
 (ii) payment in full in
cash of the principal of and interest and premium (if any) on all Revolving Facility Obligations (other than any undrawn letters of credit) and all amounts then due and payable under any Revolving Facility Secured Hedging Agreements and Revolving
Facility Bank Product Obligations; 
 (iii) discharge or cash collateralization (at 100% of the aggregate
undrawn amount) of all outstanding letters of credit constituting Revolving Facility Obligations; and 
 (iv)
payment in full in cash of all other Revolving Facility Obligations that are outstanding and unpaid at the time the termination, expiration, discharge and/or cash collateralization set forth in clauses (i) through (iii) above have occurred
(other than any obligations for taxes, costs, indemnifications and other contingent liabilities in respect of which no claim or demand for payment has been made at such time). 
 “Discharge of Term Loan Obligations” shall mean, except to the extent otherwise provided in Section 2.4(f), the occurrence of all of the following: 

(i) termination or expiration of all commitments to extend credit that would constitute Term Loan Obligations;

 (ii) payment in full in cash of the principal of and interest and premium (if any) on all Term Loan
Obligations and all amounts then due and payable under any Term Loan Secured Hedging Agreements; and 

  
 Page 5

 (iii) payment in full in cash of all other Term Loan Obligations that are
outstanding and unpaid at the time the termination, expiration and/or discharge set forth in clauses (i) and (ii) above have occurred (other than any obligations for taxes, costs, indemnifications and other contingent liabilities in
respect of which no claim or demand for payment has been made at such time). 
 “Domestic Subsidiaries” shall
mean all Subsidiaries of any Person incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia. 
 “Electronic Chattel Paper” shall have the meaning set forth in Article 9 of the UCC. “Eligible Revolving Facility Purchaser” shall have the meaning set forth in
Section 2.4(g). 
 “Eligible Term Loan Purchaser” shall have the meaning set forth in
Section 3.4(g). 
 “Equipment” shall have the meaning set forth in Article 9 of the UCC.

 “ERISA” shall mean the Employment Retirement Income Security Act of 1974, as amended from time to time, and
any successor thereto. 
 “Excluded Subsidiary” shall have the meaning provided in the Term Loan Credit
Agreement (as originally in effect). 
 “First Priority” shall mean, (i) with respect to any Lien
purported to be created on any Revolving Facility First Lien Collateral pursuant to any Revolving Facility Security Document, that such Lien is prior in right to any other Lien thereon, other than any Revolving Facility Permitted Liens (excluding
Revolving Facility Permitted Liens of the type described in Sections 6.02(t), (o) and (u) of the Revolving Facility Credit Agreement as originally in effect) applicable to such Revolving Facility First Lien Collateral which have priority
over the respective Liens on such Revolving Facility First Lien Collateral created pursuant to the relevant Revolving Facility Security Document and (ii) with respect to any Lien purported to be created on any Term Loan First Lien Collateral
pursuant to any Term Loan Security Document, that such Lien is prior in right to any other Lien thereon, other than any Term Loan Permitted Liens (excluding Term Loan Permitted Liens of the type described in Sections 6.02(t) and (o)(ii) of the Term
Loan Credit Agreement as originally in effect) applicable to such Term Loan First Lien Collateral which have priority over the respective Liens on such Term Loan First Lien Collateral created pursuant to the relevant Term Loan Security Document.

 “Fixtures” shall have the meaning set forth in Article 9 of the UCC. 

“GAAP” shall mean generally accepted accounting principles in the United States of America as in effect from time to
time. 
 “General Intangible” shall have the meaning set forth in Article 9 of the UCC. 

“Grantors” shall mean Holdings, each Borrower and each of the Borrower Agent’s Domestic Subsidiaries (other than
Excluded Subsidiaries) that have executed and delivered, or may from time to time hereafter execute and deliver, a Revolving Facility Security Document or a Term Loan Security Document. 

  
 Page 6

 “Guarantee” of or by any Person (the “Guarantor”) means
any obligation, contingent or otherwise, of the Guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the “Primary Obligor”) in any manner, whether
directly or indirectly, and including any obligation of the Guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other monetary obligation of the payment
thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other monetary obligation, (d) as an
account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or monetary obligation, (e) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or
other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (f) any Lien on any assets of such Guarantor securing any Indebtedness or other monetary
obligation of any other Person, whether or not such Indebtedness or monetary other obligation is assumed by such Guarantor (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the
term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the date hereof or entered into in connection with any acquisition or
disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. 

“Hedge Agreement” shall mean any agreement with respect to any Derivative Transaction between any Borrower or any
Subsidiary and any other Person. 
 “Indebtedness” as applied to any Person, shall mean, without duplication,
(a) all indebtedness for borrowed money; (b) that portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP (as in effect on the date hereof for purposes of
this clause (b)); (c) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments to the extent the same would appear as a liability on a balance sheet prepared in accordance with GAAP; (d) any obligation
owed for all or any part of the deferred purchase price of property or services (excluding (w) any earn out obligation or purchase price adjustment until such obligation becomes a liability on the balance sheet in accordance with GAAP,
(x) any such obligations incurred under ERISA, (y) trade accounts payable in the ordinary course of business (including on an inter-company basis) and (z) liabilities associated with customer prepayments and deposits), which purchase
price is (i) due more than six months from the date of incurrence of the obligation in respect thereof or (ii) evidenced by a note or similar written instrument; (e) all Indebtedness of others secured by any Lien on any property or
asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is non-recourse to the credit of that Person; (f) the face amount of any letter of credit issued for the account
of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (g) the Guarantee by such Person of the Indebtedness of another; (h) all obligations of such Person in respect of any Disqualified Capital Stock,
and (i) all net obligations of such Person in respect of any Derivative Transaction (as such term and any component definitions thereof are defined in the Term Loan Credit Agreement, as originally in effect), including, without limitation, any
Hedge Agreement, whether or not entered into for hedging or speculative purposes. 

  
 Page 7

 “Insolvency or Liquidation Proceeding” shall mean any of the following:
(i) the filing by any Grantor of a voluntary petition in bankruptcy under any provision of any Bankruptcy Law (including, without limitation, the Bankruptcy Code) or a petition to take advantage of any receivership or insolvency laws,
including, without limitation, any petition seeking the dissolution, winding up, total or partial liquidation, reorganization, composition, arrangement, adjustment or readjustment or other relief of such Grantor, such Grantor’s debts or such
Grantor’s assets or the appointment of a trustee, receiver, liquidator, custodian or similar official for such Grantor or a material part of such Grantor’s property; (ii) the admission in writing by such Grantor of its inability to
pay its debts generally as they become due; (iii) the appointment of a receiver, liquidator, trustee, custodian or other similar official for such Grantor or all or a material part of such Grantor’s assets; (iv) the filing of any
petition against such Grantor under any Bankruptcy Law (including, without limitation, the Bankruptcy Code) or other receivership or insolvency law, including, without limitation, any petition seeking the dissolution, winding up, total or partial
liquidation, reorganization, composition, arrangement, adjustment or readjustment or other relief of such Grantor, such Grantor’s debts or such Grantor’s assets or the appointment of a trustee, receiver, liquidator, custodian or similar
official for such Grantor or a material part of such Grantor’s property; or (v) the general assignment by such Grantor for the benefit of creditors or any other marshalling of the assets and liabilities of such Grantor. 

“Insurance” shall mean (i) all insurance policies covering any or all of the Collateral (regardless of whether the
Revolving Facility Security Agent or the Term Loan Security Agent is the loss payee or additional insured thereof) and (ii) any key man life insurance policies. 
 “Intellectual Property” shall mean any and all Licenses, Patents, Copyrights, Trademarks, the goodwill associated with such Trademarks, Trade Secrets and customer lists. 

“Intercreditor Agreement Joinder” shall mean an agreement substantially in the form of Exhibit A hereto. 

“Instrument” shall have the meaning set forth in Article 9 of the UCC. 

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

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

“Investment Related Property” shall mean (i) any and all Investment Property and (ii) any and all Pledged
Collateral (regardless of whether classified as investment property under the UCC). 
 “Lenders” shall have the
meaning set forth in the recitals hereto. 
 “Licenses” shall mean, with respect to any Grantor, all of such
Grantor’s right, title, and interest in and to (a) any and all licensing agreements or similar arrangements in and to its owned (1) Patents, (2) Copyrights, (3) Trademarks, (4) Trade Secrets or (5) Software,
(b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue
for past, present, and future breaches thereof. 
 “Lien” shall mean any mortgage, pledge, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real property, and any Capital Lease having substantially the same economic effect as any of the foregoing) in each case, in the nature of security; provided that in no
event shall an operating lease in and of itself be deemed a Lien. 

  
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 “New Revolving Facility Security Agent” shall have the meaning set forth in
Section 3.4(f). 
 “New Term Loan Agent” shall have the meaning set forth in
Section 2.4(f). 
 “Patents” shall mean, with respect to any Grantor, all of such Grantor’s
right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and
continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements
thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 
 “Permitted Refinancing” shall mean, with respect to any Indebtedness under the Term Loan Documents or the Revolving Facility Documents, the Refinancing of such Indebtedness
(“Refinancing Indebtedness”) in accordance with the requirements of the Term Loan Credit Agreement and the Revolving Facility Credit Agreement. 
 “Person” shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or other enterprise or any government or political
subdivision or any agency, department or instrumentality thereof. 
 “Pledged Collateral” means Pledged Stock,
Pledged Notes or other Instruments, Securities and other Investment Property owned by any Grantor, whether or not physically delivered to an Agent pursuant to a Revolving Facility Security Document or a Term Loan Security Document, excluding any
items specifically excluded from the definition of Collateral. 
 “Pledged Notes” shall mean, with respect to
any Grantor, all promissory notes at any time issued by a Borrower or any Subsidiary thereof and held or owned by such Grantor. 

“Pledged Revolving Facility First Lien Collateral” shall have the meaning set forth in Section 3.4(e).

 “Pledged Stock” shall mean, with respect to any Grantor, the shares of Capital Stock pledged by such Grantor
pursuant to the Revolving Facility Pledge and Security Agreement and the Term Loan Pledge and Security Agreement (as applicable), as well as any other shares, stock certificates, options or rights of any nature whatsoever in respect of the Capital
Stock of any issuer of such Capital Stock that may be issued or granted to, or held by, such Grantor while either the Revolving Facility Pledge and Security Agreement or the Term Loan Pledge and Security Agreement is in effect. 

“Pledged Term Loan First Lien Collateral” shall have the meaning set forth in Section 2.4(e). 

“Proceeds” shall have the meaning assigned in Article 9 of the UCC 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 any Agent or any Grantor 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 Grantor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of 

  
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the Collateral by any governmental authority (or any person acting under color of governmental authority), (iii) any and all proceeds of Pledged Collateral including dividends or other
income from, and proceeds of, Pledged Collateral, collection thereon or distributions or payments with respect thereto and (iv) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral.

 “Processing and Sale Period” shall have the meaning set forth in Section 4.3(a). 

“Recovery” shall have the meaning set forth in Section 6.17. 

“Refinance” shall mean, in respect of any Indebtedness, to refinance, extend, renew, retire, defease, amend, modify,
supplement, restructure, replace, refund or repay, or to issue other Indebtedness, in exchange or replacement for, such Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative
meanings. 
 “Refinancing Indebtedness” shall have the meaning set forth in the definition of “Permitted
Refinancing”. 
 “Revolving Facility Administrative Agent” shall have the meaning set forth in the
recitals hereto. 
 “Revolving Facility Bank Product Agreements” shall mean each agreement or other document
governing or evidencing Revolving Facility Bank Product Obligations. 
 “Revolving Facility Bank Product
Creditor” shall mean each provider of “Banking Services” (as that term is defined in the Revolving Facility Credit Agreement (as originally in effect)). 
 “Revolving Facility Bank Product Obligations” means the “Banking Services Obligations,” as that term is defined in the Revolving Facility Credit Agreement (as originally in
effect). 
 “Revolving Facility Collateral Priority Lien” shall have the meaning set forth in Section
3.4(a). 
 “Revolving Facility Credit Agreement” shall have the meaning set forth in the recitals
hereto. 
 “Revolving Facility DIP Financing” shall have the meaning set forth in Section 3.5(a).

 “Revolving Facility Documents’ shall mean (x) the Revolving Facility Credit Agreement and the other
Loan Documents (as defined in the Revolving Facility Credit Agreement) and (y) each of the other agreements, documents and instruments providing for or evidencing any Revolving Facility Obligations (including any Permitted Refinancing of any
Revolving Facility Obligations), together with any amendments, replacements, modifications, extensions, renewals or supplements to, or restatements of, any of the foregoing (but excluding, for the avoidance of doubt, any documents entered into in
connection with an Revolving Facility DIP Financing or a Term Loan DIP Financing). 
 “Revolving Facility First Lien
Collateral” shall mean all interests of each Grantor in the following Collateral, in each case whether now owned or existing or hereafter acquired or arising and wherever located, including (1) all rights of each Grantor to receive
moneys due and to become due under or pursuant to the following, (2) all rights of each Grantor to receive return of any premiums for or Proceeds of any insurance, indemnity, warranty or guaranty with respect to the following or to receive

  
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condemnation Proceeds with respect to the following, (3) all claims of each Grantor for damages arising out of or for breach of or default under any of the following, and (4) all rights
of each Grantor to terminate, amend, supplement, modify or waive performance under any of the following, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder: 

(i) all Accounts, but for purposes of this clause (i) excluding rights to payment for any property which specifically
constitutes Term Loan First Lien Collateral which has been or is to be sold, leased, licensed, assigned or otherwise disposed of; 
 (ii) all Chattel Paper; 
 (iii) all Deposit Accounts and all other
demand, deposit, time, savings, cash management, passbook and similar accounts maintained with any bank or other financial institution and all monies, securities, Instruments and other investments deposited or required to be deposited in any of the
foregoing (in each case, other than the Term Proceeds Account, all monies, securities, Instruments and other investments held in the Term Proceeds Account or credited to the Term Proceeds Account which constitute Term Loan First Lien Collateral and
all identifiable Proceeds of any Term Loan First Lien Collateral); 
 (iv) all Inventory; 

(v) to the extent evidencing or governing any of the items referred to in the preceding clauses (i) through (iv), all
General Intangibles, letters of credit (whether or not the respective letter of credit is evidenced by a writing), Letter-of-Credit Rights, Instruments and Documents; provided that to the extent any of the foregoing also relates to Term Loan
First Lien Collateral, only that portion related to the items referred to in the preceding clauses (i) through (iv) as being included in the Revolving Facility First Lien Collateral shall be included in the Revolving Facility First Lien
Collateral; 
 (vi) to the extent relating to any of the items referred to in the preceding clauses
(i) through (v), all Insurance; provided that to the extent any of the foregoing also relates to Term Loan First Lien Collateral only that portion related to the items referred to in the preceding clauses (i) through (v) as
being included in the Revolving Facility First Lien Collateral shall be included in the Revolving Facility First Lien Collateral; 
 (vii) to the extent relating to any of the items referred to in the preceding clauses (i) through (vi), all Supporting Obligations; provided that to the extent any of the foregoing also
relates to Term Loan First Lien Collateral only that portion related to the items referred to in the preceding clauses (i) through (vi) as being included in the Revolving Facility First Lien Collateral shall be included in the Revolving
Facility First Lien Collateral; 
 (viii) to the extent relating to any of the items referred to in the preceding
clauses (i) through (vii), all Commercial Tort Claims; provided that to the extent any of the foregoing also relates to Term Loan First Lien Collateral only that portion related to the items referred to in the preceding clauses
(i) through (vii) as being included in the Revolving Facility First Lien Collateral shall be included in the Revolving Facility First Lien Collateral; 
 (ix) all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or
relating to any of the foregoing; and 

  
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 (x) all Cash Proceeds and, solely to the extent not constituting Term Loan
First Lien Collateral, non-Cash Proceeds, products, accessions, rents and profits of or in respect of any of the foregoing (including without limitation, all insurance Proceeds) and all collateral security, guarantees and other Collateral Support
given by any Person with respect to any of the foregoing; 
 provided, however that (i) if Collateral of any type is received in
exchange for Revolving Facility First Lien Collateral in accordance with the terms of the Revolving Facility Documents, such Collateral will be treated as Revolving Facility First Lien Collateral and (ii) if Collateral of any type is received
in exchange for Term Loan First Lien Collateral in accordance with the terms of the Term Loan Documents, such Collateral will be treated as Term Loan First Lien Collateral. 
 “Revolving Facility First Lien Collateral Enforcement Actions” shall have the meaning set forth in Section 4.3(a). 

“Revolving Facility First Lien Collateral Processing and Sale Period” shall have the meaning set forth in
Section 4.3(a). 
 “Revolving Facility Hedging Creditor” shall mean each counterparty to any
Revolving Facility Secured Hedging Agreement (other than a Grantor). 
 “Revolving Facility Lenders” shall have
the meaning set forth in the recitals hereto. 
 “Revolving Facility Lien” means any Lien created by the
Revolving Facility Documents. 
 “Revolving Facility Obligations” shall mean all obligations (including
guaranty obligations) of every nature of each Grantor from time to time owed to the Revolving Facility Secured Parties or any of them, under any Revolving Facility Document (including any Revolving Facility Document in respect of a Permitted
Refinancing of any Revolving Facility Obligations), including, without limitation, all “Secured Obligations” or similar term as defined in the Revolving Facility Credit Agreement and whether for principal, premium, interest (including
interest which, but for the filing of a petition in bankruptcy with respect to Holdings or any of its Subsidiaries, would have accrued on any Revolving Facility Obligation (including any Permitted Refinancing of any Revolving Facility Obligations),
at the rate provided in the respective documentation, whether or not a claim is allowed against such Person for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under (and obligations to cash collateralize) letters
of credit, fees, expenses, indemnification or otherwise, and including any obligations in respect of Additional Debt which are designated as “Revolving Facility Obligations”. 

“Revolving Facility Permitted Liens” shall mean the “Permitted Liens” under, and as defined in, the Revolving
Facility Credit Agreement (as originally in effect). 
 “Revolving Facility Pledge and Security Agreement”
shall mean that certain Pledge and Security Agreement dated as of the date hereof, among Holdings, each Borrower, each other Grantor and the Revolving Facility Security Agent, as amended, supplemented, restated, amended and restated and/or modified
from time to time. 
 “Revolving Facility Secured Hedging Agreement” shall mean any Hedge Agreement with
respect to Secured Hedging Obligations (as each such term is (and the component definitions as used therein are) defined in the Revolving Facility Credit Agreement (as originally in effect)). 

  
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 “Revolving Facility Secured Parties” shall mean (a) the lenders
(including, in any event, each letter of credit issuer and each swingline lender), agents and arrangers under the Revolving Facility Credit Agreement and shall include all former lenders, agents and arrangers under the Revolving Facility Credit
Agreement to the extent that any Revolving Facility Obligations owing to such Persons were incurred while such Persons were lenders, agents or arrangers under the Revolving Facility Credit Agreement or Revolving Facility Hedging Creditors and such
Revolving Facility Obligations have not been paid or satisfied in full, (b) the Revolving Facility Bank Product Creditors and the Revolving Facility Hedging Creditors, and (c) all new Revolving Facility Secured Parties to the extent set
forth in Section 3.4(f). 
 “Revolving Facility Security Agent” shall have the meaning set forth in
the recitals hereto and includes any New Revolving Facility Security Agent to the extent set forth in Section 3.4(f). 
 “Revolving Facility Security Documents” shall mean the Revolving Facility Pledge and Security Agreement, the other Collateral Documents (as defined in the Revolving Facility Credit
Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted securing any Revolving Facility Obligations (including any Permitted Refinancing of any Revolving Facility Obligations) or under which rights or remedies
with respect to such Liens are governed, together with any amendments, replacements, modifications, extensions, renewals or supplements to, or restatements of, any of the foregoing. 

“Revolving Facility Standstill Period” shall have the meaning set forth in Section 2.2(a). 

“SEC” shall mean the United States Securities and Exchange Commission and any successor thereto. 

“Second Priority” shall mean, (i) with respect to any Lien purported to be created on any Term Loan First Lien
Collateral pursuant to the Revolving Facility Security Documents, that such Lien is prior in right to any other Lien thereon, other than (x) Liens of the type permitted pursuant to Section 6.02(t) of the Revolving Facility Credit Agreement
as originally in effect, (y) Term Loan Permitted Liens of the type permitted to be prior to the Liens on the Term Loan First Lien Collateral in accordance with clause (ii) of the definition “First Priority” contained herein and
(z) any Lien on Term Loan First Lien Collateral that is permitted to be pari passu with the Term Loan Security Agent’s Lien in the Term Loan First Lien Collateral and (ii) with respect to any Lien purported to be created on any
Revolving Facility First Lien Collateral pursuant to the Term Loan Security Documents, that such Lien is prior in right to any other Lien thereon, other than (x) Liens of the type permitted pursuant to Section 6.02(t) of the Term Loan
Credit Agreement as originally in effect, (y) Revolving Facility Permitted Liens of the type permitted to be prior to the Liens on the Revolving Facility First Lien Collateral in accordance with clause (i) of the definition “First
Priority” contained herein and (z) any Lien on Revolving Facility First Lien Collateral that is permitted to be pari passu with the Term Loan Security Agent’s Lien in the Revolving Facility First Lien Collateral. 

“Secured Parties” shall mean, collectively, the Revolving Facility Secured Parties and the Term Loan Secured Parties.

 “Securities” shall have the meaning set forth in Article 8 of the UCC. 

“Securities Accounts” shall have the meaning set forth in Article 8 of the UCC.] 

“Securities Entitlements” shall have the meaning set forth in Article 8 of the UCC. 

  
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 “Security Agents” shall have the meaning set forth in the recitals hereto.

 “Security Document” shall mean any Revolving Facility Security Document or any Term Loan Security Document.

 “Sponsors” shall have the meaning set forth in the Revolving Facility Credit Agreement and the Term Loan
Credit Agreement (each as originally in effect). 
 “Subsidiary” shall mean, with respect to any Person, any
corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50.0% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of
any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at
the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided, that in determining the percentage of ownership interests of any Person
controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding. 
 “Subsidiary Borrower” shall have the meaning set forth in the introductory paragraph hereof. 
 “Supporting Obligations” shall have the meaning set forth in Article 9 of the UCC. 
 “Tangible Chattel Paper” shall mean “tangible chattel paper” as such term is defined in Article 9 of the UCC. 

“Term Loan Administrative Agent” shall have the meaning set forth in the recitals hereto. 

“Term Loan Collateral Priority Lien” shall have the meaning set forth in Section 2.4(a). 

“Term Loan Credit Agreement” shall have the meaning set forth in the recitals hereto. 

“Term Loan DIP Financing” shall have the meaning set forth in Section 2.5(a). 

“Term Loan Documents” shall mean (x) the Term Loan Credit Agreement and the other Loan Documents (as defined in the
Term Loan Credit Agreement), (y) each Term Loan Secured Hedging Agreement and (z) each of the other agreements, documents and instruments providing for or evidencing any Term Loan Obligation (including any Permitted Refinancing of any Term
Loan Obligation), together with any amendments, replacements, modifications, extensions, renewals or supplements to, or restatements of, any of the foregoing (but excluding, for the avoidance of doubt, any documents agreement entered into in
connection with an Revolving Facility DIP Financing or a Term Loan DIP Financing). 
 “Term Loan Hedging
Creditor” shall mean each counterparty to any Term Loan Secured Hedging Agreement (other than a Grantor). 

“Term Loan Lenders” shall have the meaning set forth in the recitals to this Agreement. 

“Term Loan Lien” shall mean any Lien created by the Term Loan Security Documents. 

  
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 “Term Loan Obligations” shall mean all obligations (including guaranty
obligations) of every nature of each Grantor, from time to time owed to the Term Loan Secured Parties or any of them, under any Term Loan Document (including any Term Loan Document in respect of a Permitted Refinancing of any Term Loan Obligations),
including, without limitation, all “Secured Obligations” or similar term as defined in the Term Loan Credit Agreement and whether for principal, premium, interest (including interest which, but for the filing of a petition in bankruptcy
with respect to such Person, would have accrued on any Term Loan Obligation (including any Permitted Refinancing of any Term Loan Obligations) at the rate provided in the respective documentation, whether or not a claim is allowed against Holdings
or any of its Subsidiaries for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under (and obligations to cash collateralize) letters of credit, fees, expenses, indemnification or otherwise, and including any
obligations in respect of Additional Debt which are designated as “Term Loan Obligations”. 
 “Term Loan
Permitted Liens” shall mean the “Permitted Liens” under, and as defined in, the Term Loan Credit Agreement as originally in effect. 
 “Term Loan First Lien Collateral” shall mean all interests of each Grantor in the following Collateral, in each case whether now owned or existing or hereafter acquired or arising and
wherever located, including (1) all rights of each Grantor to receive moneys due and to become due under or pursuant to the following, (2) all rights of each Grantor to receive return of any premiums for or Proceeds of any insurance,
indemnity, warranty or guaranty with respect to the following or to receive condemnation Proceeds with respect to the following, (3) all claims of each Grantor for damages arising out of or for breach of or default under any of the following,
and (4) all rights of each Grantor to terminate, amend, supplement, modify or waive performance under any of the following, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder: 

(i) the Term Proceeds Account, and all cash, money, securities and other investments deposited therein; 

(ii) all Equipment; 
 (iii) all Fixtures; 
 (iv) all General Intangibles, including,
without limitation, Contracts, together with all Contract Rights arising thereunder (in each case other than General Intangibles evidencing or governing Revolving Facility First Lien Collateral); 

(v) all letters of credit (whether or not the respective letter of credit is evidenced by a writing), Letter-of-Credit
Rights, Instruments and Documents (except to the extent evidencing or governing or attached or related to (to the extent so attached or related) Revolving Facility First Lien Collateral); 

(vi) without duplication, all Investment Related Property, all Securities, all Security Entitlements and all Securities
Accounts (in each case, other than any Collateral specifically listed as Revolving Facility First Lien Collateral and other than any Supporting Obligations supporting Revolving Facility First Lien Collateral); 

(vii) all Intellectual Property; 

(viii) except to the extent constituting, or relating to, Revolving Facility First Lien Collateral, all Commercial Tort
Claims; 

  
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 (ix) all real property (including, if any, leasehold interests) on which
the Grantors are required to provide a Lien to the Term Loan Secured Parties pursuant to the Term Loan Credit Agreement and any title insurance with respect to such real property (other than title insurance actually obtained by the Revolving
Facility Security Agent in respect of such real property) and the Proceeds thereof; 
 (x) except to the
extent constituting, or relating to, the Revolving Facility First Lien Collateral, all other personal property (whether tangible or intangible) of such Grantor; 

(xi) to the extent constituting, or relating to, any of the items referred to in the preceding clauses
(i) through (x), all Insurance; provided that to the extent any of the foregoing also relates to Revolving Facility First Lien Collateral only that portion related to the items referred to in the preceding clauses (i) through
(x) as being included in the Term Loan First Lien Collateral shall be included in the Term Loan First Lien Collateral; 
 (xii) to the extent relating to any of the items referred to in the preceding clauses (i) through (xi), all Supporting Obligations; provided that to the extent any of the foregoing also
relates to Revolving Facility First Lien Collateral only that portion related to the items referred to in the preceding clauses (i) through (xi) as being included in the Term Loan First Lien Collateral shall be included in the Term Loan
First Lien Collateral; 
 (xiii) all books and records, customer lists, credit files, computer files,
programs, printouts and other computer materials and records related thereto and any General Intangibles at any time evidencing or relating to any of the foregoing; provided that to the extent any of such material also relates to Revolving
Facility First Lien Collateral only that portion related to the items referred to in the preceding clauses (i) through (xii) as being included in the Term Loan First Lien Collateral shall be included in the Term Loan First Lien Collateral;
and 
 (xiv) all Cash Proceeds and, solely to the extent not constituting Revolving Facility First Lien
Collateral, non-Cash Proceeds, products, accessions, rents and profits of or in respect of any of the foregoing and all collateral security, guarantees and other Collateral Support given by any Person with respect to any of the foregoing;

 provided, however that (i) if Collateral of any type is received in exchange for Revolving Facility First Lien Collateral in
accordance with the terms of the Revolving Facility Documents, such Collateral will be treated as Revolving Facility First Lien Collateral and (ii) if Collateral of any type is received in exchange for Term Loan First Lien Collateral in
accordance with the terms of the Term Loan Documents, such Collateral will be treated as Term Loan First Lien Collateral. 

“Term Loan First Lien Collateral Enforcement Action Notice” shall have the meaning set forth in
Section 4.3(a). 
 “Term Loan First Lien Collateral Enforcement Actions” shall have the meaning set
forth in Section 4.3(a). 
 “Term Loan Pledge and Security Agreement” shall mean that certain
Pledge and Security Agreement dated as of the date hereof, among Holdings, each Borrower, each other Grantor and the Term Security Agent, as amended, supplemented, restated, amended and restated and/or modified from time to time. 

  
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 “Term Loan Secured Hedging Agreement” shall mean any Hedge Agreement with
respect to Secured Hedging Obligations (as each such term is (and the component definitions as used therein are) defined in the Term Loan Credit Agreement (as originally in effect)). 

“Term Loan Secured Parties” shall mean (a) the lenders, agents and arrangers under the Term Loan Credit Agreement
and shall include all former lenders, agents and arrangers under the Term Loan Credit Agreement to the extent that any Term Loan Obligations owing to such Persons were incurred while such Persons were lenders, agents or arrangers under the Term Loan
Credit Agreement and such Term Loan Obligations have not been paid or satisfied in full, (b) the Term Loan Hedging Creditors and (c) all new Term Loan Secured Parties to the extent set forth in Section 2.4(f). 

“Term Loan Security Agent” shall have the meaning set forth in the recitals hereto and includes any New Term Loan
Security Agent to the extent set forth in Section 2.4(f). 
 “Term Loan Security Documents” shall
mean the Term Loan Pledge and Security Agreement, the other Collateral Documents (as defined in the Term Loan Credit Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted securing any Term Loan Obligations
(including any Permitted Refinancing of any Term Loan Obligation) or under which rights or remedies with respect to such Liens are governed, together with any amendments, replacements, modifications, extensions, renewals or supplements to, or
restatements of, any of the foregoing. 
 “Term Loan Standstill Period” shall have the meaning set forth in
Section 3.2(a). 
 “Term Proceeds Account” shall mean one or more Deposit Accounts or Securities
Accounts established by the Term Loan Security Agent into which there may be deposited Proceeds of sales or dispositions of Term Loan First Lien Collateral (to the extent such Proceeds constitute Term Loan First Lien Collateral). 

“Trade Secrets” shall mean any (a) trade secrets or other confidential and proprietary information, including
unpatented inventions, invention disclosures, engineering or other data, information, production procedures, know-how, financial data, customer lists, supplier lists, business and marketing plans, processes, schematics, algorithms, techniques,
analyses, proposals, source code, and data collections; (b) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims and payments for past and future
infringements thereof; (c) all rights to sue for past, present and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (d) all rights corresponding to any of the
foregoing throughout the world. 
 “Trademarks” means, with respect to any Grantor, all of such Grantor’s
right, title, and interest in and to the following: (a) all trademarks (including service marks), trade names, trade dress, and logos, slogans and other indicia of origin and the registrations and applications for registration thereof and the
goodwill of the business symbolized by the foregoing; (b) all licenses of the foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or
payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to
settle suits involving claims and demands for royalties owing; and (f) all rights corresponding to any of the foregoing throughout the world. 
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York. 

  
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 1.2. Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall
be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended and restated, supplemented, renewed, extended,
refunded, replaced or Refinanced or otherwise modified to the extent not prohibited hereby, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision of this Agreement, (d) all references herein to Exhibits or Sections
shall be construed to refer to Exhibits or Sections of this Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets
and properties, including cash, securities, accounts and contract rights, (f) terms defined in the UCC but not otherwise defined herein shall have the same meanings herein as are assigned thereto in the UCC, (g) reference to any law means
such law as amended, modified, codified, replaced or re-enacted, in whole or in part, and in effect on the date hereof, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder, and (h) references to
Sections or clauses shall refer to those portions of this Agreement, and any references to a clause shall, unless otherwise identified, refer to the appropriate clause within the same Section in which such reference occurs. 

Section 2. Term Loan First Lien Collateral. 
 2.1. Lien Priorities. 
 (a) Relative Priorities. Notwithstanding
(i) the time, manner, order or method of grant, creation, attachment or perfection of any Liens securing the Revolving Facility Obligations granted on the Term Loan First Lien Collateral or of any Liens securing the Term Loan Obligations
granted on the Term Loan First Lien Collateral, (ii) the validity or enforceability of the security interests and Liens granted in favor of any Security Agent or any Secured Party on the Term Loan First Lien Collateral, (iii) the date on which
any Revolving Facility Obligations or Term Loan Obligations are extended, (iv) any provision of the UCC or any other applicable law, including any rule for determining priority thereunder or under any other law or rule governing the relative
priorities of secured creditors, including with respect to real property or fixtures, (v) any provision set forth in any Revolving Facility Document or any Term Loan Document (other than this Agreement), (vi) the possession or control by
any Security Agent or any Secured Party or any bailee of all or any part of any Term Loan First Lien Collateral as of the date hereof or otherwise, (vii) any failure by any Term Loan Secured Party to perfect its security interests in the Term
Loan First Lien Collateral or (viii) any other circumstance whatsoever, the Revolving Facility Security Agent, on behalf of itself and the Revolving Facility Secured Parties, hereby agrees that: 

(i) any Lien on the Term Loan First Lien Collateral securing any Term Loan Obligations now or hereafter held by or on
behalf of the Term Loan Security Agent or any Term Loan Secured Parties or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects
and prior to any Lien on the Term Loan First Lien Collateral securing any of the Revolving Facility Obligations; and 

  
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 (ii) any Lien on the Term Loan First Lien Collateral now or hereafter
held by or on behalf of the Revolving Facility Security Agent or any Revolving Facility Secured Parties or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law or court order, subrogation
or otherwise, shall be junior and subordinate in all respects to all Liens on the Term Loan First Lien Collateral securing any Term Loan Obligations. 
 All Liens on the Term Loan First Lien Collateral securing any Term Loan Obligations shall be and remain senior in all respects and prior to all Liens on the Term Loan First Lien Collateral securing any
Revolving Facility Obligations for all purposes, whether or not such Liens securing any Term Loan Obligations are subordinated to any Lien securing any other obligation of any Borrower, any other Grantor or any other Person (but only to the extent
that such subordination is permitted pursuant to the terms of the Revolving Facility Credit Agreement and the Term Loan Credit Agreement, or as contemplated in Section 2.5). The parties hereto acknowledge and agree that it is their
intent that the Revolving Facility Obligations (and the security therefor) constitute a separate and distinct class (and separate and distinct claims) from the Term Loan Obligations (and the security therefor). 

(b) Prohibition on Contesting Liens. Each of the Revolving Facility Security Agent, for itself and on behalf of each Revolving
Facility Secured Party, and the Term Loan Security Agent, for itself and on behalf of each Term Loan Secured Party, agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding
(including any Insolvency or Liquidation Proceeding), (i) the priority, validity, extent, perfection or enforceability of a Lien held by or on behalf of any of the Term Loan Secured Parties in the Term Loan First Lien Collateral or by or on
behalf of any of the Revolving Facility Secured Parties in the Term Loan First Lien Collateral, as the case may be, (ii) the validity or enforceability of any Revolving Facility Security Document (or any Revolving Facility Obligations
thereunder) or any Term Loan Security Document (or any Term Loan Obligations thereunder), or (iii) the relative rights and duties of the holders of the Revolving Facility Obligations and the Term Loan Obligations granted and/or established in
this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of either of the Security Agents or any Secured Party to enforce this Agreement, including the priority of the Liens on the Term Loan
First Lien Collateral securing the Term Loan Obligations and the Revolving Facility Obligations as provided in Sections 2.1(a) and 2.2(a). 
 (c) No New Liens. So long as the Discharge of Term Loan Obligations has not occurred, except as contemplated by Section 2.5(c), the parties hereto agree that no Borrower nor any other
Grantor shall grant or permit any additional Liens on any asset or property of any Grantor to secure any Revolving Facility Obligation unless it has granted or contemporaneously grants (i) a First Priority Lien on such asset or property to
secure the Term Loan Obligations if such asset or property constitutes Term Loan First Lien Collateral or (ii) a Second Priority Lien on such asset or property to secure the Term Loan Obligations if such asset or property constitutes Revolving
Facility First Lien Collateral. To the extent that the provisions of clause (i) in the immediately preceding sentence are not complied with for any reason, without limiting any other rights and remedies available to the Term Loan Security Agent
and/or the Term Loan Secured Parties, the Revolving Facility Security Agent, on behalf of Revolving Facility Secured Parties, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens on the Term Loan
First Lien Collateral granted in contravention of such clause (i) of this Section 2.1(c) shall be subject to Section 2.3. 
 (d) Effectiveness of Lien Priorities. Each of the parties hereto acknowledges that the Lien priorities provided for in this Agreement shall not be affected or impaired in any manner whatsoever,
including, without limitation, on account of: (i) the invalidity, irregularity or unenforceability of all or any part of the Revolving Facility Documents or the Term Loan Documents; (ii) any amendment, change or modification of any
Revolving Facility Documents or Term Loan Documents not in contravention of the terms of this Agreement; or (iii) any impairment, modification, change, exchange, release or subordination of or limitation on, any liability of, or stay of actions
or lien 

  
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enforcement proceedings against, Holdings or any of its Subsidiaries party to any of the Revolving Facility Documents or the Term Loan Documents, its property, or its estate in bankruptcy
resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any Secured Party. 
 (e) Similar Liens and Agreements. The parties hereto agree that it is their intention that the Collateral securing each of the Revolving Facility Obligations and the Term Loan Obligations be the
same. In furtherance of the foregoing and of Section 6.7, each Security Agent and each Secured Party agrees, subject to the other provisions of this Agreement: 

(i) upon request by any Security Agent, to cooperate in good faith (and to direct their counsel to cooperate in good
faith) from time to time in order to determine the specific items included in the Collateral securing the Revolving Facility Obligations or the Term Loan Obligations, as the case may be, and the steps taken to perfect the Liens thereon and the
identity of the respective parties obligated under the Revolving Facility Documents or the Term Loan Documents, as the case may be; 
 (ii) that the Term Loan Security Documents and the Revolving Facility Security Documents creating Liens on the Term Loan First Lien Collateral and the Revolving Facility First Lien Collateral shall
be in all material respects the same forms of documents other than with respect to the First Priority and the Second Priority nature of the Liens created thereunder in such Collateral; and 

(iii) the guarantees for the Revolving Facility Obligations and the Term Loan Obligations shall be substantially in
the same form. 
 2.2. Exercise of Remedies. 
 (a) So long as the Discharge of Term Loan Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Borrower or any other Grantor:

 (i) neither the Revolving Facility Security Agent nor any of the Revolving Facility Secured Parties
(x) will exercise or seek to exercise any rights or remedies (including, without limitation, setoff) with respect to any Term Loan First Lien Collateral (including, without limitation, the exercise of any right under any lockbox agreement,
account control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement in respect of Term Loan First Lien Collateral to which the Revolving Facility Security Agent or any Revolving Facility Secured Party is a party)
or institute or commence, or join with any Person (other than the Term Loan Security Agent and the Term Loan Secured Parties) in commencing any action or proceeding with respect to such rights or remedies (including any action of foreclosure),
enforcement, collection or execution; provided, however, that the Revolving Facility Security Agent may exercise any or all such rights in accordance with the Revolving Facility Documents after the passage of a period of 180 days from
the date of delivery of a notice in writing to the Term Loan Security Agent of the Revolving Facility Security Agent’s intention to exercise its right to take such actions (the “Revolving Facility Standstill Period”);
provided, further, however, notwithstanding anything herein to the contrary, neither the Revolving Facility Security Agent nor any Revolving Facility Secured Party will exercise any rights or remedies with respect to any Term
Loan First Lien Collateral if, notwithstanding the expiration of the Revolving Facility Standstill Period, the Term Loan Security Agent or Term Loan Secured Parties shall have commenced and be diligently pursuing in good faith the exercise of any of
their rights or 

  
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remedies with respect to a material portion of the Term Loan First Lien Collateral (prompt notice of such exercise to be given to the Revolving Facility Security Agent), (y) will contest,
protest or object to any foreclosure proceeding or action brought by the Term Loan Security Agent or any Term Loan Secured Party with respect to, or any other exercise by the Term Loan Security Agent or any Term Loan Secured Party of any rights and
remedies relating to, the Term Loan First Lien Collateral under the Term Loan Documents or otherwise, and (z) subject to its rights under clause (i)(x) above, will object to the forbearance by the Term Loan Security Agent or the Term Loan
Secured Parties from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Term Loan First Lien Collateral, in each case so long as the respective interests of the Revolving
Facility Secured Parties attach to the Proceeds thereof subject to the relative priorities described in Section 2.1; provided, however, that nothing in this Section 2.2(a) shall be construed to authorize the
Revolving Facility Security Agent or any Revolving Facility Secured Party to sell any Term Loan First Lien Collateral free of the Lien of the Term Loan Security Agent or any Term Loan Secured Party; and 

(ii) subject to Section 4 and clause (i)(x) above, the Term Loan Security Agent and the Term Loan
Secured Parties shall have the exclusive right to enforce rights, exercise remedies (including set off and the right to credit bid their debt) and make determinations regarding the disposition of, or restrictions with respect to, the Term Loan First
Lien Collateral without any consultation with or the consent of the Revolving Facility Security Agent or any Revolving Facility Secured Party; provided, that: 

(1) in any Insolvency or Liquidation Proceeding commenced by or against any Borrower or any other Grantor, the
Revolving Facility Security Agent and any Revolving Facility Secured Party may file a claim or statement of interest with respect to the Term Loan Obligations; 
 (2) the Revolving Facility Security Agent and any Revolving Facility Secured Party may take any action (not adverse to the priority status of the Liens on the Term Loan First Lien Collateral securing
the Term Loan Obligations, or the rights of any Term Loan Security Agent or the Term Loan Secured Parties to exercise remedies in respect thereof) in accordance with the Revolving Facility Documents in order to preserve or protect its Lien on the
Term Loan First Lien Collateral; 
 (3) the Revolving Facility Secured Parties shall be entitled to file any
necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Revolving Facility Secured Parties,
including without limitation any claims secured by the Term Loan First Lien Collateral, if any, in each case in accordance with the terms of this Agreement; 
 (4) the Revolving Facility Secured Parties shall be entitled to file any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Grantors
arising under either the Bankruptcy Law or applicable non-bankruptcy law, in each case in accordance with the terms of this Agreement and to the extent not prohibited by any other provision of this Agreement; 

(5) the Revolving Facility Secured Parties shall be entitled to vote on any plan of reorganization and file any proof
of claim in an Insolvency or Liquidation Proceeding or otherwise and other filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to the Term Loan First Lien Collateral; and

  
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 (6) the Revolving Facility Security Agent or any Revolving Facility
Secured Party may exercise any of its rights or remedies with respect to the Term Loan First Lien Collateral in accordance with the Revolving Facility Documents after the termination of the Revolving Facility Standstill Period to the extent
permitted by clause (i)(x) above. 
 Subject to Section 4 and clause (i)(x) above, in exercising rights and remedies with
respect to the Term Loan First Lien Collateral, the Term Loan Security Agent and the Term Loan Secured Parties may enforce the provisions of the Term Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may
determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Term Loan First Lien Collateral upon foreclosure, to incur expenses in
connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC of any applicable jurisdiction and of a secured creditor under any other applicable law. 

(b) The Revolving Facility Security Agent, on behalf of itself and the Revolving Facility Secured Parties, agrees that it will not take
or receive any Term Loan First Lien Collateral or any Proceeds of Term Loan First Lien Collateral in connection with the exercise of any right or remedy (including setoff) with respect to any Term Loan First Lien Collateral unless and until the
Discharge of Term Loan Obligations has occurred, except as expressly provided in the first proviso in clause (i)(x) of Section 2.2(a) or in the proviso in clause (ii) of Section 2.2(a) or in Section 4.
Without limiting the generality of the foregoing, unless and until the Discharge of Term Loan Obligations has occurred, except as expressly provided in the first proviso in clause (i)(x) of Section 2.2(a) or in the proviso in clause
(ii) of Section 2.2(a) or in Section 4, the sole right of the Revolving Facility Security Agent and the Revolving Facility Secured Parties with respect to the Term Loan First Lien Collateral is to hold a Lien on the Term
Loan First Lien Collateral pursuant to the Revolving Facility Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of the Term Loan Obligations has occurred in
accordance with the terms hereof, the Term Loan Documents and applicable law. 
 (c) Subject to the first proviso in clause
(i)(x) of Section 2.2(a), the proviso in clause (ii) of Section 2.2(a) and Section 4: 
 (i) the Revolving Facility Security Agent, for itself and on behalf of the Revolving Facility Secured Parties, agrees that the Revolving Facility Security Agent and the Revolving Facility Secured Parties
will not take any action that would hinder delay, limit or prohibit any exercise of remedies under the Term Loan Documents with respect to the Term Loan First Lien Collateral, including any collection, sale, lease, exchange, transfer or other
disposition of the Term Loan Priority Term Loan Collateral, whether by foreclosure or otherwise, or that would limit, invalidate, avoid or set aside any Lien or Term Loan Security Document with respect to the Term Loan First Lien Collateral or
subordinate the priority of the Term Loan Obligations to the Revolving Facility Obligations with respect to the Term Loan First Lien Collateral or grant the Liens with respect to the Term Loan First Lien Collateral securing the Revolving Facility
Obligations equal ranking to the Liens with respect to the Term Loan First Lien Collateral securing the Term Loan Obligations, and 
 (ii) the Revolving Facility Security Agent, for itself and on behalf of the Revolving Facility Secured Parties, hereby waives any and all rights it or the Revolving Facility Secured Parties may have as a
junior lien creditor with respect to the Term Loan First Lien Collateral or 

  
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otherwise to object to the manner in which the Term Loan Security Agent or the Term Loan Secured Parties seek to enforce or collect the Term Loan Obligations or the Liens granted in any of the
Term Loan First Lien Collateral, in any such case except to the extent such enforcement or collection is in violation of the terms of this Agreement, regardless of whether any action or failure to act by or on behalf of the Term Loan Security Agent
or Term Loan Secured Parties is adverse to the interest of the Revolving Facility Secured Parties. 
 (d) The Revolving Facility
Security Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Revolving Facility Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the Term Loan
Security Agent or the Term Loan Secured Parties with respect to the Term Loan First Lien Collateral as set forth in this Agreement and the Term Loan Documents. 
 2.3. Payments Over. 
 So long as the Discharge of Term Loan Obligations has not occurred,
any Term Loan First Lien Collateral, Cash Proceeds thereof or non-Cash Proceeds constituting Term Loan First Lien Collateral (or any distribution in respect of the Term Loan First Lien Collateral, whether or not expressly characterized as such)
received by the Revolving Facility Security Agent or any Revolving Facility Secured Parties in connection with the exercise of any right or remedy (including set off) relating to the Term Loan First Lien Collateral or otherwise that is inconsistent
with this Agreement shall be segregated and held in trust and forthwith paid over to the Term Loan Security Agent, for the benefit of the Term Loan Secured Parties, for application in accordance with Section 5.1 below, in the same form
as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Term Loan Security Agent is hereby authorized to make any such endorsements as agent for the Revolving Facility Security Agent or any such
Revolving Facility Secured Parties. This authorization is coupled with an interest and is irrevocable until the Discharge of Term Loan Obligations. 
 2.4. Other Agreements. 
 (a) Releases. 

(i) If, in connection with: 
 (1) the exercise of any Term Loan Security Agent’s remedies in respect of the Term Loan First Lien Collateral provided for in Section 2.2(a) (with the Proceeds thereof being applied to
the Term Loan Obligations), including any sale, lease, exchange, transfer or other disposition of any such Term Loan First Lien Collateral; or 
 (2) any sale, lease, exchange, transfer or other disposition of any Term Loan First Lien Collateral permitted under the terms of the Term Loan Documents and the Revolving Facility Documents other
than in connection with the Discharge of Term Loan Obligations, 
 the Term Loan Security Agent, for itself or on behalf of any of the Term Loan
Secured Parties, releases any of its Liens on any part of the Term Loan First Lien Collateral, then the Liens, if any, of the Revolving Facility Security Agent, for itself or for the benefit of the Revolving Facility Secured Parties, on such Term
Loan First Lien Collateral (but not the Proceeds thereof, which shall be subject to the priorities set forth in this Agreement) shall be automatically, unconditionally and simultaneously released and the Revolving Facility Security Agent, for itself
or on behalf of any such Revolving Facility Secured Parties, promptly shall execute and deliver to the Term Loan Security Agent or such Grantor such termination statements, releases and other documents as the Term Loan Security Agent or such Grantor
may request to effectively confirm such release. 

  
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 (ii) Until the Discharge of Term Loan Obligations occurs, the Revolving
Facility Security Agent, for itself and on behalf of the Revolving Facility Secured Parties, hereby irrevocably constitutes and appoints the Term Loan Security Agent and any officer or agent of the Term Loan Security Agent, with full power of
substitution, as its true and lawful attorney in fact with full irrevocable power and authority in the place and stead of the Revolving Facility Security Agent or such holder or in the Term Loan Security Agent’s own name, from time to time in
the Term Loan Security Agent’s discretion, for the purpose of carrying out the terms of this Section 2.4(a) with respect to Term Loan First Lien Collateral, to take any and all appropriate action and to execute any and all documents
and instruments which may be necessary to accomplish the purposes of this Section 2.4(a) with respect to Term Loan First Lien Collateral, including any endorsements or other instruments of transfer or release. 

(iii) Until the Discharge of Term Loan Obligations occurs, to the extent that the Term Loan Secured Parties (a) have
released any Lien on Term Loan First Lien Collateral and any such Lien is later reinstated or (b) obtain any new First Priority Liens on assets constituting Term Loan First Lien Collateral from Grantors, then the Revolving Facility Secured
Parties shall be granted a Second Priority Lien on any such Term Loan First Lien Collateral. 
 (iv) If,
prior to the Discharge of Term Loan Obligations, a subordination of the Term Loan Security Agent’s Lien on any Term Loan First Lien Collateral is permitted under the Term Loan Credit Agreement and the Revolving Facility Credit Agreement to
another Lien permitted under the Term Loan Credit Agreement and the Revolving Facility Credit Agreement (a “Term Loan Collateral Priority Lien”), then the Term Loan Security Agent is authorized to execute and deliver a subordination
agreement with respect thereto in form and substance satisfactory to it, and the Revolving Facility Security Agent, for itself and on behalf of the Revolving Facility Secured Parties, shall promptly execute and deliver to the Term Loan Security
Agent an identical subordination agreement subordinating the Liens of the Revolving Facility Security Agent for the benefit of (and behalf of) the Revolving Facility Secured Parties to such Term Loan Collateral Priority Lien. 

(b) Insurance. Unless and until the Discharge of Term Loan Obligations has occurred, the Term Loan Security Agent and the Term
Loan Secured Parties shall have the sole and exclusive right, subject to the rights of the Grantors under the Term Loan Documents, to adjust settlement for any Insurance policy covering the Term Loan First Lien Collateral in the event of any loss
thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) in respect of the Term Loan First Lien Collateral; provided that, if any Insurance claim includes both
Revolving Facility First Lien Collateral and Term Loan First Lien Collateral, the insurer will not settle such claim separately with respect to Revolving Facility First Lien Collateral and Term Loan First Lien Collateral, and if the Security Agents
are unable after negotiating in good faith to agree on the settlement for such claim, either Security Agent may apply to a court of competent jurisdiction to make a determination as to the settlement of such claim, and the court’s determination
shall be binding upon the parties. If the Revolving Facility Security Agent or any Revolving Facility Secured Party shall, at any time, receive any Proceeds of any such Insurance policy or any such award or payment in contravention of this
Section 2.4(b), it shall pay such Proceeds over to the Term Loan Security Agent in accordance with the terms of Section 5.2(c). 

  
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 (c) Amendments to, and Refinancing of, Revolving Facility Documents. 

(i) The Revolving Facility Documents may be amended, restated, amended and restated, replaced, supplemented or otherwise
modified in accordance with their terms and the Revolving Facility Documents may be Refinanced, in each case, without notice to, or the consent of, the Term Loan Security Agent or the other Term Loan Secured Parties, all without affecting the lien
subordination or other provisions of this Agreement. The Revolving Facility Documents may be Refinanced to the extent the terms and conditions of such Refinancing Indebtedness meet the requirements of each Credit Agreement and the holders of such
Refinancing Indebtedness bind themselves in a writing addressed to the Term Loan Security Agent and the Term Lien Secured Parties to the terms of this Agreement. 

(ii) The Grantors agree that each Revolving Facility Security Document shall include the following language (with any
necessary modifications to give effect to applicable definitions) (or language to similar effect approved by the Term Loan Security Agent): 
 “Notwithstanding anything herein to the contrary, the liens and security interests granted to the Revolving Facility Security Agent pursuant to this Agreement in any Term Loan First Lien Collateral
and the exercise of any right or remedy by the Revolving Facility Security Agent with respect to any Term Loan First Lien Collateral hereunder are subject to the provisions of the Intercreditor Agreement, dated as of July 27, 2012 (as amended,
restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among PC Intermediate Holdings, Inc., a Delaware corporation, PC Merger Sub, Inc., a Delaware corporation; (to be merged with and into
Party City Holdings Inc., a Delaware corporation), PC Finance Sub, Inc., a Delaware corporation (to be merged with and into Party City Corporation, a Delaware corporation), the other Grantors from time to time party thereto, Deutsche Bank Trust
Company Americas (“DBTCA”), as Revolving Facility Security Agent, DBTCA, as Term Loan Security Agent, and certain other Persons party or that may become party thereto from time to time. In the event of any conflict between the terms
of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.” 
 In
addition, the Grantors agree that each mortgage in favor of the Revolving Facility Secured Parties covering any Term Loan First Lien Collateral shall also contain such other language as the Term Loan Security Agent may reasonably request to reflect
the subordination of such mortgage to the mortgage in favor of the Term Loan Secured Parties covering such Term Loan First Lien Collateral. 
 (iii) In the event the Term Loan Security Agent or the Term Loan Secured Parties and the relevant Grantor enter into any amendment, waiver or consent in respect of any of the Term Loan Security Documents
for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Term Loan Security Document or changing in any manner the rights of the Term Loan Security Agent, such Term Loan Secured Parties,
any Borrower or any other Grantor thereunder, in each case with respect to or relating to the Term Loan First Lien Collateral, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Revolving
Facility Security Document without the consent of the Revolving Facility Security Agent or the Revolving Facility Secured Parties and without any action by the Revolving Facility Security Agent, any Borrower or any other Grantor, provided,
that (A) no such amendment, waiver or consent shall have the effect of (i) removing assets that constitute Term Loan First Lien Collateral subject to the Lien of the Revolving Facility Security Documents, except to the extent that a
release of such Lien is permitted or required by Section 2.4(a) and provided that there is a corresponding release of such Lien securing the Term Loan Obligations, (ii) imposing duties on the Revolving Facility Security

  
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Agent without its consent or (iii) permitting other liens on the Term Loan First Lien Collateral not permitted under the terms of the Revolving Facility Documents or Section 2.5
and (B) notice of such amendment, waiver or consent shall have been given to the Revolving Facility Security Agent within ten (10) Business Days after the effective date of such amendment, waiver or consent. 

(iv) The Term Loan Security Agent shall endeavor to give prompt notice of any amendment, waiver or consent of a Term Loan
Document to the Revolving Facility Security Agent after the effective date of such amendment, waiver or consent; provided, that the failure of the Term Loan Security Agent to give any such notice shall not affect the priority of the Term Loan
Security Agent’s Liens as provided herein or the validity or effectiveness of any such notice as against the Grantors or any of their Subsidiaries. 
 (d) Rights As Unsecured Creditors. Except as otherwise set forth in this Agreement, the Revolving Facility Security Agent and the Revolving Facility Secured Parties may exercise rights and remedies
as unsecured creditors against any Borrower or any other Grantor in accordance with the terms of the Revolving Facility Documents to which it is a party and applicable law. Except as otherwise set forth in this Agreement, nothing in this Agreement
shall prohibit the receipt by the Revolving Facility Security Agent or any Revolving Facility Secured Parties of the required payments of interest, principal and other amounts in respect of the Revolving Facility Obligations so long as such receipt
is not the direct or indirect result of the exercise by the Revolving Facility Security Agent or any Revolving Facility Secured Parties of rights or remedies as a secured creditor (including set off) in respect of the Term Loan First Lien Collateral
in contravention of this Agreement or enforcement in contravention of this Agreement of any Lien held by any of them.In the event the Revolving Facility Security Agent or any other Revolving Facility Secured Party becomes a judgment lien creditor in
respect of Term Loan First Lien Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subordinated to the Liens securing Term Loan Obligations on the same basis as the other Liens on the Term
Loan First Lien Collateral securing the Revolving Facility Obligations are so subordinated to such Term Loan Obligations under this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Term Loan
Security Agent or the other Term Loan Secured Parties may have with respect to the Term Loan First Lien Collateral. 
 (e)
Bailee for Perfection. 
 (i) The Term Loan Security Agent agrees to hold or control that part of the
Term Loan First Lien Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC or other applicable law
(such Term Loan First Lien Collateral being the “Pledged Term Loan First Lien Collateral”) as collateral agent for the Term Loan Secured Parties and as bailee for and, with respect to any Term Loan First Lien Collateral that cannot
be perfected in such manner, as agent for, the Revolving Facility Security Agent (on behalf of the Revolving Facility Secured Parties) and any assignee thereof solely for the purpose of perfecting the security interest granted under the Term Loan
Documents and the Revolving Facility Documents, respectively, subject to the terms and conditions of this Section 2.4(e). 
 (ii) Subject to the terms of this Agreement, until the Discharge of Term Loan Obligations has occurred, the Term Loan Security Agent shall be entitled to deal with the Pledged Term Loan First Lien
Collateral in accordance with the terms of the Term Loan Documents as if the Liens of the Revolving Facility Security Agent under the Revolving Facility Security Documents did not exist. The rights of the Revolving Facility Security Agent shall at
all times be subject to the terms of this Agreement and to the Term Loan Security Agent’s rights under the Term Loan Documents. 

  
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 (iii) The Term Loan Security Agent shall have no obligation whatsoever to
any Term Loan Secured Party, the Revolving Facility Security Agent or any Revolving Facility Secured Party to ensure that the Pledged Term Loan First Lien Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any
Person except as expressly set forth in this Section 2.4(e). The duties or responsibilities of the Term Loan Security Agent under this Section 2.4(e) shall be limited solely to holding the Pledged Term Loan First Lien
Collateral as bailee or agent in accordance with this Section 2.4(e). 
 (iv) The Term Loan Security
Agent acting pursuant to this Section 2.4(e) shall not have by reason of the Term Loan Security Documents, the Revolving Facility Documents, this Agreement or any other document a fiduciary relationship in respect of any Term Loan
Secured Party, the Revolving Facility Security Agent or any Revolving Facility Secured Party. 
 (v) Upon the
Discharge of the Term Loan Obligations, the Term Loan Security Agent shall deliver or cause to be delivered the remaining Pledged Term Loan First Lien Collateral (if any) in its possession or in the possession of its agents or bailees, together with
any necessary endorsements, (I) first, to the Revolving Facility Security Agent to the extent Revolving Facility Obligations remain outstanding and (II) second, to the applicable Grantor to the extent no Term Loan Obligations or Revolving
Facility Obligations remain outstanding (in each case, so as to allow such Person to obtain control of such Pledged Term Loan First Lien Collateral) and will cooperate with the Revolving Facility Security Agent or such Grantor, as the case may be,
in assigning (without recourse to or warranty by the Term Loan Security Agent or any Term Loan Secured Party or agent or bailee thereof) control over any other Pledged Term Loan First Lien Collateral under its control. The Term Loan Security Agent
further agrees to take all other action reasonably requested by such Person (at the sole cost and expense of the Grantors or such Person) in connection with such Person obtaining a first priority interest in the Pledged Term Loan First Lien
Collateral or as a court of competent jurisdiction may otherwise direct. 
 (vi) Notwithstanding anything to the
contrary herein, if, for any reason, any Revolving Facility Obligations remain outstanding upon the Discharge of the Term Loan Obligations, all rights of the Term Loan Security Agent hereunder and under the Term Loan Security Documents or the
Revolving Facility Security Documents (1) with respect to the delivery and control of any part of the Term Loan First Lien Collateral, and (2) to direct, instruct, vote upon or otherwise influence the maintenance or disposition of such
Term Loan First Lien Collateral, shall immediately, and (to the extent permitted by law) without further action on the part of either of the Revolving Facility Security Agent or the Term Loan Security Agent, pass to the Revolving Facility Security
Agent, who shall thereafter hold such rights for the benefit of the Revolving Facility Secured Parties. Each of the Term Loan Security Agent and the Grantors agrees that it will, if any Revolving Facility Obligations remain outstanding upon the
Discharge of the Term Loan Obligations, take any other action required by any law or reasonably requested by the Revolving Facility Security Agent (subject to any limitations set forth in the Revolving Facility Documents), in connection with the
Revolving Facility Security Agent’s establishment and perfection of a First Priority security interest in the Term Loan First Lien Collateral. 
 (vii) Notwithstanding anything to the contrary contained herein, if for any reason, prior to the Discharge of the Revolving Facility Obligations, the Term Loan Security Agent acquires possession of any
Pledged Revolving Facility First Lien Collateral, the Term Loan Security Agent shall hold same as bailee and/or agent to the same extent as is provided in 

  
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 preceding clause (i) with respect to Pledged Term Loan First Lien Collateral,
provided that as soon as is practicable the Term Loan Security Agent shall deliver or cause to be delivered such Pledged Revolving Facility First Lien Collateral to the Revolving Facility Security Agent in a manner otherwise consistent with
the requirements of preceding clause (v). 
 (f) When Discharge of Term Loan Obligations Deemed to Not Have Occurred.
Notwithstanding anything to the contrary herein, if concurrently with (or immediately after) the Discharge of Term Loan Obligations, any Borrower or any other Grantor enters into any Permitted Refinancing of any Term Loan Obligations, then such
Discharge of Term Loan Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement, and the obligations under the Permitted Refinancing shall automatically be treated as Term Loan Obligations (together with the
Term Loan Secured Hedging Agreements on the basis provided in the definition of “Term Loan Documents” contained herein) for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral
set forth herein, the term “Term Loan Credit Agreement” shall be deemed appropriately modified to refer to such Permitted Refinancing and the Term Loan Security Agent under such Term Loan Documents shall be a Term Loan Security Agent for
all purposes hereof and the new secured parties under such Term Loan Documents shall automatically be treated as Term Loan Secured Parties for all purposes of this Agreement. Upon receipt of a notice stating that any Borrower or any other Grantor
has entered into a new Term Loan Document in respect of a Permitted Refinancing of Term Loan Obligations (which notice shall include the identity of the new security agent, such agent, the “New Term Loan Agent”), and delivery by the
New Term Loan Agent of an Intercreditor Agreement Joinder, the Revolving Facility Security Agent shall promptly (i) enter into such documents and agreements (including amendments or supplements to this Agreement) as any Borrower or such New
Term Loan Agent shall reasonably request in order to provide to the New Term Loan Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement and (ii) deliver to the New Term Loan
Agent any Pledged Term Loan First Lien Collateral held by the Revolving Facility Security Agent together with any necessary endorsements (or otherwise allow the New Term Loan Agent to obtain control of such Pledged Term Loan First Lien Collateral).
The New Term Loan Agent shall agree to be bound by the terms of this Agreement. If the new Term Loan Obligations under the new Term Loan Documents are secured by assets of the Grantors of the type constituting Term Loan First Lien Collateral that do
not also secure the Revolving Facility Obligations, then the Revolving Facility Obligations shall be secured at such time by a Second Priority Lien on such assets to the same extent provided in the Revolving Facility Security Documents with respect
to the other Term Loan First Lien Collateral. If the new Term Loan Obligations under the new Term Loan Documents are secured by assets of the Grantors of the type constituting Revolving Facility First Lien Collateral that do not also secure the
Revolving Facility Obligations, then the Revolving Facility Obligations shall be secured at such time by a First Priority Lien on such assets to the same extent provided in the Revolving Facility Security Documents with respect to the other
Revolving Facility First Lien Collateral. 
 (g) Option to Purchase Term Loan Obligations. (i) Without prejudice to
the enforcement of remedies by the Term Loan Security Agent and the Term Loan Secured Parties, any Person or Persons (in each case who must meet all eligibility standards contained in all relevant Term Loan Documents) at any time or from time to
time designated by the holders of more than 50% in aggregate outstanding principal amount of the Revolving Facility Obligations under the Revolving Facility Credit Agreement (an “Eligible Revolving Facility Purchaser”) shall have
the right to purchase by way of assignment (and shall thereby also assume all commitments and duties of the Term Loan Secured Parties), at any time during the exercise period described in clause (iii) below of this Section 2.4(g),
all, but not less than all, of the Term Loan Obligations (other than the Term Loan Obligations of a Defaulting Term Loan Secured Party), including all principal of and accrued and unpaid interest and fees on and all prepayment or acceleration
penalties and premiums in respect of all Term Loan Obligations outstanding at the time of purchase; provided that at the time of (and as a condition to) any purchase pursuant to this 

  
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Section 2.4(g), all commitments pursuant to any then outstanding Term Loan Credit Agreement shall have terminated and all Term Loan Secured Hedging Agreements also shall have been
terminated in accordance with their terms. Any purchase pursuant to this Section 2.4(g)(i) shall be made as follows: 
 (1) for a purchase price equal to the sum of (A) in the case of all loans, advances or other similar extensions of credit that constitute Term Loan Obligations, 100% of the principal amount thereof
and all accrued and unpaid interest thereon through the date of purchase (without regard, however, to any acceleration prepayment penalties or premiums other than customary breakage costs), (B) in the case of any Term Loan Secured
Hedging Agreement, the aggregate amount then owing to each Term Loan Hedging Creditor (which is a Term Loan Secured Party) thereunder pursuant to the terms of the respective Term Loan Secured Hedging Agreement, including, without limitation, all
amounts owing to such Term Loan Hedging Creditor as a result of the termination (or early termination) thereof (in each case, to the extent of its interest as a Term Loan Secured Party) and (C) all accrued and unpaid fees, expenses, indemnities
and other amounts (other than any prepayment penalties or premiums or similar fees) through the date of purchase; 
 (2) with the purchase price described in preceding clause (i)(1) payable in cash on the date of purchase against transfer to the respective Eligible Revolving Facility Purchaser or Eligible Revolving
Facility Purchasers (without recourse and without any representations or warranties whatsoever, whether as to the enforceability of any Term Loan Obligation or the validity, enforceability, perfection, priority or sufficiency of any Lien securing,
or guarantee or other supporting obligation for, any Term Loan Obligation or as to any other matter whatsoever, except the representations and warranties (1) that the transferor owns free and clear of all Liens and encumbrances (other than
participation interests not prohibited by the Term Loan Credit Agreement, in which case the purchase price described in preceding clause (i)(1) shall be appropriately adjusted so that the Eligible Revolving Facility Purchaser or Eligible Revolving
Facility Purchasers do not pay amounts represented by any participation interest which remains in effect), and has the right to convey, whatever claims and interests it may have in respect of the Term Loan Obligations and (2) as to the amount
of its portion of the Term Loan Obligations being acquired); 
 (3) with the purchase price described in
preceding clause (i)(1) accompanied by a waiver by the Revolving Facility Security Agent (on behalf of itself and the other Revolving Facility Secured Parties) of all claims arising out of this Agreement and the transactions contemplated hereby as a
result of exercising the purchase option contemplated by this Section 2.4(g); 
 (4) with all amounts
payable to the various Term Loan Secured Parties in respect of the assignments described above to be distributed to them by the Term Loan Security Agent in accordance with their respective holdings of the various Term Loan Obligations; and

 (5) with such purchase to be made pursuant to assignment documentation in form and substance reasonably
satisfactory to, and prepared by counsel for, the Term Loan Security Agent (with the cost of such counsel to be paid by the Grantors or, if the Grantors do not make such payment, by the respective Eligible Revolving Facility Purchaser or Eligible
Revolving Facility Purchasers, who shall have the right to obtain reimbursement of same from the Grantors); it being understood and agreed that the Term Loan Security Agent and each other Term Loan Secured Party shall retain all rights to
indemnification as provided in the relevant Term Loan Documents for all periods prior to any assignment by them pursuant to the provisions of this Section 2.4(g). 

  
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 (ii) The right to exercise the purchase option described in
Section 2.4(g)(i) above shall be exercisable and legally enforceable upon at least ten (10) Business Days’ prior written notice of exercise (which notice, once given, (A) shall be irrevocable and fully binding on the
respective Eligible Revolving Facility Purchaser or Eligible Revolving Facility Purchasers except as provided in clause (iii) below and (B) shall specify a date of purchase not less than five (5) Business Days, nor more than thirty
(30) calendar days, after the date of the receipt by the Term Loan Security Agent of such notice) given to the Term Loan Security Agent by an Eligible Revolving Facility Purchaser. Neither the Term Loan Security Agent nor any Term Loan Secured
Party shall have any disclosure obligation to any Eligible Term Loan Purchaser, the Revolving Facility Security Agent or any Revolving Facility Secured Party in connection with any exercise of such purchase option. 

(iii) The right to purchase the Term Loan Obligations as described in this Section 2.4(g) may be exercised (by
giving the irrevocable written notice described in preceding clause (ii)) during the period that (1) begins on the date occurring three Business Days after the first to occur of (x) the date of the acceleration of the final maturity of the
loans under the Term Loan Credit Agreement, (y) the occurrence of the final maturity of the loans under the Term Loan Credit Agreement or (z) the occurrence of an Insolvency or Liquidation Proceeding with respect to any Borrower or any
other Grantor which constitutes an event of default under the Term Loan Credit Agreement (in each case, so long as the acceleration, failure to pay amounts due at final maturity or such Insolvency or Liquidation Proceeding constituting an event of
default has not been rescinded or cured within 10 Business Days after any such event, and so long as any unpaid amounts constituting Term Loan Obligations remain owing); provided that if there is any failure to meet the condition described in
the proviso of preceding clause (i) hereof, the aforementioned date shall be extended until the first date upon which such condition is satisfied, and (2) ends on the 10th Business Day after the start of the period described in clause
(1) above. 
 (iv) The obligations of the Term Loan Secured Parties to sell their respective Term Loan
Obligations under this Section 2.4(g) are several and not joint and several. To the extent any Term Loan Secured Party breaches its obligation to sell its Term Loan Obligations under this Section 2.4(g) (a “Defaulting
Term Loan Secured Party”), nothing in this Section 2.4(g) shall be deemed to require the Term Loan Security Agent or any Term Loan Secured Party to purchase such Defaulting Term Loan Secured Party’s Term Loan Obligations for
resale to the holders of Revolving Facility Obligations and in all cases, the Term Loan Security Agent and each Term Loan Secured Party complying with the terms of this Section 2.4(g) shall not be deemed to be in default of this
Agreement or otherwise be deemed liable for any action or inaction of any Defaulting Term Loan Secured Party; provided that nothing in this clause (iv) shall require any Eligible Revolving Facility Purchaser to purchase less than all of
the Term Loan Obligations. 
 (v) Each Grantor irrevocably consents to any assignment effected to one or more
Eligible Revolving Facility Purchasers pursuant to this Section 2.4(g) (so long as they meet all eligibility standards contained in all relevant Term Loan Documents, other than obtaining the consent of any Grantor to an assignment to the
extent required by such Term Loan Documents) for purposes of all Term Loan Documents and hereby agrees that no further consent to any such assignment pursuant to this Section 2.4(g) from such Grantor shall be required. 

2.5. Insolvency or Liquidation Proceedings. 
 (a) Finance and Sale Issues. Until the Discharge of Term Loan Obligations has occurred, if any Borrower or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding and the
Term Loan Security Agent shall desire to permit the use of cash collateral (as such 

  
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term is defined in Section 363(a) of the Bankruptcy Code) constituting Term Loan First Lien Collateral or to permit any Borrower or any other Grantor to obtain financing, whether from the
Term Loan Secured Parties or any other entity under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law that is secured by a lien that is (i) senior or pari passu with the liens on the Term Loan First Lien Collateral securing
the Term Loan Obligations, and (ii) junior to the liens on the Revolving Facility First Lien Collateral securing the Revolving Facility Obligations (each, a “Term Loan DIP Financing”), then the Revolving Facility Security
Agent, on behalf of itself and the Revolving Facility Secured Parties, agrees that it will not oppose or raise any objection to or contest (or join with or support any third party opposing, objecting or contesting) such use of cash collateral
constituting Term Loan First Lien Collateral or to the fact that the providers of such Term Loan DIP Financing may be granted Liens on the Collateral and will not request adequate protection or any other relief in connection therewith (except, as
expressly agreed by the Term Loan Security Agent or to the extent permitted by Section 2.5(c)) and, the Revolving Facility Security Agent will subordinate its Liens in the Term Loan First Lien Collateral to the Liens securing such Term
Loan DIP Financing (and all interest and other obligations relating thereto); provided that (i) the Revolving Facility Security Agent and the other Revolving Facility Secured Parties retain a Lien on the Collateral to secure the
Revolving Facility Obligations and, with respect to the Revolving Facility First Lien Collateral only, with the same priority as existed prior to the commencement of the Insolvency or Liquidation Proceeding, (ii) to the extent that the Term
Loan Security Agent is granted adequate protection in the form of a Lien, the Revolving Facility Security Agent is permitted to seek a Lien (without objection from the Term Loan Security Agent or any Term Loan Secured Party) on Collateral arising
after the commencement of the Insolvency or Liquidation Proceeding (so long as, with respect to Term Loan First Lien Collateral, such Lien is junior to the Liens securing such Term Loan DIP Financing and the Term Loan Obligations), and
(iii) the foregoing provisions of this Section 2.5(a) shall not prevent the Revolving Facility Security Agent and the Revolving Facility Secured Parties from objecting to any provision in any DIP Financing relating to any provision
or content of a plan of reorganization or other plan of similar effect under any Debtor Relief Laws. The Revolving Facility Security Agent, on behalf of the Revolving Facility Secured Parties, agrees that it will not raise any objection or oppose a
sale or other disposition of any Term Loan First Lien Collateral free and clear of its Liens (subject to attachment of Proceeds with respect to the Second Priority Lien on the Term Loan First Lien Collateral in favor of the Revolving Facility
Security Agent in the same order and manner as otherwise set forth herein) or other claims under Section 363 of the Bankruptcy Code, except for any objection or opposition that could be asserted by any Revolving Facility Secured Party as an
unsecured creditor in any such Insolvency or Liquidation Proceeding, if the Term Loan Secured Parties have consented to such sale or disposition of such assets; provided that the Revolving Facility Security Agent and the other Revolving
Facility Secured Parties shall be entitled to seek and exercise Credit Bid Rights in respect of any such sale or disposition. 

(b) Relief from the Automatic Stay. Until the Discharge of Term Loan Obligations has occurred, the Revolving Facility Security
Agent, on behalf of itself and the Revolving Facility Secured Parties, agrees that none of them shall seek (or support any other person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect
of the Term Loan First Lien Collateral without the prior written consent of the Term Loan Security Agent. 
 (c) Adequate
Protection. The Revolving Facility Security Agent, on behalf of itself and the Revolving Facility Secured Parties, agrees that none of them shall contest (or support any other Person contesting) (i) any request by the Term Loan Security
Agent or the Term Loan Secured Parties for adequate protection with respect to any Term Loan First Lien Collateral, (ii) so long as the request of adequate protection is in the form of a replacement lien on the Revolving Facility First Lien
Collateral that is junior to the liens on the Revolving Facility First Lien Collateral securing the Revolving Facility Obligations, any request by the Term Loan Security Agent or the Term Loan Secured Parties for adequate protection with respect to
any Revolving Facility First Lien Collateral, or (iii) any objection by the Term 

  
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Loan Security Agent or the Term Loan Secured Parties to any motion, relief, action or proceeding based on the Term Loan Security Agent or the Term Loan Secured Parties claiming a lack of adequate
protection with respect to the Term Loan First Lien Collateral. Notwithstanding the foregoing provisions in this Section 2.5(c), in any Insolvency or Liquidation Proceeding, (A) if the Term Loan Secured Parties (or any subset
thereof) are granted adequate protection in the form of additional collateral in the nature of assets constituting Term Loan First Lien Collateral in connection with any Term Loan DIP Financing or use of cash collateral constituting Term Loan First
Lien Collateral, then the Revolving Facility Security Agent, on behalf of itself or any of the Revolving Facility Secured Parties, may seek or request adequate protection in the form of a Lien on such additional collateral, which Lien will be
subordinated to the Liens securing the Term Loan Obligations and such Term Loan DIP Financing (and all obligations relating thereto) on the same basis as the other Liens on Term Loan First Lien Collateral securing the Revolving Facility Obligations
are so subordinated to the Term Loan Obligations under this Agreement, and (B) in the event the Revolving Facility Security Agent, on behalf of itself and the Revolving Facility Secured Parties, seeks or requests adequate protection in respect
of Term Loan First Lien Collateral securing Revolving Facility Obligations and such adequate protection is granted in the form of additional collateral in the nature of assets constituting Term Loan First Lien Collateral, then the Revolving Facility
Security Agent, on behalf of itself or any of the Revolving Facility Secured Parties, agrees that the Term Loan Security Agent shall also be granted a senior Lien on such additional collateral as security for the Term Loan Obligations and for any
such Term Loan DIP Financing and that any Lien on such additional collateral securing the Revolving Facility Obligations shall be subordinated to the Liens on such collateral securing the Term Loan Obligations and any such Term Loan DIP Financing
(and all obligations relating thereto) and to any other Liens granted to the Term Loan Secured Parties as adequate protection on the same basis as the other Liens on Term Loan First Lien Collateral securing the Revolving Facility Obligations are so
subordinated to such Term Loan Obligations under this Agreement. 
 (d) No Waiver. Subject to the proviso in clause
(ii) of Section 2.2(a), nothing contained herein shall prohibit or in any way limit the Term Loan Security Agent or any Term Loan Secured Party from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action
taken by the Revolving Facility Security Agent or any of the Revolving Facility Secured Parties in respect of the Term Loan First Lien Collateral, including the seeking by the Revolving Facility Security Agent or any Revolving Facility Secured
Parties of adequate protection in respect thereof or the asserting by the Revolving Facility Security Agent or any Revolving Facility Secured Parties of any of its rights and remedies under the Revolving Facility Documents or otherwise in respect
thereof. 
 (e) Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the
reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of Term Loan Obligations and on account of Revolving
Facility Obligations, then, to the extent the debt obligations distributed on account of the Term Loan Obligations and on account of the Revolving Facility Obligations are secured by Liens upon the same property, the provisions of this Agreement
will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 
 (f) Post-Petition Interest. 
 (i) Neither the Revolving
Facility Security Agent nor any Revolving Facility Secured Party shall oppose or seek to challenge any claim by the Term Loan Security Agent or any Term Loan Secured Party for allowance in any Insolvency or Liquidation Proceeding of Term Loan
Obligations consisting of post-petition interest, fees or expenses to the extent of the value of the Term Loan Secured Party’s Lien on the Term Loan First Lien Collateral, without regard to the existence of the Lien of the Revolving Facility
Security Agent on behalf of the Revolving Facility Secured Parties on the Term Loan First Lien Collateral. 

  
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 (ii) Neither the Term Loan Security Agent nor any other Term Loan Secured
Party shall oppose or seek to challenge any claim by the Revolving Facility Security Agent or any Revolving Facility Secured Party for allowance in any Insolvency or Liquidation Proceeding of Revolving Facility Obligations consisting of
post-petition interest, fees or expenses to the extent of the value of the Lien of the Revolving Facility Security Agent on behalf of the Revolving Facility Secured Parties on the Term Loan First Lien Collateral (after taking into account the Lien
of the Term Loan Secured Parties on the Term Loan First Lien Collateral). 
 (g) Waiver. The Revolving Facility Security
Agent, for itself and on behalf of the Revolving Facility Secured Parties, waives any claim it may hereafter have against any Term Loan Secured Party arising out of the election of any Term Loan Secured Party of the application of
Section 1111(b)(2) of the Bankruptcy Code, and/or out of any cash collateral or financing arrangement or out of any grant of a security interest in connection with the Term Loan First Lien Collateral in any Insolvency or Liquidation Proceeding.

 2.6. Reliance; Waivers; Etc. 
 (a) Reliance. Other than any reliance on the terms of this Agreement, the Revolving Facility Security Agent, on behalf of itself and the Revolving Facility Secured Parties, acknowledges that it and
such Revolving Facility Secured Parties have, independently and without reliance on the Term Loan Security Agent or any Term Loan Secured Parties, and based on documents and information deemed by them appropriate, made their own credit analysis and
decision to enter into the Revolving Facility Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Revolving Facility Credit Agreement or this
Agreement. 
 (b) No Warranties or Liability. The Revolving Facility Security Agent, on behalf of itself and the
Revolving Facility Secured Parties, acknowledges and agrees that the Term Loan Security Agent and the Term Loan Secured Parties have made no express or implied representation or warranty, including with respect to the execution, validity, legality,
completeness, collectability or enforceability of any of the Term Loan Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. The Term Loan Secured Parties will be entitled to manage and supervise their
respective loans and extensions of credit under their respective Term Loan Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Term Loan Security Agent and the Term Loan Secured Parties shall
have no duty to the Revolving Facility Security Agent or any of the Revolving Facility Secured Parties to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event of default or default under any
agreements with any Borrower or any Guarantor (including the Term Loan Documents and the Revolving Facility Documents), regardless of any knowledge thereof which they may have or be charged with. 

(c) No Waiver of Lien Priorities. 
 (i) No right of the Term Loan Secured Parties, the Term Loan Security Agent or any of them to enforce any provision of this Agreement or any Term Loan Document shall at any time in any way be prejudiced
or impaired by any act or failure to act on the part of any Borrower or any other Grantor or by any act or failure to act by any Term Loan Secured Party or the Term Loan Security Agent, or by any noncompliance by any Person with the terms,
provisions and covenants of this Agreement, any of the Term Loan Documents or any of the Revolving Facility Documents, regardless of any knowledge thereof which the Term Loan Security Agent or the Term Loan Secured Parties, or any of them, may have
or be otherwise charged with. 

  
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 (ii) Without in any way limiting the generality of the foregoing paragraph
(but subject to the rights of each Borrower and the other Grantors under the Term Loan Documents and subject to the provisions of Section 2.4(c)), the Term Loan Secured Parties, the Term Loan Security Agent and any of them may, at any
time and from time to time in accordance with the Term Loan Documents and/or applicable law, without the consent of, or notice to, the Revolving Facility Security Agent or any Revolving Facility Secured Party, without incurring any liabilities to
the Revolving Facility Security Agent or any Revolving Facility Secured Party and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of the
Revolving Facility Security Agent or any Revolving Facility Secured Party is affected, impaired or extinguished thereby) do any one or more of the following: 
 (1) make loans and advances to any Grantor or issue, guaranty or obtain letters of credit for account of any Grantor or otherwise extend credit to any Grantor, in any amount and on any terms, whether
pursuant to a commitment or as a discretionary advance and whether or not any default or event of default or failure of condition is then continuing; 
 (2) change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the Term Loan Obligations or any Lien on
any Term Loan First Lien Collateral or guaranty thereof or any liability of any of any Borrower or any other Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the Term Loan
Obligations, without any restriction as to the amount, tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens on the Term Loan First Lien Collateral held by the
Term Loan Security Agent or any of the Term Loan Secured Parties, the Term Loan Obligations or any of the Term Loan Documents; 
 (3) sell, exchange, realize upon, enforce or otherwise deal with in any manner (subject to the terms hereof) and in any order any part of the Term Loan First Lien Collateral or any liability of any
Borrower or any other Grantor to the Term Loan Secured Parties or the Term Loan Security Agent, or any liability incurred directly or indirectly in respect thereof; 

(4) settle or compromise any Term Loan Obligation or any other liability of any Borrower or any other Grantor or any
security therefor or any liability incurred directly or indirectly in respect thereof; and 
 (5) exercise
or delay in or refrain from exercising any right or remedy against any Borrower or any other Grantor or any other Person, elect any remedy and otherwise deal freely with any Borrower, any other Grantor or any Term Loan First Lien Collateral and any
security and any guarantor or any liability of any Borrower or any other Grantor to the Term Loan Secured Parties or any liability incurred directly or indirectly in respect thereof. 

(iii) The Revolving Facility Security Agent, on behalf of itself and the Revolving Facility Secured Parties, also
agrees that the Term Loan Secured Parties and the Term Loan Security Agent shall have no liability to the Revolving Facility Security Agent or any Revolving Facility Secured Party, and the Revolving Facility Security Agent, on behalf of itself and
the Revolving Facility Secured Parties, hereby waives any claim against any Term Loan Secured Party or the Term Loan Security Agent, arising out of any and all actions which the Term Loan Secured Parties or the Term Loan Security Agent may take or
permit or omit to take with respect to: 

  
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 (1) the Term Loan Documents (other than this Agreement); 

(2) the collection of the Term Loan Obligations; or 

(3) the foreclosure upon, or sale, liquidation or other disposition of, any Term Loan First Lien Collateral. 

Except as otherwise required by this Agreement, the Revolving Facility Security Agent, on behalf of itself and the Revolving Facility
Secured Parties, agrees that the Term Loan Secured Parties and the Term Loan Security Agent have no duty to the Revolving Facility Security Agent or the Revolving Facility Secured Parties in respect of the maintenance or preservation of the Term
Loan First Lien Collateral, the Term Loan Obligations or otherwise. 
 (iv) The Revolving Facility Security
Agent, on behalf of itself and the Revolving Facility Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any
marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Term Loan First Lien Collateral or any other similar rights a junior secured creditor may have under applicable law.

 (d) Obligations Unconditional. All rights, interests, agreements and obligations of the Term Loan Security Agent and
the Term Loan Secured Parties and the Revolving Facility Security Agent and the Revolving Facility Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of: 

(i) any lack of validity or enforceability of any Term Loan Document or any Revolving Facility Document; 

(ii) except as otherwise set forth in the Agreement, any change permitted hereunder in the time, manner or place of
payment of, or in any other terms of, all or any of the Term Loan Obligations or Revolving Facility Obligations, or any amendment or waiver or other modification permitted hereunder, whether by course of conduct or otherwise, of the terms of any
Term Loan Document or any Revolving Facility Document; 
 (iii) except as otherwise set forth in the
Agreement, any exchange of any security interest in any Term Loan First Lien Collateral or any amendment, waiver or other modification permitted hereunder, whether in writing or by course of conduct or otherwise, of all or any of the Term Loan
Obligations or Revolving Facility Obligations; 
 (iv) the commencement of any Insolvency or Liquidation
Proceeding in respect of any Borrower or any other Grantor; or 
 (v) any other circumstances which
otherwise might constitute a defense available to, or a discharge of, any Borrower or any other Grantor in respect of the Term Loan Obligations, or of the Revolving Facility Security Agent or any Revolving Facility Secured Party in respect of this
Agreement. 

  
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 Section 3. Revolving Facility First Lien Collateral. 

3.1. Lien Priorities. 
 (a) Relative Priorities. Notwithstanding (i) the time, manner, order or method of grant, creation, attachment or perfection of any Liens securing the Term Loan Obligations granted on the
Revolving Facility First Lien Collateral or of any Liens securing the Revolving Facility Obligations granted on the Revolving Facility First Lien Collateral, (ii) the validity or enforceability of the security interests and Liens granted in
favor of any Security Agent or any Secured Party on the Revolving Facility First Lien Collateral, (iii) the date on which any Revolving Facility Obligations or Term Loan Obligations are extended, (iv) any provision of the UCC or any other
applicable law, including any rule for determining priority thereunder or under any other law or rule governing the relative priorities of secured creditors, including with respect to real property or fixtures, (v) any provision set forth in
any Revolving Facility Document or any Term Loan Document (other than this Agreement), (vi) the possession or control by any Security Agent or any Secured Party or any bailee of all or any part of any Revolving Facility First Lien Collateral as
of the date hereof or otherwise, (vii) any failure by any Revolving Facility Secured Party to perfect its security interests in the Revolving Facility First Lien Collateral or (viii) any other circumstance whatsoever, the Term Loan
Security Agent, on behalf of itself and the Term Loan Secured Parties, hereby agrees that: 
 (i) any Lien on the
Revolving Facility First Lien Collateral securing any Revolving Facility Obligations now or hereafter held by or on behalf of the Revolving Facility Security Agent or any Revolving Facility Secured Parties or any agent or trustee therefor,
regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Revolving Facility First Lien Collateral securing any of the Term Loan
Obligations; and 
 (ii) any Lien on the Revolving Facility First Lien Collateral now or hereafter held by
or on behalf of the Term Loan Security Agent or any Term Loan Secured Parties or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and
subordinate in all respects to all Liens on the Revolving Facility First Lien Collateral securing any Revolving Facility Obligations. 
 All
Liens on the Revolving Facility First Lien Collateral securing any Revolving Facility Obligations shall be and remain senior in all respects and prior to all Liens on the Revolving Facility First Lien Collateral securing any Term Loan Obligations
for all purposes, whether or not such Liens securing any Revolving Facility Obligations are subordinated to any Lien securing any other obligation of any Borrower, any other Grantor or any other Person (but only to the extent that such subordination
is permitted pursuant to the terms of the Revolving Facility Credit Agreement and the Term Loan Credit Agreement, or as contemplated in Section 3.5). The parties hereto acknowledge and agree that it is their intent that the Term Loan
Obligations (and the security therefor) constitute a separate and distinct class (and separate and distinct claims) from the Revolving Facility Obligations (and the security therefor). 

(b) Prohibition on Contesting Liens. Each of the Term Loan Security Agent, for itself and on behalf of each Term Loan Secured
Party, and the Revolving Facility Security Agent, for itself and on behalf of each Revolving Facility Secured Party, agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding
(including any Insolvency or Liquidation Proceeding), (i) the priority, validity, perfection, extent or enforceability of a Lien held by or on behalf of any of the Revolving Facility Secured Parties in the Revolving Facility First Lien
Collateral or by or on behalf of any of the Term Loan Secured Parties in the Collateral, as the case may be, (ii) the validity or enforceability of any Term Loan Security Document (or any Term Loan

  
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Obligations thereunder) or any Revolving Facility Security Document (or any Revolving Facility Obligations thereunder), or (iii) the relative rights and duties of the holders of the
Revolving Facility Obligations and the Term Loan Obligations granted and/or established in this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of either of the Security Agents or any
Secured Party to enforce this Agreement, including the priority of the Liens on the Revolving Facility First Lien Collateral securing the Revolving Facility Obligations and the Term Loan Obligations as provided in Sections 3.1(a) and
3.2. 
 (c) No New Liens. So long as the Discharge of Revolving Facility Obligations has not occurred, except as
contemplated by Section 3.5(c), the parties hereto agree that no Borrower nor any other Grantor shall grant or permit any additional Liens on any asset or property of any Grantor to secure any Term Loan Obligation unless it has granted
or contemporaneously grants (i) a First Priority Lien on such asset or property to secure the Revolving Facility Obligations if such asset or property constitutes Revolving Facility First Lien Collateral or (ii) a Second Priority Lien on
such asset or property to secure the Revolving Facility Obligations if such asset or property constitutes Term Loan First Lien Collateral. To the extent that the provisions of clause (i) in the immediately preceding sentence are not complied
with for any reason, without limiting any other rights and remedies available to the Revolving Facility Security Agent and/or the Revolving Facility Secured Parties, the Term Loan Security Agent, on behalf of Term Loan Secured Parties, agrees that
any amounts received by or distributed to any of them pursuant to or as a result of Liens on the Revolving Facility First Lien Collateral granted in contravention of such clause (i) of this Section 3.1(c) shall be subject to
Section 3. 
 (d) Effectiveness of Lien Priorities. Each of the parties hereto acknowledges that the Lien
priorities provided for in this Agreement shall not be affected or impaired in any manner whatsoever, including, without limitation, on account of: (i) the invalidity, irregularity or unenforceability of all or any part of the Revolving
Facility Documents or the Term Loan Documents; (ii) any amendment, change or modification of any Revolving Facility Documents or Term Loan Documents not in contravention of the terms of this Agreement; or (iii) any impairment,
modification, change, exchange, release or subordination of or limitation on, any liability of, or stay of actions or lien enforcement proceedings against, any Borrower or any of its Subsidiaries party to any of the Revolving Facility Documents or
Term Loan Documents, its property, or its estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any Secured Party. 

3.2. Exercise of Remedies. 
 (a) So long as the Discharge of Revolving Facility Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Borrower or any other Grantor:

 (i) neither the Term Loan Security Agent nor any of the Term Loan Secured Parties (x) will exercise or
seek to exercise any rights or remedies (including, without limitation, set-off) with respect to any Revolving Facility First Lien Collateral (including, without limitation, the exercise of any right under any lockbox agreement, account control
agreement, landlord waiver or bailee’s letter or similar agreement or arrangement in respect of Revolving Facility First Lien Collateral to which the Term Loan Security Agent or any Term Loan Secured Party is a party) or institute or commence
or join with any Person (other than the Revolving Facility Security Agent and the Revolving Facility Secured Parties) in commencing any action or proceeding with respect to such rights or remedies (including any action of foreclosure, enforcement,
collection or execution); provided, however, that the Term Loan Security Agent may exercise any or all such rights in accordance with the Term Loan Documents after the passage of a period of 180 days

  
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from the date of delivery of a notice in writing to the Revolving Facility Security Agent of the Term Loan Security Agent’s intention to exercise its right to take such actions (the
“Term Standstill Period”); provided, further, however, notwithstanding anything herein to the contrary, neither the Term Loan Security Agent nor any Term Loan Secured Party will exercise any rights or remedies
with respect to any Revolving Facility First Lien Collateral if, notwithstanding the expiration of the Term Standstill Period, the Revolving Facility Security Agent or Revolving Facility Secured Parties shall have commenced and be diligently
pursuing in good faith the exercise of any of their rights or remedies with respect to a material portion of the Revolving Facility First Lien Collateral (prompt notice of such exercise to be given to the Term Loan Security Agent), (y) will
contest, protest or object to any foreclosure proceeding or action brought by the Revolving Facility Security Agent or any Revolving Facility Secured Party with respect to, or any other exercise by the Revolving Facility Security Agent or any
Revolving Facility Secured Party of any rights and remedies relating to, the Revolving Facility First Lien Collateral under the Revolving Facility Documents or otherwise, and (z) subject to its rights under clause (i)(x) above, will object to
the forbearance by the Revolving Facility Security Agent or the Revolving Facility Secured Parties from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Revolving Facility
First Lien Collateral, in each case so long as the respective interests of the Term Loan Secured Parties attach to the Proceeds thereof subject to the relative priorities described in Section 3.1; provided, however, that
nothing in this Section 3.2(a) shall be construed to authorize the Term Loan Security Agent or any Term Loan Secured Party to sell any Revolving Facility First Lien Collateral free of the Lien of the Revolving Facility Security Agent or
any Revolving Facility Secured Party; and 
 (ii) subject to clause (i)(x) above, the Revolving Facility
Security Agent and the Revolving Facility Secured Parties shall have the exclusive right to enforce rights, exercise remedies (including set off and the right to credit bid their debt) and make determinations regarding the disposition of, or
restrictions with respect to, the Revolving Facility First Lien Collateral without any consultation with or the consent of the Term Loan Security Agent or any Term Loan Secured Party; provided, that: 

(1) in any Insolvency or Liquidation Proceeding commenced by or against Holdings, any Borrower or any other Grantor,
the Term Loan Security Agent and any Term Loan Secured Party may file a claim or statement of interest with respect to the Revolving Facility Obligations; 
 (2) the Term Loan Security Agent and any Term Loan Secured Party may take any action (not adverse to the priority status of the Liens on the Revolving Facility First Lien Collateral securing the
Revolving Facility Obligations, or the rights of any Revolving Facility Security Agent or the Revolving Facility Secured Parties to exercise remedies in respect thereof) in accordance with the Term Loan Documents in order to preserve or protect its
Lien on the Revolving Facility First Lien Collateral; 
 (3) the Term Loan Secured Parties shall be entitled
to file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Term Loan Secured Parties,
including without limitation any claims secured by the Revolving Facility First Lien Collateral, if any, in each case in accordance with the terms of this Agreement; 

  
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 (4) the Term Loan Secured Parties shall be entitled to file any
pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either the Bankruptcy Law or applicable non-bankruptcy law, in each case in accordance with the terms of
this Agreement and to the extent not prohibited by any other provision of this Agreement; 
 (5) the Term
Loan Secured Parties shall be entitled to vote on any plan of reorganization and file any proof of claim in an Insolvency or Liquidation Proceeding or otherwise and other filings and make any arguments and motions that are, in each case, in
accordance with the terms of this Agreement, with respect to the Revolving Facility First Lien Collateral; and 

(6) the Term Loan Security Agent or any Term Loan Secured Party may exercise any of its rights or remedies with
respect to the Revolving Facility First Lien Collateral in accordance with the Term Loan Documents after the termination of the Term Standstill Period to the extent permitted by clause (i)(x) above. 

Subject to clause (i)(x) above, in exercising rights and remedies with respect to the Revolving Facility First Lien Collateral, the Revolving Facility
Security Agent and the Revolving Facility Secured Parties may enforce the provisions of the Revolving Facility Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole
discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Revolving Facility First Lien Collateral upon foreclosure, to incur expenses in connection with such sale or
disposition, and to exercise all the rights and remedies of a secured creditor under the UCC of any applicable jurisdiction and of a secured creditor under any other applicable law. 

(b) The Term Loan Security Agent, on behalf of itself and the Term Loan Secured Parties, agrees that it will not take or receive any
Revolving Facility First Lien Collateral or any Proceeds of Revolving Facility First Lien Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any Revolving Facility First Lien Collateral unless and
until the Discharge of Revolving Facility Obligations has occurred, except as expressly provided in the first proviso in clause (i)(x) of Section 3.2(a) or in the proviso in clause (ii) of Section 3.2(a). Without
limiting the generality of the foregoing, unless and until the Discharge of Revolving Facility Obligations has occurred, except as expressly provided in the first proviso in clause (i)(x) of Section 3.2(a) or in the proviso in clause
(ii) of Section 3.2(a), the sole right of the Term Loan Security Agent and the Term Loan Secured Parties with respect to the Revolving Facility First Lien Collateral is to hold a Lien on the Revolving Facility First Lien Collateral
pursuant to the Term Loan Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of the Revolving Facility Obligations has occurred in accordance with the terms hereof,
the Term Loan Documents and applicable law. 
 (c) Subject to the first proviso in clause (i)(x) of Section 3.2(a),
the proviso in clause (ii) of Section 3.2(a): 
 (i) the Term Loan Security Agent, for itself and on
behalf of the Term Loan Secured Parties, agrees that the Term Loan Security Agent and the Term Loan Secured Parties will not take any action that would hinder, delay, limit or prohibit any exercise of remedies under the Revolving Facility Documents
with respect to the Revolving Facility First Lien Collateral, including any collection, sale, lease, exchange, transfer or other disposition of the Revolving Facility First Lien Collateral, whether by foreclosure or otherwise, or that would limit,
invalidate, avoid or set aside any Lien or Revolving Facility Security Document with respect to the Revolving Facility First Lien Collateral or subordinate the priority of the Revolving Facility Obligations to the Term Loan Obligations with respect
to the Revolving Facility First Lien 

  
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 Collateral or grant the Liens with respect to the Revolving Facility First Lien Collateral
securing the Term Loan Obligations equal ranking to the Liens with respect to the Revolving Facility First Lien Collateral securing the Revolving Facility Obligations, and 

(ii) the Term Loan Security Agent, for itself and on behalf of the Term Loan Secured Parties, hereby waives any and
all rights it or the Term Loan Secured Parties may have as a junior lien creditor with respect to the Revolving Facility First Lien Collateral or otherwise to object to the manner in which the Revolving Facility Security Agent or the Revolving
Facility Secured Parties seek to enforce or collect the Revolving Facility Obligations or the Liens granted in any of the Revolving Facility First Lien Collateral in any such case except to the extent such enforcement or collection is in violation
of the terms of this Agreement, regardless of whether any action or failure to act by or on behalf of the Revolving Facility Security Agent or Revolving Facility Secured Parties is adverse to the interest of the Term Loan Secured Parties.

 (d) The Term Loan Security Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any
Term Loan Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the Revolving Facility Security Agent or the Revolving Facility Secured Parties with respect to the Revolving Facility First Lien
Collateral as set forth in this Agreement and the Revolving Facility Documents. 
 3.3. Payments Over. 

So long as the Discharge of Revolving Facility Obligations has not occurred, any Revolving Facility First Lien Collateral, Cash Proceeds thereof or
non-Cash Proceeds constituting Revolving Facility First Lien Collateral (or any distribution in respect of the Revolving Facility First Lien Collateral, whether or not expressly characterized as such) received by the Term Loan Security Agent or any
Term Loan Secured Parties in connection with the exercise of any right or remedy (including set off) relating to the Revolving Facility First Lien Collateral or otherwise that is inconsistent with this Agreement shall be segregated and held in trust
and forthwith paid over to the Revolving Facility Security Agent, for the benefit of the Revolving Facility Secured Parties, for application in accordance with Section 5.2 below, in the same form as received, with any necessary
endorsements or as a court of competent jurisdiction may otherwise direct. The Revolving Facility Security Agent is hereby authorized to make any such endorsements as agent for the Term Loan Security Agent or any such Term Loan Secured Parties. This
authorization is coupled with an interest and is irrevocable until the Discharge of Revolving Facility Obligations. 
 3.4.
Other Agreements. 
 (a) Releases. 

(i) If, in connection with: 
 (1) the exercise of any Revolving Facility Security Agent’s remedies in respect of the Revolving Facility First Lien Collateral provided for in Section 3.2(a) (with the Proceeds thereof
being applied to the Revolving Facility Obligations), including any sale, lease, exchange, transfer or other disposition of any such Revolving Facility First Lien Collateral; or 

(2) any sale, lease, exchange, transfer or other disposition of any Revolving Facility First Lien Collateral
permitted under the terms of the Revolving Facility Documents and the Term Loan Documents (other than in connection with the Discharge of Revolving Facility Obligations), 

  
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 the Revolving Facility Security Agent, for itself or on behalf of any of the Revolving Facility Secured
Parties, releases any of its Liens on any part of the Revolving Facility First Lien Collateral, then the Liens, if any, of the Term Loan Security Agent, for itself or for the benefit of the Term Loan Secured Parties, on such Revolving Facility First
Lien Collateral (but not the Proceeds thereof, which shall be subject to the priorities set forth in this Agreement) shall be automatically, unconditionally and simultaneously released and the Term Loan Security Agent, for itself or on behalf of any
such Term Loan Secured Parties, promptly shall execute and deliver to the Revolving Facility Security Agent or such Grantor such termination statements, releases and other documents as the Revolving Facility Security Agent or such Grantor may
request to effectively confirm such release. 
 (ii) Until the Discharge of Revolving Facility Obligations
occurs, the Term Loan Security Agent, for itself and on behalf of the Term Loan Secured Parties, hereby irrevocably constitutes and appoints the Revolving Facility Security Agent and any officer or agent of the Revolving Facility Security Agent,
with full power of substitution, as its true and lawful attorney in fact with full irrevocable power and authority in the place and stead of the Term Loan Security Agent or such holder or in the Revolving Facility Security Agent’s own name,
from time to time in the Revolving Facility Security Agent’s discretion, for the purpose of carrying out the terms of this Section 3.4(a) with respect to Revolving Facility First Lien Collateral, to take any and all appropriate
action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 3.4(a) with respect to Revolving Facility First Lien Collateral, including any endorsements or other
instruments of transfer or release. 
 (iii) Until the Discharge of Revolving Facility Obligations occurs, to the
extent that the Revolving Facility Secured Parties (a) have released any Lien on Revolving Facility First Lien Collateral and any such Lien is later reinstated or (b) obtain any new First Priority Liens on assets constituting Revolving
Facility First Lien Collateral from Grantors, then the Term Loan Secured Parties shall be granted a Second Priority Lien on any such Revolving Facility First Lien Collateral. 

(iv) If, prior to the Discharge of Revolving Facility Obligations, a subordination of the Revolving Facility Security
Agent’s Lien on any Revolving Facility First Lien Collateral is permitted under the Revolving Facility Credit Agreement and the Term Loan Credit Agreement to another Lien permitted under the Revolving Facility Credit Agreement and the Term Loan
Credit Agreement (an “Revolving Facility First Lien Collateral Lien”), then the Revolving Facility Security Agent is authorized to execute and deliver a subordination agreement with respect thereto in form and substance satisfactory
to it, and the Term Loan Security Agent, for itself and on behalf of the Term Loan Secured Parties, shall promptly execute and deliver to the Revolving Facility Security Agent an identical subordination agreement subordinating the Liens of the Term
Loan Security Agent for the benefit of (and behalf of) the Term Loan Secured Parties to such Revolving Facility Collateral Priority Lien. 
 (b) Insurance. Unless and until the Discharge of Revolving Facility Obligations has occurred, the Revolving Facility Security Agent and the Revolving Facility Secured Parties shall have the sole
and exclusive right, subject to the rights of the Grantors under the Revolving Facility Documents, to adjust settlement for any Insurance policy covering the Revolving Facility First Lien Collateral in the event of any loss thereunder and to approve
any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) in respect of the Revolving Facility First Lien Collateral; provided that, if any Insurance claim includes both Revolving Facility
First Lien Collateral and Term Loan First Lien Collateral, the insurer will not settle such claim separately with respect to Revolving Facility First Lien Collateral and Term Loan First Lien Collateral, and if the Security Agents are unable after
negotiating in good faith to agree on the settlement for such claim, either Security Agent may apply to a 

  
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court of competent jurisdiction to make a determination as to the settlement of such claim, and the court’s determination shall be binding upon the parties. If the Term Loan Security Agent
or any Term Loan Secured Party shall, at any time, receive any Proceeds of any such Insurance policy or any such award or payment in contravention of this Section 3.4(b), it shall pay such Proceeds over to the Revolving Facility Security
Agent in accordance with the terms of Section 5.1(c). 
 (c) Amendments to, and Refinancing of, Term Loan
Documents. 
 (i) Subject to the Revolving Facility Credit Agreement (as in effect on the date hereof), the
Term Loan Documents may be amended, restated, amended and restated, replaced, supplemented or otherwise modified in accordance with their terms and the Term Loan Documents may be Refinanced, in each case, without notice to, or the consent of, the
Revolving Facility Security Agent or the other Revolving Facility Secured Parties, all without affecting the lien subordination or other provisions of this Agreement. The Term Loan Documents may be Refinanced to the extent the terms and conditions
of such Refinancing Indebtedness meet the requirements of each Credit Agreement and the holders of such Refinancing Indebtedness bind themselves in a writing addressed to the Revolving Facility Security Agent and the Revolving Facility Secured
Parties to the terms of this Agreement. 
 (ii) The Grantors agree that each Term Loan Security Document shall
include the following language (with any necessary modifications to give effect to applicable definitions) (or language to similar effect approved by the Revolving Facility Security Agent): 

“Notwithstanding anything herein to the contrary, the liens and security interests granted to the Term Loan Security Agent pursuant
to this Agreement in any Revolving Facility First Lien Collateral and the exercise of any right or remedy by the Term Loan Security Agent with respect to any Revolving Facility First Lien Collateral hereunder are subject to the provisions of the
Intercreditor Agreement, dated as of July 27, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among PC Intermediate Holdco, Inc., a Delaware corporation, PC
Merger Sub, Inc., a Delaware corporation (to be merged with and into Party City Holdings Inc., a Delaware corporation), PC Finance Sub, Inc., a Delaware corporation (to be merged with and into Party City Corporation, a Delaware corporation), the
other Grantors from time to time party thereto, Deutsche Bank Trust Company Americas (“DBTCA”), as Revolving Facility Security Agent, and DBTCA, as Term Loan Security Agent, and certain other Persons party or that may become party
thereto from time to time. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.” 

(iii) In the event any Revolving Facility Security Agent or the Revolving Facility Secured Parties and the relevant
Grantor enter into any amendment, waiver or consent in respect of any of the Revolving Facility Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Revolving
Facility Security Document or changing in any manner the rights of the Revolving Facility Security Agent, such Revolving Facility Secured Parties, any Borrower or any other Grantor thereunder, in each case with respect to or relating to the
Revolving Facility First Lien Collateral, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Term Loan Security Document without the consent of the Term Loan Security Agent or the Term Loan
Secured Parties and without any action by the Term Loan Security Agent, any Borrower or any other Grantor, provided, that (A) no such amendment, waiver or consent shall 

  
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have the effect of (i) removing assets that constitute Revolving Facility First Lien Collateral subject to the Lien of the Term Loan Security Documents, except to the extent that a release
of such Lien is permitted or required by Section 3.4(a) and provided that there is a corresponding release of such Lien securing the Revolving Facility Obligations, (ii) imposing duties on the Term Loan Security Agent without
its consent or (iii) permitting other liens on the Revolving Facility First Lien Collateral not permitted under the terms of the Term Loan Documents or Section 3.5 and (B) notice of such amendment, waiver or consent shall have
been given to the Term Loan Security Agent within ten (10) Business Days after the effective date of such amendment, waiver or consent. 
 (iv) The Revolving Facility Security Agent shall endeavor to give prompt notice of any amendment, waiver or consent of a Revolving Facility Document to the Loan Security Agent after the effective date of
such amendment, waiver or consent; provided, that the failure of the Revolving Facility Security Agent to give any such notice shall not affect the priority of the Revolving Facility Security Agent’s Liens as provided herein or the
validity or effectiveness of any such notice as against the Grantors or any of their Subsidiaries. 
 (d) Rights As Unsecured
Creditors. Except as otherwise set forth in this Agreement, the Term Loan Security Agent and the Term Loan Secured Parties may exercise rights and remedies as unsecured creditors against any Borrower or any other Grantor in accordance with the
terms of the Term Loan Documents to which it is a party and applicable law. Except as otherwise set forth in this Agreement, nothing in this Agreement shall prohibit the receipt by the Term Loan Security Agent or any Term Loan Secured Parties of the
required payments of interest, principal and other amounts in respect of the Term Loan Obligations so long as such receipt is not the direct or indirect result of the exercise by the Term Loan Security Agent or any Term Loan Secured Parties of
rights or remedies as a secured creditor (including set off) in respect of the Revolving Facility First Lien Collateral in contravention of this Agreement or enforcement in contravention of this Agreement of any Lien held by any of them. In the
event the Term Loan Security Agent or any other Term Loan Secured Party becomes a judgment lien creditor in respect of Revolving Facility First Lien Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien
shall be subordinated to the Liens securing Revolving Facility Obligations on the same basis as the other Liens on the Revolving Facility First Lien Collateral securing the Term Loan Obligations are so subordinated to such Revolving Facility
Obligations under this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Revolving Facility Security Agent or the other Revolving Facility Secured Parties may have with respect to the Revolving
Facility First Lien Collateral. 
 (e) Bailee for Perfection. 

(i) The Revolving Facility Security Agent agrees to hold or control that part of the Revolving Facility First Lien
Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC or other applicable law (such Revolving
Facility First Lien Collateral being the “Pledged Revolving Facility First Lien Collateral”) as collateral agent for the Revolving Facility Secured Parties and as bailee for and, with respect to any Revolving Facility First Lien
Collateral that cannot be perfected in such manner, as agent for, the Term Loan Security Agent (on behalf of the Term Loan Secured Parties) and any assignee thereof solely for the purpose of perfecting the security interest granted under the
Revolving Facility Documents and the Term Loan Documents, respectively, subject to the terms and conditions of this Section 3.4(e). 

  
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 (ii) Subject to the terms of this Agreement, until the Discharge of
Revolving Facility Obligations has occurred, the Revolving Facility Security Agent shall be entitled to deal with the Pledged Revolving Facility First Lien Collateral in accordance with the terms of the Revolving Facility Documents as if the Liens
of the Term Loan Security Agent under the Term Loan Security Documents did not exist. The rights of the Term Loan Security Agent shall at all times be subject to the terms of this Agreement and to the Revolving Facility Security Agent’s rights
under the Revolving Facility Documents. 
 (iii) The Revolving Facility Security Agent shall have no obligation
whatsoever to any Revolving Facility Secured Party, the Term Loan Security Agent or any Term Loan Secured Party to ensure that the Pledged Revolving Facility First Lien Collateral is genuine or owned by any of the Grantors or to preserve rights or
benefits of any Person except as expressly set forth in this Section 3.4(e). The duties or responsibilities of the Revolving Facility Security Agent under this Section 3.4(e) shall be limited solely to holding the Pledged
Revolving Facility First Lien Collateral as bailee or agent in accordance with this Section 3.4(e). 

(iv) The Revolving Facility Security Agent acting pursuant to this Section 3.4(e) shall not have by
reason of the Revolving Facility Security Documents, the Term Loan Security Documents, this Agreement or any other document a fiduciary relationship in respect of any Revolving Facility Secured Party, the Term Loan Security Agent or any Term Loan
Secured Party. 
 (v) Upon the Discharge of the Revolving Facility Obligations, the Revolving Facility Security
Agent shall deliver or cause to be delivered the remaining Pledged Revolving Facility First Lien Collateral (if any) in its possession or in possession of its agents or bailees, together with any necessary endorsements, (I) first, to the Term
Loan Security Agent to the extent Term Loan Obligations remain outstanding and (II) second, to the applicable Grantor to the extent no Revolving Facility Obligations or Term Loan Obligations remain outstanding (in each case, so as to allow such
Person to obtain control of such Pledged Revolving Facility First Lien Collateral) and will cooperate with the Term Loan Security Agent in assigning (without recourse to or warranty by the Revolving Facility Security Agent or any Revolving Facility
Secured Party or agent or bailee thereof) control over any other Pledged Revolving Facility First Lien Collateral under its control. The Revolving Facility Security Agent further agrees to take all other action reasonably requested by such Person
(at the sole cost and expense of the Grantors or such Person) in connection with such Person obtaining a first priority interest in the Pledged Revolving Facility First Lien Collateral or as a court of competent jurisdiction may otherwise direct.

 (vi) Notwithstanding anything to the contrary herein, if, for any reason, any Term Loan Obligations remain
outstanding upon the Discharge of the Revolving Facility Obligations, all rights of the Revolving Facility Security Agent hereunder and under the Term Loan Security Documents or the Revolving Facility Security Documents (1) with respect to the
delivery and control of any part of the Revolving Facility First Lien Collateral, and (2) to direct, instruct, vote upon or otherwise influence the maintenance or disposition of such Revolving Facility First Lien Collateral, shall immediately,
and (to the extent permitted by law) without further action on the part of either of the Term Loan Security Agent or the Revolving Facility Security Agent, pass to the Term Loan Security Agent, who shall thereafter hold such rights for the benefit
of the Term Loan Secured Parties. Each of the Revolving Facility Security Agent and the Grantors agrees that it will, if any Term Loan Obligations remain outstanding upon the Discharge of the Revolving Facility Obligations, take any other action
required by any law or reasonably requested by the Term Loan Security Agent (subject to any limitations set forth in the Term Loan Facility Documents), in connection with the Term Loan Security Agent’s establishment and perfection of a First
Priority security interest in the Revolving Facility First Lien Collateral. 

  
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 (vii) Notwithstanding anything to the contrary contained herein, if for any
reason, prior to the Discharge of the Term Loan Obligations, the Revolving Facility Security Agent acquires possession of any Pledged Term Priority Collateral, the Revolving Facility Security Agent shall hold same bailee and/or agent to the same
extent as is provided in preceding clause (i) with respect to Pledged Revolving Facility First Lien Collateral, provided that as soon as is practicable the Revolving Facility Security Agent shall deliver or cause to be delivered such
Pledged Term Priority Collateral to the Term Loan Security Agent in a manner otherwise consistent with the requirements of preceding clause (v). 
 (f) When Discharge of Revolving Facility Obligations Deemed to Not Have Occurred. Notwithstanding anything to the contrary herein, if concurrently with (or immediately after) the Discharge of
Revolving Facility Obligations, any Borrower and/or any Grantor enters into any Permitted Refinancing of any Revolving Facility Obligations, then such Discharge of Revolving Facility Obligations shall automatically be deemed not to have occurred for
all purposes of this Agreement, and the obligations under the Permitted Refinancing shall automatically be treated as Revolving Facility Obligations (together with the Revolving Facility Bank Product Agreements on the basis provided in the
definition of “ABL Loan Documents” contained herein) for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, the term “Revolving Facility Credit
Agreement” shall be deemed appropriately modified to refer to such Permitted Refinancing and the Revolving Facility Security Agent under such Revolving Facility Documents shall be a Revolving Facility Security Agent for all purposes hereof and
the new secured parties under such Revolving Facility Documents (together with the Revolving Facility Bank Product Creditors as provided herein) shall automatically be treated as Revolving Facility Secured Parties for all purposes of this Agreement.
Upon receipt of a notice stating that any Borrower and/or any Grantor has entered into a new Revolving Facility Document in respect of a Permitted Refinancing of Revolving Facility Obligations (which notice shall include the identity of the new
agent, such agent, the “New Revolving Facility Security Agent”), and delivery by the New Revolving Facility Security Agent of an Intercreditor Agreement Joinder, the Term Loan Security Agent shall promptly (i) enter into such
documents and agreements (including amendments or supplements to this Agreement) as any Borrower and/or any Grantor or such New Revolving Facility Security Agent shall reasonably request in order to provide to the New Revolving Facility Security
Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement and (ii) deliver to the New Revolving Facility Security Agent any Pledged Revolving Facility First Lien Collateral held by
the Term Loan Security Agent together with any necessary endorsements (or otherwise allow the New Revolving Facility Security Agent to obtain control of such Pledged Revolving Facility First Lien Collateral). The New Revolving Facility Security
Agent shall agree to be bound by the terms of this Agreement. If the new Revolving Facility Obligations under the new Revolving Facility Documents are secured by assets of the Grantors of the type constituting Revolving Facility First Lien
Collateral that do not also secure the Term Loan Obligations, then the Term Loan Obligations shall be secured at such time by a Second Priority Lien on such assets to the same extent provided in the Term Loan Security Documents with respect to the
other Revolving Facility First Lien Collateral. If the new Revolving Facility Obligations under the new Revolving Facility Documents are secured by assets of the Grantors of the type constituting Term Loan First Lien Collateral that do not also
secure the Term Loan Obligations, then the Term Loan Obligations shall be secured at such time by a First Priority Lien on such assets to the same extent provided in the Term Loan Security Documents with respect to the other Term Loan First Lien
Collateral. 

  
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 (g) Option to Purchase Revolving Facility Obligations. 

(i) Without prejudice to the enforcement of remedies by the Revolving Facility Security Agent and the Revolving Facility
Secured Parties, any Person or Persons (in each case who must meet all eligibility standards contained in all relevant Revolving Facility Documents) at any time or from time to time designated by the holders of more than 50% in aggregate outstanding
principal amount of the Term Loan Obligations under the Term Loan Credit Agreement (an “Eligible Term Loan Purchaser”) shall have the right to purchase by way of assignment (and shall thereby also assume all commitments and duties
of the Revolving Facility Secured Parties other than in respect of services giving rise to Revolving Facility Bank Product Obligations), at any time during the exercise period described in clause (iii) below of this Section 3.4(g),
all, but not less than all, of the Revolving Facility Obligations (other than the Revolving Facility Obligations of a Defaulting Revolving Facility Secured Party), including all principal of and accrued and unpaid interest and fees on and all
prepayment or acceleration penalties and premiums in respect of all Revolving Facility Obligations outstanding at the time of purchase; provided that at the time of (and as a condition to) any purchase pursuant to this
Section 3.4(g), all commitments pursuant to any then outstanding Revolving Facility Credit Agreement shall have terminated and all Revolving Facility Secured Hedging Agreements and Revolving Facility Bank Product Agreements also shall
have been terminated in accordance with their terms. Any purchase pursuant to this Section 3.4(g)(i) shall be made as follows: 
 (1) for (x) a purchase price equal to the sum of (A) in the case of all loans, advances or other similar extensions of credit that constitute Revolving Facility Obligations (including
unreimbursed amounts drawn in respect of letters of credit, but excluding the undrawn amount of then outstanding letters of credit and excluding Revolving Facility Bank Product Obligations), 100% of the principal amount thereof and all accrued and
unpaid interest thereon through the date of purchase (without regard, however, to any acceleration or other prepayment penalties or premiums other than customary breakage costs), (B) in the case of any Revolving Facility Bank Product
Obligations, cash collateral in such amounts as the Revolving Facility Security Agent reasonably determines is necessary to secure the Revolving Facility Security Agent and the other Revolving Facility Secured Parties in connection with such
Revolving Facility Bank Product Obligations, (C) in the case of the undrawn amount of then outstanding letters of credit, cash collateral in the amount of 100% of the aggregate undrawn amount of such letters of credit, (D) in the case of
any Revolving Facility Secured Hedging Agreement, the aggregate amount then owing to each Revolving Facility Hedging Creditor (which is an Revolving Facility Secured Party) thereunder pursuant to the terms of the respective Revolving Facility
Secured Hedging Agreement, including, without limitation, all amounts owing to such Revolving Facility Hedging Creditor as a result of the termination (or early termination) thereof (in each case, to the extent of its interest as an Revolving
Facility Secured Party) and (E) all accrued and unpaid fees, expenses, indemnities and other amounts (other than any prepayment penalties or premiums or similar fees) through the date of purchase; and (y) an obligation on the part of the
respective Eligible Term Loan Purchasers (which shall be expressly provided in the assignment documentation described below) to reimburse each issuing lender (or any Revolving Facility Secured Party required to pay same) for all amounts thereafter
drawn with respect to any letters of credit constituting Revolving Facility Obligations which remain outstanding after the date of any purchase pursuant to this Section 3.4(g), together with all facing fees and other amounts which may at
any future time be owing to the respective issuing lender with respect to such letters of credit; it being understood and agreed that (x) if at any time those amounts (if any) then on deposit with the Revolving Facility Security Agent as
described in clause (C) above exceed 100% of the sum of the aggregate undrawn amount of all then outstanding letters of credit, such excess shall be returned to the respective Eligible Term Loan Purchaser or Eligible Term Loan Purchasers (as
their interests appear), (y) at such time as all letters of credit have been cancelled, expired or been fully drawn, as the case may be, any excess cash collateral deposited as described above in clause (C) (and not

  
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previously applied or released as provided above) shall be returned to the respective Eligible Term Loan Purchaser or Eligible Term Loan Purchasers, as their interests appear and (z) at such
time as all Revolving Facility Bank Product Agreements have been terminated, any excess cash collateral deposited as described above in clause (B) (and not previously applied or released as provided above) shall be returned to the respective
Eligible Term Loan Purchaser or Eligible Term Loan Purchasers, as their interests appear; 
 (2) with the
purchase price described in preceding clause (i)(1)(x) payable in cash on the date of purchase against transfer to the respective Eligible Term Loan Purchaser or Eligible Term Loan Purchasers (without recourse and without any representations or
warranties whatsoever, whether as to the enforceability of any Revolving Facility Obligation or the validity, enforceability, perfection, priority or sufficiency of any Lien securing, or guarantee or other supporting obligation for, any Revolving
Facility Obligation or as to any other matter whatsoever, except the representations and warranties (1) that the transferor owns free and clear of all Liens and encumbrances (other than participation interests not prohibited by the Revolving
Facility Credit Agreement, in which case the purchase price described in preceding clause (i)(1)(x) shall be appropriately adjusted so that the Eligible Term Loan Purchaser or Eligible Term Loan Purchasers do not pay amounts represented by any
participation interest which remains in effect), and has the right to convey, whatever claims and interests it may have in respect of the Revolving Facility Obligations) and (2) as to the amount of its portion of the Revolving Facility
Obligations being acquired); provided that the purchase price in respect of any outstanding letter of credit that remains undrawn on the date of purchase shall be payable in cash as and when such letter of credit is drawn upon
(i) first, from the cash collateral account described in clause (i)(1)(x)(C) above, until the amounts contained therein have been exhausted, and (ii) thereafter, directly by the respective Eligible Term Loan Purchaser or Eligible
Term Loan Purchasers; 
 (3) with the purchase price described in preceding clause (i)(1)(x) accompanied by
a waiver by the Term Loan Security Agent (on behalf of itself and the other Term Loan Secured Parties) of all claims arising out of this Agreement and the transactions contemplated hereby as a result of exercising the purchase option contemplated by
this Section 3.4(g); 
 (4) with all amounts payable to the various Revolving Facility Secured
Parties in respect of the assignments described above to be distributed to them by the Revolving Facility Security Agent in accordance with their respective holdings of the various Revolving Facility Obligations; and 

(5) with such purchase to be made pursuant to assignment documentation in form and substance reasonably satisfactory
to, and prepared by counsel for, the Revolving Facility Security Agent (with the cost of such counsel to be paid by the Grantors or, if the Grantors do not make such payment, by the respective Eligible Term Loan Purchaser or Eligible Term Loan
Purchasers, who shall have the right to obtain reimbursement of same from the Grantors); it being understood and agreed that the Revolving Facility Security Agent and each other Revolving Facility Secured Party shall retain all rights to
indemnification as provided in the relevant Revolving Facility Documents for all periods prior to any assignment by them pursuant to the provisions of this Section 3.4(g). 

(ii) The right to exercise the purchase option described in Section 3.4(g)(i) above shall be exercisable
and legally enforceable upon at least ten (10) Business Days’ prior written notice of exercise (which notice, once given, (A) shall be irrevocable and fully binding on the respective Eligible Term Loan Purchaser or Eligible Term Loan
Purchasers except as provided in clause (iii) below and (B) shall specify a date of purchase not less than five (5) Business Days, 

  
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nor more than thirty (30) calendar days, after the date of the receipt by the Revolving Facility Security Agent of such notice) given to the Revolving Facility Security Agent by an Eligible
Term Loan Purchaser. Neither the Revolving Facility Security Agent nor any Revolving Facility Secured Party shall have any disclosure obligation to any Eligible Term Loan Purchaser, the Term Loan Security Agent or any Term Loan Secured Party in
connection with any exercise of such purchase option. 
 (iii) The right to purchase the Revolving Facility
Obligations as described in this Section 3.4(g) may be exercised (by giving the irrevocable written notice described in preceding clause (ii)) during the period that (1) begins on the date occurring three Business Days after the
first to occur of (x) the date of the acceleration of the final maturity of the loans under the Revolving Facility Credit Agreement, (y) the occurrence of the final maturity of the loans under the Revolving Facility Credit Agreement or
(z) the occurrence of an Insolvency or Liquidation Proceeding with respect to any Borrower or any Grantor which constitutes an event of default under the Revolving Facility Credit Agreement (in each case, so long as the acceleration, failure to
pay amounts due at final maturity or such Insolvency or Liquidation Proceeding constituting an event of default has not been rescinded or cured within 10 Business Days after any such event, and so long as any unpaid amounts constituting Revolving
Facility Obligations remain owing); provided that if there is any failure to meet the condition described in the proviso of preceding clause (i) hereof, the aforementioned date shall be extended until the first date upon which such
condition is satisfied, and (2) ends on the 10th Business Day after the start of the period described in clause (1) above. 
 (iv) The obligations of the Revolving Facility Secured Parties to sell their respective Revolving Facility Obligations under this Section 3.4(g) are several and not joint and several. To the
extent any Revolving Facility Secured Party breaches its obligation to sell its Revolving Facility Obligations under this Section 3.4(g) (a “Defaulting Revolving Facility Secured Party”), nothing in this
Section 3.4(g) shall be deemed to require the Revolving Facility Security Agent or any other Revolving Facility Secured Party to purchase such Defaulting Revolving Facility Secured Party’s Revolving Facility Obligations for resale
to the holders of Term Loan Obligations and in all cases, the Revolving Facility Security Agent and each Revolving Facility Secured Party complying with the terms of this Section 3.4(g) shall not be deemed to be in default of this
Agreement or otherwise be deemed liable for any action or inaction of any Defaulting Revolving Facility Secured Party; provided that nothing in this clause (iv) shall require any Eligible Term Loan Purchaser to purchase less than all of
the Revolving Facility Obligations. 
 (v) Each Grantor irrevocably consents to any assignment effected to
one or more Eligible Term Loan Purchasers pursuant to this Section 3.4(g) (so long as they meet all eligibility standards contained in all relevant Term Loan Documents, other than obtaining the consent of any Grantor to an assignment to
the extent required by such Revolving Facility Documents) for purposes of all Term Loan Documents and hereby agrees that no further consent to any such assignment pursuant to this Section 3.4(g) from such Grantor shall be required.

 3.5. Insolvency or Liquidation Proceedings. 
 (a) Finance and Sale Issues. Until the Discharge of Revolving Facility Obligations has occurred, if any Borrower or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding
and the Revolving Facility Security Agent shall desire to permit the use of cash collateral (as such term is defined in Section 363(a) of the Bankruptcy Code) constituting Revolving Facility First Lien Collateral or to permit any Borrower or
any other Grantor to obtain a financing, whether from the Revolving Facility Secured Parties or any other entity under Section 364 of the Bankruptcy Code or any 

  
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similar Bankruptcy Law, that is secured by a lien that is (i) senior or pari passu with the liens on the Revolving Facility First Lien Collateral securing the Revolving Facility Obligations
and (ii) junior to the liens on the Term Loan First Lien Collateral securing the Term Loan Obligations (each, an “Revolving Facility DIP Financing”), then the Term Loan Security Agent, on behalf of itself and the Term Loan
Secured Parties, agrees that it will not oppose or raise any objection to or contest (or join with or support any third party opposing, objecting or contesting) such use of cash collateral constituting Revolving Facility First Lien Collateral or to
the fact that the providers of such Revolving Facility DIP Financing may be granted Liens on the Collateral and will not request adequate protection or any other relief in connection therewith (except, as expressly agreed by the Revolving Facility
Security Agent or to the extent permitted by Section 3.5(c)) and, the Term Loan Security Agent will subordinate its Liens in the Revolving Facility First Lien Collateral to the Liens securing such Revolving Facility DIP Financing (and
all interest and other obligations relating thereto); provided that (i) the Term Loan Security Agent and the other Term Loan Secured Parties retain a Lien on the Collateral to secure the Term Loan Obligations and, with respect to the
Term Loan First Lien Collateral only, with the same priority as existed prior to the commencement of the Insolvency or Liquidation Proceeding, (ii) to the extent that the Revolving Facility Security Agent is granted adequate protection in the
form of a Lien, the Term Loan Security Agent is permitted to seek a Lien (without objection from the Revolving Facility Security Agent or any Revolving Facility Secured Party) on Collateral arising after the commencement of the Insolvency or
Liquidation Proceeding (so long as, with respect to Revolving Facility First Lien Collateral, such Lien is junior to the Liens securing such Revolving Facility DIP Financing and the Revolving Facility Obligations), and (iii) the foregoing
provisions of this Section 3.5(a) shall not prevent the Term Loan Security Agent and the Term Loan Secured Parties from objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization or
other plan of similar effect under any Debtor Relief Laws. The Term Loan Security Agent, on behalf of the Term Loan Secured Parties, agrees that it will not raise any objection or oppose a sale or other disposition of any Revolving Facility First
Lien Collateral free and clear of its Liens (subject to attachment of Proceeds with respect to the Second Priority Lien on the Revolving Facility First Lien Collateral in favor of the Term Loan Security Agent in the same order and manner as
otherwise set forth herein) or other claims under Section 363 of the Bankruptcy Code, except for any objection or opposition that could be asserted by any Term Loan Secured Party as an unsecured creditor in any such Insolvency or Liquidation
Proceeding if the Term Loan Secured Parties have consented to such sale or disposition of such assets; provided that the Term Loan Security Agent and the other Term Loan Secured Parties shall be entitled to seek and exercise Credit Bid Rights
in respect of any such sale or disposition. 
 (b) Relief from the Automatic Stay. Until the Discharge of Revolving
Facility Obligations has occurred, the Term Loan Security Agent, on behalf of itself and the Term Loan Secured Parties, agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any
Insolvency or Liquidation Proceeding in respect of the Revolving Facility First Lien Collateral, without the prior written consent of the Revolving Facility Security Agent. 
 (c) Adequate Protection. The Term Loan Security Agent, on behalf of itself and the Term Loan Secured Parties, agrees that none of them shall contest (or support any other Person contesting)
(i) any request by the Revolving Facility Security Agent or the Revolving Facility Secured Parties for adequate protection with respect to any Revolving Facility First Lien Collateral, (ii) so long as the request of adequate protection is
in the form of a replacement lien on the Term Loan First Lien Collateral that is junior to the liens on the Term Loan First Lien Collateral securing the Term Loan Obligations, any request by the Revolving Facility Security Agent or the Revolving
Facility Secured Parties for adequate protection with respect to any Term Loan First Lien Collateral or (iii) any objection by the Revolving Facility Security Agent or the Revolving Facility Secured Parties to any motion, relief, action or
proceeding based on the Revolving Facility Security Agent or the Revolving Facility Secured Parties claiming a lack of adequate protection with respect to the Revolving Facility First Lien Collateral. 

  
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 Notwithstanding the foregoing provisions in this Section 3.5(c), in any Insolvency or
Liquidation Proceeding, (A) if the Revolving Facility Secured Parties (or any subset thereof) are granted adequate protection in the form of additional collateral in the nature of assets constituting Revolving Facility First Lien Collateral in
connection with any Revolving Facility DIP Financing or use of cash collateral constituting Revolving Facility First Lien Collateral, then the Term Loan Security Agent, on behalf of itself or any of the Term Loan Secured Parties, may seek or request
adequate protection in the form of a Lien on such additional collateral, which Lien will be subordinated to the Liens securing the Revolving Facility Obligations and such Revolving Facility DIP Financing (and all obligations relating thereto) on the
same basis as the other Liens on Revolving Facility First Lien Collateral securing the Term Loan Obligations are so subordinated to the Revolving Facility Obligations under this Agreement, and (B) in the event the Term Loan Security Agent, on
behalf of itself and the Term Loan Secured Parties, seeks or requests adequate protection in respect of Revolving Facility First Lien Collateral securing Term Loan Obligations and such adequate protection is granted in the form of additional
collateral in the nature of assets constituting Revolving Facility First Lien Collateral, then the Term Loan Security Agent, on behalf of itself or any of the Term Loan Secured Parties, agrees that the Revolving Facility Security Agent shall also be
granted a senior Lien on such additional collateral as security for the Revolving Facility Obligations and for any such Revolving Facility DIP Financing and that any Lien on such additional collateral securing the Term Loan Obligations shall be
subordinated to the Liens on such collateral securing the Revolving Facility Obligations and any such Revolving Facility DIP Financing (and all obligations relating thereto) and to any other Liens granted to the Revolving Facility Secured Parties as
adequate protection on the same basis as the other Liens on Revolving Facility First Lien Collateral securing the Term Loan Obligations are so subordinated to such Revolving Facility Obligations under this Agreement. 

(d) No Waiver. Subject to the proviso in clause (ii) of Section 3.2(a), nothing contained herein shall prohibit
or in any way limit the Revolving Facility Security Agent or any Revolving Facility Secured Party from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action taken by the Term Loan Security Agent or any of the Term Loan
Secured Parties in respect of the Revolving Facility First Lien Collateral, including the seeking by the Term Loan Security Agent or any Term Loan Secured Parties of adequate protection in respect thereof or the asserting by the Term Loan Security
Agent or any Term Loan Secured Parties of any of its rights and remedies under the Term Loan Documents or otherwise in respect thereof. 
 (e) Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are
distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of Revolving Facility Obligations and on account of Term Loan Obligations, then, to the extent the debt obligations distributed on account
of the Revolving Facility Obligations and on account of the Term Loan Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will
apply with like effect to the Liens securing such debt obligations. 
 (f) Post-Petition Interest.

 (i) Neither the Term Loan Security Agent nor any Term Loan Secured Party shall oppose or seek to challenge any
claim by the Revolving Facility Security Agent or any Revolving Facility Secured Party for allowance in any Insolvency or Liquidation Proceeding of Revolving Facility Obligations consisting of post-petition interest, fees or expenses to the extent
of the value of the Revolving Facility Secured Party’s Lien on the Revolving Facility First Lien Collateral, without regard to the existence of the Lien of the Term Loan Security Agent on behalf of the Term Loan Secured Parties on the Revolving
Facility First Lien Collateral. 

  
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 (ii) Neither the Revolving Facility Security Agent nor any other Revolving
Facility Secured Party shall oppose or seek to challenge any claim by the Term Loan Security Agent or any Term Loan Secured Party for allowance in any Insolvency or Liquidation Proceeding of Term Loan Obligations consisting of post-petition
interest, fees or expenses to the extent of the value of the Lien of the Term Loan Security Agent on behalf of the Term Loan Secured Parties on the Revolving Facility First Lien Collateral (after taking into account the Lien of the Revolving
Facility Secured Parties on the Revolving Facility First Lien Collateral). 
 (g) Waiver. The Term Loan Security Agent,
for itself and on behalf of the Term Loan Secured Parties, waives any claim it may hereafter have against any Revolving Facility Secured Party arising out of the election of any Revolving Facility Secured Party of the application of
Section 1111(b)(2) of the Bankruptcy Code, and/or out of any cash collateral or financing arrangement or out of any grant of a security interest in connection with the Revolving Facility First Lien Collateral in any Insolvency or Liquidation
Proceeding. 
 3.6. Reliance; Waivers; Etc. 
 (a) Reliance. Other than any reliance on the terms of this Agreement, the Term Loan Security Agent, on behalf of itself and the Term Loan Secured Parties under its Term Loan Documents, acknowledges
that it and such Term Loan Secured Parties have, independently and without reliance on the Revolving Facility Security Agent or any Revolving Facility Secured Parties, and based on documents and information deemed by them appropriate, made their own
credit analysis and decision to enter into the Term Loan Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Term Loan Credit Agreement or this
Agreement. 
 (b) No Warranties or Liability. The Term Loan Security Agent, on behalf of itself and the Term Loan Secured
Parties, acknowledges and agrees that the Revolving Facility Security Agent and the Revolving Facility Secured Parties have made no express or implied representation or warranty, including with respect to the execution, validity, legality,
completeness, collectability or enforceability of any of the Revolving Facility Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. The Revolving Facility Secured Parties will be entitled to manage and
supervise their respective loans and extensions of credit under their respective Revolving Facility Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Revolving Facility Security Agent and the
Revolving Facility Secured Parties shall have no duty to the Term Loan Security Agent or any of the Term Loan Secured Parties to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event of default
or default under any agreements with any Borrower or any other Grantor (including the Revolving Facility Documents and the Term Loan Documents), regardless of any knowledge thereof which they may have or be charged with. 

(c) No Waiver of Lien Priorities. 
 (i) No right of the Revolving Facility Secured Parties, the Revolving Facility Security Agent or any of them to enforce any provision of this Agreement or any Revolving Facility Document shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of any Borrower or any other Grantor or by any act or failure to act by any Revolving Facility Secured Party or the Revolving Facility Security Agent, or by any
noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the Revolving Facility Documents or any of the Term Loan Documents, regardless of any knowledge thereof which the Revolving Facility Security Agent or the
Revolving Facility Secured Parties, or any of them, may have or be otherwise charged with. 

  
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 (ii) Without in any way limiting the generality of the foregoing
paragraph (but subject to the rights of any Borrower and the other Grantors under the Revolving Facility Documents and subject to the provisions of Section 3.4(c)), the Revolving Facility Secured Parties, the Revolving Facility Security
Agent and any of them may, at any time and from time to time in accordance with the Revolving Facility Documents and/or applicable law, without the consent of, or notice to, the Term Loan Security Agent or any Term Loan Secured Party, without
incurring any liabilities to the Term Loan Security Agent or any Term Loan Secured Parties and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or
remedy of the Term Loan Security Agent or any Term Loan Secured Party is affected, impaired or extinguished thereby) do any one or more of the following: 
 (1) make loans and advances to any Grantor or issue, guaranty or obtain letters of credit for account of any Grantor or otherwise extend credit to any Grantor, in any amount and on any terms, whether
pursuant to a commitment or as a discretionary advance and whether or not any default or event of default or failure of condition is then continuing; 
 (2) change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the Revolving Facility Obligations or
any Lien on any Revolving Facility First Lien Collateral or guaranty thereof or any liability of any Borrower or any other Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the
Revolving Facility Obligations, without any restriction as to the amount, tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens on the Revolving Facility First
Lien Collateral held by the Revolving Facility Security Agent or any of the Revolving Facility Secured Parties, the Revolving Facility Obligations or any of the Revolving Facility Documents; 

(3) sell, exchange, realize upon, enforce or otherwise deal with in any manner (subject to the terms hereof) and in
any order any part of the Revolving Facility First Lien Collateral or any liability of any Borrower or any other Grantor to the Revolving Facility Secured Parties or the Revolving Facility Security Agent, or any liability incurred directly or
indirectly in respect thereof; 
 (4) settle or compromise any Revolving Facility Obligation or any other
liability of any Borrower or any other Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof; and 
 (5) exercise or delay in or refrain from exercising any right or remedy against any Borrower or any other Grantor or any other Person, elect any remedy and otherwise deal freely with any Borrower,
any other Grantor or any Revolving Facility First Lien Collateral and any security and any guarantor or any liability of any Borrower or any other Grantor to the Revolving Facility Secured Parties or any liability incurred directly or indirectly in
respect thereof. 
 (iii) The Term Loan Security Agent, on behalf of itself and the Term Loan Secured
Parties, also agrees that the Revolving Facility Secured Parties and the Revolving Facility Security Agent shall have no liability to the Term Loan Security Agent or any Term Loan Secured Party, and the Term Loan Security Agent, on behalf of itself
and the Term Loan Secured 

  
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Parties, hereby waives any claim against any Revolving Facility Secured Party or the Revolving Facility Security Agent, arising out of any and all actions which the Revolving Facility Secured
Parties or the Revolving Facility Security Agent may take or permit or omit to take with respect to: 
 (1) the
Revolving Facility Documents (other than this Agreement); 
 (2) the collection of the Revolving Facility
Obligations; or 
 (3) the foreclosure upon, or sale, liquidation or other disposition of, any Revolving Facility First Lien
Collateral. 
 The Term Loan Security Agent, on behalf of itself and the Term Loan Secured Parties, agrees that the Revolving Facility Secured
Parties and the Revolving Facility Security Agent have no duty to the Term Loan Security Agent or the Term Loan Secured Parties in respect of the maintenance or preservation of the Revolving Facility First Lien Collateral, the Revolving Facility
Obligations or otherwise. 
 (iv) The Term Loan Security Agent, on behalf of itself and the Term Loan Secured
Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may
otherwise be available under applicable law with respect to the Revolving Facility First Lien Collateral or any other similar rights a junior secured creditor may have under applicable law. 

(d) Obligations Unconditional. All rights, interests, agreements and obligations of the Revolving Facility Security Agent and the
Revolving Facility Secured Parties and the Term Loan Security Agent and the Term Loan Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of: 

(i) any lack of validity or enforceability of any Revolving Facility Document or any Term Loan Document; 

(ii) except as otherwise set forth in the Agreement, any change permitted hereunder in the time, manner or place of
payment of, or in any other terms of, all or any of the Revolving Facility Obligations or Term Loan Obligations, or any amendment or waiver or other modification permitted hereunder, whether by course of conduct or otherwise, of the terms of any
Revolving Facility Document or any Term Loan Document; 
 (iii) except as otherwise set forth in this
Agreement, any exchange of any security interest in any Revolving Facility First Lien Collateral or any amendment, waiver or other modification permitted hereunder, whether in writing or by course of conduct or otherwise, of all or any of the
Revolving Facility Obligations or Term Loan Obligations; 
 (iv) the commencement of any Insolvency or
Liquidation Proceeding in respect of any Borrower or any other Grantor; or 
 (v) any other circumstances
which otherwise might constitute a defense available to, or a discharge of, any Borrower or any other Grantor in respect of the Revolving Facility Obligations, or of the Term Loan Security Agent or any Term Loan Secured Party in respect of this
Agreement. 

  
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 Section 4. Cooperation With Respect To Revolving Facility First Lien Collateral. 

4.1. Consent to License to Use Intellectual Property. The Term Loan Security Agent (and any purchaser, assignee or transferee of
assets as provided in Section 4.3) (a) consents (without any representation, warranty or obligation whatsoever) to the grant by any Grantor to the Revolving Facility Security Agent of a non-exclusive royalty-free license to use for
a period not to exceed 180 days (commencing with the initiation of any enforcement of Liens by either the Term Loan Security Agent (provided that the Revolving Facility Security Agent has received notice thereof) or the Revolving Facility
Security Agent) any Patent, Trademark or proprietary information of such Grantor that is subject to a Lien held by the Term Loan Security Agent (or any Patent, Trademark or proprietary information acquired by such purchaser, assignee or transferee
from any Grantor, as the case may be) and (b) grants, in its capacity as a secured party (or as a purchaser, assignee or transferee, as the case may be), to the Revolving Facility Security Agent a non-exclusive royalty-free license to use for a
period not to exceed 180 days (commencing with (x) the initiation of any enforcement of Liens by either the Term Loan Security Agent or the Revolving Facility Security Agent or (y) the purchase, assignment or transfer, as the case may be
(provided that in either such case the Revolving Facility Security Agent has received notice thereof)) any Patent, Trademark or proprietary information that is subject to a Lien held by the Term Loan Security Agent (or subject to such
purchase, assignment or transfer, as the case may be), in each case in connection with the enforcement of any Lien held by the Revolving Facility Security Agent upon any Inventory or other Revolving Facility First Lien Collateral of any Grantor and
to the extent the use of such Patent, Trademark or proprietary information is necessary or appropriate, in the good faith opinion of the Revolving Facility Security Agent, to process, ship, produce, store, complete, supply, lease, sell or otherwise
dispose of any such Inventory in any lawful manner. The 180 day license periods shall be tolled during the pendency of any Insolvency or Liquidation Proceeding of any Grantor pursuant to which the Revolving Facility Security Agent is effectively
stayed from enforcing its rights and remedies with respect to the Revolving Facility First Lien Collateral. 
 4.2. Access to
Information. If the Term Loan Security Agent takes actual possession of any documentation of a Grantor (whether such documentation is in the form of a writing or is stored in any data equipment or data record in the physical possession of the
Term Loan Security Agent), then upon the reasonable request of the Revolving Facility Security Agent and reasonable advance notice, the Term Loan Security Agent will permit the Revolving Facility Security Agent or its representative to inspect and
copy such documentation. 
 4.3. Access to Property to Process and Sell Inventory. (a) (i) If the Revolving
Facility Security Agent commences any action or proceeding with respect to any of its rights or remedies (including, but not limited to, any action of foreclosure but excluding any exercise of rights solely in connection with a Cash Dominion Event,
as such term is defined in the Revolving Facility Credit Agreement, as originally in effect), enforcement, collection or execution with respect to the Revolving Facility First Lien Collateral (“Revolving Facility First Lien Collateral
Enforcement Actions”) or if the Term Loan Security Agent commences any action or proceeding with respect to any of its rights or remedies (including any action of foreclosure), enforcement, collection or execution with respect to the Term
Loan First Lien Collateral and the Term Loan Security Agent (or a purchaser at a foreclosure sale conducted in foreclosure of any Term Loan Security Agent’s Liens) takes actual or constructive possession of Term Loan First Lien Collateral of
any Grantor (“Term Loan First Lien Collateral Enforcement Actions”), then the Term Loan Secured Parties and the Term Loan Security Agent shall (subject to, in the case of any Term Loan First Lien Collateral Enforcement Action, a
prior written request by the Revolving Facility Security Agent to the Term Loan Security Agent (the “Term Loan First Lien Collateral Enforcement Action Notice”)) (x) cooperate with the Revolving Facility Security Agent (and
with its officers, employees, representatives and agents) in its efforts to conduct Revolving Facility First Lien Collateral Enforcement Actions in the Revolving Facility First Lien Collateral and to finish any

  
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work-in-process and process, ship, produce, store, complete, supply, lease, sell or otherwise handle, deal with, assemble or dispose of, in any lawful manner, the Revolving Facility First Lien
Collateral, (y) not hinder or restrict in any respect the Revolving Facility Security Agent from conducting Revolving Facility First Lien Collateral Enforcement Actions in the Revolving Facility First Lien Collateral or from finishing any
work-in-process or processing, shipping, producing, storing, completing, supplying, leasing, selling or otherwise handling, dealing with, assembling or disposing of, in any lawful manner, the Revolving Facility First Lien Collateral, and
(z) permit the Revolving Facility Security Agent, its employees, agents, advisers and representatives, at the cost and expense of the Revolving Facility Secured Parties (but with the Grantors’ reimbursement and indemnity obligation with
respect thereto), to enter upon and use the Term Loan First Lien Collateral (including, without limitation, equipment, processors, computers and other machinery related to the storage or processing of records, documents or files and intellectual
property), for a period commencing on (I) the date of the initial Revolving Facility First Lien Collateral Enforcement Action or the date of delivery of the Term Loan First Lien Collateral Enforcement Action Notice, as the case may be, and (II)
ending on the earlier of the date occurring 180 days thereafter and the date on which all Revolving Facility First Lien Collateral (other than Revolving Facility First Lien Collateral abandoned by the Revolving Facility Security Agent in writing)
has been removed from the Term Loan First Lien Collateral (such period, the “Revolving Facility First Lien Collateral Processing and Sale Period”), for purposes of: 

(A) assembling and storing the Revolving Facility First Lien Collateral and completing the processing of and turning into
finished goods any Revolving Facility First Lien Collateral consisting of work-in-process; 
 (B) selling
any or all of the Revolving Facility First Lien Collateral located in or on such Term Loan First Lien Collateral, whether in bulk, in lots or to customers in the ordinary course of business or otherwise; 

(C) removing and transporting any or all of the Revolving Facility First Lien Collateral located in or on such Term
Loan First Lien Collateral; 
 (D) otherwise processing, shipping, producing, storing, completing,
supplying, leasing, selling or otherwise handling, dealing with, assembling or disposing of, in any lawful manner, the Revolving Facility First Lien Collateral; and/or 

(E) taking reasonable actions to protect, secure, and otherwise enforce the rights or remedies of the Revolving
Facility Secured Parties and/or the Revolving Facility Security Agent (including with respect to any Revolving Facility First Lien Collateral Enforcement Actions) in and to the Revolving Facility First Lien Collateral; 

provided, however, that nothing contained in this Agreement shall restrict the rights of the Term Loan Security Agent from selling,
assigning or otherwise transferring any Term Loan First Lien Collateral prior to the expiration of such Revolving Facility First Lien Collateral Processing and Sale Period if the purchaser, assignee or transferee thereof agrees in writing (for the
benefit of the Revolving Facility Security Agent and the Revolving Facility Secured Parties) to be bound by the provisions of this Section 4. If any stay or other order prohibiting the exercise of remedies with respect to the Revolving
Facility First Lien Collateral has been entered by a court of competent jurisdiction, such Revolving Facility First Lien Collateral Processing and Sale Period shall be tolled during the pendency of any such stay or other order. 

  
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 (ii) During the period of actual occupation, use and/or control by the
Revolving Facility Secured Parties and/or the Revolving Facility Security Agent (or their respective employees, agents, advisers and representatives) of any Term Loan First Lien Collateral, the Revolving Facility Secured Parties and the Revolving
Facility Security Agent shall be obligated to repair at their expense any physical damage to such Term Loan First Lien Collateral resulting from such occupancy, use or control, and to leave such Term Loan First Lien Collateral in substantially the
same condition as it was at the commencement of such occupancy, use or control, ordinary wear and tear excepted. Notwithstanding the foregoing, in no event shall the Revolving Facility Secured Parties or the Revolving Facility Security Agent have
any liability to the Term Loan Secured Parties and/or to the Term Loan Security Agent pursuant to this Section 4.3(a) as a result of any condition (including any environmental condition, claim or liability) on or with respect to the Term
Loan First Lien Collateral existing prior to the date of the exercise by the Revolving Facility Secured Parties (or the Revolving Facility Security Agent, as the case may be) of their rights under this Section 4.3(a) and the Revolving
Facility Secured Parties shall have no duty or liability to maintain the Term Loan First Lien Collateral in a condition or manner better than that in which it was maintained prior to the use thereof by the Revolving Facility Secured Parties, or for
any diminution in the value of the Term Loan First Lien Collateral that results from ordinary wear and tear resulting from the use of the Term Loan First Lien Collateral by the Revolving Facility Secured Parties in the manner and for the time
periods specified under this Section 4.3(a). Without limiting the rights granted in this Section 4.3(a), the Revolving Facility Secured Parties and the Revolving Facility Security Agent shall cooperate with the Term Loan
Secured Parties and/or the Term Loan Security Agent in connection with any efforts made by the Term Loan Secured Parties and/or the Term Loan Security Agent to sell the Term Loan First Lien Collateral. 

(b) The Revolving Facility Secured Parties shall (i) use the Term Loan First Lien Collateral in accordance with applicable law;
(ii) obtain insurance for damage to property and liability to persons, including property and liability insurance, substantially similar to the insurance maintained by Grantors, naming Term Loan Security Agent as mortgagee, loss payee and
additional insured, at no cost to the Term Loan Secured Parties, but only to the extent such insurance is not otherwise in effect; and (iii) indemnify the Term Loan Secured Parties from any claim, loss, damage, cost or liability arising out of
any claim asserted by any third party as a result of any acts or omissions by the Revolving Facility Security Agent, or any of its agents or representatives, in connection with the exercise by the Revolving Facility Secured Parties of their rights
of access set forth in this Section 4.3. In no event shall any Revolving Facility Secured Party have any liability to the Term Loan Secured Parties pursuant to this Section 4.3(b) or otherwise as a result of any condition on
or with respect to the Term Loan First Lien Collateral existing prior to the date of the exercise by the Revolving Facility Secured Parties of their access rights under this Section 4.3(b), and the Revolving Facility Secured Parties
shall have no duty or liability to maintain the Term Loan First Lien Collateral in a condition or manner better than that in which it was maintained prior to the access and/or use thereof by the Revolving Facility Secured Parties. 

(c) The Term Loan Security Agent (x) shall, at the request of the Revolving Facility Security Agent, provide reasonable
cooperation to the Revolving Facility Security Agent in connection with the manufacture, production, completion, handling, removal and sale of any Revolving Facility First Lien Collateral by the Revolving Facility Security Agent as provided above
and (y) shall be entitled to receive, from the Revolving Facility Security Agent, fair compensation and reimbursement for their reasonable costs and expenses incurred in connection with such cooperation, support and assistance to the Revolving
Facility Security Agent. The Term Loan Security Agent and/or any such purchaser (or its transferee or successor) shall not otherwise be required to manufacture, produce, complete, remove, insure, protect, store, safeguard, sell or deliver any
inventory subject to any First Priority Lien held by the Revolving Facility Security Agent or to provide any support, assistance or cooperation to the Revolving Facility Security Agent in respect thereof. 

  
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 4.4. Grantor Consent. Each Borrower and the other Grantors consent to the performance
by the Term Loan Security Agent of the obligations set forth in this Article 4 and acknowledge and agree that neither the Term Loan Security Agent (nor any holder of Term Loan Obligations) shall ever be accountable or liable for any action taken or
omitted by the Revolving Facility Security Agent or any Revolving Facility Secured Party or its or any of their officers, employees, agents successors or assigns in connection therewith or incidental thereto or in consequence thereof, including any
improper use or disclosure of any proprietary information or other intellectual property by the Revolving Facility Security Agent or any Revolving Facility Secured Party or its or any of their officers, employees, agents, successors or assigns or
any other damage to or misuse or loss of any property of the Grantors as a result of any action taken or omitted by the Revolving Facility Security Agent or its officers, employees, agents, successors or assigns. 

Section 5. Application Of Proceeds. 
 5.1. Application of Proceeds in Distributions by the Term Loan Security Agent. 
 (a) The Term Loan Security Agent will apply the Proceeds of any collection, sale, foreclosure or other realization upon any Term Loan First Lien Collateral and, after the Discharge of Revolving
Facility Obligations, the Proceeds of any collection, sale, foreclosure or other realization of any Revolving Facility First Lien Collateral by Term Loan Security Agent as expressly permitted hereunder, and, in each case the Proceeds of any title
insurance policy required under any Term Loan Document or Revolving Facility Document, in the following order of application: 
 First, to the payment of all amounts payable under the Term Loan Documents on account of the Term Loan Security Agent’s fees and any reasonable legal fees, costs and expenses or other
liabilities of any kind incurred by the Term Loan Security Agent or any co-trustee or agent of the Term Loan Security Agent in connection with any Term Loan Document; 

Second, to the Term Loan Administrative Agent for application to the payment of all outstanding Term Loan
Obligations that are then due and payable in such order as may be provided in the Term Loan Documents in an amount sufficient to pay in full in cash all outstanding Term Loan Obligations that are then due and payable (including all interest accrued
thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, and including any applicable post-default rate, specified in the Term Loan Documents, even if such interest is not enforceable, allowable or allowed as a claim
in such proceeding); 
 Third, to the payment of all amounts payable under the Revolving Facility
Documents on account of the Revolving Facility Security Agent’s fees and any reasonable legal fees, costs and expenses or other liabilities of any kind incurred by the Revolving Facility Security Agent or any co-trustee or agent of the
Revolving Facility Security Agent in connection with any Revolving Facility Document; 
 Fourth, to the
Revolving Facility Security Agent for application to the payment of all outstanding Revolving Facility Obligations that are then due and payable in such order as may be provided in the Revolving Facility Documents in an amount sufficient to pay in
full in cash all outstanding Revolving Facility Obligations that are then due and payable (including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default
rate, specified in the Revolving Facility Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding, and including the discharge or cash collateralization (at 100% of the aggregate undrawn amount) of all
outstanding letters of credit and Revolving Facility Bank Product Obligations, if any, constituting Revolving Facility Obligations); and  

  
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 Fifth, any surplus remaining after the payment in full in cash of the
amounts described in the preceding clauses will be paid to the Borrowers or the applicable Grantor, as the case may be, its successors or assigns, or as a court of competent jurisdiction may direct. 

(b) In connection with the application of Proceeds pursuant to Section 5.1(a), except as otherwise directed by the Required
Lenders (or equivalent term) under (and as defined in) the Term Loan Documents, the Term Loan Security Agent may sell any non-Cash Proceeds for cash prior to the application of the Proceeds thereof. 

(c) If the Term Loan Security Agent or any Term Loan Secured Party collects or receives any Proceeds of such foreclosure, collection or
other enforcement that should have been applied to the payment of the Revolving Facility Obligations in accordance with Section 5.2(a) below, whether after the commencement of an Insolvency or Liquidation Proceeding or otherwise, such
Term Loan Secured Party will forthwith deliver the same to the Revolving Facility Security Agent, for the account of the holders of the Revolving Facility Obligations, to be applied in accordance with Section 5.2(a). Until so delivered,
such Proceeds will be held by that Term Loan Secured Party for the benefit of the holders of the Revolving Facility Obligations. 
 5.2. Application of Proceeds in Distributions by the Revolving Facility Security Agent. 
 (a) The Revolving Facility Security Agent will apply the Proceeds of any collection, sale, foreclosure or other realization upon any Revolving Facility First Lien Collateral and, after the Discharge of
Revolving Facility Obligations, the Proceeds of any collection, sale, foreclosure or other realization of any Term Loan First Lien Collateral by the Revolving Facility Security Agent as expressly permitted hereunder, and the Proceeds of any title
insurance policy required under any Term Loan Document or Revolving Facility Document permitted to be received by it, in the following order of application: 
 First, to the payment of all amounts payable under the Revolving Facility Documents on account of the Revolving Facility Security Agent’s fees and any reasonable legal fees, costs and expenses
or other liabilities of any kind incurred by the Revolving Facility Security Agent or any co-trustee or agent of the Revolving Facility Security Agent in connection with any Revolving Facility Document; 

Second, to the Revolving Facility Administrative Agent for application to the payment of all outstanding Revolving
Facility Obligations that are then due and payable in such order as may be provided in the Revolving Facility Documents in an amount sufficient to pay in full in cash all outstanding Revolving Facility Obligations that are then due and payable
(including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, and including any applicable post-default rate, specified in the Revolving Facility Documents, even if such interest is not
enforceable, allowable or allowed as a claim in such proceeding and including the discharge or cash collateralization of all outstanding letters of credit (at 100% of the aggregate undrawn amount) and Revolving Facility Bank Product Obligations (in
such amount as the Revolving Facility Security Agent reasonably determines is necessary to secure the Revolving Facility Bank Product Obligations), if any, constituting Revolving Facility Obligations); 

  
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 Third, to the payment of all amounts payable under the Term Loan
Documents on account of the Term Loan Security Agent’s fees and any reasonable legal fees, costs and expenses or other liabilities of any kind incurred by the Term Loan Security Agent or any co-trustee or agent of the Term Loan Security Agent
in connection with any Term Loan Document; 
 Fourth, to the Term Loan Administrative Agent for
application to the payment of all outstanding Term Loan Obligations that are then due and payable in such order as may be provided in the Term Loan Documents in an amount sufficient to pay in full in cash all outstanding Term Loan Obligations that
are then due and payable (including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, and including any applicable post-default rate, specified in the Term Loan Documents, even if such
interest is not enforceable, allowable or allowed as a claim in such proceeding and including the discharge or cash collateralization);  
 Fifth, any surplus remaining after the payment in full in cash of the amounts described in the preceding clauses will be paid to the Borrowers or the other applicable Grantor, as the case may be,
its successors or assigns, or as a court of competent jurisdiction may direct. 
 (b) In connection with the application of
Proceeds pursuant to Section 5.2(a), except as otherwise directed by the Required Lenders (or equivalent term) under (and as defined in) the Revolving Facility Documents, the Revolving Facility Security Agent may sell any non-Cash
Proceeds for cash prior to the application of the Proceeds thereof. 
 (c) If the Revolving Facility Security Agent or any
Revolving Facility Secured Party collects or receives any Proceeds of such foreclosure, collection or other enforcement that should have been applied to the payment of the Term Loan Obligations in accordance with Section 5.1(a) above,
whether after the commencement of an Insolvency or Liquidation Proceeding or otherwise, such Revolving Facility Secured Party will forthwith deliver the same to the Term Loan Security Agent, for the account of the holders of the Term Loan
Obligations, to be applied in accordance with Section 5.1(a). Until so delivered, such Proceeds will be held by that Revolving Facility Secured Party for the benefit of the holders of the Term Loan Obligations. 

5.3. Mixed Collateral Proceeds. Notwithstanding anything to the contrary contained above or in the definition of the Revolving
Facility First Lien Collateral or Term Loan First Lien Collateral, in the event that Proceeds of Collateral are received from (or are otherwise attributable to the value of) a sale or other disposition of Collateral that involves a combination of
Revolving Facility First Lien Collateral and Term Loan First Lien Collateral, the portion of such Proceeds that shall be allocated as Proceeds of Revolving Facility First Lien Collateral for purposes of this Agreement shall be an amount equal to the
net book value of such Revolving Facility First Lien Collateral (except in the case of Accounts which amount shall be equal to the face amount of such Accounts). In addition, notwithstanding anything to the contrary contained above or in the
definition of the Revolving Facility First Lien Collateral or Term Loan First Lien Collateral, to the extent Proceeds of Collateral are Proceeds received from (or are otherwise attributable to the value of) the sale or disposition of all or
substantially all of the Capital Stock of any of the Subsidiaries of Holdings which is a Grantor or all or substantially all of the assets of any such Subsidiary, such Proceeds shall constitute (1) first, in an amount equal to the face amount
of the Accounts (as described in clause (i) of the definition of Revolving Facility First Lien Collateral, and excluding any Accounts to the extent excluded pursuant to said clause (i)) and the net book value of the Inventory owned by such
Subsidiary at the time of such sale, Revolving Facility First Lien Collateral and (2) second, to the extent in excess of the amounts described in preceding clause (1), Term Loan First Lien Collateral. In the event that amounts are received in
respect of Capital Stock of or 

  
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intercompany loans issued to any Grantor in an Insolvency or Liquidation Proceeding, such amounts shall be deemed to be Proceeds received from a sale or disposition of Revolving Facility First
Lien Collateral and Term Loan First Lien Collateral and shall be allocated as Proceeds of Revolving Facility First Lien Collateral and Term Loan First Lien Collateral in proportion to the Revolving Facility First Lien Collateral and Term Loan First
Lien Collateral owned at such time by the issuer of such Capital Stock. 
 Section 6. Miscellaneous. 

6.1. Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of the Term Loan
Documents or the Revolving Facility Documents, the provisions of this Agreement shall govern and control. Each Secured Party acknowledges and agrees that the terms and provisions of this Agreement do not violate any term or provision of its
respective Term Loan Document or Revolving Facility Document. 
 6.2. Effectiveness; Continuing Nature of this Agreement;
Severability. (a) This Agreement shall become effective when executed and delivered by the parties hereto. Each Security Agent, on behalf of itself and the applicable Secured Parties, hereby waives any right it may have under applicable law
to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Without limiting the generality of the
foregoing, this Agreement is intended to constitute and shall be deemed to constitute a “subordination agreement” within the meaning of Section 510(a) of the Bankruptcy Code and is intended to be and shall be interpreted to be
enforceable to the maximum extent permitted pursuant to applicable nonbankruptcy law. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate 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. All references to each Borrower or any other Grantor shall include such Borrower or such Grantor as debtor and
debtor in possession and any receiver or trustee for each Borrower or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. 
 (b) This Agreement shall terminate and be of no further force and effect: 
 (i) with respect to the Revolving Facility Security Agent, the Revolving Facility Secured Parties and the Revolving Facility Obligations, upon the Discharge of Revolving Facility Obligations, subject to
the rights of the Revolving Facility Secured Parties under Section 6.17; and 
 (ii) with
respect to the Term Loan Security Agent, the Term Loan Secured Parties and the Term Loan Obligations, upon the Discharge of Term Loan Obligations, subject to the rights of the Term Loan Secured Parties under Section 6.17. 

6.3. Amendments; Waivers. (a) No amendment, modification or waiver of any of the provisions of this Agreement by the Term
Loan Security Agent or the Revolving Facility Security Agent shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent; provided that additional Grantors may be added as
parties hereto in accordance with the provisions of Section 6.16. Each waiver of the terms of this Agreement, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the
parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, no Borrower nor any other Grantor shall have any right to consent to or approve any amendment,
modification or waiver of any provision of this Agreement except to the extent its rights, obligations, interests or privileges are directly affected (which includes any amendment to the Grantors’ ability to cause additional obligations to
constitute Term Loan Obligations or Revolving Facility Obligations as any Borrower and/or any other Grantor may designate). 

  
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 (b) It is understood that the Revolving Facility Security Agent and the Term Loan
Security Agent, without the consent of any other Revolving Facility Secured Party or Term Loan Secured Party, may in their discretion determine that a supplemental agreement (which may take the form of an amendment and restatement of this Agreement)
is necessary or appropriate (i) to facilitate having additional indebtedness or other obligations of any of the Grantors become Revolving Facility Obligations or Term Loan Obligations, as the case may be, under this Agreement, (ii) to give
effect to any amendments contemplated by Sections 2.4(f)(i) or 3.4(f)(i) in connection with a Permitted Refinancing of Term Loan Obligations or Revolving Facility Obligations, as applicable or (iii) to effectuate the subordination
of Liens granted pursuant to Sections 6.02(o), (t) or (u) of the Revolving Facility Credit Agreement or the Term Loan Credit Agreement (or any Permitted Refinancing thereof) to (x) the Liens on the Term Loan First Lien Collateral
securing the Revolving Facility Obligations and the First Lien Term Obligations and (y) the Liens on the Revolving Facility First Lien Collateral securing Revolving Facility Obligations and the First Lien Term Obligations (the indebtedness or
other obligations described in clauses (i) and (iii), “Additional Debt”), which supplemental agreement shall, except in the case of preceding clauses (ii) and (iii), specify whether such Additional Debt constitutes
Revolving Facility Obligations or Term Loan Obligations; provided that such Additional Debt is permitted to be incurred under the Revolving Facility Credit Agreement and the Term Loan Credit Agreement then extant in accordance with the terms
thereof, and each of the Revolving Facility Security Agent and the Term Loan Security Agent shall execute and deliver such supplemental agreement at the other’s request (or upon the request of the Borrower Agent) and such supplemental agreement
may contain additional intercreditor terms applicable solely to the holders of such Additional Debt vis-à-vis the holders of the relevant obligations hereunder. 
 6.4. Information Concerning Financial Condition of Borrowers and their Subsidiaries. The Term Loan Security Agent and the Term Loan Secured Parties, on the one hand, and the Revolving Facility
Security Agent and the Revolving Facility Secured Parties, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition of each Borrower and its Subsidiaries and all endorsers and/or guarantors of
the Term Loan Obligations or the Revolving Facility Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the Revolving Facility Obligations or the Term Loan Obligations. The Term Loan Security Agent and Term Loan
Secured Parties shall have no duty to advise the Revolving Facility Security Agent or any Revolving Facility Secured Parties of information known to it or them regarding such condition or any such circumstances or otherwise. The Revolving Facility
Security Agent and Revolving Facility Secured Parties shall have no duty to advise the Term Loan Security Agent or any Term Loan Secured Parties of information known to it or them regarding such condition or any such circumstances or otherwise. In
the event that either the Term Loan Security Agent or any of the Term Loan Secured Parties, on the one hand or the Revolving Facility Security Agent or any of the Revolving Facility Secured Parties, on the other hand, in its or their sole
discretion, undertakes at any time or from time to time to provide any such information to any other party hereto, it or they shall be under no obligation (w) to make, and such informing arty shall not make, any express or implied
representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (x) to provide any additional information or to provide any such information on any subsequent
occasion, (y) to undertake any investigation or (z) to disclose any information which, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain
confidential. 
 6.5. Submission to Jurisdiction; Waivers. (a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY
HERETO ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE 

  
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STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY HERETO, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (a) ACCEPTS GENERALLY AND
UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (b) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (c) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 6.6; AND (d) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (c) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE
APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 
 (b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL
ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE
DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 6.5(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 6.6. Notices. All notices to the Revolving Facility Secured Parties and the Term Loan Secured Parties permitted or required under this Agreement shall also be sent to the Revolving Facility
Security Agent and the Term Loan Security Agent, respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served, telexed or sent by telefacsimile or United States mail or courier
service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or telex, or three Business Days after depositing it in the United States mail with
postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at such other address as may be designated
by such party in a written notice to all of the other parties. 
 6.7. Further Assurances. The Term Loan Security Agent,
on behalf of itself and the Term Loan Secured Parties, and the Revolving Facility Security Agent, on behalf of itself and the Revolving Facility Secured Parties, and each Grantor, agrees that each of them shall take such further action and shall
execute (without recourse or warranty) and deliver such additional documents and instruments (in recordable form, if requested) as the Term Loan Security Agent or the Revolving Facility Security Agent may reasonably request to effectuate the terms
of and the lien priorities contemplated by this Agreement. 

  
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 6.8. APPLICABLE LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAW PROVISIONS. 
 6.9. Binding on Successors and Assigns. This Agreement shall be binding upon the parties hereto, the Term Loan Secured Parties, the Revolving Facility Secured Parties and their respective
successors and assigns. 
 6.10. Specific Performance. Each of the Term Loan Security Agent and the Revolving Facility
Security Agent may demand specific performance of this Agreement. The Term Loan Security Agent, on behalf of itself and the Term Loan Secured Parties, and the Revolving Facility Security Agent, on behalf of itself and the Revolving Facility Secured
Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the Term Loan Security Agent or the
Revolving Facility Security Agent, as the case may be. 
 6.11. Headings. Section headings in this Agreement are included
herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 6.12. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy or by email as a “.pdf” or
“.tif” attachment shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable. 
 6.13. Authorization; No Conflict. Each of the parties hereto represents and warrants to all other parties hereto that the execution, delivery and performance by or on behalf of such party to this
Agreement has been duly authorized by all necessary action, corporate or otherwise, does not violate any provision of law, governmental regulation, or any agreement or instrument by which such party is bound, and requires no governmental or other
consent that has not been obtained and is not in full force and effect. 
 6.14. No Third Party Beneficiaries. This
Agreement and the rights and benefits hereof shall inure to the benefit of the Term Loan Secured Parties, the Revolving Facility Secured Parties and each of their respective successors and assigns. No other Person shall have or be entitled to assert
rights or benefits hereunder other than the Grantors under Section 6.3 and under any provision hereof purporting to preserve any right of, or directly affecting, any Grantor under this Agreement or any Term Loan Document or Revolving
Facility Document). 
 6.15. Provisions Solely to Define Relative Rights. (a) The provisions of this Agreement are
and are intended solely for the purpose of defining the relative rights and remedies the Term Loan Secured Parties on the one hand and the Revolving Facility Secured Parties on the other hand. Except as expressly provided in
Section 6.14, none of the Borrowers, any other Grantor or any other creditor thereof shall have any rights hereunder. Nothing in this Agreement is intended to or shall impair the obligations of each Borrower or any other Grantor, which
are absolute and unconditional, to pay the Term Loan Obligations and the Revolving Facility Obligations as and when the same shall become due and payable in accordance with their terms. 

  
 Page 63

 (b) Nothing in this Agreement shall relieve any Borrower or any other Grantor from the
performance of any term, covenant, condition or agreement on such Borrower’s or such Grantor’s part to be performed or observed under or in respect of any of the Collateral pledged by it or from any liability to any Person under or in
respect of any of such Collateral or impose any obligation on any Security Agent to perform or observe any such term, covenant, condition or agreement on such Borrower’s or such other Grantor’s part to be so performed or observed or impose
any liability on any Security Agent for any act or omission on the part of such Borrower or such other Grantor relative thereto or for any breach of any representation or warranty on the part of such Borrower or such other Grantor contained in this
Agreement or any Revolving Facility Document or any Term Loan Document, or in respect of the Collateral pledged by it. The obligations of each Borrower and each other Grantor contained in this paragraph shall survive the termination of this
Agreement and the discharge of such Borrower’s or such other Grantor’s other obligations hereunder. 
 (c) Each of the
Security Agents acknowledges and agrees that neither has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any other Revolving Facility Document or any Term Loan
Document. Except as otherwise provided in this Agreement, each of the Security Agents and the Administrative Agents will be entitled to manage and supervise their respective extensions of credit to each Borrower or any of its Subsidiaries in
accordance with law and their usual practices, modified from time to time as they deem appropriate. 
 6.16. Additional
Grantors. Each Borrower will cause each Person that becomes a Grantor or is a Domestic Subsidiary (other than an Excluded Subsidiary) required by any Term Loan Document or Revolving Facility Document to become a party to this Agreement to become
a party to this Agreement, for all purposes of this Agreement, by causing such Person to execute and deliver to the parties hereto an Intercreditor Agreement Joinder, whereupon such Person will be bound by the terms hereof to the same extent as if
it had executed and delivered this Agreement as of the date hereof. The Borrower Agent shall promptly provide each Security Agent with a copy of each Intercreditor Agreement Joinder executed and delivered pursuant to this Section 6.16.
6.17. Avoidance Issues. If any Revolving Facility Secured Party or Term Loan Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of each Borrower or any other Grantor
any amount (a “Recovery”), then such Revolving Facility Secured Party or Term Loan Secured Party, as applicable, shall be entitled to a reinstatement of Revolving Facility Obligations or Term Loan Obligations, as applicable, with
respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or
otherwise affect the obligations of the parties hereto from such date of reinstatement. 
 6.18. Subrogation.
(a) Subject to the Discharge of Term Loan Obligations, with respect to the value of any payments or distributions in cash, property or other assets that the Revolving Facility Secured Parties or Revolving Facility Security Agent pay over to the
Term Loan Security Agent or any of the other Term Loan Secured Parties under the terms of this Agreement with respect to any Term Loan First Lien Collateral, the Revolving Facility Secured Parties and the Revolving Facility Security Agent shall be
subrogated to the rights of the Term Loan Security Agent and such other Term Loan Secured Parties; provided that, the Revolving Facility Security Agent, on behalf of itself and the Revolving Facility Secured Parties, hereby agrees not to
assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Term Loan Obligations has occurred. Each Borrower and each other Grantor acknowledges and agrees that, the value of any
payments or distributions in cash, property or other assets received by the Revolving Facility Security 

  
 Page 64

 
Agent or the other Revolving Facility Secured Parties and paid over to the Term Loan Security Agent or the other Term Loan Secured Parties pursuant to, and applied in accordance with, this
Agreement, shall not relieve or reduce any of the Revolving Facility Obligations owed by each Borrower or any other Grantor under the Revolving Facility Documents. 
 (b) Subject to the Discharge of Revolving Facility Obligations, with respect to the value of any payments or distributions in cash, property or other assets that the Term Loan Secured Parties or Term Loan
Security Agent pay over to the Revolving Facility Security Agent or any of the other Revolving Facility Secured Parties under the terms of this Agreement with respect to the Revolving Facility First Lien Collateral, the Term Loan Secured Parties and
the Term Loan Security Agent shall be subrogated to the rights of the Revolving Facility Security Agent and the other Revolving Facility Secured Parties; provided that, the Term Loan Security Agent, on behalf of itself and the Term Loan
Secured Parties, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Revolving Facility Obligations has occurred. Each Borrower and each other Grantor
acknowledges and agrees that, the value of any payments or distributions in cash, property or other assets received by the Term Loan Security Agent or the other Term Loan Secured Parties and paid over to the Revolving Facility Security Agent or the
other Revolving Facility Secured Parties pursuant to, and applied in accordance with, this Agreement, shall not relieve or reduce any of the Term Loan Obligations owed by each Borrower or any other Grantor under the Term Loan Documents. 

* * * 

  
 Page 65

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

			
	 PC INTERMEDIATE HOLDINGS, INC.
 PC MERGER SUB, INC.
 PC FINANCE SUB, INC.

		
	By:	 	/s/ Todd M. Abbrecht
	Name:	 	Todd M. Abbrecht
	Title:	 	President

  

			
	 PARTY CITY HOLDINGS INC.
 PARTY CITY CORPORATION
 ANAGRAM EDEN PRAIRIE PROPERTY HOLDINGS LLC

ANAGRAM INTERNATIONAL, INC.
 ANAGRAM
INTERNATIONAL HOLDINGS, INC. AM-SOURCE, LLC
 AMSCAN HOLDINGS, INC.
 AMSCAN INC.
 FACTORY CARD & PARTY OUTLET CORP. FACTORY CARD OUTLET OF AMERICA LTD. GAGS
AND GAMES, INC.
 M&D INDUSTRIES, INC.
 PA ACQUISITION CORP.
 PARTY AMERICA FRANCHISING, INC.

SSY REALTY CORP.

		
	By:	 	/s/ Michael A. Correale
	Name:	 	Michael A. Correale
	Title:	 	Vice President

  

			
	 JCS PACKAGING, INC.

TRISAR, INC.

		
	By:	 	/s/ Michael A. Correale
	Name:	 	Michael A. Correale
	Title:	 	Assistant Treasurer

 Signature Page – lntercreditor Agreement 

  

							
	Address:	 		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Revolving Facility Security Agent

				
	60 Wall Street	 		 	By:	 	/s/ Dusan Lazarov
	New York, NY 10005	 		 	Title:	 	Dusan Lazarov
	Attention: Dusan Lasarov	 		 		 	Director
	Fax No.: (212) 250-0211	 		 		 	
		 		 	By:	 	/s/ Courtney E. Meehan
		 		 	Title:	 	Courtney E. Meehan
		 		 		 	Vice President

  

							
	Address:	 		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Term Loan Security Agent

				
	60 Wall Street	 		 	By:	 	/s/ Dusan Lazarov
	New York, NY 10005	 		 	Title:	 	Dusan Lazarov
	Attention: Dusan Lasarov	 		 		 	Director
	Fax No.: (212) 250-0211	 		 		 	
		 		 	By:	 	/s/ Courtney E. Meehan
		 		 	Title:	 	Courtney E. Meehan
		 		 		 	Vice President

 Signature Page – Intercreditor Agreement 

 EXHIBIT A 
 to Intercreditor Agreement 
 FORM OF 

INTERCREDITOR AGREEMENT JOINDER 
 The undersigned,                             , a
                    , hereby agrees to become party as [a Grantor] [an Revolving Facility Security Agent] [a Term Loan Security Agent] under
the Intercreditor Agreement dated as of July 27, 2012 (the “Intercreditor Agreement”) among PC INTERMEDIATE HOLDCO, INC. a Delaware corporation, PC MERGER SUB, INC., a Delaware corporation (to be merged with and into PARTY CITY
HOLDINGS INC., a Delaware corporation), PC FINANCE SUB, INC., a Delaware corporation (to be merged with and into PARTY CITY CORPORATION, a Delaware corporation), the other GRANTORS from time to time party thereto, Deutsche Bank Trust Company
Americas (“DBTCA”), as Revolving Facility Security Agent, and DBTCA, as Term Loan Security Agent, as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, for all purposes thereof on the
terms set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if the undersigned had executed and delivered the Intercreditor Agreement as of the date thereof. 

The provisions of Section 6 of the Intercreditor Agreement will apply with like effect to this Intercreditor Agreement Joinder.

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

 

			
	[                           
                                         
            ]
		
	By:	 	 
		 	 Name:

Title:EX-10.11

 Exhibit 10.11 
 EXECUTION VERSION 
 FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

 FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT (this “First Amendment”), dated as of February 19,
2013, among PARTY CITY HOLDINGS INC., a Delaware corporation (the “Borrower Agent”), PARTY CITY CORPORATION, a Delaware corporation (the “Subsidiary Borrower” and, together with the Borrower Agent, the
“Borrowers”), PC INTERMEDIATE HOLDINGS, INC., a Delaware corporation (“Holdings”), DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as administrative agent (in such capacity, the
“Administrative Agent”), each of the Persons party hereto as 2013 Replacement Lenders (as defined below) and the Lenders which shall constitute the Required Lenders concurrently with the First Amendment Effective Date (as each such
term is defined below) (the “Replacement Required Lenders”). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement
referred to below (as amended by this First Amendment). 
 W I T N E S S
E T H: 
 WHEREAS, the Borrowers, Holdings, the Administrative Agent, DBTCA, as collateral agent (in such
capacity, including any permitted successor thereto, the “Collateral Agent”) under the Loan Documents, the subsidiaries of the Borrowers from time to time party thereto and each lender from time to time party thereto (the
“Lenders”) have entered into a Credit Agreement, dated as of July 27, 2012 (the “Credit Agreement”); 
 WHEREAS, on the date hereof (but prior to giving effect to this First Amendment), there are outstanding Term Loans under the Credit Agreement (for purposes of this First Amendment, herein called the
“Original Replaced Term Loans”) in an aggregate principal amount of $1,122,187,500; 
 WHEREAS, in accordance
with the provisions of Section 9.02(c)(i) of the Credit Agreement, Holdings and the Borrowers wish to amend the Credit Agreement to enable the Borrowers to refinance in full the outstanding Original Replaced Term Loans with the proceeds
of 2013 Replacement Term Loans (as defined below) as more fully provided herein; 
 WHEREAS, Holdings, the Borrowers, the
Administrative Agent, the Replacement Required Lenders and the 2013 Replacement Lenders wish to amend the Credit Agreement to provide for (i) the refinancing in full of all outstanding Original Replaced Term Loans with the 2013 Replacement Term
Loans (as defined below) and (ii) certain other modifications to the Credit Agreement, in each case on the terms and subject to the conditions set forth herein; and 
 WHEREAS, pursuant to that certain fee letter, dated as of February 7, 2013, among the Borrower Agent, Deutsche Bank Securities Inc. (“DBSI”) and Merrill Lynch, Pierce,
Fenner & Smith Incorporated (“MLPFS”), DBSI and MLPFS shall act as joint lead arrangers and joint bookrunners with respect to this First Amendment and the 2013 Replacement Term Loans provided for hereunder; 

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 
 SECTION 1.
Amendments to Credit Agreement. 
 (a) (i) Subject to the satisfaction of the conditions set forth in Section 2
hereof, the 2013 Replacement Lenders hereby severally agree to make 2013 Replacement Term Loans to the Borrowers on the First Amendment Effective Date in the aggregate principal amount of $1,122,187,500 to refinance all outstanding Original Replaced
Term Loans in accordance with the relevant requirements of the Credit Agreement (as amended hereby) and this First Amendment. It is understood and agreed that the 2013 Replacement Term Loans being made pursuant to this First Amendment and the Credit
Agreement (as modified hereby) shall constitute “Replacement Term Loans” as defined in, and pursuant to, Section 9.02(c)(i) of the Credit Agreement and the Original Replaced Term Loans being refinanced shall constitute
“Replaced Term Loans” as defined in, and pursuant to, Section 9.02(c)(i) of the Credit Agreement. Except as expressly provided in the First Amendment (including as to the Applicable Rate and call protection) and the Credit
Agreement (as modified hereby), the 2013 Replacement Term Loans shall be on terms identical to the Original Replaced Term Loans (including as to maturity, Guarantors, Collateral (and ranking) and payment priority). 

(ii) On the First Amendment Effective Date, all then outstanding Original Replaced Term Loans shall be refinanced in full as follows:

 (w) The outstanding principal amount of the Original Replaced Term Loan of each Lender which (i) is an
existing Lender under the Credit Agreement prior to giving effect to this First Amendment (each, an “Existing Lender”) and (ii) is not party hereto as a 2013 Replacement Lender (a Lender meeting the requirements of
clauses (i) and (ii), each, a “Non-Converting Lender”) shall be repaid in full in Cash. 
 (x) To the extent any Existing Lender has a 2013 Replacement Term Loan Conversion Amount (as defined in the Credit Agreement as amended hereby) that is less than the full outstanding principal amount of
the Original Replaced Term Loan of such Lender, such Lender shall be repaid in Cash in an amount equal to the difference between the outstanding principal amount of the Original Replaced Term Loan of such Lender and such Lender’s 2013
Replacement Term Loan Conversion Amount (the “Non-Converting Portion”). 
 (y) The outstanding
principal amount of the Original Replaced Term Loan of each Existing Lender which has executed this First Amendment as a “Converting Lender” (each, a “Converting Lender”) shall automatically be converted into a term loan
(each, a “Converted 2013 Replacement Term Loan”) in a principal amount equal to such Converting Lender’s 2013 Replacement Term Loan Conversion Amount (each such conversion, a “Term Loan Conversion”).

  
 2 

 (z) Each Person that has executed this First Amendment as a “New 2013
Replacement Lender” (each, a “New 2013 Replacement Lender” and, together with the Converting Lenders, collectively, the “2013 Replacement Lenders”) severally agrees to make to the Borrowers a new term loan
(each, a “New 2013 Replacement Term Loan” and, collectively, the “New 2013 Replacement Term Loans” and, together with the Converted 2013 Replacement Term Loans, the “2013 Replacement Term Loans”) in
Dollars in a principal amount equal to the amount set forth opposite such New 2013 Replacement Lender’s name on Exhibit A hereto (as to any New 2013 Replacement Lender, its “2013 Replacement Term Loan Commitment”) on the
First Amendment Effective Date. 
 (iii) Each 2013 Replacement Lender hereby agrees to “fund” its 2013 Replacement
Term Loan as follows: (x) each Converting Lender shall “fund” its 2013 Replacement Term Loan to the Borrowers by converting all or a portion of its then outstanding principal amount of Original Replaced Term Loan into a 2013
Replacement Term Loan in a principal amount equal to such Converting Lender’s 2013 Replacement Term Loan Conversion Amount as provided in clause (ii)(y) above and (y) each New 2013 Replacement Lender shall fund in Cash to the
Borrowers an amount equal to such New 2013 Replacement Lender’s 2013 Replacement Term Loan Commitment. 
 (iv) The
Converted 2013 Replacement Term Loans subject to the Term Loan Conversion shall be allocated ratably to the outstanding Borrowings of Original Replaced Term Loans (based upon the relative principal amounts of Borrowings of Original Replaced Term
Loans subject to different Interest Periods immediately prior to giving effect thereto). Each resulting “borrowing” of Converted 2013 Replacement Term Loans shall constitute a new “Borrowing” under the Credit Agreement and be
subject to the same Interest Period (and the same LIBO Rate but adjusted, for this purpose, to give effect to the proviso in the definition thereof as modified hereby) applicable to the Borrowing of Original Replaced Term Loans to which it relates,
which Interest Period shall continue in effect until such Interest Period expires and a new Type of Borrowing is selected in accordance with the provisions of Section 2.08 of the Credit Agreement. New 2013 Replacement Term Loans shall be
initially incurred pursuant to “borrowings” of LIBO Rate Loans which shall be allocated ratably to the outstanding “deemed” Borrowings of Converted 2013 Replacement Term Loans on the First Amendment Effective Date (based upon the
relative principal amounts of the deemed Borrowings of Converted 2013 Replacement Term Loans subject to different Interest Periods on the First Amendment Effective Date after giving effect to the foregoing provisions of this clause (iv)).
Each such “borrowing” of New 2013 Replacement Term Loans shall (A) be added to (and made a part of) the related deemed Borrowing of Converted 2013 Replacement Term Loans and (B) be subject to (x) an Interest Period which
commences on the First Amendment Effective Date and ends on the last day of the Interest Period applicable to the related deemed Borrowing of Converted 2013 Replacement Term Loans to which it is added and (y) the same LIBO Rate applicable to
such deemed Borrowing of Converted 2013 Replacement Term Loans. 
 (v) On the First Amendment Effective Date, the Borrowers
shall pay in Cash (a) all accrued and unpaid interest on the Original Replaced Term Loans through the First Amendment Effective Date and (b) to each Non-Converting Lender and each Converting Lender with a Non-Converting Portion, any
breakage loss or expenses due under Section 2.16 of the Credit 

  
 3 

 
Agreement (it being understood that existing Interest Periods of the Original Replaced Term Loans held by 2013 Replacement Lenders prior to the First Amendment Effective Date shall continue on
and after the First Amendment Effective Date pursuant to preceding clause (iv) and shall accrue interest in accordance with Section 2.13 of the Credit Agreement on and after the First Amendment Effective Date as if the First
Amendment Effective Date were a new Borrowing date). Notwithstanding anything to the contrary herein or in the Credit Agreement, each Converting Lender agrees, and each Existing Lender agrees (by execution of an Assignment and Assumption with
respect to any 2013 Replacement Term Loans), to waive any entitlement to any breakage loss or expenses due under Section 2.16 of the Credit Agreement with respect to the repayment of any Original Replaced Term Loans of any such Lender
with the proceeds of 2013 Replacement Term Loans on the First Amendment Effective Date. 
 (vi) Promptly following the First
Amendment Effective Date, all Promissory Notes, if any, evidencing the Original Replaced Term Loans shall be cancelled and returned to the Borrowers, and any 2013 Replacement Lender may request that its 2013 Replacement Term Loan be evidenced by a
Promissory Note pursuant to Section 2.10(a) of the Credit Agreement. 
 (vii) Notwithstanding anything to the
contrary contained in the Credit Agreement, all proceeds of the New 2013 Replacement Term Loans (if any) will be used solely to repay outstanding Original Replaced Term Loans of Non-Converting Lenders (if any) and outstanding Original Replaced Term
Loans of Converting Lenders in an amount equal to the Non-Converting Portion (if any) of such Converting Lenders’ Original Replaced Term Loans, in each case, on the First Amendment Effective Date. 

(b) Subject to the satisfaction of the conditions set forth in Section 2 hereof, upon the making of the 2013 Replacement Term
Loans, the Credit Agreement is hereby amended as follows: 
 (i) The definition of “Applicable
Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended by amending and restating such definition in its entirety as follows: 

“Applicable Rate” means, for any day, with respect to any ABR Term Loan, 2.25%, and with respect to any
LIBO Rate Term Loan, 3.25%. 
 (ii) The definition of “Alternate Base Rate” in
Section 1.01 of the Credit Agreement is hereby amended by replacing the text “2.25%” appearing in clause (d) thereof with the text “2.00%” in lieu thereof. 

(iii) The definition of “Available Amount” is hereby amended by amending and restating clause (a)( ii)
thereof in its entirety as follows: 
 “(ii) 50.0% of the amount of Consolidated Net Income (determined as
provided below) for the period (taken as one accounting period) beginning on the first day of the Fiscal Quarter in which the Closing Date occurred to the end of the most recently ended Fiscal Quarter for which financial statements have been
delivered pursuant to Section 5.01, or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit (provided that (x) solely 

  
 4 

 
for purposes of determining the amount under this clause (ii), Consolidated Net Income (and any component definitions used in the determination thereof) shall be as defined in the Senior
Note Indenture (as in effect on the First Amendment Effective Date, without giving effect to any subsequent amendment, restatement, amendment and restatement, supplement or other modification thereto (and regardless of whether subsequently
terminated) and, for this purpose, (1) treating the reference to a section of the Senior Note Indenture in clause (6) of such definition as a reference instead to the “Available Amount”, (2) giving effect to the exclusions
contemplated by the last paragraph of such definition for purposes of Section 6.05 and the definition of “Available Amount” (instead of the applicable provisions of Section 4.04 of the Senior Note Indenture), to the extent
the amounts referred to therein otherwise increase the Available Amount pursuant to any of the applicable provisions of this clause (a) (as opposed to the restricted payments permitted under clause 3(D) of Section 4.04(a) of the
Senior Note Indenture) and (3) giving effect to such other appropriate conforming adjustments therein as may be agreed between the Borrower Agent and the Administrative Agent in order to give effect to the intent that such definition as used
herein matches the definition used in the Senior Note Indenture and (y) such amount shall not be available for Restricted Payments pursuant to Section 6.05(a)(iii)(A) at any time when the Total Leverage Ratio as determined on a Pro
Forma Basis as of the last day of the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01 is greater than 6.50 to 1.00); plus”. 

(iv) The definition of “Commitment” in Section 1.01 of the Credit Agreement is hereby amended
by amending and restating it in its entirety as follows: 
 “Commitment” means (i) with
respect to each Lender on the Closing Date, the commitment of such Lender to make the Term Loans hereunder in an aggregate amount not to exceed the amount set forth opposite such Lender’s name on the Commitment Schedule, as applicable, as such
amount may be adjusted from time to time in accordance with this Agreement and (ii) with respect to each New 2013 Replacement Lender on the First Amendment Effective Date, the commitment of such Lender to make the 2013 Replacement Term Loans as
provided in Section 1 of the First Amendment in an aggregate amount not to exceed the 2013 Replacement Term Loan Commitment of such New 2013 Replacement Lender, as such amount may be adjusted from time to time in accordance with this Agreement.
The aggregate amount of the Lenders’ Commitments on the Closing Date (immediately prior to the incurrence of the Term Loans on such date) is $1,125,000,000. The aggregate amount of the Lenders’ Commitments on the First Amendment Effective
Date (immediately prior to the incurrence of the 2013 Replacement Term Loans on such date) is $1,122,187,500 less the aggregate principal amount of all 2013 Replacement Term Loan Conversion Amounts. 

  
 5 

 (v) The definition of “Guaranteed Obligations” in
Section 1.01 of the Credit Agreement is hereby amended by adding the following text immediately prior to the period “(.”) appearing at the end of such definition: 

“(excluding, for the avoidance of doubt, any Excluded Swap Obligations)”. 

(vi) The definition of “LIBO Rate” in Section 1.01 of the Credit Agreement is hereby amended
by replacing the text “1.25%” appearing in the proviso thereof with the text “1.00%” in lieu thereof. 
 (vii) The definition of “Secured Hedging Obligations” in Section 1.01 of the Credit Agreement is hereby amended by adding the following text immediately prior to the period
(“.”) appearing at the end of such definition: 
 “; provided, further, that in no circumstances shall
Excluded Swap Obligations constitute Secured Hedging Obligations”. 
 (viii) The definition of
“Secured Obligations” in Section 1.01 of the Credit Agreement is hereby amended by adding the following text immediately prior to the period (“.”) appearing at the end of such definition: 

“; provided that in no circumstances shall Excluded Swap Obligations constitute Secured Obligations”. 

(ix) The definition of “Term Loans” in Section 1.01 of the Credit Agreement is hereby amended
by amending and restating it in its entirety as follows: 
 “Term Loans” means (a) prior to
the First Amendment Effective Date and the making of the 2013 Replacement Term Loans pursuant to the First Amendment, a term loan by a Lender to the Borrowers pursuant to Section 2.01(a), and (b) on and after the First Amendment
Effective Date and upon the making of the 2013 Replacement Term Loans pursuant to the First Amendment, the 2013 Replacement Term Loans made pursuant to, and in accordance with the terms of, Section 2.01(b) and the First Amendment
(including by way of the Term Loan Conversion); provided that on and after the incurrence of any Incremental Term Loans, Extended Term Loans and Replacement Term Loans, the term “Term Loans” as used in Section 9.05(g)
shall include all such Incremental Term Loans, Extended Term Loans and Replacement Term Loans , as the case may be. 
 (x) Section 1.01 of the Credit Agreement is hereby further amended by adding the following definitions in appropriate alphabetical order as follows: 

“2013 Replacement Term Loan” has the meaning provided in the First Amendment. 

“2013 Replacement Term Loan Commitment” has the meaning provided in the First Amendment. 

  
 6 

 “2013 Replacement Term Loan Conversion Amount” shall mean,
as to any Converting Lender, the amount determined by the Administrative Agent and the Borrower Agent as the final amount of such Converting Lender’s Term Loan Conversion on the First Amendment Effective Date and notified to each such
Converting Lender by the Administrative Agent on or prior to the First Amendment Effective Date. The “2013 Replacement Term Loan Conversion Amount” of any Converting Lender shall not exceed (but may be less than) the principal amount of
such Converting Lender’s Original Replaced Term Loans. All such determinations made by the Administrative Agent and the Borrower Agent shall, absent manifest error, be final, conclusive and binding on the Borrowers and the Lenders, and the
Administrative Agent and the Borrowers shall have no liability to any Person with respect to such determination absent gross negligence or willful misconduct. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 

“Converting Lender” has the meaning provided in the First Amendment. 

“Excluded Swap Obligation” means, with respect to any Loan Guarantor, any Swap Obligation if, and to the
extent that, all or a portion of the Loan Guaranty of such Loan Guarantor of, or the grant by such Loan Guarantor of a security interest to secure, such Swap Obligation (or any Loan Guaranty thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Guarantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act at the time the Loan Guaranty of such Loan Guarantor becomes effective with respect to such related Swap Obligation. 

“First Amendment” shall mean the First Amendment to the Term Loan Credit Agreement, dated as of
February 19, 2013, by and among Holdings, the Borrowers, the Administrative Agent, the 2013 Replacement Lenders (as defined therein) and the Lenders constituting the Required Lenders. 

“First Amendment Effective Date” has the meaning provided in the First Amendment. 

“New 2013 Replacement Lender” has the meaning provided in the First Amendment. 

“Original Replaced Term Loans” has the meaning provided in the First Amendment. 

  
 7 

 “Qualified ECP Guarantor” means, in respect of any Swap
Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time such Swap Obligation is incurred or such other person as constitutes an “ECP” under the Commodity Exchange Act or any regulations promulgated thereunder.

 “Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform
under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 
 “Term Loan Conversion” has the meaning provided in the First Amendment. 
 (xi) Section 1.01 of the Credit Agreement is hereby further amended by (x) deleting the definition of “Commitment Increase Lender” and (y) amending and restating the
following definitions in their entirety as follows: 
 “Charges” has the meaning assigned to
such term in Section 9.19. 
 “Financial Plan” has the meaning assigned to such term
in Section 5.01(i). 
 “Guarantor Percentage” has the meaning assigned to such term in
Section 10.11. 
 “Maximum Liability” has the meaning assigned to such term in
Section 10.10. 
 “Maximum Rate” has the meaning assigned to such term in
Section 9.19. 
 “Non-Paying Guarantor” has the meaning assigned to such term in
Section 10.11. 
 “Participant” has the meaning assigned to such term in
Section 9.05(c). 
 “Paying Guarantor” has the meaning assigned to such term in
Section 10.11. 
 “Register” has the meaning assigned to such term in
Section 9.05(b). 
 (xii) Section 2.01 of the Credit Agreement is hereby amended by
(i) inserting the text “(a)” prior to the word “Subject” appearing in said Section and (ii) inserting the following clause (b) at the end of said Section: 

“(b) On the First Amendment Effective Date, (i) each New 2013 Replacement Lender severally agrees to make to
the Borrowers a 2013 Replacement Term Loan denominated in Dollars in a principal amount equal to such Lender’s 2013 Replacement Term Loan Commitment and (ii) each Converting Lender agrees that, without any further action by any party to
this Agreement, a portion of such Converting Lender’s Original Replaced Term Loans equal to such Converting Lender’s 2013 Replacement Term Loan Conversion Amount shall automatically be converted into a 2013 Replacement Term Loan to the
Borrowers in Dollars and in a like principal amount, in each case in accordance with the terms and conditions of the First Amendment.” 

  
 8 

 (xiii) Section 2.09 of the Credit Agreement is hereby amended by
amending and restating the text of said Section as follows: 
 “The Commitment of each Lender as in effect on the Closing
Date shall terminate in its entirety on the Closing Date (after giving effect to the incurrence of Term Loans on such date). The 2013 Replacement Term Loan Commitment of each New 2013 Replacement Lender shall terminate in its entirety on the First
Amendment Effective Date (after giving effect to the incurrence of the 2013 Replacement Term Loans on such date).” 
 (xiv) Section 2.10(a) of the Credit Agreement is hereby amended by inserting the text “, as in effect and outstanding on the First Amendment Effective Date” immediately after the
text “0.25% of the original principal amount of the Term Loans”. 
 (xv) Section 2.12(c) of
the Credit Agreement is hereby amended by (x) deleting each reference to “Closing Date” appearing therein and inserting the text “First Amendment Effective Date” in lieu thereof and (y) deleting each reference to
“12 months” appearing therein and inserting the text “6 months” in lieu thereof. 
 (xvi)
Section 2.18(b) of the Credit Agreement is hereby amended by inserting the following text immediately prior to the period (“.”) appearing at the end of such clause: 

“provided that, notwithstanding anything to the contrary in this Agreement, in no circumstances shall proceeds of Collateral
constituting an asset of a Loan Party which is not a Qualified ECP Guarantor be applied towards the payment of any Secured Hedging Obligations”. 
 (xvii) Section 2.18(e) of the Credit Agreement is hereby amended by (x) deleting the comma (“,”) immediately after the reference to “Section 2.07(b)” therein
and inserting the text “or” in lieu thereof and (y) deleting the text “or Section 9.03(c)” and inserting the text “or the last paragraph of Article VIII” in lieu thereof. 

(xviii) Section 2.23(b) of the Credit Agreement is hereby amended by deleting the reference to
“Section 9.04(b)” appearing therein and inserting the text “Section 9.05(b)” in lieu thereof. 
 (xix) Section 5.01(n) of the Credit Agreement is hereby amended by deleting the reference to “Section 5.01(c)” appearing therein and inserting the text “Section
5.01(d)” in lieu thereof. 

  
 9 

 (xx) Section 5.11 of the Credit Agreement is hereby amended by
inserting the following sentence immediately after the first sentence appearing therein: 
 “All proceeds of the 2013
Replacement Term Loans incurred on the First Amendment Effective Date shall be used to repay and/or replace all Term Loans outstanding (and as defined herein) prior to the First Amendment Effective Date.” 

(xxi) Section 9.02(b)(B)(2) of the Credit Agreement is hereby amended by deleting the reference to
“Section 10.12” appearing therein and inserting the text “Section 10.13” in lieu thereof. 
 (xxii) The following text shall be inserted as a new Section 10.14 to the Credit Agreement: 
 “Section 10.14. Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be
needed from time to time by each other Loan Party to honor all of its obligations under this Loan Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section
10.14 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.14, or otherwise under this Loan Guaranty, as it relates to such other Loan Party, voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Termination Date. Each
Qualified ECP Guarantor intends that this Section 10.14 constitute, and this Section 10.14 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all
purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.” 
 (c) Each Borrower hereby consents, for
purposes of Section 9.05(b)(i)(A) of the Credit Agreement, to the assignment of any 2013 Replacement Term Loans by any New 2013 Replacement Lender to (i) any Person that was an Existing Lender on the First Amendment Effective Date
(immediately prior to giving effect thereto) and (ii) any Eligible Assignee. 
 SECTION 2. Conditions of Effectiveness of
this First Amendment. This First Amendment shall become effective on the date when the following conditions shall have been satisfied (such date, the “First Amendment Effective Date”): 

(a) Holdings, the Borrowers, the Administrative Agent, the 2013 Replacement Lenders and the Replacement Required Lenders
shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New
York, NY 10036, Attention: Daniela Krinshpun (partycity@whitecase.com; facsimile number 212-354-8113), counsel to the Administrative Agent; 

  
 10 

 (b) the Borrowers shall have paid, by wire transfer of immediately available
funds, (i) to DBSI and MLPFS, all fees as have been separately agreed, (ii) to the Administrative Agent, for the ratable account of each Existing Lender, all accrued but unpaid interest on the Original Replaced Term Loans through the First
Amendment Effective Date and (iii) to the Administrative Agent, for the ratable account of each Existing Lender, a fee in an amount equal to 1.00% of the Original Replaced Term Loans of each such Existing Lender outstanding on the First
Amendment Effective Date (immediately prior to giving effect thereto) (it being understood that payment of the fee specified in clause (iii) above shall satisfy, in full, any obligation of the Borrowers to pay the fee referred to in
Section 2.12(c) of the Credit Agreement in connection with the Repricing Transaction to be effected pursuant to this First Amendment); 
 (c) on the First Amendment Effective Date and after giving effect to this First Amendment, no Default under Sections 7.01(a), 7.01(f) or 7.01(g) of the Credit Agreement or Event
of Default shall have occurred and be continuing and the Administrative Agent shall have received from the Borrowers a certificate executed by a Responsible Officer of the Borrower Agent, certifying the foregoing; 

(d) the Administrative Agent shall have received the Acknowledgment and Confirmation, substantially in the form of
Exhibit B hereto, executed and delivered by a Responsible Officer of each of the Borrowers and each other Loan Party; 
 (e) there shall have been delivered to the Administrative Agent (A) copies of resolutions of the board of directors of Holdings and the Borrowers approving and authorizing the execution,
delivery and performance of this First Amendment and the Form of Acknowledgement and Confirmation attached as Exhibit B hereto, as applicable, certified as of the First Amendment Effective Date by a Responsible Officer as being in full force
and effect without modification or amendment and (B) good standing certificates for Holdings and the Borrowers from the jurisdiction in which they are organized; 

(f) the Administrative Agent shall have received from the Borrower Agent a solvency certificate from the chief
financial officer of the Borrower Agent (after giving effect to the incurrence of the 2013 Replacement Term Loans on the First Amendment Effective Date and the application of the proceeds thereof) substantially in the form of Exhibit H to the
Credit Agreement; 
 (g) the Administrative Agent shall have received an opinion from Weil,
Gotshal & Manges LLP, special New York counsel to the Loan Parties, addressed to the Administrative Agent, the Collateral Agent, the 2013 Replacement Lenders and the Lenders; and 

(h) the Administrative Agent shall have received a “Life of Loan” Federal Emergency Agency Standard Flood
Hazard Determination with respect to the Mortgaged Property (together with notice about special flood hazard area status and flood disaster assistance, duly executed by the Borrower or the applicable Subsidiary, 

and evidence of flood insurance, in the event any such Mortgaged Property or portion thereof is located in a special flood hazard area).

  
 11 

 Notwithstanding anything to the contrary herein, the parties hereto acknowledge and agree that the
amendments to the Credit Agreement contemplated by Sections 1(b)(iii), (v), (vii), (viii), (xvi) and (xxii) of this First Amendment, and the addition of the definitions of “Commodity Exchange
Act”, “Excluded Swap Obligation”, “Qualified ECP Guarantor” and “Swap Obligation” pursuant to Section 1(b)(x) of this First Amendment, shall in each case not become effective until immediately after the
First Amendment Effective Date. 
 SECTION 3. Mortgaged Property. Within 90 days of the First Amendment Effective Date (or
such later date as the Administrative Agent may agree in its sole discretion), the Administrative Agent shall have received: 
 (a) a fully executed counterpart of an amendment to the existing Mortgage (the “Mortgage Amendment”; together with the existing Mortgage, the “Amended Mortgage”), duly
executed by the applicable Subsidiary, together with evidence that such counterpart has been delivered to the title insurance company insuring the Amended Mortgage for recording; 

(b) a date down and modification endorsement in connection with the existing lender’s title insurance policy
insuring the existing Mortgage, which endorsement shall insure that the Amended Mortgage is a valid and enforceable Lien on the Mortgaged Property, free of any other Liens except Permitted Liens; 

(c) such affidavits and certificates as shall be required to induce the title company to issue the endorsement
contemplated in subparagraph (b) above and evidence of payment of all applicable title insurance premiums, search and examination charges, mortgage recording taxes, if applicable, and related charges required for the issuance of such
endorsement; and 
 (d) an opinion from local counsel in the state where the Mortgaged Property is located,
in form and substance reasonably satisfactory to the Administrative Agent. 
 SECTION 4. Costs and Expenses. Each Borrower
hereby reconfirms its obligations pursuant to Section 9.03 of the Credit Agreement to pay and reimburse the Administrative Agent in accordance with the terms thereof. 
 SECTION 5. Remedies. This First Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

SECTION 6. Representations and Warranties. To induce the Administrative Agent and the 2013 Replacement Lenders to enter into this
First Amendment, each of Holdings and the Borrowers represents and warrants to the Administrative Agent and the 2013 Replacement Lenders on and as of the First Amendment Effective Date that, in each case: 

(a) this First Amendment has been duly authorized, executed and delivered by it and each of this First Amendment and the Credit Agreement
constitute its legal, valid and binding 

  
 12 

 
obligation, enforceable against it in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar
laws of general applicability relating to or limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law and (ii) the need for filings and
registrations necessary to create or perfect the Liens on Collateral granted by the Loan Parties in favor of the Collateral Agent; 
 (b) all representations and warranties contained in the Credit Agreement and in the other Loan Documents are true and correct in all material respects with the same effect as though such
representations and warranties had been made on the First Amendment Effective Date (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all
material respects only as of such specified date); and 
 (c) the 2013 Replacement Term Loans have been incurred in
compliance with the requirements of Section 9.02(c)(i) of the Credit Agreement. 
 SECTION 7. Intercreditor
Acknowledgement. In accordance with Section 3.4(c)(i) of the Intercreditor Agreement, the 2013 Replacement Lenders hereby notify the Revolving Facility Security Agent and the Revolving Facility Secured Parties (each as defined in the
Intercreditor Agreement) that the Original Replaced Term Loans shall be Refinanced (as defined in the Intercreditor Agreement) pursuant to this First Amendment and the Credit Agreement (as modified hereby), and hereby (i) acknowledge and agree
to the terms of the Intercreditor Agreement and (ii) agree to be bound by all terms and conditions of the Intercreditor Agreement as a “Term Loan Secured Party”. The 2013 Replacement Lenders hereby authorize the Administrative Agent
to provide on its behalf any notice to the Revolving Facility Security Agent and the Revolving Facility Secured Parties (each as defined in the Intercreditor Agreement) as it may deem necessary or advisable (in its sole discretion) to ensure
compliance with Section 3.4(c)(i) of the Intercreditor Agreement. 
 SECTION 8. Reference to and Effect on the Credit
Agreement and the Loan Documents. 
 (a) On and after the First Amendment Effective Date, (i) each reference in the
Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this First Amendment;
(ii) the 2013 Replacement Term Loans shall constitute “Term Loans” for all purposes under the Credit Agreement (other than for purposes of Section 2.01(a) of the Credit Agreement (as amended hereby), the first sentence of
Section 2.09 of the Credit Agreement, Sections 3.13 and 4.01 of the Credit Agreement, the first sentence of Section 5.11 of the Credit Agreement, clause (i) of the definition of Commitment and the
definition of “Transactions”); and (iii) each 2013 Replacement Lender shall constitute a “Lender” as defined in the Credit Agreement. 
 (b) The Credit Agreement and each of the other Loan Documents, as specifically amended by this First Amendment, are and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed. Without limiting the generality of the foregoing, 

  
 13 

 
the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations of the Loan Parties under the Loan Documents, in each case, as
amended by this First Amendment. 
 (c) The execution, delivery and effectiveness of this First Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

SECTION 9. Governing Law. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF. 
 SECTION 10. Counterparts. This First Amendment
may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same
instrument. A complete set of counterparts shall be lodged with the Borrowers and the Administrative Agent. Delivery by facsimile or electronic transmission of an executed counterpart of a signature page to this First Amendment shall be effective as
delivery of an original executed counterpart of this First Amendment. 
 [The remainder of this page is intentionally left
blank.] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this First Amendment as of the date first above written. 
  

			
	PARTY ClTY HOLDINGS INC.
		
	By:	 	/s/ Michael A. Correale
		 	Name: Michael A. Correale
		 	Title Vice President
	
	PARTY ClTY CORPORATION
		
	By:	 	/s/ Michael A. Correale
		 	Name: Michael A. Correale
		 	Title Vice President
	
	PC lNTERMEDIATE HOLDINGS, INC.
		
	By:	 	/s/ Todd M. Abbrecht
		 	Name: Todd M. Abbrecht
		 	Title President

 Signature Page to First Amendment to Party City Term Loan Credit Agreement 

 
			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as Administrative Agent and as the
 2013 Replacement Lender

		
	By:	 	/s/ Scottye Lindsey
		 	Name: Scottye Lindsey
		 	Title: Director
		
	By:	 	/s/ Omayra Laucella
		 	Name: Omayra Laucella
		 	Title: Director

 Signature Page to First Amendment to Party City Term Loan Credit Agreement

 EXHIBIT A 
 NEW 2013 REPLACEMENT TERM LOAN COMMITMENTS 
  

			
	 New 2013 Replacement Lender
	  	 2013 Replacement Term Loan Commitment

	Deutsche Bank Trust Company Americas	  	$626,832,254.03

 EXHIBIT B 
 FORM OF ACKNOWLEDGMENT AND CONFIRMATION 
 1. Reference is made to the First
Amendment, dated as of February 19, 2013 (the “First Amendment”), to the Term Loan Credit Agreement, dated as of July 27, 2012 (as amended, modified or supplemented prior to the date hereof, the “Credit
Agreement”), among PARTY CITY HOLDINGS INC., a Delaware corporation (the “Borrower Agent”), PARTY CITY CORPORATION, a Delaware corporation (the “Subsidiary Borrower” and, together with the Borrower Agent,
the “Borrowers”), PC INTERMEDIATE HOLDINGS, INC., a Delaware corporation (“Holdings”), DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as administrative agent (in such capacity, the
“Administrative Agent”) and each 2013 Replacement Lender party thereto. Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Credit Agreement or First Amendment, as applicable. 

2. Certain provisions of the Credit Agreement are being amended and/or modified pursuant to the First Amendment. Each of the parties
hereto hereby agrees that, with respect to each Loan Document to which it is a party, after giving effect to the First Amendment: 
 (a) all of its obligations, liabilities and indebtedness under such Loan Document, including guarantee obligations, shall remain in full force and effect on a continuous basis (including with respect to
2013 Replacement Term Loans); and 
 (b) all of the Liens and security interests created and arising under
such Loan Document remain in full force and effect on a continuous basis, and the perfected status and priority to the extent provided for in Section 3.16 of the Credit Agreement of each such Lien and security interest continues in full
force and effect on a continuous basis, unimpaired, uninterrupted and undischarged as collateral security for the Obligations (including the 2013 Replacement Term Loans), to the extent provided in such Loan Documents. 

3. THIS ACKNOWLEDGMENT AND CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF. 
 4. This Acknowledgment and Confirmation may be executed by one or
more of the parties hereto on any number of separate counterparts (including by telecopy or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

[rest of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgment and Confirmation to
be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. 
  

									
	PC INTERMEDIATE HOLDINGS, INC.	 		 	 JCS PACKAGING, INC.
 TRISAR, INC.

					
	By: 	 	 	 		 	By: 	 	 
	Name: 	 	Todd M. Abbrecht	 		 	Name: 	 	Michael A. Correale
	Title:	 	President	 		 	Title:	 	Assistant Treasurer
	
	 PARTY CITY HOLDINGS INC.
 PARTY CITY CORPORATION
 ANAGRAM EDEN PRAIRIE PROPERTY HOLDINGS LLC

ANAGRAM INTERNATIONAL, INC.
 ANAGRAM
INTERNATIONAL HOLDINGS, INC.
 AM-SOURCE, LLC
 AMSCAN INC.
 M&D INDUSTRIES, INC.

SSY REALTY CORP.

					
	By: 	 	 	 		 		 	
	Name: 	 	Michael A. Correale	 		 		 	
	Title:	 	Vice President	 		 		 	

 Signature Page to Acknowledgment and Confirmation of Party City Term Loan First Amendment

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